"To harness these opportunities in tourism and tourism infrastructure, the Manila Economic and Cultural Office (MECO) held its first-ever flagship tourism event, the Philippine Tourism Investment Forum, in Taipei on Thursday, Oct. 3, 2019.
It gathered some 120 Taiwanese conglomerates and business leaders under one venue where the MECO presented to them the various opportunities in the Philippines for tourism and tourism infrastructure through a forum as well as in high-level strategic meetings.
The forum was organized by MECO's commercial affairs section, the Philippine Trade and Investment Center (PTIC), which also functions as the representative office of the Philippine Department of Trade and Industry in Taiwan.
MECO and PTIC worked closely with the Philippine Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and the Department of Tourism’s Taipei Office to organize the two-day tourism investment road show.
The forum highlighted the attractive incentives, government support and numerous development and partnership opportunities in the Philippine tourism, hospitality and entertainment sector in a bid to boost Taiwanese presence in this industry.
Among the speakers at the forum were MECO chairman and resident representative Angelito Banayo and TIEZA chief operating officer (COO) Pocholo Paragas, the head of the Philippine delegation.
Banayo highlighted the numerous opportunities that the TIEZA is offering for the first time in Taipei to potential Taiwanese investors. Paragas, meanwhile, described the pivotal role of his office in promoting and revitalizing the Philippine tourism industry by aggressively promoting investments in tourism economic zones (TEZs).
According to MECO, among the flagship TEZs being offered to foreign tourism enterprises are Rizal Park in Manila, Mount Samat in Bataan, Panglao Bay Premiere in Bohol, San Vicente in Palawan, and Bucas Grande Island in Surigao del Norte.
The Philippine delegation said the government has made it easier for foreigners to invest in tourism and tourism infrastructure in the country with the passage of Republic Act No. 11262 in April. It amended the Tourism Act of 2009 and grants TIEZA extended powers to provide incentives to tourism enterprises located in designated TEZs.
In an email to The Philippine STAR, trade representative and MECO director of commercial affairs Michael Alfred Ignacio said among these incentives are income tax holidays of up to six years, five percent preferential taxes on gross income, net operating loss carry over, social responsibility incentives, and tax exemptions in the importation of capital and transportation equipment up to 2029.
Aside from fiscal incentives, tourism enterprises can also enjoy non-fiscal incentives, such as employment of foreign nationals, granting of special investor's resident visa, a 50-year land lease (renewable to 25 years, a total of 75 years), exemption from requisition of investment, and foreign currency transactions, Ignacio added."
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original by: Epi Fabonan III
published Thursday, October 10, 2019 at OneNews by Philstar
TIEZA COO Pocholo Paragas (seated, center) leads the distinguished panelists in the First Philippine Tourism Investment Forum, from left: Atty. Rupert Aquino of TIEZA, Assistant COO's Jetro Lozada and Atty. Karen Mae Sarinas-Baydo, MSK Chairman and CEO Simon Su, MECO Tourism Director Hazel Javier and MSK Consultant Seimo Huang. The panel was moderated by DTI Trade Representative and MECO Director of Commercial Affairs Michael Alfred Ignacio. Handout
ABOUT PTIC TAIPEI
The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan