Virtual Thoughts

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Boracay - A New Investment Opportunity

If you are looking to invest here in the Philippines, Boracay is a good place to invest. Every year there are thousand of tourist there. Do contact me if you are interested to learn more about this investment.


April 24, 2008 - Posted by virtualthoughts | Business Opps | | 2 Comments

2 Comments »

  1. I live on Boracay and man, even if I had that kind of money I wouldn’t do it. Honestly, I trust the local municipality only as far as I can hide from them. So, please excuse me for not posting a real email address.

    Here on Boracay, very little land is actually owned by anyone. Most of it falls into a grey area of tax mapping certificates that arent actual ownership at all. It can be thru a series of people and one day, the top of the chain can goto the resort owner and tell them to shove off. The resort owner will be surprised because all this time he has been paying bribes to the lower guy. Yes, it takes payoffs to keep a plot of land here even though you spend millions USD on the buildings. Filipino’s contracts are not legally binding for anyone–every one is up to the interpretation of the local Mayor.

    Speaking of the Mayor, another thing you cant have here is a dive shop/resort. There is a ‘volunteer’ organization called B.A.S.S. for all the scuba outfits. You also ‘volunteer’ monthly fees to be in it. If you do not join this group, then the Mayors office will not issue your shop a license. Simple as that. BASS collects millions of pesos for restoration projects that never happen. It all disappears. They claimed a lot went to website development yet their website has never worked. BASS was founded a long time ago by a guy that owned a fishing fleet and needed a place to scuttle an old boat free of charge. Called it an artificial reef and voila!

    Also, keep in mind that foreigners are not allowed to own any business here, every last business license is in the name of a Filipino and Fil law does not recognize any obligations between locals and foreigners. Also, about condotels, foreigners are not allowed to own more than 40% of any structure anywhere in the country…most of those contracts are completely invalid because they sell the whole structure unit-by-unit. Courts dont care if the foreigners are out of pocket, all they know is that once 40.00001% of a structure is ’sold’ to non-Fils, all contracts become invalid and the Fil gets to keep all the money minus the court fees.

    The reason you dont hear thins is because it happens all the time and w/o this money, the PI would be poor again.

    Scan the internet, a ton of resorts have been built over the last year in clear violation of the law and some of the most extravagant ones are going to get torn down because they crapped on the environmental laws. Most involve illegally reclaimed wetlands. One in particular was built at the mouth of the batcaves where the largest fruit bats in the world live.

    I’m not a hippy environmentalist, just a person with an eye for contract longevity. I’ll check back here, perhaps I will drop you a line sometime if you need more inside info about Boracay.

    Comment by humbug | April 25, 2008

  2. Hi Humbug:

    I think the resort’s thrust is to sell to Filipinos or Filipinos living abroad who would like to invest in the Phils. and not just Boracay. The company owns buildings in Cebu, Davao and Manila too. Of course foreigners may not be interested because they don’t live here.

    Thank you very much for the insightful comment, I appreciate it.

    Comment by virtualthoughts | April 25, 2008

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