The Philippines's tourism sector is projected to achieve a record - breaking economic contribution of PHP 5.9 trillion to the national economy this year, representing 21% of the national GDP, underscoring the tourism industry's vital role in the country's economy.
The World Travel and Tourism Council (WTTC), has released its 2025 EIR, Economic Impact Research forecast, highlighting the anticipation growth of the South East Asian country, marking a 13.5% increase compared to 2019 levels, setting a new record and highlighting the sector's robust recovery and growth.
The report developed by WTTC also forecasts significant growth in employment, the tourism sector is expected to support 11.7 million jobs, accounting for a 23.8% of the national workforce.
In terms of spending, international visitor expenditure is projected to reach PHP709.2 billion, a 2.1% increase over the previous peak in 2019. Domestic traveller spending is also expected to rise, reaching PHP 4.1 trillion, a 9.3% increase from its previous high.
This impressive forecast is attributed to a strategic shift by the DOT, the Department of Tourism to elevate the Philippines as a tourism powerhouse in Asia.
The Department of Tourism's focus on leveraging the country's culture, diversifying tourism products, introducing innovations, emphasizing quality and sustainability has yielded very positive results, with tourism spending and employment reaching record levels.
2024 marked a significant recovery phase for the Philippines Travel & Tourism sector. The sector contributed PHP 5.3 trillion to the national economy and supported 11.2 million jobs.
Domestic spending surged to PHP 3.6 trillion, while international spending grew to PHP 644.8 billion. These figures undoubtedly indicate a robust recovery trajectory, setting the stage for the projected record – breaking performance expected in 2025.
The World Travel and Tourism Council anticipates that by 2035 the Travel & Tourism Sector to the Philippine economy could reach PHP 9.2 trillion, accounting for 19.8% of the national economy. Over the next decade, the tourism sector is expected to create 2.5 million jobs, bringing total employment to 14.1 million.
The WTTC emphasizes the importance of continued investment in infrastructure, air connectivity, and destination to sustain this notable growth.
Policymakers are encouraged to support this trajectory through clear regulations, workforce development, and global promotion of the Philippines as a premier travel destination and a tourism hub in the region.
The WTTC's projections highlight the critical role of the Travel & Tourism sector in the Philippine's economic future. With strategic investments and supportive policies, the sector is poised not only to grow but to transform the national economy, providing substantial economic benefits and employment opportunities.
No comments:
Post a Comment
Thanks a lot to read and note.