Freeman Cebu Business

Tourism contributes 8.6 percent to Phl economy

The Freeman

CEBU, Philippines — Tourism posted the highest growth in 2023 contributing 8.6% to the country’s Gross Domestic Product (GDP), data from the Philippine Statistics Authority (PSA) showed.

PSA reported that the Tourism Direct Gross Value Added (TDGVA) amounted to P2.09 trillion in 2023, which was higher by 47.9 percent compared with the P1.41 trillion recorded in 2022.

Based on the Philippine Tourism Satellite Accounts (PTSA), which presents the contribution of tourism industries to the economy, the captured products include services in accommodation, food and beverage, transport, travel agencies, entertainment and recreation, and shopping, among others.

The scope of the PTSA also includes the expenditure paid for the purchase and consumption of goods and services.

Notably, inbound tourism spending experienced the most significant growth, soaring by 87.7 percent to P697.46 billion.

Domestic tourism spending followed closely with a substantial increase of 72.3 percent, reaching P2.67 trillion from P1.55 trillion in 2022. Outbound tourism spending, on the other hand, although growing by 10.0 percent to P208.25 billion from P189.29 billion last year, contributed to the overall rise in total tourism spending, which reached P3.36 trillion in 2023.

In addition, the employment sector within tourism-related industries expanded, with 6.21 million individuals employed in 2023, reflecting a 6.4 percent increase from the previous year's 5.84 million. This growth in employment led to an increase in tourism's share of total employment in the country, rising from 12.5 percent in 2022 to 12.9 percent in 2023. — Renee Ross Villariasa, CNU Intern  (FREEMAN)

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