Tourism share to PH economy hits 8.9% in 2024

By Joyce Ann L. Rocamora, Philippine News Agency

Employment in the tourism sector also posted a 6.1 percent increase to 6.75 million, compared with the 6.37 million in 2023. (Pixabay photo)

MANILA – The tourism sector contributed about 8.9 percent to the country’s 2024 gross domestic product (GDP), up from 8.7 percent in the previous year, the Philippine Statistics Authority (PSA) reported Thursday.

The Tourism Direct Gross Value Added (TDGVA), an indicator that measures the value added of the tourism industry, amounted to PHP2.35 trillion last year, 11.2 percent higher compared with the PHP2.12 trillion in 2023.

Employment in the tourism sector also posted a 6.1 percent increase to 6.75 million, compared with the 6.37 million in 2023.

“The share of employment in tourism industries to the total employment in the country was recorded at 13.8 percent in 2024,” the PSA said.

Released annually, the PSA’s Philippine Tourism Satellite Account (PTSA) reports all visitor spending in accommodation services, food and beverage serving services, transport services, travel agencies and other reservation services, entertainment and recreation services, and shopping, among others.

The PSA said domestic tourism expenditure grew by 16.4 percent from PHP2.71 trillion in 2023 to PHP3.16 trillion last year.

Inbound tourism expenditure posted a lower growth of 0.4 percent to PHP699.98 billion last year from year-ago’s PHP697.49 billion.

Outbound tourism expenditure, or spendings of Filipinos abroad, posted the highest annual growth of 37.5 percent last year at PHP345.68 billion.