Solon seeks for fiscal incentives, tax exemption for Philippine Arena
A ROUND OF APPLAUSE The Philippine Arena, 50-hectare complex called Ciudad de Victoria or City of Victory, in Bocaue town, Bulacan province, a domed indoor arena, is the centerpiece of the centennial projects of the Iglesia Ni Cristo (INC) for its grand celebration on July 27. All is set for its inauguration tomorrow, to be led by INC executive minister Eduardo V. Manalo. EDWIN BACASMAS
MANILA, Philippines—A lawmaker seeks for the declaration of the Philippine Arena as a tourism enterprise and to award it with fiscal incentives.
Eastern Samar representative Ben Evardone filed House Bill 4786 directing the Department of Tourism and the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) to formulate and implement a tourism development plan for the Philippine Arena.
The proposed legislation will enable Philippine Arena to enjoy “available fiscal and non-fiscal incentives and benefits made retroactive to the initial phase of the Arena’s construction.”
Evardone said that the Philippine Arena is a “a gift to Philippine tourism and to the Filipino people”.
Through the proposed legislation, the Philippine Arena can obtain fiscal incentives such as 100-percent tax and customs duties exemption from importation of capital investment and equipment; six-year income tax exemptions and/or holidays; net operating loss carry-over incentive; and other fiscal benefits.
Article continues after this advertisementWhereas, non-financial incentives available to the Philippine Arena once it becomes a registered tourism enterprise include employment of foreign nationals; foreign currency transactions incentives like repatriation of investments, remittance of foreign exchange, and incentives involving foreign loans and contracts, among others.
Article continues after this advertisementThe Philippine Arena, located at Bocaue, Bulacan province, is the world’s largest indoor arena with a maximum seating capacity of 55,000 seats. The arena served as the premier project of the Iglesia ni Cristo for its centennial celebration.
The indoor arena is part of Ciudad de Victoria, a 140 hectare mixed-development zone which will include the construction of a hospital, university, sports facilities, and malls.
The arena is envisioned to be a multi-use facility which can host various events such as concerts, boxing matches, and live-music performances.
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