THE government has declared the 24.5-hectare Newport City Tourism Zone in Pasay City a tourism economic zone, allowing its project proponent Megaworld Corp. and future locators to enjoy tax incentives.

Megaworld Corp. has allotted P7.641 billion for the project that is scheduled to be completed next year.

Among its features are a de luxe airport hotel, a convention center and a service apartment.

It will also have sports and entertainment facilities, and some portions for residential and commercial purposes.

Proclamation 1557 issued by President Arroyo last month declared the Newport City CyberTourism Zone in Villamor Air Base, Pasay City, as the country’s newest tourism ecozone pursuant to the provisions of Republic Act 7916, or the Special Economic Zone Act of 1995, which gives the President the authority to designate parcels of land as economic zones.

Department of Tourism (DOT) Secretary Joseph Ace Durano welcomed Malacañang’s declaration as the development signals the continuous interest of investors in the domestic tourism industry. 

“The creation of more tourism economic zones only reflects the stability and the great interest of investors in the Philippines. Tourism is a major contributor to the economy as it creates job opportunities to Filipinos,” Durano said in a statement.

Durano endorsed to the Palace the declaration of the area as a tourism ecozone.

This qualified Megaworld Corp. to a host of incentives, including the lower 5-percent tax on gross income earned in lieu of all national and local taxes, except real property taxes on land owned by developers.

Companies that will locate inside the new tourism ecozone will also be eligible for incentives such as a four-year income-tax holiday and duty-free importation of capital equipment.

Ma. Victoria Jasmin, head of the DOT Tourism Investments Promotions Group and the concurrent director of the Office of Tourism Standards, said the President’s declaration of the project as an economic zone gives positive signals to prospective investors in the tourism industry.

“The business community is confident of the great potential in the domestic tourism industry. The Philippine government is committed in helping the business community,” Jasmin said.

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