Business Bayani PH

In 2022, the Philippines saw a significant growth of 21.1% in ocean-based industries, reaching a gross value added of ₱857.74 billion. This represented 3.9% of the GDP in 2022, up from ₱708.10 billion in 2021, as reported by the Philippine Statistics Authority.

Key sectors driving this growth were coastal accommodation and food services, with a remarkable 248.3% growth rate, followed by coastal recreation at 161.7%, and offshore and coastal mining and quarrying at 56.3%.

Ocean fishing was the dominant sector, contributing 31.5% to the ocean economy, followed by manufacture of ocean-based products (21.6%), sea-based transportation and storage (14.6%), and ocean-based power generation, transmission, and distribution (11.3%).

Employment in ocean-based industries also surged, with 2.22 million people employed in 2022, a 10.9% increase from the previous year. These jobs made up 4.7% of the total employment in the country. Ocean fishing accounted for the majority, employing 51.4% of the workforce in ocean-based industries.

The report highlights the importance of ocean-based industries in the Philippine economy, contributing 3.9% to the GDP. These sectors play a vital role in driving the nation’s economic growth and creating jobs.

The Philippine Ocean Economy Satellite Accounts, compiled annually by the Philippine Statistics Authority, provide valuable insights into ocean-based industries, aiding policymakers and stakeholders in making informed decisions to bolster these sectors.

The growth in ocean-based industries signals the potential for further economic development in the Philippines, offering opportunities for businesses and job seekers. The ocean’s vast resources continue to drive economic growth and prosperity in the country. ◼