MANILA, 22 April 2022: The Philippines’ tourism industry can look forward to an annual average growth rate of 6.7% over the next 10 years, the World Travel & Tourism Council forecast during the opening of the WTTC Global Summit on Wednesday.
In the opening press conference of the 21st WTTC Global Summit, WTTC president and CEO Julia Simpson noted: “Our expert analysis shows that the travel and tourism economy has turned a corner and is firmly on the road to recovery. This growth was primarily built on domestic travels and very much pioneered and led by Department of Tourism Secretary Berna Romulo-Puyat.”
Simpson said the annual growth rate of 6.7% over the next 10 years would exceed the expected country’s overall economy average growth rate of just 5.6%.
“We also forecast employment will grow annually by an average of 3% over the next 10 years, generating 2.9 million new jobs, accounting for 21.5% of all jobs in the Philippines”, she concluded.
Meanwhile, Secretary Puyat commented: “In the nearly two years where international travel was put on hold, the Philippines has been busy preparing for the day when our country would be open to the world. We have put in place guidelines that will ensure the safety of our guests, our tourism workforce, and our community.”
Considered one of the most influential Travel & Tourism events worldwide, the WTTC Global Summit is an annual gathering of the entire spectrum of the industry.
Summit sessions focused on essential topics such as the latest travel trends, sustainable investment prospects, meaningful human connections despite contactless interventions, environmental preservation, traveller confidence, seamless international mobility, and inequalities in the travel and tourism industry.
The latest World Travel & Tourism Council (WTTC) Economic Impact Report showed that travel and tourism in the Philippines generated USD41 billion in 2021, representing 10.4% of the country’s gross domestic product.
By 2032, WTTC predicts the Philippines’ Travel & Tourism contribution to GDP could be worth in excess of USD155 billion, accounting for 21.4% of the whole economy.
(Source: Department of Tourism, Philippines)