The Philippine Statistics Authority published that the Tourism Direct Gross Value Added (TDGVA) recorded significant growth in 2023, which is an essential help to the Philippine economy.
As a result, the tourism sector contributed 8.6% to economic growth last year. The TDGVA will cost 2.09 trillion pesos in 2023, according to the PSA.
In comparison to the data in 2022, the contribution of tourism in 2023 was higher, at 47.9% higher than the 1.41 trillion pesos TDGVA in 2022.
Under the Tourism Satellite account, it covers data on accommodation services, food and beverage serving activities, transport services, travel agencies, and other reservation services, entertainment and recreation services, shopping, and miscellaneous services.
Meanwhile, inbound tourism expenditure recorded the highest annual growth of 87.7%, worth 697.46 billion pesos, among the types of tourism sector expenditures. It was followed by domestic tourism expenditure, with a growth of 72.3% and worth 2.67 trillion pesos.
While employment in tourism also increased, it is estimated that there will be 6.21 million in 2023, 6.4% higher compared to employment in 2022 with 5.58 million in the in the tourism industry.
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