The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) will hold a TEZ Investment Forum in Waterfront Cebu City Hotel & Casino on September 13, 2018 as part of its regional roadshow to promote and update the investors about Tourism Enterprise Zones (TEZs) and tourism enterprises in Region VII.
TIEZA, in partnership with the Department of Tourism – Region VII, invited the Philippine Retirement Authority (PRA), Trade & Investment Development Corporation (TIDCorp), and Development Bank of the Philippines (DBP) to discuss and promote the business opportunities in the country’s tourism sector and entice investors to kick-start investment in TEZs. Various local and foreign chambers of commerce, developers, tourism enterprises, consultancy/law firms, tourism associations, and other tourism related establishments around the region are expected to attend and participate in the forum.
A TEZ is a tract of land with defined boundaries and master planned to be developed into an integrated tourism complex with prescribed carrying capacities to host tourism enterprise facilities and services within the property. Any geographic area may be designated as a TEZ, provided it is capable of being defined into one contiguous territory with at least five (5) hectares land area, has historical and cultural significance with existing or potential integrated leisure facilities, is in a strategic location with easy access to transportation and utilities, and at least five (5) million dollars in investment (US$5 M).
Last year, TIEZA issued the guidelines for the transfer of tourism zone developments and tourism enterprises including those registered with other Investment Promotion Agencies (IPAs) for their designation as TEZ or registration as Tourism Enterprises under the Tourism Act of 2009 or R.A. 9593 and availment of incentives.
To date, TIEZA has already designated and registered a total of fourteen (14) Tourism Enterprise Zones and Tourism Enterprises, five (5) of which are Flagship TEZs, namely, San Vicente, Panglao Bay Premiere, Mt. Samat Shrine, Rizal Park Complex, and Bucas Grande; seven (7) Private TEZ, namely, Ciudad de Victoria, Queen’s Castle Golf and Resort, Bravo Golf, Hijo Resources, Kingdom Global City, Aton Land & Leisure Zone, and Amorita Resort; and two (2) Registered Tourism Enterprises, namely, Magikland and Kingdome Stadium.
For designated Tourism Enterprise Zones and Registered Tourism Enterprises, fiscal and non-fiscal incentives such as the six-year income tax holiday, 5% gross income taxation, tax and duty free importation of goods and services, capital investment and equipment, transportation equipment, lease of land to foreign nationals, employment of foreign nationals, and foreign currency transactions, among others, will be available to tourism enterprises therein, as provided under R.A. 9593.
Interested attendees may register with Ms. Judy Quiachon of Department of Tourism Region VII at (032) 412-19-80. For more information regarding investment opportunities, you may contact the TEZ Management Secretariat at (02) 512-01-14 or email us at firstname.lastname@example.org and email@example.com. For more information about TEZs, you may visit our website, www.tieza.gov.ph.