MANILA, Feb. 1 -- The Philippines is expected to recover its pre-pandemic level of foreign visitors, with arrivals predicted to reach 8.21 million by end of 2024, Fitch Solutions unit BMI said.

In an industry trend analysis dated Jan. 31, the BMI said the sector's full recovery would likely be driven by increasing arrivals from key source markets in Asia, Europe and North America, primarily the United States.

"We retain our view that the Philippines' tourist arrival levels will fully recover to their pre-pandemic levels in 2024, after the country recorded a strong 2023 with over 5 million tourists arriving over the full year," it said.

The Fitch Solutions subsidiary forecasts the arrivals to grow by 64 percent year-on-year in 2024 to r...