MANILA, PhilippinesThe Philippine travel and tourism sector contributed a total of P1.4 trillion to the local economy in 2014, reflecting not only the economic activities of related industries, but also the wider effects from investment, the supply chain and induced income impacts, according to the World Travel and Tourism Council (WTTC). <\/p>\n
Based on the WTTCs Travel and Tourism Economic Impact 2015 report released Tuesday, the total contribution of the sector is expected to further increase by 5 percent this year and projected to steadily rise by 5.7 percent yearly to P2.58 trillion by 2025. <\/p>\n
Based on the total contribution to the countrys gross domestic product (GDP), the Philippines ranked 69th of the 184 countries assessed by WTTC. <\/p>\n
In terms of direct contribution to the local economy, the Philippine travel and tourism sector accounted for 4.2 percent of the countrys GDP, equivalent to about P533 billion. <\/p>\n
This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services [excluding commuter services]. But it also includes the activities of the restaurant and leisure industries, WTTC explained. <\/p>\n
The sectors direct contribution is similarly expected to grow by 4.9 percent to P559.4 billion in 2015, and to continue its rally of about 5.6 percent yearly to P964 billion by 2025. <\/p>\n
Data from WTTC showed that the travel and tourism sector was estimated to have attracted as much as P92.4 billion in investments last year. Capital spending for this sector may further rise by 3.3 percent this year, and by 4.8 percent a year over the next 10 years to P151.9 billion by 2025. <\/p>\n
In terms of direct employment, the sector also directly supported 1.26 million jobs, or about 3.3 percent of total employment last year. This, according to WTTC, included employment by hotels, travel agents, airlines and other passenger transportation services, as well as the activities of the restaurant and leisure industries directly supported by tourists. <\/p>\n
This direct employment contribution is seen to further increase by 2.6 percent in 2015, and by 2.6 percent yearly to 1.7 million jobs by 2025. <\/p>\n
In terms of total contribution to employment, the figures are much higher as the tally included both the direct and indirect jobs supported by the travel and tourism sector. <\/p>\n
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WTTC: Tourism contributed P1.4T to economy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MANILA, PhilippinesThe Philippine travel and tourism sector contributed a total of P1.4 trillion to the local economy in 2014, reflecting not only the economic activities of related industries, but also the wider effects from investment, the supply chain and induced income impacts, according to the World Travel and Tourism Council (WTTC). Based on the WTTCs Travel and Tourism Economic Impact 2015 report released Tuesday, the total contribution of the sector is expected to further increase by 5 percent this year and projected to steadily rise by 5.7 percent yearly to P2.58 trillion by 2025. Based on the total contribution to the countrys gross domestic product (GDP), the Philippines ranked 69th of the 184 countries assessed by WTTC. Continue reading