The Philippine travel and tourism sector made a significant rebound last year when it registered $41 billion contribution to the country’s economy, the The World Travel & Tourism Council (WTTC) reported in its latest Economic Impact Report (EIR).

The Philippine travel and tourism sector has been contributing an average of 22.5 percent of the total economy which is translated to $92.6 billion.

But when lockdowns were implemented as part of the measures to contain the spread of Covid-19 starting March in 2020, Philippine travel and tourism income dropped to 80. 7 percent. This means that in 2020, the Philippines only earned P17.8 billion from the travel and tourism sector.

As restrictions gradually eased in 2021, the figure rose to $41 billion which represented a 10.4 percent share of the nation’s total economy.

“Our latest EIR for the Philippines signals the astonishing recovery of the country’s Travel and Tourism sector. Following an 80 percent decline, this impressive rise saw it ranked as the world’s fourth fastest growing economy during 2021,” said Julia Simpson, WTTC President and Chief Executive Officer, during a Global Summit in the Philippines that was attended by more than 1,000 delegates from across the global Travel & Tourism sector, including CEOs, business leaders, government ministers, travel experts and the international media.

“Resulting in a massive employment boost for the sector, leading to the recovery of 1.3 million more jobs compared to the previous year. Our expert analysis shows that the economy has turned a corner and is firmly on the road to recovery,” she added.

The WTTC’s Economic Impact Report also stated that the improvement in the Philippine’s tourism and travel last year supported more or less 7.8 million jobs across the country.

If the trend is sustained, the WTTC forecasts that the Philippines Travel & Tourism contribution to GDP (Gross Domestic Product) could be worth in excess of $ 155 billion in 2032.  This accounts for 21.4 of the whole economy.

“With Travel & Tourism employment forecast to grow annually by an average of three percent over the next 10 years, nearly three million new jobs could be created, accounting for 21.5 percent of all jobs in the Philippines,” the report read.

WTTC’s 2022 EIR marks a vast change in fortunes for the embattled Travel & Tourism sector in the country, which was left reeling by the impact of the pandemic but is now firmly on the road to recovery.

Source: Manila Bulletin, 120 April 2022
https://mb.com.ph/2022/04/20/ph-travel-and-tourism-is-worlds-4th-fastest-growing-economy-in-2021-wttc/