MANILA, Nov. 12 -- The Philippine seafaring industry remains a vital lifeline for the national economy, generating over PHP1.06 trillion in total output and supporting nearly 400,000 jobs in 2024, based on a study by the Center for Research and Communication (CRC).

At a press briefing Tuesday evening, CRC president Winston Conrad Padojinog said the combined spending of shipowners in the Philippines and the remittances of Filipino seafarers serve as an anchor for the country's economic growth amid global uncertainties.

"Over the last five years, since 2021, this sector, the sea-based sector, has contributed almost 1.5 trillion in economic output to the Philippine economy. That represents about 377 billion every year that is injected into...