GGRAsia – Foreign tourist trips to Philippines top 2.4mln in year to May

Foreign tourist trips to Philippines top 2.4mln in year to May

Jun 07, 2024 Newsdesk Latest News, Philippines, Top of the deck

The Philippines received just above 2.4 million foreign tourists in the first five months of 2024, up 16.3 percent from a year earlier, according to data published this week by the nation’s Department of Tourism. Foreign tourists accounted for 93.4 percent of aggregate arrivals, which includes people classified as overseas Filipinos.

South Korea remains the Philippines’ top source for visitors, with an aggregate of 682,362 arrivals in the five months to May 31, accounting for nearly 26.6 percent of the total. The tally from that market was up by 22.1 percent year-on-year.

The second-biggest source was the United States, with 403,721 arrivals in the January to May period, flat from a year earlier; and about 15.7 percent of all arrivals.

China continued in the top three, providing about 168,628 visitors in the first five months this year; representing about 6.6 percent of all arrivals. The figure was up 93.9 percent from the prior-year period. In May, the Philippines received 27,475 visitors from China, down 13.0 percent sequentially.

Arrivals from Japan totalled 158,461 in the first five months this year, representing 6.2 percent of the aggregate figure, and up 44.8 percent from the prior-year period.

The Philippines aims to draw 7.7 million foreign visitors this year after exceeding its arrival goals for 2023. The country received an aggregate of 5.45 million international visitors in full-year 2023, with 91.8 percent being foreigners.

The Philippines is one of the few jurisdictions in Asia to have an extensive casino industry open to locals as well as foreigners. A number of commentators has mentioned that the Philippine casino sector had benefitted in 2023 not only from domestic demand, but a return of visitors from overseas.

Maybank Securities Inc said in a recent memo that it expects the local gaming industry in the Philippines to deliver “at least circa 15 percent” growth in gross gaming revenue (GGR) in 2024. The institution said it expected GGR improvement this year “to be driven by the domestic mass and slots market”, with an “upside from the gradual pickup in the VIP segment, led by South Korean punters”.