Finding the maximum number of induced cycles of length $k$ in a graph on $n$ vertices has been one of the most intriguing open problems of Extremal Graph Theory. Recently Balogh, Hu, Lidický and Pfender answered the question in the case $k=5$. In this paper we determine precisely, for all sufficiently large $n$, the maximum number of induced $5$-cycles that an $n$-vertex planar graph can contain.