MARKET ENTRY - TOURISM AND HOTEL INDUSTRY IN THE PHILIPPINES: GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 Tourism and hotel market analysis in the Philippines

Due to a rise in international flights, the Philippine tourism industry is expanding quickly. The Philippines' tourism business is heavily reliant on the hotel industry. A growing number of hotels and resorts are making themselves available to the global tourist industry. As a result of the Philippine tourism industry's considerable rebound and its contribution of 10.4% to GDP in 2021, the Philippines' economy was listed as the fourth fastest-growing in the world in 2021.By 2028, the Philippines' tourism and hospitality sectors are anticipated to expand at a CAGR of over 10%.

The Philippines' GDP grew at the fourth-fastest rate in the world in 2021, thanks in part to the tourism sector. In 2021, the Philippines' tourist industry grew by 129.5%, reaching 41 billion USD, according to the World Travel & tourist Council's most recent Economic Impact Report. 2020 saw an 80% decline, with the tourism industry only contributing 17.8 billion USD. This improvement contributed to the sector's employment growth and the recovery of 1.3 million jobs.

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