The Philippine ocean economy hit P1.01 trillion in 2024, representing a 4.7-percent increase from P962.49 billion in 2023, the Philippine Statistics Authority (PSA) said Friday.
Data showed that the gross value added of ocean-based activities contributed 3.8 percent to the gross domestic product at current prices, it said.
Coastal construction saw the highest growth at 61.3 percent, followed by coastal accommodation, food and beverage services (34.8 percent) and marine education (13.9 percent).
Ocean fishing held the largest share of the total ocean economy, accounting for 24.5 percent.
The manufacture of ocean-based products was next at 20.8 percent, with sea-based transportation and storage at 15.8 percent, and coastal accommodation, food and beverage services at 12.8 percent.
Employment in ocean-based activities fell 1 percent to 2.39 million people in 2024 from 2.42 million the previous year.
This accounted for 4.9 percent of the country’s total employment.
Ocean fishing was the largest employer, accounting for 35.6 percent of jobs, followed by sea-based transportation and storage (24.2 percent), and coastal accommodation, food and beverage services (22.6 percent).
The PSA releases the Philippine Ocean Economy Satellite Account annually.
