The British Chamber of Commerce Philippines (BCCP) recognized the positive economic benefits of the recently concluded Paris Olympics 2024 and commended the performance of Great Britain, garnering sixty-five medals in total and the Philippines marking a historic win of four medals, securing double Olympic gold and bronze medals.
BCCP Executive Director/Trustee Chris Nelson in an interview said that, “First of all, let me say congratulations to France, I think they hosted a very excellent game…the UK has been consistently investing in sport and the UK government has seen the benefits. Sport is a tradition and the Olympics conveys how well we have done.”
Nelson cited benefits including employment, tourism, and overall economic growth for the Olympic host countries and countries investing in the sports economy.
“In terms of how they rank it based on golds, we are actually seventh overall compared to the previous Olympics. So, the UK sees the benefits of the gold add on industries, employment, and growth. And as I said, you’ll see the football league starting again this Saturday. So even more interest and more generation and investment will come.”
In 2022, the UK Department for Culture, Media and Sport reported that the sports industry contributed £18.1 billion to the economy which generated over 550,000 jobs and accounted for 0.8% of the overall economic activity. Additionally, the UK has adopted virtual, hybrid, and in-person sports events to further increase engagement and generate more sales for companies.
Nelson also lauds double gold Olympic Champion Carlos Yulo and bronze medalists Nesthy Petecio and Aira Villegas. This marked the highest Olympic ranking of the Philippines in six decades, making it the best performing Southeast Asian country in Paris Olympics 2024.
The third State of the Nation Address of President Ferdinand Marcos Jr. cited its support to sports-for-all programs including the return of Palarong Pambansa–an annual multi-sport event, after its 3-year hiatus due to the pandemic. “We will continue to support these health-enhancing sports programs. Through these, we also set forth our youth on the same well-established path that has taken some of our national champions and renowned athletes to sporting greatness,” President Marcos further said.
