Philippines ocean economy hits P1 trillion in 2024

MANILA, Philippines — The value of the country’s ocean-based industries hit the P1 trillion mark last year, driven by improved exports and shipping activities.

Data from the Philippine Statistics Authority showed that the ocean economy amounted to P1.01 trillion last year, 4.7 percent higher than the P962.49 billion recorded in 2023.

While its value increased, its contribution to the gross domestic product declined slightly to 3.8 percent in 2024 from the previous year’s four percent.

The ocean economy covers activities taking place in or near the ocean, as well those receiving outputs from or providing inputs to the ocean.

“This increase was driven primarily by the recovery of coastal and marine tourism, resilient fisheries and aquaculture exports and steady activity in shipping, port operations and marine logistics,” Philippine Institute for Development Studies senior research fellow John Paolo Rivera said in an email.

He said the data also showed improved tracking of ocean-based industries and stronger support for blue economy programs.

Among ocean-based activities, the PSA said ocean fishing accounted for the highest share to the total ocean economy at 24.5 percent.

Manufacture of ocean-based products came in next with a 20.8-percent share, followed by sea-based transportation and storage (15.8 percent) and coastal accommodation and food and beverage services activities (12.8 percent).

When it comes to growth rate, coastal construction posted the biggest increase at 61.3 percent.

This was followed by coastal accommodation and food and beverage services activities with a 34.8-percent increase and marine education, which went up by 13.9 percent.

Employment in the ocean economy dipped by one percent to 2.39 million last year from 2.42 million in 2023.

Ocean-based activities accounted for 4.9 percent of the total employment in the country last year.

Of the total employment in ocean-based activities, ocean fishing accounted for the largest share at 35.6 percent.

This was followed by sea-based transportation and storage with 24.2 percent and coastal accommodation and food and beverage services activities with 22.6 percent.

“Looking ahead, the ocean economy is likely to continue expanding with sustained demand in tourism and trade and growing investments in maritime infrastructure,” Rivera said.

Risks from climate change, overfishing and marine ecosystem degradation, however, could slow momentum if no action is taken.

“To ensure continued growth, policies should focus on sustainable resource use, coastal resilience and innovation in marine industries,” Rivera said.