Bohol is now the favorite for tourism investments

By Rose de la Cruz

Bohol has become a favorite of investors in the country’s tourism sector, according to a report of business blog site, Bilyonaryo.

While investors remain cautious about short-term prospects in the country, many are optimistic about the medium and long term, with Bohol emerging as the most attractive location, according to Alfred Lay, director for Hotels, Tourism, & Leisure at Leechiu Property Consultants Inc.

“Bohol has been frequently in the spotlight lately. We’ve discussed it extensively as the most well-rounded destination here in the Philippines,” Lay said.

Bohol’s popularity as a tourism hotspot can be attributed to its UNESCO Global Geopark status, stunning beaches, and proximity to Panglao airport.

“Its accessibility is unmatched. You can reach the airport from any hotel in Panglao Island within 5 to 20 minutes. And, of course, there’s the incredible natural beauty of Panglao and Bohol—the diving spots, Chocolate Hills, beaches, food and beverage scene, and sanctuaries. So, it’s not surprising to us,” Lay told Bilyonaryo.

South Korean tourists have also played a significant role. According to LPC, visitors from South Korea now top the list of tourists in the Philippines. LPC said 792,000 South Koreans visited the country in the first six months, a 17 percent increase from the 676,000 reported in 2023.

American tourists ranked second, with Chinese tourists coming in a distant third at 191,000 in the first half of the year.

Lay noted that Bohol benefits from 36 weekly international flights from South Korea, boosting its popularity among South Korean tourists. Meanwhile, the decline in Chinese arrivals has significantly affected Boracay.

“The Korean market has shifted its focus towards Bohol,” Lay explains. “What does this mean for businesses in Boracay? It means that the typically higher-yielding, higher-spending foreign guests are no longer arriving on the island.”

Still on Bohol, the government said it hopes to conduct the Swiss challenge for the Bohol-Panglao International Airport within the fourth quarter, reported Business World.

Transportation Undersecretary for Aviation and Airports Roberto C.O. Lim told reporters on Friday that the preliminary work leading up to the challenge is on track.

“There were some presentations made to the Investment Coordination Committee-Cabinet Committee, and there were some directives given, so we simply have to continue discussions and negotiations. But it is still on schedule” to take place by the fourth quarter, Lim said.

The Aboitiz group, through its infrastructure arm — Aboitiz InfraCapital, Inc. — secured original proponent status (OPS) for the operations and maintenance of the airport for 25 years.

However, Lim said that as the Aboitiz group secured OPS years ago, many revisions were necessary due to the pandemic, while proponents have also had to navigate new implementing rules for unsolicited proposals, and the signing of the PPP (public-private partnership) Code.

“All of those are being complied with by the proponents,” he said.

Separately, PPP Center Executive Director Cynthia C. Hernandez said that the Bohol-Panglao airport is scheduled for National Economic and Development Authority board approval on today (Monday).

“If it’s approved, then we will have a competitive challenge,” Hernandez said.

The Swiss challenge allows other companies to submit alternative proposals to a project, with the original proponent granted the right to match their bids, explained Business World..

Valued at P4.5 billion, the project is expected to serve approximately 3.9 million passengers a year once completed, up from its current capacity of two million passengers.

As for the other airports, Hernandez said they are looking to conclude negotiations and get approval for four to five airport projects that have original proponents this year.

“The negotiation process for most of the airports with unsolicited proposals is ongoing. So within the year, we hope to have the negotiations concluded and approved,” she said.

“The Swiss challenge for those four to five airports will be early next year,” she added.