The Market Monitor Minding the Nation's Business
The Philippine travel and tourism sectors is projected to grow at an annual average rate of 6.7% over the next 10 years, outpacing the expected gross domestic product (GDP) growth rate of 5.6%, according to the World Travel and Tourism Council (WTTC).
WTTC president and chief executive Julia Simpson said at the WTTC Annual Global Summit in Manila that employment in the sector would grow by an average of 3 percent each year over the next decade, generating 2.9 million new jobs and accounting for 21.5% of employment in the Philippines.
The travel and tourism sector’s contribution to the economy climbed 129.5% in 2021 to reach $41 billion from a year ago. The sector supported 7.8 million jobs in the Philippines last year, representing an impressive 20.5% rise in 2020.
Simpson said the WTTC summit enabled industry shareholders to identify actions and increase alignment to support the sector’s recovery and move beyond to a safer, more resilient, inclusive and sustainable future.
The WTTC is set to release the 2021 Economic Impact Report which highlights where the travel and tourism sector was in terms of its recovery and what the future holds for the sector over the next decade.
“I am delighted to announce the launch of ‘Destination 2030’, in collaboration with JLL, a new major report which addresses destination’s readiness for travel and tourism growth,” Simpson said.
The report addresses the destinations’ preparedness while providing attainable solutions to promote sustainable growth in tourism activity.
The group will also launch another sustainability initiative for the global hospitality industry and a groundbreaking report to help the sector’s stakeholders understand how cyber resilience is shaping the travel and tourism sector and plan for a safer and more robust future.
WTTC’s annual Global Summit is the most influential travel and tourism event with industry leaders and key government representatives collaborating to continue aligning efforts to support the sector’s recovery and move beyond to a safer, more resilient, inclusive and sustainable future.