By Ehda M. Dagooc Updated February 02, 2009 12:00 AM
The Philippine government has proclaimed the eight-hectare Imperial Palace WaterPark Resort and Spa in Mactan Island, as the first tourism economic zone in Cebu.
The P4.5 billion condotel project, developed by Korean-led company Philippine BXT Corporation targets to have its soft opening and start partial commercial operation on March this year.
"This is the first tourism economic zone proclaimed by President Gloria Macapagal Arroyo in Cebu, if not in the Visayas," said Philippine Economic Zone Authority (PEZA) director general Lilia De Lima.
During the ceremonial turn-over of the proclamation, De Lima said the development will show to the world that Philippines, specifically Cebu that business is bullish, despite the global economic downturn.
Under Presidential Proclamation number 1681, BXT Corporation automatically avails fiscal perks from the government, such as duty-free importation of capital equipment, and other tax incentives, including the promotions of the Department of Tourism's (DOT) "Live Your Dream" campaign.
DOT secretary Joseph "Ace" Durano said in an interview that other tourism-related projects in Cebu will soon be declared as Tourism Zone, and this will help tourism sector thrive amid the distressed economic situation in the world, while attracting more investors to put in tourism-related projects in the Philippines.
Also, to attract more investments in the tourism industry the DOT and PEZA inked a memorandum of agreement (MOA), to grant special economic zone status to tourism development zone; tourism estates including grant of incentives to registrable activities.
Pursuant to Republic Act number 7916, as amended by R.A. number 8748, tourism development zones/tourism estates may be granted Special Eco-Zone status upon registration to PEZA and issuance of the required Presidential Proclamation.
PEZA however will only consider proposed tourism development zones/tourism estates endorsed by the DOT, consistent with the guidelines created by both concerned agencies.
Tourist-oriented enterprises locating in Tourism Economic Zone (TEZ) may be granted fiscal and non-fiscal incentives provided under RA 7916, as amended.
According to Durano, the Robinson's Land condotel project on Mactan Island called Amisa, and other expansion projects like that of Shangri-La Mactan Island Resort and Spa are now currently applying as TEZ.
DOT and PEZA have identified the list of registrable activities for availment of incentives that will be locating inside the proclaimed TEZ, these are; Deluxe or First Class Hotel, condominium hotels and serviced residences/apartments; AAA class resort; theme park; museum/art galleries; health and wellness facility, sports and recreational center; international convention/trade center and airport, seaport.
Phil. BXT Corporation, the developer of the project, has tapped the services of Imperial Palace Hotel in Seoul, Korea to run and manage the resort. Imperial Palace Hotel is one of the finest in Korea with a vast network in their home country and the rest of the world.
Of the total 556 rooms, 425 room units will be available for sale for investors, and these units will be managed by Imperial Palace Hotel chain.
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