THE Board of Investments (BOI) approved two tourism projects worth P427 million in Cebu and Legazpi, Albay.
In a statement, the investment promotion agency announced the qualification of hotel projects by Gothong Southern Properties Inc. in Cebu and Legazpi Mei Li Inc in Legazpi.
Gothong’s P392.7-million hotel is expected to be up and running by January 2019, in Lahug, Cebu City.
Marison Hotel, the P35-million hotel of Legazpi Mei Li Inc. will initially start with 39 personnel and operations to begin in February 2019.
Both projects were endorsed by the Department of Tourism (DOT) for registration as tourist-accommodation facilities under the 2017 Investment Priorities Plan.
The tourism sector is eligible to fiscal (such as income-tax holiday, exemption from taxes and duties on imported spare parts, etc.) and nonfiscal incentives under the Special Laws section.
“These hotels will cater to both local and foreign tourists coming to Cebu and the rest of Central Visayas and to Legazpi City and the Bicol region. These hotels will fuel the robust economies of Cebu and Bicol, as developers partake of a slice of the areas’ huge tourist markets. The two areas are among the top destinations in the country,” Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said in the same statement.
Under the National Tourism Development Plan, the government, through the DOT, aims to boost the tourism sector with targets of 12 million foreign arrivals and 89.2 million domestic travelers by 2022.