Monday, July 15, 2024 The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) forecasts a record-breaking year for Travel & Tourism in the Philippines. The sector’s economic contribution, job numbers, and visitor spending are all expected to reach new highs. Economic Contribution The sector’s contribution to the national economy is set to surpass ₱5.
4 trillion this year, marking an almost 25% year-on-year growth and soaring 7.1% above the previous 2019 peak. Travel & Tourism now represents more than one-fifth (21.
3%) of the country’s economy, highlighting its critical role in supporting the nation and local communities. Employment and Visitor Spending Employment in the sector is projected to exceed 9.5 million jobs, accounting for 20% of the national workforce.
Both international and domestic visitor spending are also set to break records, reaching ₱715.6 billion and ₱3.7 trillion respectively, surpassing 2019 levels by 5.
7% and 1.8%. Infrastructure and Government Efforts This growth underscores the government’s dedication to enhancing tourism infrastructure.
Efforts are underway to upgrade regional airports to alleviate congestion at Manila’s main airport and make travel more accessible. Julia Simpson, World Travel & Tourism Council President & CEO , commented on the progress: “The remarkable progress of the Philippines’ Travel & Tourism sector highlights the government’s dedication, putting it at the forefront of its national agen.