President Ferdinand Marcos Jr enacted a law granting value-added tax refund to non-resident tourists, aiming to spur visitors to shop and spend more.Foreign tourists with minimum purchases from accredited stores worth 3,000 pesos (RM229) can claim for tax refunds, provided they take out the products from the Philippines within 60 days.
The new law is expected to boost tourism spending by 30% and support the Philippines’ goal to be a shopping destination, said Marcos.“This initiative opens a new chapter in our tourism landscape, allowing our country to compete with other tourism markets to attract tourists eager to take home authentic, high quality Filipino products,” Marcos said during the signing ceremony yesterday.
Tourist arrivals reached 4.5 million from January to October, less than a fifth of those in Thailand for the same period.
The industry contributed nearly 9% to the Philippines’ economic output last year. — Bloomberg
