Boracay land reform won’t affect investor confidence – DOF

The planned land reform program on the island of Boracay will not affect investors’ confidence, according to Finance Secretary Carlos Dominguez III, as he added that businesses have nothing to worry about so long as they comply with the law.

In an interview, Dominguez yesterday said the government will make sure that the land reform program in Boracay

will be implemented in accordance with the law, and not to the detriment of the business community in the island.

“We will make sure that the law is followed, number one. And number two, you know, if they need, we will implement the orders of the President in such a way that will be beneficial to the community – and the community as a whole, including the investors, including the beneficiaries,” Dominguez said when asked if the government can ensure investor confidence will not be affected by the land reform initiative.

Investors who put up their structures and facilities in accordance with the law, according to the finance chief, will have “nothing to worry about” despite the land reform initiative in Boracay.

“But those who did shortcuts and they built on land they should not be building on, there will be serious repercussions,” he said.

“You should have the right to the land and the right to lease it, you should have the permission from the (local government unit) to put that facility there and you should also follow all the health regulations, etc. Otherwise, there will be a lot of trouble,” he added.

Last Wednesday, President Duterte declared Boracay island as an agrarian reform area during the Second Condemnation of Smuggled Motor Vehicles at the Bureau of Customs (BOC) in Manila.

He warned that existing commercial and business establishments on the island are at risk.

Duterte closed off Boracay from tourists for six months to give way to the rehabilitation of the island.

The Department of Budget and Management had earlier said the rehabilitation of Boracay would cost an estimated P1.36 billion.

The National Economic and Development Authority, for its part, said the six-month closure would decrease gross domestic product growth by 0.1 percentage point – an amount equivalent to around P1.96 billion.