PH tourism’s share in GDP drops 48% | Inquirer Business
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PH tourism’s share in GDP drops 48%

/ 05:30 AM June 03, 2021

Boracay beach (Photo by Jack Jarilla)

MANILA, Philippines — The Philippine tourism industry’s contribution to the economy in 2020 dropped by $37 billion in 2020, the World Travel and Tourism Council (WTTC) said in its latest report.

But the contribution of the Philippine travel sector to the global economy is expected to rise sharply in 2021, by 48.5 percent year-on-year, if mobility and international travel resume by this month.

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WTTC data showed tourism’s contribution to the country’s gross domestic product (GDP) dropped 41.4 percent due to the COVID-19 pandemic.

From $90 billion in 2019, impact on GDP fell to about $52.8 billion in 2020, the WTTC said.

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“The loss of 2 million travel and tourism jobs in the Philippines has had a terrible socioeconomic impact,” said WTTC senior vice president Virginia Messina.

—TINA G. SANTOS
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TAGS: COVID-19 pandemic, GDP, pandemic economy, Philippine Tourism
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