OVERSEAS PINOYS TO DEVELOP NASUGBU BEACHES
Manila, Dec. 5, 1997 - A group of overseas-based Filipino entrepreneurs are flying in for an ocular inspection of booming Nasugbu coastal areas, prior to the signing of joint memoranda of agreement for the development of several beach properties into world-class resorts, spas and sports enclaves.
Their trip is a result of the efforts of Cris Vitug, secretary-general of the Resorts Association of the Philippines, who has just returned from a series of conferences with potential investors in Vancouver, Seattle and San Francisco.
Their first priority will be the upgrading of public facilities and construction of beach resorts of international standards on available properties in Barangay Papaya, Nasugbu, Batangas.
Overseas Filipinos are attracted by the purchasing power of the dollar, boosted by the recent developments in the currency market, that stretches the value of the US currency by as much as 40% more than its value before July of this year.
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