Tuesday, May 05, 2009 [ manilatimes.net ]
The Board of Investments (BOI) last week granted tax incentives and other perks to an upcoming resort in Davao City whose main attraction is a wakeboarding facility.
In its application with the BOI, real estate firm 8990 Housing Development Corp. said it would develop a resort named Deca Wakeboard Camp in Tugbok, Mintal, Davao City at a cost of P69.9 million.
The company will put up a seven-hectare artificial lake and install five masts with a 730-meter cable system for wakeboarding, and will also build a clubhouse, cottages, food stalls and parks, the BOI said.
While 8990 Housing Development has registered 12 other housing projects with the BOI in the past, this is the company’s first tourism-oriented investment, the incentive-giving agency said.
The BOI said wakeboarding is fast becoming a popular sport in the country that also draws in droves foreign tourists. “At this time when other industries are feeling the pinch of the global financial crisis, this project certainly ushers in a new wave of economic opportunities,” the incentive-giving agency said.
This project’s commercial operations will begin in June and the company will directly employ 39 people, although the BOI said this venture can generate more jobs for complementary businesses such as food, manufacturing of souvenirs and transportation.-- Ben Arnold O. de Vera
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