THE Board of Investments (BoI) approved the application for registration of Grand City Hotels Inc. for the modernization of the New Dawn Pensionne House in Cagayan de Oro City.

In a statement, BoI said the modernization project, which has an estimated investment cost of P36.89 million, qualified as a tourism project for complying with the requirements under Special Laws (Republic Act 9593 or the "Tourism Act of 2009") for Tourism Related Facilities of the 2022 Strategic Investment Priority Plan of the Corporate Recovery and Tax Incentives for Enterprises Act.

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