Philippines travel industry heading toward record high P5.4 trillion
Philstar Global
29 June 2024
MANILA, Philippines — The Philippine travel industry is heading toward an all-time high value of P5.4 trillion this year, propelled by efforts to boost tourism in the provinces and upgrade aviation infrastructure.
Based on forecast by the World Travel and Tourism Council (WTTC), the country will grow its travel and tourism to new highs in 2024, particularly on economic contribution, job generation and visitor spending.
WTTC projects travel’s contribution to the economy to rise by almost a quarter to P5.4 trillion this year, from P4.34 trillion in 2023.
Likewise, travel will generate at least 9.5 million jobs for Filipinos, comprising one in every five of the labor force. Also, domestic visitor spending is seen to go up to P3.7 trillion, while foreign tourist expenditure is estimated to hit P715.6 billion.
WTTC president and CEO Julia Simpson said travel would benefit from public and private efforts to upgrade regional airports. The Department of Transportation (DOTr) is investing P14 billion for the development and reconstruction of provincial gateways this year.
Similarly, the DOTr is arranging public-private partnership contracts for the upgrade of airports in Bacolod, Bohol, Davao, Iloilo, Kalibo, Puerto Princesa and Siargao.
Apart from this, Simpson said travel would gain from the impending turnover of the Ninoy Aquino International Airport (NAIA) to the New NAIA Infrastructure Corp. led by San Miguel Corp.
The DOTr is set to hand over NAIA to the consortium by September, and from there the airport will undergo a P170.6 billion rehabilitation in the next 15 years.
WTTC estimates that travel and tourism will raise about P9.5 trillion for the Philippine economy by 2034. By then, the industry will take up 22 percent of the economy, creating jobs for as many as 11.9 million, sustaining one in every five Filipinos.
Regionally, WTTC believes Southeast Asia will grow its travel segment by 21 percent to hit P21 trillion this year. Additionally, jobs in travel and tourism will balloon to 42.4 million, expanding the role of the industry in livelihood generation.
The government is working on the improvement of transport infrastructure across the Philippines to enhance inter-island connectivity, benefitting industries reliant on tourism.
For one, the rehabilitation and upgrade of NAIA is expected to increase the passenger capacity of the airport to 62 million a year, from 32 million at present.
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