BOI okays P560-M Boracay resort hotel proj

The Board of Investments (BOI) has approved the tourism project of Southern Visayas Property Holdings Inc. (SVPHI) in Boracay.

SVPHI is investing P560 million to put up a resort hotel in Boracay that will be named Discovery Shores Boracay. SVPHI is wholly owned by the Discovery Leisure Company Inc.

The resort hotel will be built on a 7,920 square meter beachfront lot in a prime portion of Boracay island.

Discovery Shores will have five accommodation clusters that will each house 88 hotel rooms. Each unit has connecting doors that open to the adjacent unit affording large group access to each other.

A standard feature that will set the Discovery Shores apart will be the full length glass partitions in the toilets and baths fronting individual rock gardens giving guests the ultimate feel of a resort hotel.

Discovery will hire 105 workers to run the resort. "Boracay is one of the most beautiful and sought after beach in the world. By putting in place accommodation facilities, we increase the marketability of our scenic and vacation spots," Trade and Industry Secretary Juan Santos said.

The BOI approved the project, which then entitles it for fiscal perks such as income tax holiday, because government recognizes tourism as a major dollar earner.

The BOI strongly promotes private investments in much needed tourism infrastructure.

The BOI had previously approved another resort in Boracay as a tourism economic zone (TEZ).

Boracay Eco-Village Resort had been approved a TEZ during the term of Trade and Industry Secretary Cesar V. Purisima.

The Department of Tourism has reported that beach resort destinations in the country have increased tourist bookings as a result of the earthquake and tsunami that affected Indonesia, Thailand, Malaysia, Maldives, India and Sri Lanka six months ago.

The eco-village project is located in Yapak, Boracay Island, Malay, Aklan.

It has a land area of 79.21 hectares and is being developed and operated by Boracay Property Holdings, Inc. (BPHI), a 100-percent Filipino-owned corporation based in Eastgate Center, Mandaluyong City.

BPHI was formerly owned by Ayala Hotels Inc., however, in June 2003, BPHI was acquired by Equinox Land Corp., Taytay sa Kauswagan Inc. and other investors.

Boracay Eco-Village Resort’s current locator, the Boracay Beachfront Properties Inc. has already invested $6 million for the world-class amenities and accommodations in the area.

Areas declared as TEZs provide all tourism-oriented facilities and activities such as sports and recreation centers, accommodation, convention and cultural facilities, food and beverage outlets, commercial establishments and other special interest and attraction activities/establishments, and provided with roads, water supply facilities, power distribution facilities, drainage and sewage systems and other necessary infrastructure and public utilities.

Developers/operators and locator-enterprises engaged in tourism-oriented activities and who are registered with the Philippine Export Zone Authority (PEZA) will enjoy fiscal and non-fiscal incentives.