As cited by the research report titled ‘The Philippines: An Amazing Destination for the International and MICE Tourism Market’, available with MarketStudyReport, International and MICE tourism market opportunities in Philippines is projected to attract over 15 million international travelers and generate revenues worth USD 22.5 billion by the end of the forecast duration.
 

As per the report findings, growing presence of corporate industries due to enormous increase in business activities such as brand promotions, employee training activities, client meetings, and others are promulgating the growth of international and MICE tourism market in Philippines.
 

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Moreover, growing popularity of travel & leisure activities, rapid urbanization and industrialization, along with increasing disposable incomes are augmenting the market scope. Rising government initiatives to promote SMEs and liberalization of market entry to increase FDIs are further anticipated to generate lucrative prospects for businesses in the forthcoming years.
 

For the record, MICE, in the context of travel, is an acronym used for meetings, incentives, conferences, and exhibitions. It is the form of tourism dedicated to planning, booking, and facilitating seminars & conferences, and other events for the purpose of business, and it is the highest revenue contributor to the overall travel industry.
 

The research literature entails a detailed investigation into the past and present trends of Philippines international and MICE tourism market to infer its growth trajectory over the forecast timeframe. It also identifies the major challenges and limitations, along with solutions for the same.
 

The report covers information on total number of visitations and total spending in Philippines by tourists from South Korea, China, Japan, Taiwan, Singapore, Malaysia, India, Indonesia, Thailand, Vietnam, United States, Canada, United Kingdom, France, Netherlands, Italy, Spain, Germany, New Zealand, and Australia.
 

Under the competitive landscape section, detailed profiles of the leading players in the industry with information on their businesses operations, product/service portfolios, along with the latest developments is incorporated in the document.
 

By elucidating the aforementioned aspects, the report recommends multiple strategies to help stakeholders in bringing down their costs, developing contingency plans, and subsequently amplifying profit margins.