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DTI says two major groups eyeing Balicasag

By Ayen Infante

05/13/2008

The government is talking with a group of major investors abroad to develop a 40-hectare naval reserve area located off the shore of Bohol into a world-class tourist destination.

Trade and Industry Secretary Peter Favila told reporters that he had held initial discussions with at least two groups in various parts of the world to look into the possibility of investing in the Philippines by developing the Balicasag Island into a high-end tourist spot with mixed-use facilities.

It was his initiative to make contact with these investors to support the programs of the Philippine Tourism Authority (PTA) headed by also secretary of the Department of Tourism (DOT) Ace Durano. Apart from the Balicasag Island, Durano has also identified the Corregidor Island for further development into a world-class tourists area.

“He (Durano) sought the help of the DTI to look for investors who could help develop these areas under a joint venture arrangement with the private sector,” Favila said. This could be the first time that PTA works with a foreign counterpart under a joint venture agreements, he added.

Asked why the need to prioritize the two areas, Favila explained that the PTA, aside from Corregidor Island and Balicasag, has already lined up number of assets which could be developed in partnership with private or foreign investors. “We (DTI) aare willing to extend our support to PTA and help promote the country’s tourism sector.”