PH’s ocean-based industries grow 21%; fishing posts largest share

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The country’s ocean-based industries recorded a growth of 21.1 percent last year, as it accounted for 3.9 percent of gross domestic product, according to the Philippine Statistics Authority (PSA).

In a statement, the PSA said the ocean economy posted gross value added of P857.74 billion in 2022, up from P708.1 billion the prior year.

The top three industries with highest growths were coastal accommodation and food and beverage services activities (248.3 percent), coastal recreation (161.7 percent) and offshore and coastal mining and quarrying (56.3 percent).

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Among the industries, ocean fishing accounted for the largest share of 31.5 percent of the total ocean economy.

This was followed by manufacture of ocean-based products (21.6 percent), sea-based transportation and storage (14.6 percent) and ocean-based power generation, transmission and distribution (11.3 percent).

Meanwhile, the number of persons employed in ocean-based industries was 2.22 million in 2022, higher by 10.9 percent compared with 2.01 million persons employed in the previous year.

The latest figure accounted for 4.7 percent of the total employment in the country in 2022.

Majority of the ocean-based employment is ocean fishing, accounting for 51.4 percent of the total number of employed.

This ws followed by ocean-based services, such as marine equipment wholesale and retail, with a share of 43.2 percent to total employment.

The remaining share of 5.4 percent to total employment is accounted for by the ocean-based industry, such as the manufacture of ocean-based products.

In 2022, the Philippine economy expanded by 7.6 percent, beating the government’s full-year growth target for the period, as the economy recovered from the COVID-19 pandemic.

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