Friday, May 16, 2008 [ manilatimes.net ]
The Manila Peninsula Hotel Inc. has been granted tax incentives and other perks by the Board of Investments (BOI) for the renovation and modernization of parts of the hotel that were ruined during the foiled coup attempt last year.
In its application letter submitted to the Board of Investments, the luxury hotel said the modernization and renovation project covers the main lobby, function rooms and the 249 guest rooms.
In November, rebel troops took over the Manila Peninsula in a show of force to demand the resignation of President Gloria Arroyo. The front entrance and the lobby of the hotel were left in ruins after government troops stormed in to capture the rebels.
The Hong Kong Shanghai Hotels Ltd., which owns the Manila Peninsula on behalf of its local partners, will pour in a total of P464 million for the repair and modernization of the upper and lower wings at the main entrance.
The BOI has included tourist accommodation facilities as one of the priority areas for tax perks to encourage investors in this sector and address the backlog in tourism facilities in the country.--Katrina Mennen A. Valdez
_____________________________________________________________________
