DOT, Peza tie up on incentives for tourism-related investments

Properties

Wednesday, 04 February 2009 18:05

INCENTIVES, incentives, inventives. That is the strategy of the government to enhance the country’s standing as a very attractive locale for tourism-related investments—it has issued a long list of activities in areas declared as tourism economic zones that are imbued with business sweeteners. The Department of Tourism and the Philippine Economic Zone Authority (Peza), in a supplemental memorandum of agreement they recently forged, also identified the categories of capital equipment that can be imported duty-free. Tourism Secretary Ace Durano said that through the supplemental agreement with the Peza, the tourism projects and capital equipment that can be extended, the government incentives “are now clearly outlined to make it easier for investors to avail [themselves] of the perks.” The qualified tourism-related investments in a tourism economic zone include hotels (de luxe/first class), condominium and serviced apartments, resorts, theme parks, museums/art galleries, health-and-wellness facilities, sports and recreational centers, international convention centers, airports, seaports and marinas. The DOT said qualified projects “will readily obtain” the agency’s endorsement, which is a prerequisite in registering tourism investments with Peza, and with this assurance, the department expects a surge in investments. “Tourism is seen to be one of the strongest propellers of the economy for the year ahead. Together with the government, we seek to intensify the impact of this industry on the economy, particularly by encouraging investments and creating opportunities for tourism economic zones,” said Durano. This initiative, he said, is “crucial as investments in tourism ecozones are on the upsurge, particularly in retirement estates and medical and wellness facilities.” “Tourist arrivals are expected to rise with people preferring inexpensive destinations. We are gearing up for this influx by aggressively promoting tourism investments to foreign stakeholders,” added Durano. M.V. de Leon