TIEZA to woo Chinese investors to set up shop in TEZs
MANILA, Philippines — The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) is courting Chinese investors to set up shop in Tourism Enterprise Zones (TEZs) across the country.
“We are looking forward to sharing with you (Chinese investors) the investment opportunities within our Flagship Tourism Enterprise Zones (FTEZs) and Registered Tourism Enterprises (RTEs), in line with one of the TIEZA’s mandate to develop, establish, and supervise TEZs and grant fiscal and non-fiscal incentives,” TEZ assistance and monitoring department manager of the TEZ management sector Hernando Enal said during the first ever China-Philippines Summit in Manila last week.
A TEZ is an area of at least five hectares in size and is in one contiguous territory with historical and cultural significance, environmental beauty, or existing potential integrated leisure facilities within its vicinity.
At present, there are five FTEZs across the country. Among these are the 883.11-hectare Long Beach area of San Vicente, Palawan; the Rizal Park Complex in Manila; Mt. Samat Shrine in Bataan; Panglao Bay Premiere in Bohol; and Bucas Grande in Surigao del Norte.
TIEZA also has a total of six RTEs namely Philippine Arena, Kingdome Stadium inside Kingdom Global City, Magikland inside Aton Land and Leisure Zone, Signature Suites in Boracay, Aklan and Kabote Beach Resort and Lazuli in Palawan.
TIEZA chief operating officer Pocholo Paragas earlier told The STAR he is expecting more TEZ applications this year, driven by the support of the government to extend the granting of incentives.
Last week, the TIEZA launched the Electronic Import Permit System (eIPS), an online web-based system for filing and processing of TIEZA import permit applications of TEZs and RTEs, in a bid to streamline transactions.
“Using the eIPS, investors and locators can now submit the documentary requirements electronically through scanning and attaching the files within the website,” the TIEZA said.
Submission of hard copies will now only be required during the inspection stage, significantly shortening the application process from the minimum six days to a day.
TIEZA has partnered with Intercommerce Network Services for the eIPS.