DOT endorses P430-M Palawan investments
Sunday, October 12, 2008
|MANILA (PNA) - The Department of Tourism (DOT) has endorsed new investments worth P430 million to the Philippine Economic Zone Authority (PEZA).|
The said projects include new resort villas from stakeholders Vauban Holdings, Inc., Salamanca Holdings, Inc., Almonavides Holdings, Inc. and Sugihara Holdings, Inc.
The investors are endorsed to PEZA for registration as locators under Presidential Proclamation No. 1179, at Pamalican Island Tourism Economic Zone (PITEZ), at Barangay Manamok, Cuyo, Palawan.
On top of the P9.1 billion endorsed investments for the first half of the year, the added projects were hailed by Tourism Secretary Joseph "Ace" Durano.
"The ongoing crisis is a welcome opportunity for us as foreign investors are looking for more cost-efficient investments," Durano said.
The strategic location of the Philippines, coupled with exotic attractions, that can't be found anywhere else in the world are also major reasons why multinationals view the country as a viable investment destination, added Durano.
On the other hand, DOT Undersecretary for Planning and Promotions Eduardo Jarque Jr. also pointed out the country's special advantage which is its people.
"Aside from naturally exuding friendliness and charm, Filipinos' technology-driven and English-speaking capabilities make them a valuable tourism resource," Jarque said.
Pursuant to the master plan of the main developer, Seven Seas Resort and Leisure, the locators will individually construct triple A Class Resort Villas consisting of four rooms, a living pavilion, service building, and swimming pool, to provide accommodations and facilities in the tourism economic zone, cited Jarque.
Pamalican, site of the high-end Amanpulo Resort, belongs to the Cuyo group of islands in Sulu Sea, between Palawan and Panay. It sits on top of a seven square-kilometer coral reef, making it a popular diving destination. (PNA) DCT/LBV
Special thanks to Onyib and zoe_girl18 for the great pictures.
Labels: Travel News