PHILIPPINE ECONOMIC ZONE AUTHORITY

Republic of the PhilippinesPHILIPPINE ECONOMIC ZONE AUTHORITYRoxas Boulevard corner San Luis StreetPasay CityCERTIFICATE OF BOARD RESOLUTIONThis is to certify that in a meeting of the Board of Directors of thePhilippine Economic Zone Authority held on 10 October 2002, during which aquorum was present, the following resolution in consonance with theMemorandum of Agreement between the Department of Tourism representedby its Secretary Richard J. Gordon and the Philippine Economic ZoneAuthority represented by its Director General Lilia B. de Lima, was approved:RESOLUTION NO. 02-342GUIDELINESFOR THE REGISTRATION AND ADMINISTRATION OF INCENTIVES TOTOURISM ECOZONE DEVELOPERSIOPERATORS AND LOCATORSREPUBLIC ACT NO. 7916, AS AMENDEDI.DEFINITION OF TERMS"Tourism Development Zone I Tourism Estate" refers to a tractof land with defined boundaries, suitable for development into anintegrated resort complex, with prescribed carrying capacities oftourist facilities and activities, such as, but not limited to, sports andrecreation centers, accommodations, convention and culturalfacilities, food and beverage outlets, commercial establishmentsand other special interest and attraction activitieslestablishments,and provided with roads, water supply facilities, power distributionfacilities, drainage and sewage systems and other necessaryinfrastructure and public utilities. A Tourism Development Zone /Tourism Estate shall be under unified and continuousmanagement, and can either be a component of an ecozone or thewhole ecozone itself.2."Tourism Ecozone" refers to a Tourism Development Zone 1Tourism Estate which has been granted as a special economiczone status, through PEZA registration and issuance of therequired Presidential Proclamation, with its metes and boundsdelineated by the Proclamation pursuant to R.A. No. 7916, asamended.

11.3."Tourism Ecozone DeveloperlOperatorn refers to the ownerand/or operator of a Tourism Development Zonerrourism Estateseeking registration with PEZA and the required PresidentialProclamation of the Tourism Development Zonerrourism Estate asa Tourism Ecozone for the availment of incentives provided underR.A. No. 7916.4."Tourism Ecozone Locators" refers to enterprises registered withPEZA for the establishment and operation, within PEW-registeredTourism Ecozones, of sports and recreation centers, accommodation, convention, and cultural facilities and other special interestand attraction activitieslestablishments, with foreign tourists asprimary clientele, and which are, therefore, eligible for fiscal andnon-fiscal incentives.COVERAGEThese Guidelines shall cover the PEZA registration of and the grant offiscal and non-fiscal incentives to Tourism Ecozone Developers1Operators and Locators, as provided under R.A. No. 7916, as amended.1.LocationPEW-registered Tourism Ecozones shall be located in priorityareas identified in or consistent with the DOT'S Tourism MasterPlans.2.Landholding RightsA PEW-registered Tourism Ecozone DeveloperIOperator shallhave proof of ownership or rightlauthority to use the land subject ofthe Tourism Ecozone and shall be responsible for the managementand operation of such Tourism Ecozone. A Tourism Ecozone mayserve as location for Filipino, foreign and/or joint ventureenterprises engaged in tourism-oriented activities, endorsed by theDOT and subsequently registered or given locational clearance byPEZA. Location of an enterpriselestablishment in a TourismEcozone, therefore, shall not automatically entitle the enterprise toavailment of incentives provided under R. A. No. 7916, asamended.3.Registrable Activities and Fiscal IncentivesThe following enterprises, activities and facilities, established withforeign tourists as primary clientele, as may be determined throughcompliance with appropriate DOT standards, may, uponendorsement of the DOT, be considered for PEW-registration foravailment of fiscal and non-fiscal incentives provided under R.A.No. 7916, as amended:

a.Tourism Ecozone DevelopersIOperators shall be entitled tofour (4) years of Income Tax Holiday (ITH), subject to theprovisions of the Investment Priorities Plan (IPP), providedthat Tourism Ecozones located in Less Developed Areas shallbe granted six (6) years ITH. Upon expiry of the ITH period,Tourism Ecozone Developers1Operators shall have the optionto pay a special 5% tax on gross income earned, in lieu of allnational local taxes, except real property taxes on land ownedby developers (5% GIT incentive), provided, however, thatPEW-registered Tourism Ecozone DeveloperslOperatorsshall have the option to forego its ITH incentive entitlementand immediately avail of the 5% GIT incentive upon start oftheir commercial operations.b.Enterprises establishing and operating sports and recreationcenters, accommodation, convention and cultural facilities,theme parks, and other special interest or attraction activities1establishments shall be entitled to four (4) years ITH, as maybe provided in and in accordance with the provisions of theIPP, and tax and duty-free importation of capital equipmentrequired for the technical viability and operation of theregistered activities of the enterprises. Upon expiry of the ITHperiod, PEW-registered Tourism Ecozone locators shall beentitled to the 5 % GIT incentive, provided, however, that theyshall have the option to forego their ITH incentive entitlementand immediately avail of the 5% tax GIT incentive upon start oftheir commercial operations.c.Enterprises establishing and operating airports, seaportsandlor marinas shall be entitled to the ITH incentive, as maybe provided in and in accordance with provisions of the IPP,and tax and duty-free importation of capital equipment. Uponexpiry of the ITH period, PEW-registered Tourism Ecozonelocators establishing and operating airports, seaports andlormarinas shall be entitled to avail of the 5 % GIT incentive,provided, however, that they shall have the option to foregotheir ITH incentive entitlement and immediately avail of the 5%GIT incentive upon start of their commercial operations.All PEW-registered Tourism DeveloperslOperators and LocatorEnterprises shall conform with the development guidelines andoperating standards of the DOT, land use and zoning regulations,as well as the policies and guidelines of other concernedgovernment agencies, provided that in the case of EcotourismProjects, endorsement from the National Ecotourism SteeringCommittee shall also be secured prior to PEZA registration.

