P20B losses seen with Boracay closure
Excerpt
As much as P20 billion will be lost due to the six-month closure of Boracay Island. President Duterte is set to declare a state of calamity in Boracay before the island is shut down starting April 26 and will make available at least P2 billion worth of calamity fund as assistance to the 35,000 workers to be displaced. DILG Assistant Secretary Epimaco Densing noted the need to hasten the clean up as the country is expected to lose about P18 billion to P20 billion in potential gross receipts if the full six month closure is implemented. A six-month closure could shave 0.1 percent off the country’s gross domestic product, according to a government estimate on Tuesday. Airlines have cut back flights to the island, while business groups called for the decision to be reconsidered even as they stressed to look at the long-term measures to ensure Boracay’s sustainability.
Citation
Iglesias, M., & Montemayor, J. (2018, April 6). P20B losses seen with Boracay closure. Malaya Business Insight, pp. A1, A4.
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Department of Interior and Local Government (DILG) Department of Environment and Natural Resources (DENR) Department of Tourism (DOT) Philippine Airlines (PAL) Philippine AirAsia Cebu Pacific Megaworld Corp. Discovery World Corporation Henann Group Department of Labor and Employment (DOLE) Department of Social Welfare and Development (DSWD) Boracay Island Water Company (BIWC) San Miguel Corp.
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