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Manila Bulletin devider Business devider PH ocean economy falls nearly 33%

PH ocean economy falls nearly 33%

Published Dec 20, 2021 01:14 pm

As a result of the ongoing COVID-19 pandemic, the Philippines’ ocean economy declined by 32.6 percent, recording a gross value added (GVA) of P617.20 billion in 2020 from P916.31 billion in 2019, data from the Philippine Statistics Authority (PSA) showed.

Accounting for 3.4 percent of the Philippines’ total Gross Domestic Product (GDP) at current prices in 2020, ocean-based industries include ocean fishing; offshore and coastal mining and quarrying; manufacture of ocean-based products; coastal construction; and ocean-based power generation.

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Other ocean-based industries are sea-based transportation and storage; marine information services; marine insurance; marine renting and business activities; maritime safety, surveillance, and resource management; maritime education; coastal accommodation and food and beverage service activities; and coastal recreation.

Among the industries, ocean fishing accounted for the largest share of 31.9 percent of the total ocean economy. This was followed by manufacturing of ocean-based products, having a 27 percent share, and sea-based transportation and storage, with a share of 14.6 percent.

Ocean-based power generation, on the other hand, accounted for 10.9 percent of the country’s economy industry, while maritime safety, surveillance, and resource management, offshore and coastal mining and quarrying, and coastal recreation shared 4.3 percent, 3.7 percent, and 3.1 percent, respectively.

In terms of growth rate, PSA data showed, only maritime safety, surveillance, and resource Management posted an increase in 2020, registering 2.5 percent.

All other industries declined where coastal accommodation and food and beverage Service Activities had the highest downturn, falling by 92.4 percent.

The PSA data also showed that ocean-based industries employ 2.05 million in 2020, accounting for 5.2 percent of the total employment for the year.

Related Tags

Philippine Statistics Authority (PSA) Ocean OCEANS ocean economy
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