Impact of COVID-19 on Philippines Tourism Industry: Macroeconomic and Microeconomic Implications

Abstract

COVID-19 has harmed lives and businesses locally, regionally, and globally, saying worldwide. Before the pandemic, tourism supported the Philippines' unstoppable economic growth. The pandemic slowed it. COVID-19 adversely affected the tourist industry by lowering Global Domestic Product (GDP) and other key macroeconomic and microeconomic indicators. In other words, tourism's decline affected macroeconomics and microeconomics indicators. Covid-19's impact on the tourism sector increased unemployment rate, poverty, household vulnerability due to income loss, and job losses in transportation, travel agencies, tour guides, accommodation, food supply, and other sectors. In short, the fall of the tourism industry affected the economy as a whole, especially in countries like the Philippines that rely on it.