The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), in partnership with the Metro Bacolod Chamber of Commerce and Industry (MBCCI) and the Department of Tourism (DOT) Region VI, conducted a Tourism Enterprise Zone (TEZ) Investment Forum on May 3, 2018 in the L’Fisher Hotel, Bacolod City.
The forum was attended by members of the MBCCI, hotel and restaurant associations, developers, consulting firms, and tourism enterprise operators in Bacolod City and nearby provinces. It highlighted the investment opportunities in Tourism Enterprise Zones (TEZs) and the incentives offered to tourism investors. Moreover, the forum presented the financial institutions offering programs and assistance in tourism development as well as the retirement opportunities in the Philippines.
Atty. Niño Aquino, Manager of the TIEZA TEZ Regulation Department, Ms. Ketslynn Quiletorio of the Marketing Department of the Philippine Retirement Authority (PRA), Ms. Rovi Peralta, Vice President of the Philippine Export-Import Credit Agency (PhilExim), and Mr. Bernardo Castillon and Ms. Rivi-Anne Feria of the Development Bank of the Philippines (DBP) were the keynote speakers in the forum. Also in attendance were Ms. Phoebe Areno, DOT-Region VI Supervising Tourism Operations Officer and Mr. Frank Carbon, President of MBCCI.
TIEZA, the investment arm of the Department of Tourism, designates, regulates, and supervises TEZs, as well as grants and administers fiscal and non-fiscal incentives to its locators. One of TIEZA’s Five Pillars, TEZs create a potential investment environment for both the public and private sectors which will help boost the Philippines’ economic development and inclusive growth.
A Tourism Enterprise Zone is an area characterized by being a contiguous territory; bearing historical and cultural significance, environmental beauty or tourism potential; having strategic access to utilities and transportation; stimulating sustainable socio-economic development; at least five (5) hectares in land area; and is at least five million dollars in investment. There are two (2) types of TEZs. A Private TEZ is applied for designation as a TEZ or for registration as a tourism enterprise, master planned to be developed into an integrated tourism complex with prescribed carrying capacities to host tourism enterprise facilities and services within it. Meanwhile, a Flagship TEZ is a joint initiative of the Department of Tourism (DOT) and TIEZA to seek out and develop areas in the Philippines with viable tourism potential. Investment opportunities in Flagship TEZs include the establishment of a water supply and distribution, and power utility in San Vicente, Palawan; development of a waterfront for the Rizal Park Complex, Manila; building a cable car system and hotels in Mt. Samat Shrine, Bataan; and establishment of family hotel resorts and a Meetings, Incentives, Conventions, and Exhibitions (MICE) Center in Panglao Bay Premiere, Bohol.
With the BIR’s clarification last year that the incentives for TEZs under Republic Act No. 9593 or The Tourism Act of 2009, incentives may be enjoyed by investors even beyond 2019 until these incentives are fully realized. Investors have until August 2019 to apply with TIEZA and avail of the full package of incentives, such as income tax holiday, reduced income tax of 5% tax and duty free importation, among others.
TIEZA is set to conduct two more TEZ Investment Forums in Olongapo City on May 8, 2018 and in the Philippine International Convention Center (PICC) in Pasay City on June 28, 2018.
For more information on TEZs, contact the TEZ Management Secretariat at (02) 512-01-14 or firstname.lastname@example.org. You may also visit our website, www.tieza.gov.ph, or visit us at the 7th Floor of Tower 1, Double Dragon Plaza, Double Dragon Meridian Park, Macapagal Avenue corner EDSA Extension Bay Area, Pasay City.