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The phrase "are honoring" is correct and usable in written English.
It can be used when referring to the act of showing respect or recognition for someone or something in the present tense.
Example: "We are honoring the contributions of our volunteers during the annual awards ceremony."
Alternatives: "are celebrating" or "are recognizing".
Dictionary
are honoring
noun
Recognition of importance or value; respect; veneration (of someone, usually for being morally upright and/or competent).
Exact(59)
"We are honoring Jeanne's life, not yours".
"Today we are honoring two heroes.
None of the other signatories are honoring this treaty now.
An additional 650 transit clerks are honoring the picket line.
In the meantime we are honoring only existing booking commitments.
Some visitors are honoring the speech as well as the men who fought in the battle.
Nothing is feigned; these young theatre artists are honoring, rather than capitalizing on, their elders.
Luckily, the owners of Blackbird, which opened in August, are honoring the bar's musical roots.
Institutions all over the city are honoring Mr. Zorn, who turned 60 on Sept. 2.
But civil liberties groups complain that not all agencies are honoring this order.
Similar(1)
"The Muslims are honored.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com