The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) projections a record-breaking year for Travel & Tourism in the Philippines, with its financial contribution, task numbers, and visitor costs all set to reach brand-new highs.
According to the newest information, the sector’s contribution to the nationwide economy is set to exceed ₱5.4TN this year, marking an nearly 25% year-on-year development and skyrocketing 7.1% above the previous 2019 peak.
Travel & Tourism now represents more than one 5th (21.3%) of the nation’s economy, highlighting the sector’s vital function in supporting the country and its regional neighborhoods.
The information likewise signifies to a amazing year for work, growing beyond the 2019 peak to gobeyond 9.5MN tasks – 20% of the nationwide laborforce.
Both worldwide and domestic visitor costs are likewise set to gobeyond previous records in 2024, reaching ₱715.6BN and ₱3.7TN, surpassing 2019 levels by 5.7% and 1.8%, respectively.
This development is testimony to the federalgovernment’s efforts in boosting tourist facilities, with efforts underway to upgrade local airports to relieve blockage at Manila’s primary airport and make travel more available.
Julia Simpson, WTTC Phomeowner & CEO, stated: “The exceptional development of the Philippines’ Travel & Tourism sector highlights the governmen