Capitalist earmarks P4.5 B for tourism-related projects

CEBU, Philippines - Cebuano capitalist Justin Uy is set to spend at least P4.5 billion on tourism related projects in strategic destinations in the Visayas apart from the plan to build a 30-hectare tourism integrated project in Mactan Island.

Uy, the chairman and president of wholly Filipino-owned Philippine BXT Corporation, the operator of the 10-hectare JPark Island Resort Cebu in Lapu-Lapu City, said in an interview that the company will build accommodation facilities in Bohol, Boracay, and Palawan in the next three years, owing to the robust and promising prospects in the country’s tourism sector. 

"There is a huge market for tourism," Uy said adding that despite the rich attraction potential of the country, it is still lags behind in terms of tourism growth in the ASEAN.

 He said if tourism will be fully maximized, with the conscious support from the private sector and investors, and active government push, the Philippines will be able to surpass other Asian destinations like Thailand.

"In the 70s we're at par with Thailand in attracting tourists, now Thailand generates visitors six times bigger than us," said Uy, whose flagship resort property JPark Island Resort recently celebrated its six-year anniversary.

 Uy added the Phil BXT company will establish a chain of JPark hotels in the Philippines, following the full acquisition of BXT by Filipino stakeholders from some Korean owners.

 The company, he said sees to spend at least P1 billion for each planned projects in three areas (Boracay,  Bohol and Palawan), simultaneous with its investment in the expansion of JPark Island Resort in Mactan with an estimated budget of P1.5 billion.

The 583-room resort-JPark, formerly known as Imperial Palace WaterPark Resort and Spa, registered the highest occupancy rate last month in its six-year operation of 92.5 percent, not just from the sustainably increasing Korean market, but also of the fast growing Japanese and Chinese markets.

Because of this, Uy said the resort will start off its expansion plan, to add more amenities within this year.

Before the end of 2015, Uy hopes to announce its big-ticket tourism-related project on Mactan island, a 30-hectare tourism-integrated development. The value of the project is yet to be determined.

Uy, known as one of the most successful Cebuano exporters, whose company Profood International Corporation, is one of the largest processed food exporters in the country, is diversifying his business empire to real estate and tourism projects.

Uy, also entered into retail trade through the JCenter Mall in Mandaue City. (FREEMAN)