Tourism contributed 8.9 percent to the Philippine economy in 2024

The Philippine Statistics Authority (PSA) experiences that the tourism sector contributed about 8.9 p.c to the nation’s 2024 gross home product (GDP).

In its Philippine Tourism Satellite tv for pc Account (PTSA) report launched yesterday, nineteenth June, the PSA identified that the tourism’s share in 2024 was up from the 8.7 p.c proven in 2023.

Launched yearly, the PTSA experiences all customer spending in lodging providers, meals and beverage serving providers, transport providers, journey businesses and different reservation providers, leisure and recreation providers, and purchasing, amongst others.

The Tourism Direct Gross Worth Added (TDGVA), an indicator that measures the worth added of the tourism trade, amounted to PHP2.35 trillion final 12 months, 11.2 p.c larger in contrast with the PHP2.12 trillion in 2023.

Tourism generated extra employment in 2024

Employment within the tourism sector additionally posted a 6.1 p.c improve to six.75 million, in contrast with the 6.37 million in 2023.

In keeping with a PSA spokesperson: “The share of employment in tourism industries to the whole employment within the nation was recorded at 13.8 p.c in 2024.”

The report additionally confirmed that home tourism expenditure grew by 16.4 p.c from PHP2.71 trillion in 2023 to PHP3.16 trillion final 12 months.

Inbound tourism expenditure posted a decrease progress of 0.4 p.c to PHP699.98 billion final 12 months from year-ago’s PHP697.49 billion.

Outbound tourism expenditure, or spendings of Filipinos overseas, posted the very best annual progress of 37.5 p.c final 12 months at PHP345.68 billion.