THE Philippine ocean economy posted a 6.7-percent growth increase in 2021, valued at P707.80 billion from last year's P663.06 billion, the Philippine Statistics Authority (PSA) said on Friday.

Among the industries, the PSA said ocean fishing accounted for the largest share of 33.9 percent of the total ocean economy. This was followed by manufacture of ocean-based products with 23.0-percent share; sea-based transportation and storage with 14.8 percent; and ocean-based power generation, transmission and distribution with 12.8 percent.

The fishing industry, among the major economic sectors, accounted for the largest share to the total ocean economy in 2021, amounting to P298.72 billion or 42.2 percent of the total ocean-based gross value-added activities.

Meanwhile, ocean fishing contributed 33.9 percent while services had 23.9 percent, according to the PSA.

The industries that posted the highest growth increases were offshore coastal mining and quarrying (54.6 percent), coastal construction (34.6 percent) and marine information services (10.3 percent).

All other industries posted an increase in 2021 except for coastal recreation (down 30.0 percent), marine insurance (4.7 percent) and ocean-based power generation, transmission and distribution (1.2 percent).
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"The number of employed persons in ocean-based industries was 1.99 million in 2021. This was higher by 4.8 percent compared with 1.89 million persons employed in 2020. This accounted for 4.5 percent of the total employment in the country in 2021," PSA said.

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