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MANILA, Philippines - The government will grant fiscal incentives and other perks to "tourist friendly" high-rise buildings, thus expanding the coverage originally meant only for horizontal projects.
Joy Bulauitan, assistant chief operation officer for the Tourism Enterprise Zone Task Force, an attached agency of the Department of Tourism (DOT), said the government will no longer limit the tax breaks to horizontal projects, provided the building meets the floor area requirement of 50,000 square meters, which is equivalent to five hectares.
"We are now expanding the benefits of tax incentives to building developers that will cater to the needs of the country's booming tourism industry," Bulauitan told reporters on the sidelines of the 45th Annual Meeting of the Asian Development Bank Board of Governors.
The DOT had limited the grant of incentives to integrated tourism projects that occupy at least five hectares.
Bulauitan said vertical projects were included in the implementing guidelines of Republic Act 9593 or the Tourism Act of 2009.
So far, at least 10 developers - including Ayala Land Inc., SM Land Inc. and Robinsons Land Corp. - have expressed their interest in constructing high-rise buildings that would qualify as tourism enterprise zones.
“It can be anything from spa, hospital, health farm, hotels, casinos or even mixed-use complexes, anything that would attract tourists, anything man-made that will entertain and bring in pleasure to visitors may be entitled to government incentives,” Bulauitan said.
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