THE DEPARTMENT of Tourism is grateful that the Philippine Economic Zone Authority (Peza) has expanded the categories for the type of enterprises that can be accredited as a tourism economic zone.
Tourism Secretary Joseph Ace Durano said Peza also registers condo-hotels (condotels) as tourism economic zones to enable property owners or developers to raise funds for the project.
"Before, (the accreditation) was purely for hotels," Tourism Secretary Joseph Ace Durano said last Friday when he signed the memorandum of agreement after the Imperial Palace Waterpark Resort and Spa was declared a tourism economic zone.
Aside from Imperial Palace, Durano revealed that four other companies in Cebu, three in Boracay and five in Manila have applied for the same accreditation.
Developed by the Philippine BXT Corp (PhilBXT), the Imperial Palace is the first operational tourism economic zone in
Cebu, Durano said.
Investment
As a tourism economic zone, Imperial Palace offers investors-those who will buy rooms in the resort as an investment-a scheme where they (investors) are "guaranteed" to earn eight percent of the unit cost every year for the first three years of the establishment's operation.
Together with the fully-furnished hotel room that he or she buys, the investors also gets a golf share.
After three years, Imperial Palace will offer an option to buy back the unit at the original purchase price.
At present, Imperial Palace is offering 70 one-bedroom suites with prices ranging from P9 million to more than P11 million.
As a tourism ecozone, the Imperial Palace will enjoy the same benefits as any other Peza-registered companies, including income tax holidays for four years and duty free importations of capital equipment.
Imperial Palace is expected to be completed within the year. By then, it will have a total of 556 hotel rooms. Its amenities include a water park, restaurants and a golf course within a 7.5-hectare property in Maribago, Lapu-Lapu City.
Durano described Imperial Palace as a "welcome addition" to DOT's Trabaho sa Turismo Fair next month.
"By April, Imperial Palace will open 1,100 (slots) for direct employment," he said. He added that new hotels that will open up in the next three years will continue to provide job opportunities, especially to those recently laid off from work.
Meanwhile, Durano said the DOT will settle for a P600-million budget, more or less the same amount as last year's, to fund promotions and campaigns.
"The big bulk of the government's budget will (be spent on social services) for laid-off employees of manufacturing firms," Durano said, adding that there is also no budget cut for the DOT.
This year, DOT plans to spend P90 million for promotions in the United States, P100 million for China, another P100 million for Korea, P90 million for Europe and P150 million for Asia Pacific countries. (DME)
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