The Philippines’ ocean-based industries reached a value of ₱1.01 trillion in 2024, marking a 4.7 percent increase from 2023, driven by a recovery in coastal tourism, fisheries exports, and shipping activities.
Despite this growth, the ocean economy’s share of the country’s GDP slightly declined to 3.8 percent from 4 percent the previous year.
Ocean fishing contributed the largest share of the sector’s value at 24.5 percent, followed by the manufacturing of ocean-based products and sea-based transportation.
Employment in ocean industries dipped slightly to 2.39 million, accounting for nearly 5 percent of total national employment.
Experts warn that climate change and marine ecosystem degradation pose risks to the sector’s growth, emphasizing the need for sustainable policies to support continued expansion.
Source: PhilNews24 | September 21, 2025
PHILIPPINE OCEAN ECONOMY REACHES ₱1 TRILLION MILESTONE IN 2024
Latest from Business
The Department of Information and Communications Technology (DICT) is set to spend over P3 billion to
The Department of Agriculture (DA) in the Cordillera region denied social media claims that Baguio chayote
The World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, which took effect on September 15, 2025,
The Philippine automotive industry recorded its second consecutive monthly sales decline in August due to weather
The United States and China announced on Monday a “framework” deal to resolve their dispute over