Sea-based industries hit P1-T mark — PSA

Sea-based industries reached the P1-trillion mark last year, accounting for almost four percent of the country’s gross domestic product (GDP), data from the Philippine Statistics Authority (PSA) showed.

Recent data from the PSA showed that the country’s sea economy went up by 4.7 percent to P1.01 trillion in 2024 from P962.49 billion in 2023.

The gross value added of sea-based activities contributed 3.8 percent to the GDP at current prices in 2024.

The PSA stated that industries recording the highest growth include coastal construction (61.3 percent), coastal accommodation and food and beverage services activities (34.8 percent), and marine education (13.9 percent).

Fishing gets highest share

Among the ocean-based activities, ocean fishing accounted for the highest share to the total ocean economy at 24.5 percent.

This was followed by the manufacture of ocean-based products, sea-based transportation and storage, and coastal accommodation and food and beverage services activities.

PSA data showed that the number of persons employed in ocean-based industries was 2.39 million.

“The number of employed persons in ocean-based activities accounted for 4.9 percent of the total employment in the country in 2024,” the PSA said.

Ocean fishing accounted for the largest share of total employment at 35.6 percent, followed by sea-based transportation and storage and coastal accommodation and food and beverage services activities.