Posted on August 04, 2011 09:49:43 PM [ BusinessWorld Online ]
THE BOARD of Investments (BoI) has granted tax breaks to a planned P336.7-million hotel slated to rise in Makati City, the state agency said in a statement yesterday.
The 37-storey, 212-room apartment hotel development, dubbed Citadines Salcedo Makati, will occupy a 940-square-meter lot in Salcedo Village.
“This will expand the availability of tourist facilities in the country’s business capital and is in line with the country’s goal of attracting six million tourist arrivals by 2016,” Trade Undersecretary and BoI Managing Head Cristino L. Panlilio said in the statement.
The Tourism department endorsed the project in April this year. The hotel will target foreign and domestic tourists, as well as business travelers. Its opening is slated for June 2013.
Under the Investment Priorities Plan, tourism infrastructure are among the projects eligible for incentives such as income tax holidays and duty-free importation of capital equipment. -- Franz Jonathan G. de la Fuente
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