WTTC: Travel, Tourism to Contribute P490B to PHL’s GDP in 2014

The country’s tourism and travel will directly contribute P490.2 billion to the Philippines’ Gross Domestic Product (GDP), expecting it to rise by 3.8 percent, World Travel & Tourism Council (WTTC) said.

In its report on Wednesday, WTTC said travel and tourism will have a direct contribution of P490.2 billion to the country’s GDP from P472.3 billion in 2013.

Travel and tourism, reports said, had directly generated 1,226,500 employment last year, which has been accounted for 3.2 percent of total jobs in the country.

It added that while it was expected to increase by 1.7 percent in 2014, eventually reaching 1,248,000, its contribution to total jobs generated would stay the same in percentage terms.

Reports revealed that passenger transportation services such as airlines and hotels has mainly contributed to such growth. Leisure industries supported by tourists also played its part to the said growth, report said.

The Philippines still falls below world average in terms of direct contribution to the GDP, although tourism remains robust.

The WTTC’s world ranking has placed the country in the 35, report said. The country also occupies a low ranking of 14 when it comes to the average for direct contribution to employment in the Asia- Pacific compared with seven for Thailand and eight for Vietnam, Gma news online reported.

David Scowsill, WTTC president and CEO said that growing economies in Asia and Latin America should strengthen their infrastructure and human resources, so as to take advantage of the growth the Tourism industry is expected to undergo.

He said this will require governments to implement “more open visa regimes” and adopt intelligent rather that punitive taxation policies.

Source: Gma News Online

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