• 4 months ago
PH tourism posts highest growth in 2023, contributes 8.6% to economy

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00:00Share of tourism direct gross value added, or TGVVA, to the Philippine economy soared to 8.6% of the GDP in 2023, reaching 2.09 trillion pesos.
00:11This is a 47.9% increase from 2022.
00:15Inbound tourism expenditures skyrocketed by 87.7% to 697.46 billion pesos,
00:23while domestic tourism expenditures grew by 72.3% to 2.67 trillion pesos.
00:30Overall, internal tourism expenditure increased by 75.3% to 3.36 trillion pesos.
00:37Employment in tourism industries rose to 6.21 million pesos, representing 12.9% of total employment.
00:45This resurgence highlights tourism's critical role in the economy and job market.

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