THE Philippine ocean economy grew in 2023 at P943.05 billion, a 9.9-percent increase from P857.93 billion in 2022, according to data released by the Philippine Statistics Authority.
This growth accounted for 3.9 percent of the Philippines’ gross domestic product at current prices.
Posting big jumps in revenues were coastal recreation and accommodations (139.6 percent); food and beverage services (117 percent); and marine education (14.4 percent).
Ocean fishing emerged as the dominant industry, comprising 28.6 percent of total ocean economy, followed by ocean-based manufacturing (20.9 percent), sea-based transportation and storage (15.0 percent), and power generation, transmission and distribution from ocean-based resources (10.3 percent).
Employment in ocean-related industries also rose remarkably, employing 2.42 million people in 2023 — a 20.8-percent jump from 2.00 million in 2022.
The employment growth positioned ocean-based industries as a significant labor force segment, contributing 5.0 percent of the country’s total employment. Ocean fishing remained the largest employer within this sector, representing 42.8 percent of total ocean-based employment.
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