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MANILA – The Board of Investments is granting tax and other perks to a local company that will put up a 500-bed hospital catering to tourists who come to the Philippines for healthcare.
In a statement, the BOI said Providence Hospital Inc. will spend P1.22 billion to put up the facility in Quezon City. The project is accredited by the Department of Tourism and will create 278 jobs once operations start by December.
Under the 2011 Investments Priorities Plan, tourism is part of the mandatory list for investments promotions and covers enterprises outside the tourism enterprise zones and could be engaged in tourist transport services, establishment and operations of accommodation facilities, convention and exhibition facilities, amusement parks, adventure and ecotourism facilities, sports facilities, theme parks, health and wellness facilities, agri-tourism farms, and tourism training centers. Tourism also covers retirement villages in the IPP.
“We aim to make the Philippines an attractive medical tourism destination. Our well trained medical staff and competitive medical services put the Philippines in a strong position to develop its medical tourism market,” said Adrian Cristobal Jr., BOI managing head.
“The project supports the tourism department’s investment-driven strategy to increase the number of tourists and tourism revenues in the country,” he added.
The Philippines is aiming for $3 billion in revenues from medical tourism by 2015.
Based on the Asian Medical Tourism Analysis 2008 to 2012, the market in the region is expected to grow by 18 percent between 2007 and 2012.
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