SENATOR Nancy Binay lauded President Ferdinand Bongbong Marcos Jr. for making a bold move in approving the implementation of the Value-Added Tax (VAT) Refund Program for foreign tourists by 2024 to boost the tourist industry in the Philippines.
“We welcome the President’s move to help kickstart the tourism industry by offering VAT refunds to foreign tourists. It would be nice to see the Philippines as an alternative shopping destination and showcase our premium local brands.” Binay said.
The tourism program is among the quick wins recommended by the DOT presented by the tourism cluster of the Private Sector Advisory Council.
“Gusto rin natin that our tourists have a pleasant experience and the ease of traveling and shopping in the Philippines, that’s why it would also be a good thing if the DOF could walk us through its implementation in retail shops, department stores, in ports and airports.”
“Parang first time yata itong VAT refund program sa atin. Maganda kung makakapag-present ang DOF ng numero at data kung magkano ang aabuting administrative costs sa implementation nito, ilang percent ang mababawas sa collection natin, at ano ang impact at benefits sa small- and medium-scale retailers sa industriya ng turismo.” Binay said.
PSAC comprises business leaders and industry experts providing technical advice to President Marcos jr. focusing on economic objectives in sectors like agriculture, digital infrastructure, health care, infrastructure, job generation, and tourism.
Reportedly, President Marcos jr. through executive order will give a tax refund to entice tourists to come here in the Philippines.
If implemented, tourists coming here will get a refund on the VAT they have paid for their purchases here which they would bring back to their homes.
“Dagdagan din natin siguro ng incentives yung mga local enterprises and entrepreneurs who promote truly ‘Gawang-Pinoy’ items kesa dun sa mga stores na nagbebenta ng imported or foreign-manufactured products. Sa tingin ko, ‘yung complement ng VAT refund program should be more towards this direction. ” Binay said.