Philippines plans 3 New International Airports in Visayas

Cebu, Philippines

The Philippines plans to invest billions of pesos in building three international airports in Bohol, Iloilo and Bacolod starting next year.

Within the Visayas region, only Cebu has an international airport.

Cebu is acknowledged as a top Philippines tourist destination, welcoming 1.7 Million of the 2.5 Million foreign tourists who visited the country last year.

This move recognizes the huge potential of the tourism industry in the Visayas.

The expanded value-added tax (EVAT) will fund the construction of these 3 international airports.

EVAT is projected to bring in P80 Billion in revenues, P30 Billion of which is earmarked for infrastructure development, another P30 Billion for social services and P 20 Billion for deficit reduction.

President Gloria Macapagal Arroyo plans to strengthen tree main sectors in the Philippine economy: the services sector which constitutes 52.4 percent of teh country's gross domestic product (GDP); the manufacturing industry, which is 33 percent of GDP; and agriculture at 13.6 percent.

The Philippine government expects that the focus on services sector and infrastructure projects will promote robust trade and tourism and will create an even more positive investment climate in the country.

2/26/2006

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