MANILA - Local groups urged Taiwanese businessmen to invest in the country's tourism, entertainment and travel sectors during a Philippine Tourism and Investment Forum held Thursday in Taipei.
Manila Economic and Culture Office (MECO) through its commercial affairs section, the Philippine Trade and Investment Center in Taipei (PTIC), worked closely with the Philippine Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and the Department of Tourism's Taipei office to organize the tourism investment roadshow and strategic meetings with Taiwanese conglomerates with "strong potential" to invest in the sector, the firm said in statement.
Conglomerates in Taiwan should take advantage of incentives offered by TIEZA, MECO said.
Taiwanese companies in tourism, travel, entertainment and hospitality businesses were invited to "seriously consider the Philippines as its primary investment destination, to take advantage of the golden opportunities, government support and incentives and world-class travel destinations," MECO added.
International opportunities offered by TIEZA for the first time Taiwanese investors were highlighted by MECO chairman Angelito Tan Banayo during the forum.
Promoting investments in the Tourism Economic Zones helps in revitalizing the local tourism industry, TIEZA chief operating officer Pocholo Paragas said in his keynote speech.
President Rodrigo Duterte in April signed into law Republic Act 11262, which amended the Tourism Act of 2009, enabling TIEZA to grant attractive incentives for tourism enterprises in tourism enterprise zones.
The Philippines received the highest growth rate for outbound tourists from Taiwan at 55.42 percent for the month of June and 30.6 percent from January to June period compared to the same period in 2019 , MECO said, citing data reported by Taiwan.