Europe investors eyed for tourism zones

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) is wooing European businessmen to invest in its flagship projects, in line with improving the country’s tourism infrastructure.

The TIEZA said it presented investment opportunities for the TIEZA flagship Tourism Enterprise Zones (TEZs) to the French Chamber of Commerce and Industry (CCI FrancePhilippines); the GermanPhilippine Chamber of Commerce and Industry (GPCCI); and the Spanish Chamber of Commerce in the Philippines (La Cámara).

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.

Among the investment opportunities presented are 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.

“The Philippines is the next big thing in tourism and TIEZA offers several investment opportunities that would pave way for the private sector to become part of the steadily growing development of high-impact tourism infrastructures,” the TIEZA said.

“With the release of a clarification from the Bureau of Internal Revenue on May 31 affirming the incentives for TEZs under the Tourism Act of 2009 may be enjoyed by investors even beyond 2019 until these incentives are fully realized, investors are encouraged to apply with TIEZA before 2019,” the TIEZA said.