BOI: Tax perks goes to proposed P336.7-M tourism facility

For a proposed P336.7-million tourism facility, the Board of Investments (BOI) has granted tax perks to a property developer in Makati City. In a statement, the BOI said it approved the Citadines Salcedo Makati project of Valero Prime Land Realty Development Corp. involving the development of 940 square meters of land and the construction of a 37-storey, 212-room apartment hotel. The facility is proposed to stand on Valero Street, Salcedo Village, Makati City. “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," said Trade Undersecretary and BOI managing head Cristino Panlilio. The Department of Tourism (DOT) endorsed the project as an apartment hotel or apartel on April 25. DOT regulations define an apartel as any building or edifice with several independent and furnished or semi-furnished apartments, regularly leased to tourists and travelers on a more or less long-term basis. It is also supposed to offer basic services to tenants — similar to what hotels offer —with a minimum of 25 lettable apartments replete with residential amenities. Each Citadine unit is seen to have living and dining areas, furnished kitchens, and laundry areas. Other building amenities will include a health and fitness center, swimming pool, tour desk, guest activity and recreation area, room service, gift shop, business center, and meeting and conference rooms. The apartel will target business travelers and foreign and domestic tourists who may be in the Philippines on a daily, weekly, or monthly basis. Commercial operations are slated to begin in June 2013 with a requirement of 154 personnel. — PE/VS, GMA News