INCENTIVES FOR HERITAGE RESTORATION

INCENTIVES FOR HERITAGE RESTORATION Construction and project development is a business, and no one will invest any money in it unless there is an assured return of investment. It is as simple as that, and there is no way around it. Of course, there could be other factors to consider such as the love of arts and culture or even a profound love for our country, but the project proponents would still have to make money, otherwise it’s a no go. That is precisely the dilemma of developers who are planning to restore, preserve or rehabilitate some historic or cultural sites that are located all over the country. Because of their love for arts and culture, it becomes a “damn if you do, damn if you don’t” situation for them. Damn if they do, because they could possibly lose money, but also damn if they don’t, because these national treasures could be lost forever. It would not be realistic to depend on the government to fund these projects, because there are too many sites to save, and there is usually very little money to spend. The solution therefore is a public and private partnership (PPP) approach, perhaps in the form of a Build-Operate-Transfer (BOT) scheme. I have always liked the idea of a BOT scheme because it is a win-win situation wherein both the private proponent and the government partner could make money. Other than the funding, what is needed is an adaptive use approach, wherein the project still becomes commercially viable, even if the architectural design is kept intact. IKE SENERES/ 04-22-24