00:00Good news for foreign tourists visiting the Philippines.
00:04VAT-free for foreign tourists in the country.
00:06This is Rod Lagusan's report.
00:10It is expected that more tourists will visit the Philippines.
00:13Aside from must-see tourist destinations,
00:16VAT-free for foreign tourists in the country.
00:18This is after the implementation of Rules and Regulations or IRR
00:22of Republic Act No. 12079 or VAT Refund for Non-Resident Tourists.
00:27The aim of this is to strengthen the tourism sector
00:30and encourage foreign tourists to buy and spend in the country
00:33so that it can help the economy of the Philippines.
00:36Under this, non-residents or foreign passport holders
00:39can apply for VAT-free refunds for products purchased in the country
00:43from accredited stores that are not less than P3,000.
00:47And must be exported to the country as accompanied baggage
00:50within 60 days of purchase.
00:52VAT-free refunds include retail and tangible goods
00:55such as clothes, gadgets, jewelry, souvenirs, food,
00:58or other products for personal use.
01:01According to Finance Secretary Ralph Recto,
01:03the greater expenditure of foreign tourists here in the country
01:06means more business and work will be lost
01:10along with additional income for workers and even the government.
01:14Which is important when it comes to inflation.
01:16This is why VAT-free refund system will be available
01:19that is accessible to tourists.
01:21Which is included in the IRR that should include
01:23the approval of internationally recognized VAT-free refund operators for this.
01:28Tourism Secretary Cristina Garcia-Frasco also gave
01:31that its effect is not only in retail
01:33but also in other sectors such as accommodation, transportation,
01:36and other tourism-related activities.
01:38This includes the intramural administration
01:41that passed a Memorandum of Agreement
01:43with the Philippine Travel Agencies Association,
01:45a group of travel agencies in the country,
01:47that will help in their expansion of the Grand Santa Cruz in May
01:51where it is expected to increase the number of visitors to the intramurals
01:54including foreign tourists.
01:56This is led by Miss Universe Asia 2024 Chelsea Manalo
02:00who was born in the country in the previous Miss Universe.
02:03It's really like a whole of nation approach
02:07in having revitalizing everything here in,
02:12not just in intramurals but obviously
02:14it will trickle down to the whole Philippines.
02:17In the PTAA, this is a big benefit for the country
02:20especially for their tourism stakeholders.
02:23The most important thing is if the tourists are coming here
02:27and they will be staying longer,
02:29of course the tourism industry will really feel it
02:33because of course they will be eating, spending,
02:36and staying more in our hotels and resorts.
02:39So it's really very vital, it's a circle economy.
02:43It's a good source of income and additional incentive when shopping.
02:46It's a good reason for more tourists to visit our country.
