According to Future Market Insights, the adoption of tourism in the Philippines is likely to witness significant surge, with its size expected to increase from USD 12.30 billion in 2024 to USD 34.47 billion by 2034. Over the next decade, a promising 10.80% CAGR in the demand for tourism in the Philippines is projected to drive the development.
Given its natural beauty, including its stunning beaches and diverse wildlife, the Philippines has started gaining traction as one of the top tourist spots recently. The Philippines’ strategic location in Southeast Asia is also backing up its appeal.
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Positioned as a gateway to the region, the country attracts tourists from neighboring countries as well. Its proximity to other popular tourist destinations, such as Thailand, Malaysia, and Indonesia, makes it an attractive choice for travelers.
As tourism contributes significantly to the country’s GDP, the government offers several initiatives and policies to promote it. It also concentrates on infrastructural development related to tourism. These include improved transportation networks, modern accommodations, and enhanced facilities. These are driving further adoption of tourism in the Philippines.
Key Takeaways
- Between 2019 and 2023, the industry size of tourism in the Philippines jumped from US$ 7.61 billion to US$ 11.13 billion, recording a CAGR of 9.80%.
- Based on tourist type, the domestic traveler segment is anticipated to make significant contribution than the international traveler segment in 2024, holding 58.00% industry share.
- As far as the age group is concerned, the 26 to 35 age group is likely to generate huge revenue for the industry in 2024, possessing 47.00% industry share.
“The Philippines has always prioritized domestic tourism recovery. Led by the Tourism Department and Tourism Promotions Board, the “It’s More Fun with You” campaign urged Filipinos to explore local destinations. Inbound tourism also improved, with the United States and South Korea leading arrivals, surpassing two million. Consequently, inbound tourism expenditures witnessed significant progression, shaping a promising future for the Philippines tourism industry.” according to the chief analyst at FMI.
Key Players’ Strategies for Success in the Philippines Tourism Industry
Here are some key strategies that players in the Philippines tourism industry employ for success:
- Enhance infrastructure development to improve accessibility and accommodation options.
- Collaborate with the government to leverage policies and incentives for tourism promotion.
- Invest in hospitality training to ensure exceptional customer service and experiences.
- Utilize digital marketing and technology to reach a wider audience and enhance visitor experiences.
- Foster partnerships with local communities to promote sustainable tourism practices.
- Monitor and adapt to changing travel trends and preferences to stay competitive in the industry.
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Competition Scenario
The major players in Philippines tourism are focusing on promotional strategies and advertising of popular tourist destinations in the Philippines to improve sales in the market.
The major players present in the Philippines tourism market are
- Scorpio Travel and Tours Inc.
- Baron Travel
- Asiaventure Tours & Travel
- Vansol Travel & Tours
- Kapwa Travel
- Marsman Drysdale Travel Inc.
- Rajah Tours Philippines
- Atlas Tours and Travel Inc.
- Bridgeway Travel and Tours
- Haranah Tours Corporation
- Travel Related Incentive Programs and Services, Inc.
- Travbest Travel & Tours
- Rakso Air Travel & Tours Inc.
- GoldenSky Travel and Tours
- GrandHope Travel Tours
- Kesari Tours Pvt Ltd
- Tourismo-Filipino Inc.
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Recent Developments
In December 2020, in Manila, Philippines, the Department of Tourism and the Tourism Promotions Board Philippines introduced Travel Philippines, the official travel companion of the country. The app gives users access to the latest travel advisories and safety guidelines for different destinations. It is user-friendly and lets users plan their future trips, get current information about tourist spots, and safely keep digital copies of travel documents.
In April 2022, the Department of Tourism joined forces with Nissan Philippines for the World Travel and Tourism Council (WTTC) Global Summit 2022. The summit’s theme was Rediscovering Travel. Its aim was to bring together local and international tourism leaders to exchange ideas and strategies for making travel safer and more sustainable.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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