According to the Philippine Statistics Authority (PSA), the gross value added (GVA) generated from the services sector in the Philippines managed to grow by 5.3% in 2021 to P11.2 trillion from P10.6 trillion in 2020 when the output of the sector fell by 9.2%. Note that due to the impact of the first wave of the Covid-19 pandemic and subsequent nationwide lockdowns on the economy, almost all the components of the services sector suffered massively in 2020. The subsectors that registered the largest contractions in 2020 are the following: accommodation and food service activities (AFS) with -45.4% (P232.4 billion in 2020 from P425.7 billion in 2019); other services which include the activities of membership organizations, repair of computers and personal and household goods and variety of personal service activities with -41.1% (P258.5 billion from P438.7 billion), and transportation and storage with -30.9% (P512.8 billion from P742.3 billion).
