Section 87Sec./Art. 87

Non - fiscal Incentives Available to TEZ Operators and Registered Tourism Enterprises. - The following incentives may, in the discretion of the TIEZA Board, be granted to registered tourism enterprises within TEZs:

(a) Employment of Foreign Nationals. A registered enterprise may employ foreign nationals in executive, supervisory, technical or advisory positions for such reasonable periods and under such terms as may be provided by the TIEZA Board, with due regard for the proper protection and representation of foreign investments in registered enterprises, and the need to ensure easy travel into and out of the Philippines by such nationals and their immediate families;

(b) Special Investors Resident Visa. Under such terms as may be provided by the TIEZA Board, a foreign national who shall have made an investment with a value of at least Two hundred thousand dollars (USD200,OOO.OO) in a registered enterprise shall be entitled to a special investors resident visa. With such visa, the foreign national shall be entitled to reside in the Philippines while his or her investment subsists. Subject to regulations to be issued by the Bureau of Immigration (BI), the TIEZA shall issue working visas renewable every two (2) years to foreign personnel and other aliens, possessing highly - technical skills which no Filipino within the TEZ possesses, after they have secured Alien Employment Permits (AEP) from the DOLE.

The names of aliens granted permanent resident status and working visas by the TIEZA shall be reported to the BI within thirty (30) days after issuance thereof;

(c) Foreign Currency Transactions. Subject to the provisions of Section 72 of Republic Act No. 7653, as amended, otherwise known as the New Central Bank Act:

(1) Repatriation of Investments. In the case of foreign investments, the right to repatriate the entire proceeds of the liquidation of the investment in the currency in which the investment was originally made and at the exchange rate prevailing at the time of repatriation.

(2) Remittance of Foreign Exchange. The right to remit earnings from a foreign investment in the currency in which the investment was originally made and at the exchange rate prevailing at the time of remittance.

(3) Foreign Loans and Contracts. The right to remit at the exchange rate prevailing at the time of remittance such sums as may be necessary to meet the payments of interest and principal on foreign loans and foreign obligations arising from technological assistance contracts.

(d) Requisition of Investment. There shall be no requisition of the property of registered enterprises, except in the event of war or national emergency, and only for the duration thereof. In any case, the affected person shall be entitled to just compensation, and shall have the right to repatriate such compensation as provided in paragraph (c) above; and (e) Lease and Ownership of Land. Without prejudice to existing laws regulating the ownership of land by individuals and corporations, and consistent with the provisions of Republic Act No. 7652, otherwise known as the Investors Lease Act, lands and buildings in each TEZ may be leased to foreign investors for a period not exceeding fifty (50) years, renewable once for a period of not more than twenty - five (25) years.

The leasehold right acquired under long - term contracts may be sold, transferred or assigned, subject to the conditions set forth under the Investors Lease Act.

SUBCHAPTER V - B. TOURISM ENTERPRISES OUTSIDE TEZS