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Today, with a fresh Government keener than ever to raise the Philippines’
profile among discerning world travellers, recognition of the country as a vital
tourism investment hotspot is certainly within reach. And help is at hand, in
the form of generous tax incentives and a more responsive regulatory system
designed to attract investors from across Britain and Europe.
The forum, hosted by Berwin Leighton Paisner (BLP) LLP at its offices in the
City - with a vintage Routemaster bus bearing the Philippine brand as a
backdrop - coincided with the 31st World Travel Mart, the world’s largest
tourism and travel trade fair held at London Excel. Jointly organised by the
Philippine Department of Tourism, the Philippine Trade and Investment Centre
(PTIC) in London and hotel consultancy Hotel in a Box, the event provided an
opportunity to showcase the favourable investment climate and opportunities
offered by the Philippines’ burgeoning tourism industry.
Among the key value propositions to tourism investors offered by TIEZA are
duty free importation of capital equipment, a six year income tax holiday
extendable by up to another six years for substantial expansions or upgrades,
and a special social responsibility tax credit.
Secretary Lim said, ‘This year, the Department has already endorsed tourism
development projects that will result in 2,000 additional rooms, generate
investments amounting to 350 Million US Dollars, and create jobs for 3,300
Filipinos. And we see bigger developments looming in the horizon, with
industry giants like Fairmont Raffles, Hyatt, Ascott and Shangri-la committed
to developing new properties in the Philippines within the next three to five
years.’
Reynaldo Catapang said, ‘We very much welcome the plans of the UK
government to promote opportunities in our part of the world and we are
pleased that UK Trade & Industry has recognized the Philippines as one of the
top ten economies for global investment.’
After the forum, guests took part in one-to-one business matching meetings
between Philippine developers and potential UK investors.
Michael Ignacio
Philippine Trade and Investment Centre-London
info@investphilippines.org.uk
www.investphilippines.org.uk
Rosario Afuang
Philippine Department of Tourism-London
infotourism@wowphilippines.co.uk
www.wowphilippines.co.uk
Emmanuel Guzman
Philippine Embassy in London
embassy@philemb.co.uk
http://philembassy-uk.org