The World Journey & Tourism Council (WTTC) 2024 Financial Influence Analysis (EIR) forecasts a record-breaking 12 months for Journey & Tourism within the Philippines, with its financial contribution, job numbers, and customer spending all set to succeed in new highs.
In response to the newest knowledge, the sector’s contribution to the nationwide economic system is ready to surpass ₱5.4TN this 12 months, marking an virtually 25% year-on-year progress and hovering 7.1% above the earlier 2019 peak.
Journey & Tourism now represents multiple fifth (21.3%) of the nation’s economic system, underscoring the sector’s essential position in supporting the nation and its native communities.
The information additionally alerts to a outstanding 12 months for employment, rising past the 2019 peak to surpass 9.5MN jobs – 20% of the nationwide workforce.
Each worldwide and home customer spending are additionally set to exceed earlier data in 2024, reaching ₱715.6BN and ₱3.7TN, surpassing 2019 ranges by 5.7% and 1.8%, respectively.
This progress is testomony to the federal government’s efforts in enhancing tourism infrastructure, with efforts underway to improve regional airports to alleviate congestion at Manila’s foremost airport and make journey extra accessible.
Julia Simpson, WTTC President & CEO, mentioned: “The outstanding progress of the Philippines’ Journey & Tourism sector highlights the authorities’s dedication, placing it on the forefront of its nationwide agenda and persevering with to enhance infrastructure.
“This unwavering dedication has not solely pushed financial progress but in addition enhanced the worldwide standing of the Philippines as a high journey vacation spot.”
Wanting again on 2023
Final 12 months, the Philippines’ Journey & Tourism sector grew by 83.6% to attain ₱4.34TN, representing 17.9% of the nation’s whole financial output, although it remained 14% under 2019 ranges.
The sector created greater than 608K new jobs, bringing the entire to just about 9MN jobs, nonetheless trailing 2019 ranges by 5.4%.
Worldwide and home spend noticed vital will increase, rising by 104.2% and 83.4% to succeed in almost ₱630BN and ₱2.9TN, respectively.
Sluggish home demand, which makes up 80% of the sector, and the late reopening of borders resulted in a slower than anticipated restoration final 12 months.
What Does the Subsequent Decade Look Like?
The worldwide tourism physique forecasts that by 2034 the sector will develop its annual GDP contribution to just about ₱9.5TN, 22% of the Philippines’ economic system. Employment within the sector is projected to exceed 11.9MN individuals, with one in 5 residents working in Journey & Tourism.
Throughout Southeast Asia
This 12 months, Southeast Asia’s Journey & Tourism sector is projected to develop by 20.6% to succeed in ₱21TN, representing 9.7% of the area’s economic system and surging previous the 2019 peak.
Jobs are anticipated to succeed in greater than 42.4MN, representing a year-on-year progress of 5.6% and surpassing 2019 ranges.
Worldwide spending is ready to develop by 33.2 % to hit ₱8.6TN, lagging behind 2019 ranges, whereas home customer spending is ready to develop virtually 15.8% to succeed in ₱10.3TN, 6.7% up from 2019 ranges.
WTTC is forecasting that Journey & Tourism throughout the area will proceed to develop over the subsequent decade with GDP contribution set to succeed in virtually ₱36TN. Jobs are forecast to exceed 56.5MN, creating greater than 14MN new jobs.
See all the info in our Philippines Journey & Tourism Financial Influence Report on the WTTC Analysis Hub.
