INVESTORS SHIFT TO TOURISM VENTURES
Makati City, Dec. 25, 1997 - A major real estate developer is shifting its investments to the tourism sector, which it sees as "one of the most promising areas to channel investments into."
Megaworld Properties and Holdings Inc. has announced that it is consolidating its hotel, leisure and tourism-related businesses under a new subsidiary with a P3.5 billion capital, to take advantage of the expected inflow of foreigners attracted by an exchange rate that's favorable to dollar spenders.
Cirilo Manlangit, Megaworld vice president for corporate management, said "The prevailing exchange rate regime will increase the attractiveness of the region to visitors from the US and Europe. The Philippines is benefitting, given its sound environmental and ecological management."
These moves will be complemented by government efforts to spur the tourism industry through its 20-year master plan aimed at eventually making the industry a top dollar earner.
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