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Phl travel industry heading toward record high P5.4 T
The Philippine Star
|June 28, 2024
The Philippine travel industry is heading toward an all-time high value of P5.4 trillion this year, propelled by efforts to boost tourism in the provinces and upgrade aviation infrastructure.
Based on forecast by the World Travel and Tourism Council (WTTC), the country will grow its travel and tourism to new highs in 2024, particularly on economic contribution, job generation and visitor spending.
WTTC projects travel's contribution to the economy to rise by almost a quarter to P5.4 trillion this year, from P4.34 trillion in 2023.
Likewise, travel will generate at least 9.5 million jobs for Filipinos, comprising one in every five of the labor force. Also, domestic visitor spending is seen to go up to P3.7 trillion, while foreign tourist expenditure is estimated to hit P715.6 billion.
This story is from the June 28, 2024 edition of The Philippine Star.
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