The World Travel & Tourism Council (WTTC) forecasts a banner year
for the Philippines' travel and tourism sector in 2024, according to
its latest Economic Impact Research.
The sector's contribution to the national economy is expected to
reach ₱5.4 trillion (US$91.8 billion), representing a 25% year-on-year
growth and surpassing the 2019 peak by 7.1%. This would account for
21.3% of the country's total economy.
Employment in the sector is projected to exceed 9.5 million jobs,
representing 20% of the national workforce and surpassing pre-pandemic
levels.
Both international and domestic visitor spending are set to break
records, reaching ₱715.6 billion (US$12.2 billion) and ₱3.7 trillion
(US$62.9 billion) respectively, exceeding 2019 levels.
Julia Simpson, WTTC President & CEO, stated: "The remarkable
progress of the Philippines' Travel & Tourism sector highlights the
government's dedication, putting it at the forefront of its national
agenda and continuing to improve infrastructure."
The government's efforts to enhance tourism infrastructure, including
upgrading regional airports, are contributing to this growth.
Looking ahead, the WTTC predicts that by 2034, the sector's annual
GDP contribution will reach nearly ₱9.5 trillion (US$161.5 billion),
accounting for 22% of the Philippines' economy. Employment is expected
to exceed 11.9 million people by that time.