BOI grants tax perks to 2 tourism projects

MANILA, Philippines - The Board of Investments (BOI) has approved the grant of tax perks for two tourism projects.

The agency said in a statement yesterday it has approved the application for registration of a unit of Filinvest Development Corp. (FDC), Boracay Seascapes Resort Inc. for its hotel development in Aklan.

Boracay Seascapes Resort is investing about P2 billion for the construction of the Crimson Resort and Spa Boracay.

The project which is situated on a 2.9-hectare land in Barangay Yapak in Boracay, will employ approximately 285.

The project will have almost 200 guest rooms and other amenities such as banquet facilities, food and beverage outlets, swimming pool, game room, water sports facilities, gym, spa, chapel, and salon.

The ground breaking of the project is targeted this month and commercial operations should start by December 2017.

FDC Hotels Corp., a wholly owned subsidiary of FDC, is the majority owner of Boracay Seascapes Resort. FDC through affiliated companies, manages other hotel properties namely Crimson Resort and Spa Mactan, Crimson Hotel Filinvest City in Muntinlupa City, and Quest Hotel and Conference Center in Cebu.

The BOI has likewise approved the application for registration of Talipanan Infinity Paradise Resort Inc. for its 70-room resort called the Talipanan Infinity Paradise Resort in Poblacion in Puerto Galera, Oriental Mindoro.

The project which costs P419.3 million, will begin operations in December. It will likewise generate 88 jobs.

Under the 2012 Investment Priorities Plan, tourism was placed under the mandatory list or activities requiring their inclusion in the investment promotions blueprint as provided under existing laws.

With the approval by the BOI of the applications for registration of the two projects, the firms can enjoy income tax holidays for six years under the Tourism Act of 2009.

The government is pushing for tourism as it is considered a driver of economic growth.