According to the World Travel & Tourism Council’s most recent Economic Impact Report, the Philippines’ Travel & Tourism contribution to the national economy increased by 129.5 % year on year last year, reaching US$ 41 billion. Following an 80 % drop, its astonishing rebound placed it as the world’s fourth fastest-growing economy in 2021.
Julia Simpson, President & CEO of WTTC, which represents the worldwide Travel & Tourism private sector, shared news of the sector’s rising resurrection from the epidemic today at its renowned Global Summit in the Philippines. It was presented in front of approximately 1,000 attendees from the worldwide Travel & Tourism sector, including CEOs, business executives, government officials, travel specialists, and international media.
Prior to the epidemic, the Philippines ’ Travel & Tourism sector contributed 22.5 % of the overall GDP (worth US$92.6 billion). However, due to the detrimental travel restrictions, it fell by 80.7 % to a meagre US$ 17.8 billion, accounting for only 4.8 % of the country’s GDP. However, by 2021, this figure had risen to US$ 41 billion, accounting for 10.4 % of the nation’s entire economy, indicating that the sector’s recovery is well started.
Julia Simpson, WTTC President & CEO, said: “Our latest EIR for the Philippines signals the astonishing recovery of the country’s Travel & Tourism sector”.
“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.”
As a result, the World Travel and Tourism Council predicts that the Philippines’ travel and tourism contribution to GDP might exceed US$ 155 billion in 2032, accounting for 21.4 % of the total economy.