MANILA -- The Philippines will soon introduce a tax refund program for foreign visitors in an effort to bolster the country's tourism sector.
President Ferdinand Marcos Jr. signed the policy into law earlier this week, which allows refunds of value-added tax (VAT), currently set at 12%, for purchases of at least 3,000 pesos ($51) made at government-accredited stores, provided that the tourist takes the product out of the Philippines within 60 days. Refunds will be made electronically or in cash.
