The eco-friendly, sustainable tourism segment is projected to account for 42% of the total market
According to a recent market analysis by Future Market Insights (FMI), the Philippines tourism market is poised to reach a valuation of US$10.8 Bn in 2022 and it could surpass $30.4bn with 11% compound annual growth rate (CAGR) by 2032.
Improved Air Connectivity
Airports in Davao City and Iloilo City have been modernised and are now able to operate direct charter flights from Singapore.
The conversion of airport terminals into global gateways has aided the country's international tourism development, with approximately 95% to 99% of visitors arriving by air.
Mactan-Cebu Airport, which handles both scheduled and charter flights from all across East Asia, now has three Philippine airlines operating flights 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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The coronavirus outbreak has boosted the demand for contactless payments that improve the customer experience. In addition, the country's hospitality sector is aligning with the contactless payment trend and many Philippine hospitality businesses started to employ contactless payment systems.
In addition, online bookings are anticipated to account for 51% of the total market share of booking in the Philippines in 2022.
For more information, visit www.futuremarketinsights.com