AS PART of its regional roadshow to promote the benefits of the “Tourism Act of 2009,” the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) held the Tourism Enterprise Zone (TEZ) Investment Forum last Nov. 27, 2018 at Richmonde Hotel in Mandurriao district, Iloilo City.
In partnership with the Department of Tourism Region 6 and the Philippine Chamber of Commerce and Industry (PCCI) – Iloilo Chapter, TIEZA introduced different investment opportunities offered in Flagship TEZs as well as the establishment of private TEZs and tourism enterprises.
A TEZ is an area of at least five hectares in size and is an adjacent territory with environmental beauty, historical and cultural significance, or existing potential leisure facilities within its area.
Representatives from different local and foreign chambers of commerce, tourism enterprises, tourism associations, developers, consultancy/law firms, and other tourism related establishments attended the forum.
The speakers were from the Trade & Investment Development Corporation (TIDCorp) and Development Bank of the Philippines (DBP). They discussed investment opportunities, incentives, guarantees, and other related matters concerning the tourism development and the future of TEZ.
The income tax holiday (for 6 years, extendible to another 6 years), 5-percent gross income taxation in lieu of exemption from all national and local taxes and licenses, 100-percent tax exemption on importation of capital investment and equipment, 100-percent tax and duties exemption for transportation equipment and spare part, and tax credit equivalent to all taxes paid on locally-sourced goods and services were among the things tackled in the forum.
To this date, TIEZA already designated and registered seven private TEZs – Ciudad de Victoria (Bulacan), Queen’s Castle Golf and Resort (Cebu), Bravo Golf, (Negros Oriental), Hijo Resources (Davao del Norte), Kingdom Global City (Davao), Aton Land & Leisure Zone (Negros Occidental), and Amorita Resort (Bohol).
TIEZA, through TEZs, aims not only to provide viable investment opportunities but also help in the growth of creating employment opportunities, promoting and prioritizing culture and heritage, making a destination and social impact, enhancing the livelihood ad providing other opportunities, and overall supporting the tourism development of the country./PN
