Boracay gears up for 1 million tourists
BORACAY -- The Aklan provincial government is undertaking several preparations for its plan to welcome one million tourists to arrive in this resort island in the year 2010.
Nieven Maquirang, Caticlan-Cagban Port Administrator, said Gov. Carlito Marquez already instructed him to coordinate with the Provincial Engineer's Office to map out plans to ensure the one-million-tourists target will be realized.
"Among those to be discussed is the loan worth P50 to P100 million by means of bond flotation to finance the necessary infrastructure and development for the said goal," Maquirang said.
In the 1990's, the Aklan provincial government entered into a bond flotation to finance the construction and development of the Caticlan Jetty Port. Bond flotation is a loan scheme with a written promise by the issuer to pay a financial obligation in a specified principal amount at a fixed time in the future, with a series of periodic interest payments.
When a provincial government issues bonds, buyers of the bonds become investors in the project. They get back their invested money with interest when the bonds mature.
The funds to be taken from the bond flotations will be used in the upgrading and development of Cagban Jetty Port in this resort island to become world class.
"Currently, we are constructing a two-storey building in Cagban Jetty Port that will serve as the business center of the provincial government under the Economic Enterprise Development program," Maquirang said, adding "it would be open to potential investors dealing on kiosks, food stalls and souvenir items for the visiting tourists.
Also, the administration plans to develop convenient mooring sites for the motorized bancas that come and goes to the resort island.
"We will also encourage resort owners to have their own transport system in the resort island so that traffic will be easier," Maquirang added.