A research study presented by the University of Asia and the Pacific (UA&P) and ALMA Maritime Group (Association of Licensed Manning Agencies) entitled “The Overseas Seafarers’ Industry Profile, Structure, and Impact on the Philippine Economy” shows a massive P1.06 trillion of total economic impact, or 4% of the Philippine gross domestic product (GDP), is generated from Filipino seafarers in the maritime industry.
Figures from the study reveal that every P1 sent home (Philippines) becomes nearly P3 in the economy.
In 2024, P277.4 billion was recorded as direct remittances of Filipino seafarers.
Dr. Winston Padojinog, professor of Strategic Management and Industrial Economics and president of the Center for Research and Communication in UA&P shared, “These remittances go through the different sectors. You have to also note that there are industry multipliers. Which means that for every peso that they spend it generates more than a peso after it goes through the different industries.”
During the presentation, it also suggested a reintegration plan for seafarers who are bound for retirement age.
Several maritime services were put into place and hopefully will materialize for seafarers who are no longer on board ships in the near future.
“Remember these seafarers are trained, a lot of time has been invested on them, a lot of training and they have a lot of experience that they can easily pass on to the others,” Padojinog added.
He said, instead of just discarding these experienced retired seafarers, they could still contribute a lot to the maritime industry.
The research was conducted to ensure protection of the seafaring industry, which protects families, jobs, and even its contribution to the Philippine economy. (ABS-CBN News)
