BOI grants tax perks to 3 tourism projects worth 11.13 billion
The Board of Investments (BOI) recently approved the registration of three tourism projects worth R1.13 billion for tax incentives.
The approved projects are UC-1 Corp., Ayala Land Hotels and Resorts Corporation, and 888 Subic, Inc.
These projects will be entitled to income tax holiday incentives and zero duty on the importation of capital equipment, among others.
UC-1 Corporation got the nod in establishing and operating the R267 million Seven Seas Waterpark Resort in Misamis Oriental. It formally started operating commercially in October 2017 with 176 personnel.
The resort has a total area of nine hectares with the following amenities and facilities such as Water Amusement Pools, Events Tent, Restaurant, Souvenir Shop, Pirates Booth and Corporate Hut. It operates daily for walk-in and booked clients.
It provides leisurely water swims and rides, offering choices of amusement facilities, as well as spacious and safe areas for children and the whole family. The resort is capable of accommodating up to 2,000 leisure-seekers on any peak day. Overall, it is targeting up to 280,000 customers/ tourists annually.
The Ayala Land Hotels and Resorts Corporations continues its Seda brand hotel expansion in the country with its seventh outlet known as Seda Capitol Central to be established in Bacolod City.
The R661.9 million project is an eight-storey building located just twenty (20 minutes) from the Bacolod-Silay International Airport. Seda Capitol Central aims to be the preferred hotel in Bacolod City for discerning travelers accustomed to international standards of product and service. The hotel offers 154 guestrooms and suites, Seda’s signature all-day dining restaurant, function and meeting rooms for up to 300 people, e-lounge, gym, and roof deck bar. Commercial operation is slated to begin on January 2018 with 147 employees.
The 888 Subic Inc. is putting up the R197 million beachfront Central Park Reef Resort in Olongapo. It is a sixstorey hotel with 110 guest rooms, two restaurants, two infinity swimming pools and a large function room for 150-200 guests. It is scheduled to open its doors in June 2018 with 64 personnel. The guest rooms will come in standard and deluxe. The hotel will have other amenities to include air conditioning, cable TV, wireless internet, telephone, three elevators and underground parking.
The recent launching of the tourism roadmaps under the Hotel and Meetings, Incentives, Conventions and Exhibitions (MICE) shows we remain committed in collaborating with industry stakeholders to boost tourism in the country. That is why we will pursue a proactive and targeted approach to address the challenges of tourism in partnership with the relevant associations, academe and other government agencies. We can build on the competitiveness of this industry and compete with the rest of our ASEAN neighbors,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
Tourism figures from the Department of Tourism (DOT) show that there are already 4.4 million foreign tourist arrival from January to August 2017. The DOT is projecting to surpass the target of 6.5 million arrivals this year.
Tourism-related industries chalked up 8.6 percent of the country’s gross domestic product (GDP) in 2016, according to figures released by the Philippine Statistics Authority (PSA). It contributed R1.245 trillion last year up by 13.7 percent from 2015’s PhP1.09 trillion. Aggregate employment in tourism was estimated at 5.2 million in 2016, a 12.8 percent share of the national employment figure.