The World Travel and Tourism Council’s (WTTC) 2024 Economic Impact Study (EIR) predicts it will be a historic year for the Philippine travel and tourism industry, with a significant increase in economic contribution, employment numbers and visitor spending.
According to the latest findings, the sector’s economic impact is expected to exceed P5.4 trillion this year, a staggering 25% growth from last year. Travel and tourism currently accounts for more than one-fifth (21.3%) of the national economy, and employment in the sector is expected to grow significantly in 2024, with tourism accounting for 20% of the national workforce. International and domestic visitor spending are both expected to reach new heights in 2024, surpassing previous records at P715.6 billion and P3.7 trillion, respectively, and 5.7% and 1.8% above 2019 levels.
This growth underscores the government’s commitment to strengthening tourism infrastructure and initiatives. At the 36th Joint Meeting of the United Nations Commission on Tourism for East Asia and the Pacific and the United Nations Commission on Tourism for South Asia, President Marcos Jr. asserted that sustainability is key to Philippine tourism development and urged the tourism sector to “go green.” He cited easing visa procedures, improving water sanitation and health facilities in tourist destinations, and improving connectivity hubs as priorities. The event also saw the first UN Regional Tourism Forum on Food Tourism in the Asia-Pacific region, which urged both the public and private sectors to incorporate food tourism into policies and practices.
