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Retail sector seen growing this year
The Philippine Star
|September 02, 2024
The retail sector’s contribution to the economy is expected to increase to 20 percent by the end of this year as people continue to shop, according to the country’s group of retailers.
Philippine Retailers Association (PRA) president Roberto Claudio told reporters that the retail sector’s contribution to the gross domestic product (GDP) has been going up by at least one to two percent per year.
“So we feel probably, by the end of 2024, early 2025 that should move up to about 20 percent already,” he said.
He said that at present, the retail industry accounts for 18.6 percent of the country’s GDP with an average annual tax contribution of almost P750 billion for the period of 2018 to 2023.
In addition, retail is a major contributor in terms of employment, providing livelihoods directly to about five million Filipinos.
This story is from the September 02, 2024 edition of The Philippine Star.
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