BXT earmarks P8 billion for Bohol expansion plan
Banking on the high tourism prospects in the Philippines, BXT Corporation, the owner of JPark Island Resort Cebu, readies its P8 billion investment for its Bohol expansion project this year.
BXT Corporation president Justin Uy made this announcement following the promising performance of its flagship property in Mactan Island.
"We are starting to build our second property in Panglao island in Bohol. We will be doubling our capital expenditure to P8 billion," said Uy.
The JPark Resort Panglao project will have its formal ground breaking within the first quarter this year.
The company acquired a 24-hectare property on the island, which gives BXT Corporation the freedom to build a sprawling hospitality and convention facility, which will be done in three phases.
The project is envisioned to initially offer 1,200 rooms and convention facility that can accommodate at least 1,600 people at one time.
The project will be completed in the next five years. The resort however is expected to be operational earlier than that.
While the company has already expressed its interest to invest in resort projects in Palawan and Boracay, Uy said the Bohol plan will be prioritized.
Palawan he said is not yet ready in terms of infrastructure.
Uy, who has been diversifying his businesses, after making success in dried mango exporting, said that if there is an industry that will serve as "money magnet" for Cebu, and the Philippines in general — it is tourism.
Uy mentioned that newly announced direct flights opening from Cebu, going to important destinations such as Los Angeles (USA), Dubai, Taiwan, increased frequency to Japan, and other good developments.
The opening of the new airport terminal in Cebu, Uy said is something that will surely put tourism in Cebu and its neighboring destinations in the global map.
He said if tourism will be fully maximized with the conscious support from the private sector and investors as well as the government, the Philippines will be able to surpass other Asian hot destinations like Thailand.