A inaugural PH Tourism Investment Summit 2023

TOURISM Secretary Christina Garcia Frasco on Wednesday (October 11) graced the inaugural Philippine Tourism Investment Summit 2023 to foster collaboration between the public and private tourism stakeholders and highlight the investment opportunities in Tourism Infrastructure and Enterprise Zone Authority (TIEZA) assets and Tourism Enterprise Zones (TEZs).

Government leaders, foreign dignitaries, as well as investors and business heads and executives attended the Summit jointly hosted by the Department of Tourism (DOT), TIEZA and the Management Association of the Philippines.

In her keynote address, Frasco, also the chairperson of TIEZA Board of Directors, shared before hundreds of guests the Philippines’ diverse investment landscape in the tourism sector, noting how pivotal the industry is as a catalyst for economic development.

She presented investments on connectivity, convenience, and [e]quality initiated by the DOT, together with its partners from the public and private sectors.

“President Ferdinand Bongbong Marcos, Jr. emphasized that tourism is a priority. To quote our President: This prioritization goes deeper than mere provision of economic opportunities and job generation. It stems from the deep love you, me, and all of us, have for the Philippines. Indeed, this is not merely about economic rejuvenation, but also an expression of our shared love for our nation,” she said.

The tourism chief noted the importance of “appreciating and understanding” the unique offerings of the country as key toward the industry’s success.

“As we talk about enhancing and championing the tourism sector, we must fully appreciate and understand the unique offerings that our nation provides,” Frasco said.

She added “to every prospective investor here today, consider this: the Philippines isn’t simply offering an investment opportunity—it’s extending an invitation to be part of a legacy–a legacy marked by growth, sustainable development, and mutual success. Now is the moment to weave yourself into this vibrant tapestry, to unite with a nation on the verge of tourism growth. Let’s come together, not only to shape but to redefine the future contours of Philippine tourism. Let’s craft this legacy together, and in unity, truly embody the spirit of “Love the Philippines.”

TIEZA Chief Operating Officer (COO) Mark T. Lapid for his part, cited the significance of the 1st Philippine Tourism Investment Summit, noting that tourism is a revenue-generating and growth driving industry, thus the need to foster more collaborations among potential investors both from the public and private sector.

“Philippine tourism is a massive engine of growth and development for the country. Hence, the Philippine government at various levels has considered tourism as one of its top development priorities to ensure its sustainability. Aligned with the 2023-2028 National Tourism Development Plan, TIEZA is continuously exerting efforts to make the Philippines not only a prime tourist destination anchored on the Filipino identity, but also a prime tourism investment destination within the framework of sustainable development,” he said.

The summit also offers a platform for potential investors to explore and engage with TIEZA.

This will emphasize the prospects for partnership with TIEZA in the realm of travel tax administration, the development of tourism infrastructure, TEZs, and asset management, the DOT said.

The first Philippine Tourism Investment summit aims to raise awareness as to the function of TIEZA as the Investment Promotions Agency of the tourism industry; present the fiscal and non-fiscal incentives for tourism enterprises through the TIEZA registration process aligned with the CREATE Act; encourage public-private partnerships in the TIEZA Assets and Flagship Tourism Enterprise Zones (TEZs); and provide a venue for networking with key industry players and government partners.

TIEZA is one of DOT’s eight attached agencies, and is the infrastructure arm of the Department.