Wellness in Tourism: DOT steps up efforts to boost investments in tourism | Inquirer Business

DOT steps up efforts to boost investments in tourism | Inquirer Business: "“Investments in tourism via TEZs (tourism enterprise zones) are a win-win for the industry, with developers rewarded for responsible development initiatives. We have, therefore, made Tieza incentives as attractive as possible,” Tourism Secretary Alberto Aldaba Lim said.
Tieza draws its mandate to designate and oversee TEZs from the Tourism Act of 2009 (RA 9593), specifically from Section 64. It is governed by a board chaired by the tourism secretary.
Tieza’s incentive package compares favorably to those offered by other investment promotion agencies such as the Board of Investments and Philippine Economic Zone Authority (Peza). For instance, Tieza offers an income tax holiday for investors of six years, extendable for another six years, compared to BOI’s three to six years and Peza’s four years. Some incentives, like tax reduction for social responsibility initiatives conducted by a TEZ, are available only under Tieza.
A company needs to invest a minimum of $5 million, exclusive of the cost of land acquisition, to qualify for incentives. In “extremely meritorious cases,” Tieza may accept a lesser amount if deemed sufficient for the requirement of the project."