The tourism industry plays a vital role in the Philippine economy. It is one of the major sources of foreign exchange earnings and job creation. In this article, we will explore how much of the Philippine GDP is attributed to tourism.
What is GDP?
Before we dive into the numbers, let’s first understand what GDP is. Gross Domestic Product (GDP) is a measure of a country’s economic output. It represents the value of all goods and services produced within a country’s borders in a given period, usually a year.
The Contribution of Tourism to Philippine GDP
According to the Philippine Statistics Authority (PSA), the contribution of tourism to Philippine GDP has been steadily increasing over the years. In 2019, it accounted for 12.7% of the country’s total GDP, amounting to Php 2.48 trillion.
This means that for every Php 100 worth of goods and services produced in the country in 2019, Php 12.70 came from tourism-related activities such as accommodation, food and beverage, transportation, recreation, and travel agencies.
Tourism Industry Employment
Aside from its contribution to GDP, the tourism industry also provides employment opportunities for Filipinos. Based on PSA data, it employed around 5.7 million people or about 13% of the country’s total employment in 2019.
Impact of COVID-19 on Tourism
Unfortunately, like many other countries around the world, the Philippines’ tourism industry has been severely affected by the COVID-19 pandemic. With travel restrictions and lockdowns imposed to contain the spread of the virus, many businesses related to tourism have closed down or scaled back operations.
According to a survey conducted by the Department of Tourism (DOT), tourist arrivals dropped by 83% in 2020 compared to 2019. This resulted in a huge loss of revenue and job opportunities for those working in the industry.
Conclusion
Tourism is an essential component of the Philippine economy. It contributes significantly to the country’s GDP and provides employment opportunities for millions of Filipinos. However, as we have seen with the impact of COVID-19, it is also a vulnerable industry that can be greatly affected by external factors such as global pandemics and natural disasters.
As the world slowly recovers from the pandemic, it is important to support the tourism industry and its stakeholders to help them get back on their feet. By doing so, we can help boost economic growth and create more job opportunities for Filipinos.
9 Related Question Answers Found
The Philippines is a beautiful archipelago located in Southeast Asia. It is known for its stunning beaches, crystal-clear waters, and rich culture. The country has become a popular tourist destination over the years, attracting millions of visitors from all over the world.
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