VAT refund for foreign tourists to boost PH competitiveness

SunStar Publishing Inc.

The Private Sector Advisory Council on Thursday said the new law granting value-added tax refunds to foreign tourists will drive economic growth and improve the Philippines' global competitiveness. In a statement, the PSAC commended Republic Act 12079, or the VAT Refund for Non-Resident Tourists, which President Ferdinand R. Marcos Jr. signed into law on Monday.

The PSAC, which comprises prominent business leaders, regularly advises the President on policy recommendations across six sectors: infrastructure, agriculture, digital infrastructure, healthcare, jobs, and tourism. RA 12079 was part of the PSAC’s push to strengthen the tourism sector. In tandem with the VAT refund program, the council has also advocated for measures to boost tourism-related investments, including incentives to match hotel capacity with neighboring countries.

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