According to Fitch Solutions' BMI estimates, the Philippines is expected to receive 8.21 million international tourists by the end of 2024, which is the same number of visitors as before the global health crisis.
According to a comprehensive research published by BMI on January 31, the tourist sector is expected to have a positive revival, with the North American and European regions being the primary drivers of this trend. The nation welcomed more than 5 million tourists in 2023, thus this forecast is based on that positive trend.
Compared to 8.19 million tourists in 2019, the Philippines is projected to have a stunning 64% growth in 2024, allowing it to not only regain but exceed its pre-pandemic tourism standing.
From 2024–2028, tourist arrivals are likely to remain stable and even increase due to factors including reasonable price, minimal entrance procedures, and strong connectivity. By 2028, the number of tourists is projected to jump to 9.5 million. Over the course of the five years, this represents a growth rate of 15.8% per annum.
The Philippines is still a popular tourist destination, even though inflation is a problem in several of the most important marketplaces. By 2024, inflationary pressures will have decreased, according to BMI, and budget-conscious vacationers will still be popular.
The Philippines stands to gain a lot from regional tourism, because to its low prices and advantageous position, especially because of its excellent connections to important Asian markets.
With nearly 5 million tourists in 2018, the country's 2018 tourist numbers were somewhat higher than BMI's forecast of 4.9 million for 2023.
The Department of Transportation is enthusiastic about attaining and even surpassing the 7.7 million international tourists scheduled for the year. This highlights the Philippines' continued attractiveness as a dynamic and accessible tourist destination.
