Boracay Convention Center plenaries in the function rooms. The Boracay Convention Center is part of the 79.21-hectare eco-village land in Boracay Island, which the Ayala group owned until June 2003. In 2005 alone, Boracay Property Holdings Inc., has so far invested $6 million or about P336 million to put up the world-class hotel and facilities in the area. Philippine Department of Trade and Industry Secretary Cesar A. V. Purisima had endorsed the conversion of the eco-village project, into a Tourism Economic Zone (TEZ) to President Gloria Macapagal Arroyo, who issued the presidential proclamation. The Trade department noted the rise in tourist bookings in
2018 Boracay closure and redevelopment over Boracay. The officials were alleged to have been lax in issuing building permits and to have failed to sufficiently tackle illegal development activities on the island. About 400 hotels and restaurants were ordered to close for violating local environmental laws, while 3 casinos have been permanently shut down. Establishments built within the 30-meter shoreline easement were also demolished. The government projected that there will be about loss of potential gross receipts as a result of the six months closure of Boracay. Tourist stakeholders in the island project a loss of as they estimate that 700,000 bookings by foreign tourists