TRAVEL and tourism investments in the Philippines are expected to grow by 3.8 percent to P84.39 billion this year, according to the World Travel & Tourism Council (WTTC).

Last year, the sector accounted for P81.3 billion or 3.6 percent of total investments, contributing 11.3 percent of the countrys Gross Domestic Product (GDP) and generating 4,295,110 jobs, or 11.3 percent of total employment.

WTTC is an international organization of travel industry executives promoting travel and tourism. Each year, the organization undertakes an economic analysis of the impact of the travel and tourism sector in 184 countries.

Fast growth

In 2013, the sectors contribution to the global economy rose to 9.5 percent or $7 trillion, not only outpacing the wider economy but also growing faster than other significant sectors such as financial and business services, transport and manufacturing, the report said.

It generated nearly 266,000,000 jobs or 8.9 percent of total world employment or one in 11 jobs on the planet.

WTTC president and chief executive officer David Scowsill said in a report emailed to Sun.Star Cebu that 2013 was another successful year for the sector. He said that for four consecutive years now, the strong demand of international travelers fueled the growth of the sector.

Visitor exports, the measure of money spent by these international tourists, rose by 3.9 percent at a global level year on year, to $1.3trillion, and by over 10 percent within South East Asia, he said.

It is clear that the growth in travel and tourism demand from emerging markets continues with pace, as large rising middle- classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.

Scowsill said the sustained demand in the sector together with its ability to generate high levels of employment continues to prove the importance and value of the sector as a tool for economic development and job creation.

See the original post:

Tourism investments seen to grow 3.8%