Philippines' ocean-based industries grow 6.7 pct in 2021

The ocean economy in the Philippines grew by 6.7 percent in 2021, posting a gross value added (GVA) of 707.80 billion pesos (roughly 12.70 billion U.S. dollars) from 663.06 billion pesos (approximately 11.89 billion U.S. dollars) in 2020, the Philippine Statistics Authority (PSA) said on Friday.

The statistics agency said the ocean-based industries accounted for 3.6 percent of gross domestic product (GDP) at current prices in 2021.

Among the industries, the PSA said ocean fishing accounted for the largest share of 33.9 percent of the total ocean economy, followed by the manufacture of ocean-based products (23 percent), sea-based transportation and storage (14.8 percent), and ocean-based power generation, transmission and distribution (12.8 percent).

Among the major economic sectors, the PSA said the ocean industry accounted for the largest share of the total ocean economy, amounting to 42.2 percent of the total ocean-based GVA activities. Fishing had a 33.9 percent share, while services contributed 23.9 percent.

The number of employed persons in ocean-based industries was 1.99 million in 2021, higher than the 1.89 million persons employed in 2020. Ocean-based employees accounted for 4.5 percent of the total employment in the country in 2021.