The tourism sector’s contribution to the Philippine economy in 2021 helped the country rank as the world’s fourth fastest growing economy last year, according to World Travel and Tourism Council President Julia Simpson during the first day of the global summit being hosted by the Philippines this week.
Simpson shared the Philippine data on WTTC’s Economic Impact Report (EIR) where she highlighted the growth of the country’s travel and tourism sector in 2021 where the sector supported 7.8 million jobs, which is equivalent to 20.5 percent growth in 2020, compared with a global increase of 6.7 percent.
She noted that before the COVID-19 pandemic, the travel and tourism industry’s contribution to the country’s gross domestic product was 22.5 percent or $92.6 billion. This declined by 80.7 percent to just a mere 4.85 percent share to the national economy due to travel restrictions and the closure of international borders. The country has recovered in 2021 and the sector’s contribution to the GDP rose to $41 billion or 10.4 percent share to the GDP.
WTTC figures differ from the Department of Tourism and Philippine Statistics Authority as the values they use are based on constant 2021 prices and exchange rates with Oxford Economics, national sources and United Nations World Tourism Organization as its sources.
With the Philippines travel and tourism sector’s impressive rise, Simpson said the country is on a firm road to recovery. WTTC forecasts a rosier decade ahead for the country in terms of economic growth.
Tourism Secretary Bernadette Romulo-Puyat welcomed WTTC’s positive remarks, saying she is likewise optimistic that the country already sees the recovery of tourism given the relaxed restrictions on travelers and the reopening of the economy.
“In the nearly two years where international travel was put on hold, the Philippines has been busy preparing for the day when our country would be open to the world. We have put in place guidelines that will ensure the safety of our guests, our tourism workforce, and our community,” Puyat said in her speech.
The tourism sector is making a comeback and the stakeholders that have been left high and dry for almost two years have hopefully used that time to put in place the mechanisms and programs to ensure the return is sustainable so the awesome potential of the industry can be unleashed and benefit the country.*
Unleashing tourism | WSN[Whatsapp Status New]