The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) board recently approved the agency’s own joint venture (JV) guidelines that will be used to allow private sector participation in the development, operation, management and/or disposition of TIEZA properties and facilities, whether owned, administered or controlled.
The Office of the Government Corporate Counsel (OGCC), in its Opinion No. 021 Series of 2018, affirmed that TIEZA has the power and authority to adopt its own rules and procedures for entering into JVs and management contracts and for the disposition/privatization of its assets.
We are confident that with the TIEZA JV guidelines, local and foreign private companies would be more interested to invest in tourism through our existing assets and our other tourism related facilities,” Chief Operating Officer Pocholo Paragas said.
Paragas asserted that the newly issued joint venture guidelines will help accelerate tourism infrastructure projects in the country, which are vital in providing better tourism experience for tourists and increase tourism receipts and revenues.