PH tourism investment share expected to rise

Posted at 03/18/14 11:40 PM

MANILA, Philippines – A boost in the share of travel and tourism industry in the country’s total annual investments is expected this year due to higher demand from international tourists, according to the World Travel and Tourism Council (WTTC).

WTTC said the share of travel and tourism in the country’s yearly investments take may jump to 3.8 percent this year from 3.6 percent last year.

WTTC, composed of international travel and tourism companies executives, said travel and tourism cornered an estimated P81.3 billion in investments in 2013.

The industry also contributed P1.29 trillion, or about 11.3 percent, to the country’s economy.

WTTC also estimated that direct and indirect jobs supported by the sector contributed 4.3 million jobs, or 11.3 percent of the country’s total workforce.

WTTC president and chief executive officer David Scowsill said the global travel and tourism sector contributed $7 trillion to the global economy, generating about 266 million jobs, or 8.9 percent of total employment.
“Travel and tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travelers,” Scowsill said.

“Visitor exports, the measure of money spent by these international tourists, rose by 3.9 percent at a global level year on year, to $1.3 trillion, and by over 10 percent within South East Asia,” he added.

Scowsill said that while growth in travel and tourism demand is expected to continue, governments will have to do their part.

“The outlook for travel and tourism for the next 10 years looks extremely favorable, with growth forecast of more than 4 percent annually. This will require governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies,” he said.

Scowsill added that it is key for public and private partnerships to ensure that long term infrastructure and human resource needs are planned responsibly and sustainably “to absorb the inevitable growth that we are forecasting.”