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Philippines Tourism Market sales are anticipated to increase by 10.9% CAGR 2032 | FMI

Philippines Tourism Market

The global Philippines Tourism Market is anticipated to be worth US$10.8 billion in 2022. By 2032, sales are anticipated to increase by 10.9% CAGR, with a market value of $30.4 billion US.

In the Philippines, there are several chances to explore uninhabited areas of nature. For instance, the Balbalasang-Balbalan National Park in Kalinga and the Sierra Madre in Luzon both provide exhilarating hiking through thick rainforests and across precarious slopes but are rarely frequented by tourists.

Mount Mayon and Mount Isarog are two beautiful volcanoes to climb in Bicol, and Mindoro, Palawan, and the Visayas are home to hundreds of national parks, historical monuments, wildlife refuges, and volcanoes. One of the toughest climbs in the nation is Mount Kanlaon, an active volcano in Negros, and the nearby Northern Negros Forest.

 While three Philippine airlines were running between Cebu and Los Angeles, California, Mactan-Cebu Airport, which has long handled both scheduled and charter flights from around East Asia, was slated to start long-haul services in 2016. started to move. There will be additional nonstop international flights to Cebu, Boracay, and Davao shortly. The nation’s hotel industry is also concentrating more and more on the contactless payment trend. Customers save time by not having to go through cash or try to input their PIN when contactless payments are accepted.

The development of mobile payments has also rendered wallets unnecessary. The desire for frictionless, customer-enhancing contactless payments has increased as a result of the coronavirus epidemic.

key takeaways:

  • based on tourism type, the eco/sustainable tourism segment is estimated to account for 42% of the total market share in 2022.
  • From channel booking, the online booking segment is estimated to account for 51% of the total market share.
  • based on tourist type, the domestic tourism segment will remain attractive till 2032.
  • In terms of age group, the 26-35 segment will continue to witness an uptick in sales.

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