A Snapshot of the Maritime Industry in the Philippines
The maritime industry in the Philippines has always been observed as a key component in the progress of the economic situation in the country. The shipping sector, according to UNESCAP, continues to be a major infrastructure permitting linkage of islands as well as the establishment of the connection of the Philippines to international trade.
In the country, the maritime industry is divided into sea-based and land-based sectors consisting of the country’s core capabilities in fishing and shipping, which encompasses passenger and cargo shipping, and maritime services; and in shipbuilding and ship repair (SBSR), maritime ancillary business, port management, Maritimes administration, and maritime education and training.
Despite the challenges encountered by the maritime sector, it prides itself on the performance of the sector in terms of its compliance with the international maritime manpower, safety and security, and marine environmental protection standards, as it continues to position itself in the global scale as one of the leading sources of seafarers, 10th country to champion in fish production, and as the 4th country with the largest shipbuilding.
Moreover, the maritime industry is also to expect a lot of opportunities and positive trends coming its way. According to the Maritime Industry Development Plan, the current strengths of the industry consist of seafaring, shipbuilding, and fishing as these enterprises continue to position themselves in the market shares, while there is potential growth observed in maritime tourism and ancillary enterprises.