Philippines spending $4 billion to become global destination
The Philippine Department of Tourism says more than $4 billion is slated for hotel development throughout the country, including a hotel complex in the central business district of Makati City in Metro Manila.
This complex, a joint venture between Ayala Land Inc. (ALI) and Dubai-based Kingdom Hotel Investment (KHI), one of the major equity holders for Fairmont Hotels & Resorts, is expected to be a key component in the area’s redevelopment into a global business destination.
An ALI spokesperson said that the development group has 33 new projects currently slated for the Philippines in 2007.
Shimao Group Chairman Xu Rongmao announced his decision to invest up to $4 billion in the development of high-end hotels and residential properties in Taguig, just south of Makati.
Mr Xu, who was recently listed as China’s second richest man for 2006 by Forbes magazine, also discussed plans to develop an environmentally-friendly airstrip in the Palawan province, the largest island province in the Philippines. The area is perhaps best known for its eco-tourism offerings and the longest underground river in the world.
SM Investments Corp. (SMIC) has allotted $120 million for the first phase of the Hamilo Coast development project, a major resort complex in Batangas. Hamilo Coast will comprise 13 natural coves of varying shapes and sizes, featuring beaches, resort areas, residential condominiums and country clubs, as well as a marina, yacht club and boardwalk with retail amenities.
Philippine President Gloria Macapagal-Arroyo also recently laid out a three-year plan to develop the Central Philippines as a “Super Tourism Region.”
Report by David Wilkening
David
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