The Philippines are invested in medical tourism

The Philippines Board of Investments (BOI) is considering the possibility of including sunrise industries, such as medical tourism, into the country’s 2007 Investment Priorities Plan.  Sunrise industries are industries that are relatively new, but expected to be an important part of the future.  Medical tourism fits that description aptly.  

Although attracting medical tourists will obviously benefit the medical tourism industry, the BOI is not so much focused on that, as is, say, the Tourism Department; rather, the BOI is concentrating on establishing an environment favorable for investment opportunities in the medical tourism industry.   

The idea is that the initiatives of the IPP spark investment, the investment spurs the industry forward, and the number of people visiting the Philippines for medical treatment increases.  A chain reaction that could benefit not only the country’s economy, but also the health of people who are seeking medical treatment outside their own country’s borders.      

Board Governor Francis Ferrer stated that the agency is planning on formulating incentives such as income tax holidays—periods of time in which businesses do not have to pay income taxes—duty free importation, and other perks to further encourage more investments in the medical tourism sector.  

“We are supporting wellness centers. We are formulating incentives such as [income tax holidays and] duty free importation,” said Ferrer.  Currently, the BOI is constructing a draft of the 2007 IPP, prioritizing the many sectors—only one of which is medical tourism—on which the government will most focus. 

Reportedly, the plan not only includes a listing of the industries on which the government will be paying most attention, but also the various incentive packages that will be granted to investors in the field.  

Like many other countries in Asia, in which medical tourism thrives, the Philippines doesn’t just benefit from the medical tourism industry, it depends on it as an essential aspect of its gross domestic product.  The government sees medical tourism as an avenue upon which the country can drive towards economic progress and development. 

With the growing revenue that the industry is bringing into the Philippines, it's easy to see why the government policy makers are doing their best to promote the industry.