Ocean economy hits P1 trillion, 4% of GDP in 2024

The country’s ocean-based industries breached the ₱1 trillion mark in 2024, contributing nearly 4 percent to the national economy, according to the Philippine Statistics Authority (PSA).

PSA data showed the ocean economy expanded by 4.7 percent to ₱1.01 trillion from ₱962.49 billion in 2023, accounting for 3.8 percent of gross domestic product (GDP) at current prices.

Sectors that posted the fastest growth were coastal construction (61.3 percent), coastal accommodation and food and beverage services (34.8 percent), and marine education (13.9 percent).

Ocean fishing remained the top contributor, making up 24.5 percent of the total ocean economy, followed by the manufacture of ocean-based products, sea-based transportation and storage, and coastal accommodation and food services.

Employment in ocean-based industries reached 2.39 million last year, representing 4.9 percent of total jobs nationwide. 

Of this, ocean fishing accounted for the largest share at 35.6 percent, followed by sea-based transport and storage, and coastal accommodation and food services.