Ocean-based industries gross value-added declines 32.6% in 2020

The gross value-added (GVA) of Philippine ocean-based industries declined 32.6% in 2020 to P617.20 billion, the Philippine Statistics Authority (PSA).

This was the equivalent of 3.4% of Gross Domestic Product (GDP) at current prices, compared to the 4.7% share in 2019.

Ocean fishing accounted for 31.9% of the sector’s GVA at P196.65 billion. The manufacture of ocean-based products made up 27% or P166.64 billion, while sea-based transportation and storage represented 14.6% or P89.98 billion.

The only industry reporting growth was maritime safety, surveillance, and resource management which rose 2.5%.

Every other industry reported a decline, with the downturn in coastal accommodation and food and beverage services at minus 92.4%.

In 2020, employment in ocean-based industries was 2.05 million, accounting for 5.2% of all jobs, compared to 6.3% in 2019.

Ocean-based industries with the highest employment rates were ocean fishing at 50.4%, sea-based transportation and storage 33.9%, and coastal accommodation and food and beverage service activities 7.0%. — Luisa Maria Jacinta C. Jocson