MANILA (UPDATE) -- Online travel bookings in the Philippines grew 88 percent from 2022 to 2023, tech giant Google said Thursday.

In their e-Conomy Southeast Asia 2023 Report, Google said online travel bookings--which include airfare, hotel reservations, and vacation rentals--posted the highest growth among the various sectors of the digital economy.

The search engine said travel is on track to hit $3 billion gross merchandise value (GMV) this year.

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It is expected to grow at an 18 percent compound annual growth rate (CAGR) by 2025, at which point it will reach $4 billion GMV.

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The report noted, however, that e-commerce will continue to be the main growth driver of the Philippine digital economy.

According to Google, e-commerce is expected to reach $24 billion by 2025 at 21 percent CAGR.

Meanwhile, online media--which covers advertising, gaming, and video and music on demand-- may grow by $3 billion GMV in 2023, at 13 percent CAGR. It is expected to reach $5 billion by 2025 at 19 percent CAGR.

Transport and food delivery, meanwhile, are projected to reach $2 billion GMV in 2023 and $3 billion GMV at continue to grow at 19 percent CAGR in 2025.

Google said the momentum in mobility–which includes the return to onsite work, travel, eating out, and brick-and-mortar shopping–helps boost digital transactions in the transportation sector.

The Philippine digital economy is seen to reach up to $150 billion by 2030 on the back of growth in the e-commerce space, Google said.

• PH digital economy seen to reach up to $150B by 2030: Google

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