Iloilo investors encouraged to develop Tourism Enterprise Zones

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), in partnership the Department of Tourism (DOT-6) and Philippine Chamber of Commerce and Industry (PCCI-Iloilo), holds an investment forum in Iloilo City on Nov. 27.(Photo by IMT News/ Reymar Latoza)

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the Department of Tourism’s (DOT) infrastructure arm, encouraged investors in Iloilo to develop Tourism Enterprise Zones (TEZs).

A TEZ is an ” area of at least five hectares in size and is in one contiguous territory with historical and cultural significance, environmental beauty, or existing potential integrated leisure facilities within its vicinity.”

Donaldo R. Maldonado of TIEZA, during the TEZ Investment Forum held at Richmonde Hotel in Mandurriao district on Tuesday, Nov. 27, said TEZ developers as well as locators (tourism enterprises) are entitled to fiscal and non-fiscal incentives.

The incentives include, among others, a six-year income tax holiday that may be extended for another six years, a five percent preferential tax on gross income in lieu of national taxes except for real property tax and fees of TIEZA, a net operating loss carry over scheme, import tax exemptions for capital goods and equipment needed for TIEZA-registered activities, and import tax exemptions for transport equipment and spare parts needed for TIEZA-registered activities.

Randulf Joseph A. Demol of the TEZ Assistance & Monitoring Department said there is no existing TEZ yet in both city and province of Iloilo.

The event, organized by TIEZA in partnership with the Philippine Chamber of Commerce and Industry (PCCI-Iloilo) and DOT-6, was attended by various local and foreign chambers of commerce, developers, tourism enterprises, consultancy/law firms, tourism associations, and other tourism-related establishments mostly in Iloilo.

The forum is part of the agency’s regional roadshow that aims to promote the benefits of Republic Act No. 9593 or the Tourism Act of 2009.IMT