BOI okays P62.4M IPP hotel project in Siquijor

CEBU, Philippines - The Board of Investments (BOI) has approved the P62.4-million Casa Coco Hotel project of Altipeak Land Development Inc. in Siquijor province, a thriving tourist destination in Central Visayas.

The project is a qualified tourist accommodation facility under the current Investment Priorities Plan (IPP).

The Department of Tourism (DOT) endorsed this project for approval as it meets the minimum requirements of a 3-star hotel.

The 30-room Casa Coco Hotel is located in San Juan, Siquijor, which is included in the list of less developed areas (LDAs) identified in the IPP.

To drive up economic activity in rural areas and support countryside growth, projects in any of the identified LDAs are entitled to Income Tax Holiday (ITH) incentive of up to six years and additional deduction from taxable income equivalent to 100 percent of expenses incurred in the development of necessary and major infrastructure facilities.

“The Casa Coco Hotel project is a welcome development especially in an LDA such as Siquijor. The hotel project will not only boost tourism in the area, but will also provide employment and income opportunities for people in the area,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said in a statement.

“To boost tourism, we will continue to encourage the dispersal of economic activities in the countryside. The new hotel in San Juan, Siquijor will accommodate more foreign and domestic tourists with the nearby beaches of Paliton and Poblacion San Juan as main attractions,” Rodolfo said.

Casa Coco Hotel started commercial operations in last month with 36 personnel manning the facility. The DOT registered 5.97 million foreign tourist arrivals and 70.5 million domestic tourists in 2016.

Philippine tourism started on a high note in 2017 as foreign visitors reached 631,639 in January, the highest ever recorded figure for a single month, up from 542,258 arrivals from the same month last year. The DOT attributed the record figure to the surge of Chinese tourists and the recently held Miss Universe Pageant.

For 2017, DOT is targeting 6.5 million foreign arrivals and 73.3 million domestic. In addition, the government is targeting revenues of P407 billion and P1.954 trillion, from the spending of foreign and domestic tourists, respectively.

In the long-term, the DOT hopes to achieve 12 million foreign tourists and 89 million domestic tourists by the end of 2022.

Under the new National Tourism Development Plan (NTDP), the government has identified tourism as one of the major growth engines of the economy and plans to spend around US$23 billion in the next six years to boost tourism infrastructure and make the industry competitive in the ASEAN region. It envisions building up to 2,620 kilometers of new roads until 2022, from a baseline of 900 kilometers. It also involves the modernization of 11 airports around the country. (FREEMAN)