27/11/2025
READ: Philippine Seafaring Industry helping economy hurdle uncertain economic times (1/2)
With shipowners spending inside the Philippines and Filipino seafarers sending wages back home, the Philippine Seafaring Industry continues to be a vital stabilizer of the Philippine economy during uncertain global conditions.
In 2024 alone, foreign shipowners spent an estimated ₱54.3 billion in the Philippines before deploying seafarers, while Filipino seafarers remitted ₱277.4 billion after deployment. Combined, this created ₱331.7 billion in direct impact and ₱1.06 trillion in total economic output, according to Center for Research and Communication President Dr. Winston Conrad B. Padojinog, DBA.
This contribution is massive.
Padojinog emphasized that the Philippine manning and seafaring industry accounted for *4 percent of the country’s Gross Domestic Product (GDP), making it one of the single largest sources of economic activity.
The industry also generated ₱150.1 billion in household income and supported 398,839 Filipino jobs, equivalent to 0.8 percent of national employment.
Broken down separately:
Shipowners’ pre-deployment spending, training, medical exams, government fees, accommodation, uniforms, and services, produced:
• ₱54.3 billion direct impact
• ₱174.9 billion total impact
• ₱43.7 billion household income
• 116,155 jobs
Seafarers’ remittances, once spent on food, housing, education, utilities, and transport, generated:
• ₱277.4 billion direct impact
• ₱888.4 billion total impact
• ₱106.4 billion household income
• 282,684 jobs
In simple terms, every peso spent by shipowners and every peso remitted by a seafarer multiplies nearly three times in the Philippine economy.
“So when a seafarer is hired and sends money home, and when shipowners spend money inside the Philippines before deployment, it is not just the family who benefits. The whole community does,” Padojinog stressed.
He said strengthening the manning and seafaring sector is not merely labor export, but it is a strategic economic policy.
“The industry is not just labor export. It is a national economic strategy,” he added.
(Post 1 of 2)