first_imgThe Philippines is extending its tax incentives, which should have been valid until the end of this year, for another decade to boost investment in the tourism sector in an ambitious goal of attracting 12 million tourist arrivals by 2022, Skift reports. Jose C. Clemente III, president of the Philippine Tourism Congress, which is made up of representatives of the private tourism sector, also agrees with Lim. “This incentive package is welcome, but we should now look for investors who would be interested in investing in the Philippine tourism industry so that we can take full advantage of these incentives. In addition to the incentives themselves, the business establishment process needs to be facilitatedHe said. Samie Lim, chairwoman of the tourism committee of the Philippine Chamber of Commerce and Industry, said that “in tourism there are five key factors – arrivals, access, accommodation, attractions and activities. All of these factors need to work hand in hand and should be stimulated by investment to keep the Philippines on par with the best regional and global destinations. The Philippines has beautiful attractions, but they are useless if there are no roads to take tourists to them.” In the first quarter of 2019, the Philippine Investment Committee recorded about $ 112 million in investments in six new accommodation facilities in the provinces of Cebu, the largest tourist destination, and Marinduque and Metro Manila. That’s almost five times more than the $ 19 million investment in two hotels in the same period in 2018. But despite the numbers, Lim believes there is still plenty of room for growth, especially in the arrivals of foreign tourists. In Southeast Asia, the Philippines ranked only sixth in 2017 in terms of arrivals, behind Thailand, Malaysia, Singapore, Indonesia and Vietnam. Arrivals rose 15 percent to 7,2 million in 2018, from a year earlier, and by more than 100 percent from 3,5 million arrivals in 2010. The Ministry of Finance considers the law unnecessary. Carlos G. Dominguez III, Secretary General of the Ministry, stated that “entrepreneurs who plan to open a hotel would open it without tax incentives”. However, the new law also has its critics.center_img Source: Shift Since 2010, the Philippines has intended to develop the tourism sector as a key factor in economic growth. According to the six-year plan, the Duterte administration intends to reach 12 million tourist arrivals by 2022, compared to the number of 6 million recorded in 2016. The goal is to increase revenues from foreign tourism to $ 17,7 billion by the end of the administration’s term in 2022, with previous 6,8 billion in 2016 The ministry seeks to repair the outdated tax system by simplifying the corporate tax structure and improving the system of fiscal incentives in favor of foreign companies that actually contribute to the country’s development. The National Tourism Development Plan also aims to increase the share of employment in the sector to 14,4 percent of the total rate from 13 percent recorded in 2016. The new law, signed by President Rodrigo R. Duterte on April 10, contains a range of incentives, including a six-year tax exemption, duty-free imports of capital goods and services, a net operating loss carry-out as an alternative tax system, and tax breaks for environmental protection and cultural heritage. Barry Robinson, president and CEO of the Wyndham Hotel Group for Southeast Asia and the Pacific, said he would have “at least six brands in the Philippines over the next three years. It is the hotel group’s effort to hit all market segments in the Philippines that is driven by a growing number of arrivals.”last_img read more

first_imgThe list of players who will play in the team of BiH, that is the ones who are called for a qualifying matches for the European Championship in France in 2016, will be announced next week. The players will play against Andorra and the friendly match against Austria.The coach of BiH football national team, Mehmed Bazdarevic, in the statement for the portal confirmed that the list of team members will be announced on Monday at a press conference.“The list of team members will be announced on Monday. There will be around 23 to 26 players. For the weekend, there are matches I need to follow. As it is well known, for the match against Andorra I can register 23 players,” said Baždarević.Qualification match against Andorra will be played on March 28th, a friendly match with Austria on 31st March. (Source: klix)last_img read more