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Higher tourism sector growth seen in Philippines this year

Philippines’ tourism’s share of the gross domestic product (GDP) could increase to 8% in 2023, up from over 6% in 2022, according to Rizal Commercial Banking Corporation Chief Economist Michael Ricafort. The anticipated growth is due to the continued recovery of both foreign and local tourism following the easing of COVID-19 restrictions and the absence of large-scale lockdowns since 2022. Data from the Philippine Statistics Authority reveals that Tourism Direct Gross Value Added to the economy was estimated at 6.2% in 2022, a 36.9% increase from 2021. Ricafort highlighted the importance of further investments in infrastructure to accommodate the rising number of tourists and suggested that tourism could be a significant contributor to the economy, providing jobs and business opportunities, especially in areas outside Metro Manila.


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