How will Travel and Tourism Grow in the Philippines in 2014?
The World Travel and Tourism Council (WTTC) expects travel and tourism in the Philippines to grow 3.8 percent year-on-year in 2014.
In its Philippines Economic Impact Report, the WTTC underlined the economic and social relevance of the travel and tourism industry in the Philippines as well as its potential over the next decade.
In 2013, the total contribution of travel and tourism to GDP in the Philippines reached PhP1.288 trillion or 11.3 percent of GDP.
The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the sector was 4,.295 million jobs or 11.3 percent of total employment.
Travel and tourism investment amounted to PhP81.3 billion last year and is projected to rise by 3.8 percentin 2014.
Each year, WTTC undertakes an economic analysis of the impact of the travel and tourism sector in 184 countries.
In 2013, global travel and tourism contributed US$7 trillion to the global economy and is expected to grow by 4.3 percent in 2014.
The total global contribution of travel and tourism to employment, including jobs indirectly supported by the industry was 265,835,000 jobs. This translates to one in 11 of all jobs on the planet.
David Scowsill, President & CEO of WTTC, said 2013 proved another successful year for the sector.
“Travel & Tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travellers. Visitor exports, the measure of money spent by these international tourists, rose by 3.9 percent at a global level year on year, to US$1.3 trillion, and by over 10 percent within South East Asia. It is clear that the growth in Travel & Tourism demand from emerging markets continues with pace, as the burgeoning middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.”
However, Mr. Scowsill said governments need to take action. “The outlook for travel and tourism for the next ten years looks extremely favorable, with growth forecast of more than 4 percent annually."
"This will require governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies. It is also critical that public and private partnerships ensure that long term infrastructure and human resource needs are planned responsibly and sustainably, to absorb the inevitable growth that we are forecasting. If the right steps are taken, travel and tourism can be a true force for good.”