Metro Manila (CNN Philippines, June 15) — The World Travel and Tourism Council (WTTC) on Thursday said it is projecting that the Philippine tourism industry will inject $80 billion, or around ₱4 trillion, to the local economy, which represents 19.4% of the gross domestic product (GDP).
While this is 9% behind the 2019 pre-pandemic data, the WTTC said 2023 projections still showed steady growth from 2022.
“Travel and tourism has responded post the pandemic very strongly and particularly in Southeast Asia and the Philippines,” WTTC President and CEO Julia Simpson told CNN Philippines’ New Day.
The council also said that tourism contributed almost $70 billion or over ₱3 trillion to the domestic economy last year. This represents 17% of the country’s GDP in 2022, it added.
Simpson said their upward projections support the pent-up demand from travelers despite the impact of inflation globally. This is expected to continue in at least 10 years, with the industry contributing around $147 billion or over ₱ 8 trillion, which is 20.3% of the economy, the WTTC noted.
The number of employed Filipinos in travel and tourism is also seen to grow, Simpson added.
“What I always say is the great thing about travel and tourism, you’ve got very, very high executive type jobs, in marketing, in finance, in social media… but it also employs people who maybe have not had the advantage to have a college degree,” she explained.
In 2023, the industry is expected to generate over 8 million jobs, from around 7.8 million in 2022. It will further grow in 10 years, reaching over 11 million, Simpson said.
