Tourism investments boost economic growth in the Philippines

Posted in: JT - Philippines 2019 Started by

Tourism investments boost economic growth in the Philippines

As an archipelago, the Philippines offers a wealth of investment opportunities. Founded on a diverse cultural heritage and ancient traditions, the Philippines has become a leading regional economy offering world-class products and services while continuously attracting foreign investors. By placing significance on maintaining cultural and natural beauty while adapting to modern times in a sustainable manner, the government plans to rapidly increase growth with Tourism Enterprise Zones (TEZs).

The Philippine government’s National Tourism Development Plan (NTDP) provides guidance and well-coordinated planning strategies on investment opportunities across the country.

As a joint initiative by the Department of Tourism and the Tourism Investment and Enterprise Zone Authority (TIEZA), TEZs represent the Philippines’ development flagship areas and are driving infrastructure developments. TEZs identify, develop and manage areas across the Philippines that demonstrate viable tourism potential as cited in the NTDP. The NTDP vision is to showcase highly attractive areas in the TEZs, with the goal of bringing growth and development through foreign direct investment to these areas.

Evaluated on attractiveness, tourism resources, accessibility and sustainable development, below are several highly attractive TEZs.

San Vicente  |  © Department of Tourism

Located on the western coast of the island of Palawan, San Vicente is an integrated tourism destination project showcasing a 14-kilometer white sand beach, pristine islets and lush mountains. The 165,000-hectare area is populated by local and indigenous people and this project, embracing responsible and sustainable development standards, is open to public and private initiatives for the construction of resorts, hotels and nature-focused amenities. The recently completed San Vicente International Airport is bringing investment directly into the area. Investments in the construction and repair of access roads, modular docking facilities, water supply, power generation, distribution facilities and administrative buildings, including TIEZA and TEZ offices, are creating significant interest in the area.

Panglao Bay Premiere  |  © Department of Tourism

The recently completed Bohol International Airport on Panglao Island is a short 15-minute drive from Panglao Bay Premiere and investments in this area are on the rise. The 111-hectare property is being designed as an integrated leisure-resort complex. The South Palms Resort is already open for business and consists of a high-end, 90-room beach resort facility. Other investment opportunities include a meetings, incentives, conferencing and exhibitions (MICE) center and the development of more hotels and resorts.

Mount Samat  |  © Department of Tourism

Located in Pilar, Bataan, Mount Samat is intended to be an integrated heritage-tourism destination showcasing the Mount Samat National Shrine of Valor, a World War II museum. Complementing the heritage site will be a cable car, a green transportation network, accommodation, retail complexes and recreational and adventure facilities. The development of supporting infrastructure and a proposed tourism center is expected to be similar to the San Vicente TEZ.

Rizal Park  |  © Department of Tourism

Located in the capital, Manila, Rizal Park is to be “the nation’s premier historic green park.” Landscaping improvements and new leisure facilities will take advantage of the famed Manila Bay sunset. The area will include an esplanade, wharf promenade and encompass a redeveloped children’s play area.

Bucas Grande Island  |  © Department of Tourism

This area is part of the Dinagat-Siargao Islands in northern Mindanao. The zone consists of 167 hectares and is home to the Sohoton Cove National Park and the Kapihan Nature and Adventure Park. The Bucas Grande Island zone will provide world-class venues and services and offers investment opportunities in construction facilities in the main, mountain and forest resort areas.

TEZs will continue to play a key role in the expansion of the country’s tourism offerings through the development of new and integrated beach resort complexes, heritage parks and ecotourism destinations.

Fiscal incentives have been implemented and include income tax holidays; net loss carry-over; gross income taxation; tax and duty-free importation; tax credit; and social responsibility initiatives.

Nonfiscal incentives include the employment of foreign nationals, special investors’ resident visas, leasing of land and the right to foreign currency transactions.

With its fast-paced yet sustainable developments, the Philippines is quickly becoming a highly desirable investment destination, ready to work together with public and private partners from around the world.

This natural beauty, cultural diversity and fiscal and nonfiscal incentives are the foundations of attraction.

Investors should look closely into the Philippines as a highly desirable investment destination.

For more information, contact: tez.secretariat@gmail.comwww.tieza.gov.ph

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