Ilocos Norte’s tourism and economy will get further boost from the PHP15 billion beachfront township project of Megaworld Corporation in this city.
Ilocandia Coastown will have luxury residential areas, a shophouse district and a commercial center.
The 84-hectare development will also feature a 1.4-kilometer beach line that includes part of the sand dunes near the Fort Ilocandia Hotel, about 15 minutes from the Laoag International Airport, according to Ilocos Norte Trade and Investment Promotions Office head Soya Bueno.
“Our governor, Matthew Joseph Manotoc, being a hardworking ambassador for trade and investments here, have been instrumental in this major breakthrough,” she told the Philippine News Agency in an interview Monday.
In a statement Monday, Kevin Tan, president and chief executive officer of Megaworld parent company Alliance Global Group, said they plan to implement the project within 10 years.
“This is a wonderful start for our group’s investment in the Ilocos Region, particularly in the capital city of Laoag. We see a lot of opportunities in this part of the country, especially in tourism, and we hope to unlock these opportunities through this development,” he said.
Under the newly updated Ilocos Norte Investment Code, new and existing businesses with fresh investments of at least PHP5 million are given up to 50 percent discount on basic real property tax.
In addition, businesses are exempted from paying the governor’s permit fees for five years if 80 percent of their total workforce are bonafide Ilocos Norte residents. (PNA)
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