Ocean economy expands by 6.7% to P708 billion in 2021

MANILA, Philippines — The country’s ocean-based industries grew by 6.7 percent year-on-year to reach over P700 billion in 2021, the Philippine Statistics Authority (PSA) said.

Data released by the PSA yesterday showed the country’s ocean economy posted a gross value added (GVA) of P707.80 billion in 2021, higher than the P663.06 billion in 2020.

This translates to a 3.6 percent share of the country’s gross domestic product at current prices last year, down slightly from the ocean-based industries’ share of 3.7 percent in 2020.

The agency said the ocean economy covers “the economic activities that take place in or near the ocean, or receive outputs from or provide inputs to the ocean.”

Among the industries, the PSA said ocean fishing accounted for the largest share of 33.9 percent of the total ocean economy.

The manufacture of ocean-based products placed second at 23 percent, followed by sea-based transportation and storage at 14.8 percent, and ocean-based power generation, transmission and distribution at 12.8 percent.

By major economic sector, the PSA said industry accounted for the largest share to the total ocean economy last year, amounting to P298.72 billion or 42.2 percent of the total ocean-based GVA activities.

Ocean fishing accounted for 33.9 percent valued at P239.74 billion, while services had a 23.9 percent share at P169.34 billion.

“In terms of growth rate, the top three industries with highest growths were offshore coastal mining and quarrying (54.6 percent), coastal construction (34.6 percent) and marine information services (10.3 percent),” the PSA said.

It said all other industries rose last year except for coastal recreation (-30 percent), marine insurance (-4.7 percent), and ocean-based power generation, transmission and distribution (-1.2 percent).

Last year, the country’s ocean-based industries employed a total of 1.99 million people, 4.8 percent higher compared with the 1.89 million individuals in 2020.

The PSA said the ocean-based industries’ workforce accounted for 4.5 percent of the country’s total employment last year.

By industry, ocean fishing accounted for the highest share of ocean-based employment last year at 56.1 percent.

Sea-based transportation and storage placed second with a 29.4 percent share of ocean-based employment last year, followed by manufacture of ocean-based products at 3.1 percent.