4.Non-Fiscal lncentivesPEW-registered Tourism Ecozone Developers/Operators andLocators shall be entitled to the following non-fiscal incentives:Ill.a.Employment of foreign national, as provided under R.A. No.7916b.Special Investor's Resident Visa, as provided under ExecutiveOrder No. 63c.lncentives under the Build-Operate-Transfer Law, as may beapplicable, subject to prescribed guidelines.DOCUMENTARY REQUIREMENTS FOR PEZA-REGISTRATION OFPROPOSED TOURISM ECOZONES AND LOCATOR ENTERPRISESApplications for PEW-registration of proposed Tourism Ecozones shallbe submitted with the following documentary requirements:1.Endorsement of the DOT and, in the case of Ecotourism Projects,together with the endorsement of the National Ecotourism SteeringCommittee.2.Duly accomplished PEZA Application Form3.Board Resolution authorizing the filing of the application with PEZAand designating representative(s) authorized to transact registrationwith P E W4.Proof of ownership of or right to use the land subject of theproposed Tourism Ecozone5.Land Use Conversion Clearance Certificate or its equivalent fromthe Department of Agrarian Reform (DAR)6.Certification from the Department of Agriculture (DA) that theproposed area is not covered by Administrative Order No. 20 andthat such land has ceased to be economically feasible foragricultural purposes7.Certification from the Housing Land Use Regulatory Board(HLURB) specifying that the proposed land use is in accordancewith the land use plan duly approved by the legislative council(Sanggunian) of the host municipalitylcity8. Environmental Compliance Certificate issued by the Department ofEnvironmental and Natural Resources/Environmental ManagementBureau (DENRIEMB)

9. National Water Resources Board (NWRB) Certification that theidentified source of water shall not cause water supply problem forthe adjacent communities10. Endorsements by the concerned Local Government Units (LGUs)11. Site Development Plan12. Technical Description of the area(s) sought to be proclaimed as anecozone including survey returns duly approved by the LandManagement Bureau13. Securities and Exchange Commission (SEC) Registration includingArticles of lncorporation and By-Laws.Applications for PEZA-registration of Tourism Ecozone LocatorEnterprises shall be submitted with the following documentaryrequirements:1.Endorsement of the DOT2.Duly accomplished PEZA Application Form3.Board Resolution authorizing the filing of the application with PEZAand designating representative(s) authorized to transact registrationwith PEZA4.Securities and Exchange Commission (SEC) Registration includingArticles of lncorporation and By-Laws5.Corporate Profile (including that of the parent company, ifapplicable)a.b.c.d.e.Brief history of the companyPrincipal officers and bio-dataList of affiliated companies in the PhilippinesAudited Financial Statements (for the latest three years forexisting companies)Existing business activities and projects6. Project Brief (providing information on the proposed activity to beregistered with PEZA and the corresponding market, technical,management and financial aspects of the proposed project)

IV. EFFECTIVITYThese Guidelines shall take effect thirty (30) days after publication in theOfficial Gazette or in a newspaper of general circulation.p fw--". L ISITO A. TRINIDADATTCorporate Secretary

Republic of the PhilippinesPHILIPPINE ECONOMIC ZONE AUTHORITYRoxas Boulevard corner San Luis StreetPasay CityCERTIFICATE OF BOARD RESOLUTIONThis is to certify that at the Board Meeting of the Philippine Economic ZoneAuthority (PEZA) held on 28 November 2007, during which a quorum was present,the following resolution was approved:RESOLUTION NO. 07-553RESOLVED, That the PEZA Board hereby APPROVES the recommendationof Management to reduce the minimum area requirement for tourism economiczones from 25 hectares to only about 5 hectares.-@'9JENNY JUNE G. ROMEROActing Corporate Secretary

Republic of the PhilippinesPHILIPPINE ECONOMIC ZONE AUTHORITYRoxas Boulevard corner San Luis StreetPasay CityCERTIFICATE OF BOARD RESOLUTIONThis is to certify that at the Board Meeting of the Philippine Economic ZoneAuthority (PEZA) held on 29 May 2008, during which a quorum was present, thefollowing resolution was approved:RESOLUTION NO. 08-275RESOLVED, That the PEZA Board hereby APPROVES the following list oftourism-oriented activities andlor types of establishments which shall be eligible forPEZA-registration inside Proclaimed Tourism Economic Zone as confirmed by theDepartment of Tourism (DOT) on 30 October 2007, and .to include in the said listcondominium hotels and serviced e Luxe, First ClassResort"AAAThemed ParkMuseumIArt GalleriesHealth and Wellness FacilitySports and Recreational CenterInternational Conventionrrrade CenterAirport, Seaport, MarinaJ'JENNYJUNE G. ROMEROActing Corporate Secretary