Philippines report 2019

Tourism investments boost economic growth in the Philippines

SYNERGY MEDIA SPECIALISTS

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.

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.com
www.tieza.gov.ph