Philippines Tourism market to surpass USD 30.4bn with a CAGR of 10.9% by 2023: Analysis

As per a recent market analysis by Future Market Insights (FMI), the global Philippines tourism market is poised to reach a valuation of USD 10.8 Bn in 2022. Sales are projected to increase at a 10.9% CAGR, with the market size reaching USD 30.4 Bn by 2032.

The conversion of airport terminals into global gateways has aided the country’s international tourism development, with approximately 95-99% visitors arriving by air. In recent years, the airports in Davao City and Iloilo City have been modernized, allowing direct charter flights from Singapore.

Meanwhile, Mactan-Cebu Airport, which has long handled both scheduled and charter flights from all across East Asia, was set to begin gaining long-haul flights in 2016 when three Philippine airlines began moving between Cebu and Los Angeles, California. In the near future, there will be more direct international flights to Cebu, Boracay, and Davao.

The conversion of airport terminals into global gateways has aided the country’s international tourism development, with approximately 95-99% visitors arriving by air. In recent years, the airports in Davao City and Iloilo City have been modernized, allowing direct charter flights from Singapore.

Meanwhile, Mactan-Cebu Airport, which has long handled both scheduled and charter flights from all across East Asia, was set to begin gaining long-haul flights in 2016 when three Philippine airlines began moving between Cebu and Los Angeles, California. In the near future, there will be more direct international flights to Cebu, Boracay, and Davao.

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