While nearly 90,000 people living have been evacuated to overcrowded relief camps, tourists have been flocking in their hundreds to hotels in the area immediately surrounding the volcano to get the best view of the eruption.
Government offices and schools have been closed in 17 towns and municipalities and 66 flights have been cancelled in recent days.
The authorities have warned residents far from the area to stay indoors to avoid heavy ash fall.
Local hotels and restaurants just outside the nine-kilometre “danger zone” have seen a surge in popularity in the last two weeks.
Purita Araojo, front desk officer at Vista Al Mayon Pensionne, said: “We are thankful because we have many guests but it also makes me guilty because so many people are affected.”
Live streams of the activity at the top of the volcano are being recorded for hotel guests on TV, while the restaurants have changed their names to capitalise on the natural disaster, displaying volcano photos and logos as well as new menus.
One local eatery has even started producing its own “Mayon Hot Lava” ice cream – a Mayon-shaped scoop complete with chilli flakes and a spicy syrup.
The phenomenon has led to a 10 per cent increase in tourist arrivals during January compared to a year earlier, according to the local tourism office.
Stories and myths of the ancient volcano are also shared among local residents and tourists in order to pass the time.
Hohanna Loterina an aide at the national park said: “We tell them the epic where the cloud is believed to be the suitor of Mount Mayon, which we call the beautiful lady.
“When the cloud covers her, he does not want to show her to others and it’s an expression of love.”
Despite foreign visitors enjoying the spectacle of the eruption, the volcano is likely to cause misery for local residents.
The Philippine Institute of Volcanology and Seismology has warned heavy rain combining with the ash could cause mudflows that would wipe away entire communities.
Institute boss Renato Solidum said: “If there is ash fall and heavy rain, it can be converted into a mudflow.
“The important thing is to move out in case of heavy rains. This is a precautionary measure.”
Local media has reported parts of nearby Legazpi have flooded because of the torrential rain.