NEWS, PROJECTS, ANALYSIS

Businessworld: "The Economics of Heritage"



The presentation of one of our principals, Mark Evidente, at the Heritage Conservation Society's annual summit was picked up by Businessworld for its December 27, 2012 issue, and he was interviewed further on his thoughts. The full article is linked here. An excerpt:

"Mark Evidente, president of the tourism development consultancy TwoEco, Inc. and the lead drafter of the Tourism Act of 2009, talked about how the bill can be applied by those who want to turn heritage sites into profitable tourist destinations. Although the law is three years old, he said, only a few players in the tourism industry have understood its provisions.

Also known as Republic Act No. 9593, the law gives tax and other financial incentives to those who invest in tourism zones-- and one way of attracting tourists is to preserve and invest in the local culture...

“Investment in heritage can pay for itself down the line,” said Mr. Evidente.

To qualify for the incentives, aside from the presence of heritage structures, the project must attract $5 million in investments and cover five hectares of land. Then the investor must submit plans, the required documents, and necessary permits from the local government.

If one investor cannot amass the required land area and monetary investment, then creating a partnership or a corporation with others is advised. “The law allows investors to pool their assets without necessarily relinquishing ownership,” Mr. Evidente said."


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