Four Reasons Why You Need to Invest in BOHOL Now

Bohol is the 10th largest island in the Philippines, and lies approximately at the “heart” of the country. Its proximity to the metropolitan Cebu which is only less than 1.5 hours travel time via fast ferry makes it an ideal “travel and business destination.” Known for its  warm and distinct Boholano amiability, well-preserved century-old churches and world-class white sand beaches and diving destination, Bohol is fast becoming an island destination by choice among foreign and local tourists.

The opening of the new Bohol-Panglao International Airport, the “green gateway to the world” last November 2018 has paved the way for the influx of not only foreign and domestic tourists, but also increased investment opportunities in Bohol. Even the President of the Philippines has endorsed Bohol as an “attractive investment destination.”

1. Booming Tourism Industry

Bohol is known as tourism magnet in Central Visayas. With ecotourism circuit in place coupled with a new international airport, Bohol has cemented its popularity as a preferred destination among local and international tourists. Panglao Island has also earned the reputation of an alternative beach destination to Boracay.

Tourism is the number one growth driver of Bohol’s economy. It makes up 90% of Bohol’s industry.  The Bohol Tourism Office indicated a growth rate of 66% in 2016 (or an equivalent of more than 1M tourist arrivals). Tourism in Bohol has grown at an impressive annual rate of 25.2 percent from 2011 to 2017 and 30 percent from 2016 to 2017 to reach an estimate of 1.3 million tourists.

The new Bohol Panglao International Airport is instrumental in the development of tourism in Bohol. It was the game-changer not only in Panglao, but to the entire Bohol Province. The new Bohol-Panglao International Airport, which is ten times bigger than the old Tagbilaran airport, boasts of a 2,500-meter runway that can accommodate seven aircraft at a given time and a passenger terminal that can handle around two million people annually.

2. Developing Local Economy

The province of Bohol contributed enormously to the economy of the Central Visayas region next to Cebu, posting an impressive average economic growth of 9.1% which is higher than the national economic growth of 6.7%.

Bohol already has a fiber optic network and is ready to host outsourcing firms. Currently there are new BPO players within Tagbilaran City.

A positive growth is foreseen in the province of Bohol as its growth drivers are all in a growth momentum. As ongoing activities in tourism, real estate, ICT sectors and agriculture could further boost the economy of the province in the coming years.

3. Good Business Climate & Strong Local Government Support

Bohol is generally a peaceful place with crime rate at a decreasing level. It is recognized as the most business-friendly province in the Philippines that is constantly promoting investments from both domestic and foreign investors.

The local government provides a business-enabling environment in Bohol with investor-friendly fiscal and non-fiscal incentives as well as investment mechanisms. The Bohol Investment Promotion Center (BIPC) has specifically been established to cater to the needs of investors.

4. Up-and-coming Developments & Infrastructures

Other than the completed Bohol Circumferential Road that makes it a breeze to travel within the island province, here are some developments and infrastructures that is expected to increase economic opportunities in Bohol:

• PANGLAO ISLAND TOURISM ESTATE (PITE) – is a 2,000-hectare tourism development zone in Panglao Island. Pronounced as a leader venture of the administration, the PITE is one of the five traveler satellite goals in the nation where interests in lodging/resort buildings, tradition offices, sports/recreational offices, greens, malls, retirement and crafted works town and marina are being advanced. It is a parcel of land stretches from Tawala, Libaong, Bolod in Panglao and Tinago, San Isidro, Dao and Biking in Dauis.

• TAGBILARAN-PANGLAO ISLAND OFFSHORE BRIDGE – this is the third bridge that connects Tagbilaran and Panglao at the Totolan side of the tourist island, which directly connects to the Tagbilaran Port. This is an ongoing multi-million project of the national government which aims to decongest traffic that is going inside the city center from the busy seaport.

• P1.91 billion for the Bohol-Panglao International Airport covers the construction of a cargo terminal, a fuel depot and hydrant system, and 300-meter extension of the runway and parallel runway.

The government’s Build Build Build Program had already shelved one of the “ambitious” pipeline project, the Php56.6B Cebu-Bohol Bridge that could possibly and drastically change the economy of Bohol. With a positive outlook in our country’s economy, this ambitious project will be realized anytime soon.

Bohol’s economy is developing, thanks to tourism that fuel its growth. Prices of real estate is generally affordable and continuous development is expected for years to come. Whether you’re planning to live within Bohol, start a business, or expand your operations, Bohol should definitely be on top of your list. Take advantage of this flourishing island province. If you’re looking for a piece of property in Bohol and its neighboring towns (specifically in growth areas of Panglao Island, Anda, Ubay and Tubigon), Primabode Realty will be glad to be of help. Contact Primabode Realty today!

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Source: https://www.primabode.com/four-reasons-why-you-need-to-invest-in-bohol-now/