Philippine BXT Corp. Builds 2.4 Billion Luxury Resort in Cebu

Department of Trade and Industry Central Visayas Regional Director Asteria Caberte recently handed over the Board of Investments (BOI) certificate of registration to representatives of the Philippine BXT Corporation, granting the company full fiscal perks.

Philippine BXT Corp., a foreign owned company, will construct a high-end tourist resort named the Imperial Palace Water Park and Spa in Lapu-Lapu City in the province of Cebu.

The foreign-owned corporation said in a statement that the resort will be commercially operational in January 2009, and will generate at least 1, 209 job opportunities with annual payroll of P140.87 Million.

The resort developer said that it will operate an “AAA” resort complete with amenities such as sports and recreational facilities, food and beverage, health and fitness facilities and other support facilities.

The firm will construct six medium-rise buildings, three 3-story townhouses and 20 two-story pool villas. It will have a total of 616 rooms.

The class “AAA” resort, currently under construction, with its world class guest rooms and facilities, is expected to provide a partial but substantial solution to the current room shortage problem of hotels and resorts in Cebu’s tourism industry.

“Cebu , being a top tourist destination in the country, is reportedly experiencing problems of accommodating an increasing number of in-bound tourists from various parts of the world,” the company said.

The Department of Tourism (DOT) endorsed this project to the BOI so it may be given a pioneer status, allowing the company to enjoy the full range of tax and other perks.

Recently, DOT Regional Director Patria Aurora Roa said the apparent room shortage problem in Cebu’s hotels and resorts has discouraged the entry of more foreign high-end tourists to the island.

Tourism oriented projects, specifically tourist accommodation facilities are included in the list of priority areas duly supported by government

Tourism oriented projects are in line with the government’s Medium Term development Plan for tourism and are included in this year’s Investments Priorities Plan.

The project falls under the government’s vision for Central Philippines to become the country’s tourism center.

The tourism industry and tourism-related projects such as hotels continues to be a top foreign exchange generator contributing to the growth of the Philippines economy (ends)