VAT refunds seen to boost tourism revenues

The Private Sector Council (PSAC) said the implementation of a value-added tax (VAT) refund system is poised to be a “game-changer” for the country’s tourism industry, driving substantial economic growth.

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PSAC said the refund scheme, embodied under Republic Act (RA) No. 12079, is one of its key recommendations to President Ferdinand “Bongbong” Marcos Jr.

PSAC Lead Convenor and Aboitiz Group President and Chief Executive Officer (CEO) Sabin Aboitiz recalled that this was a direct response to the President’s call to enhance the visitor experience in the country.

“We commend the government for swiftly acting on PSAC’s recommendations, ensuring that the Philippines remains a competitive global tourist destination,” Aboitiz said in a statement on Wednesday, March 26.