The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) highlighted the Philippine prime tourism investment destinations in the recently concluded Philippine Investors’ Roadshow which ran from 26-30 September 2023, held at The St. Regis Beijing Hotel in Beijing, China.
The Philippine Investors’ Roadshow, initiated by the Office of the Special Envoy of the President to China on Trade, Investments, and Tourism headed by Hon. Maynard S. Ngu and Hon. Benito Techico, primarily intended to bring in prospective investors to the Philippines by way of promoting the country as an attractive destination for foreign direct investments, specifically targeting interest in the agriculture, transportation, energy, environment and natural resources, and tourism sectors.
Accounting the crucial role of these various industries’ key players for the country’s economic development, President Ferdinand Marcos Jr. sent his warm regards and message of support for organizing such roadshow which will spur a high sense of economic value and responsibility among industries and Chinese stakeholders.
Among the Philippine contingent to the roadshow to present the investment climate in the Philippines as well as network with stakeholders to foster connections with Chinese investors were the Department of Trade and Industry (DTI), Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), Department of Agriculture (DA), Department of Energy (DOE), Department of Transportation (DOTr), Department of Information and Communications Technology (DICT), Food and Drug Administration (FDA), Department of Tourism (DOT), and TIEZA.
Senator Chiz Escudero stressed during his Keynote Address that there is a need to work together to enhance economic cooperation between the Philippines and China. “Today, we find ourselves in a unique situation, as our nations currently have territorial differences,” Escudero said. “At this forum, we have an opportunity to transcend political differences and focus on the economic potential that exists between our two nations. It is crucial to recognize that economic cooperation can play a vital role in bridging gaps and moving toward a more harmonious future.”
DOT Assistant Secretary for Tourism Regulation Coordination and Resource Generation, ASec. Maria Rica C. Bueno, reiterated the call for investments in the country during her presentation on the Investment Opportunities and Potentials in the Tourism Sector, stating that as World Tourism Day is being celebrated on the same day, there is a need for more and better-targeted tourism investments to fulfill and realize the country’s vision in transforming the Philippines into a tourism powerhouse in Asia. She added, “With the full support of the current President Ferdinand Bongbong Marcos, it is but the best time to invest in the Philippine Tourism.”
TIEZA’s Assistant Chief Operating Officer for Tourism Enterprise Zone Management Sector, Atty. Karen Mae G. Sarinas-Baydo, represented the Authority on behalf of Chief Operating Officer Mark T. Lapid. She introduced TIEZA and its mandate as the infrastructure and investment arm of the DOT, outlined TIEZA’s investment offerings in its TIEZA Assets and Flagship Tourism Enterprise Zones (TEZ), as well as highlighted other infrastructure projects and key initiatives of the Authority.
ACOO Sarinas-Baydo promoted the various investment opportunities in partnership with TIEZA that are available for Chinese investors engaged in any tourism-related projects or activities listed under the Strategic Investments Priority Plan (SIPP). She detailed the incentives packages from the Philippine government that tourism investments are entitled to, which include Income Tax Holiday, Special Corporate Income Tax, Enhanced Deductions to Taxable Income, Exemption or Zero-Rating for Value Added Tax, and Duty and Importation Fees. Non-Fiscal Incentives include Employment of Foreign Nationals, Special Investor’s Resident Visa, Lease of Land, Exemption from Requisition of Investment, and Foreign Currency Transactions.
Likewise, she presented the opportunities to locate in TIEZA’s designated Flagship TEZs such as Mt. Samat in Bataan, Rizal Park in Manila, Corregidor Island in Cavite, Panglao Bay Premiere in Bohol, and San Vicente in Palawan in order to participate in the sustainable development of these areas. She also introduced the business prospects of its forty-nine (49) real properties, which are open for public-private partnership through the TIEZA Joint Venture Guidelines.
With the aggressive investment strategy of the Philippines, the roadshow drew participation of several hundred guests, including government officials, envoys, and business representatives. According to the Philippine Ambassador to China, Hon. Jaime A. Florcruz, more Chinese investors are expressing interest in locating their businesses in the country, noting the USD22 Billion strategic investment pledges from Chinese companies following the President’s state visit to China in January this year.
The Philippines and China just sealed yet another milestone of economic cooperation and partnership in fostering more intentions to invest in the Philippines’ potential in its numerous industries that can be beneficial in boosting both investments and tourist arrivals to the country.
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