MANILA, Philippines—The contribution of the travel and tourism sector to the Philippine economy is seen to increase by 3.8 percent to P490.2 billion this year, a report released by the World Travel and Tourism Council (WTTC) showed.
Last year, travel and tourism contributed P472.3 billion, equivalent to 4.2 percent of the country’s gross domestic product.
According to the Travel and Tourism Economic Impact 2014 report, the direct contribution of this sector to the GDP is seen further growing by 5.6 percent year on year up to 2024 to an estimated value of P843.3 billion.
Direct contribution reflects the economic activity generated by affected industries such as hotels, travel agents, airlines and other passenger transportation services.
Total contribution to GDP, which includes “wider effects from investment, the supply chain and induced income impacts,” is seen rising by 3.8 percent to P1.34 trillion this year from P1.29 trillion in 2013.
The report further showed that the employment generated by this sector is seen growing by 1.7 percent this year, to account for 1.25 million of the total jobs. By 2024, travel and tourism will account for 1.6 million of the direct jobs, reflecting an increase of 2.5 percent yearly over the next decade.
For this year, the Philippines is expected to post a 2-percent increase in visitor exports from the P221 billion posted in 2013, and is expected to attract 4.7 million international tourist arrivals, the WTTC said. By 2024, international tourist arrivals are forecast to reach 7.88 million, generating an expenditure of P455.7 billion.