Tourism contribution to PH economy rises to 8.9% in 2024 — PSA

The Philippine tourism sector continued its post-pandemic rebound in 2024, contributing 8.9 percent to the country’s gross domestic product (GDP), according to data released Thursday by the Philippine Statistics Authority (PSA).

This marks an increase from 8.7 percent in 2023, as the industry’s Tourism Direct Gross Value Added (TDGVA) reached P2.35 trillion—up 11.2 percent from P2.12 trillion in the previous year.

Tourism-related employment also posted solid growth, rising by 6.1 percent to 6.75 million jobs in 2024, compared with 6.37 million in 2023. The sector now accounts for 13.8 percent of the country’s total employment.

The data is part of the PSA’s annual Philippine Tourism Satellite Account (PTSA), which tracks all tourism-related expenditures, including accommodations, food services, transport, travel agency bookings, entertainment, and shopping.

Domestic tourism remained a key driver, with expenditure rising 16.4 percent to P3.16 trillion, from P2.71 trillion in 2023. Inbound tourism spending grew at a more modest 0.4 percent, reaching P699.98 billion. Meanwhile, outbound tourism—or the spending of Filipinos traveling abroad—saw the highest jump, rising 37.5 percent year-on-year to P345.68 billion.

The data reflects continued momentum in the tourism industry’s recovery and underscores its growing role in supporting the broader Philippine economy.