New Entertainment Hub

The government issued Proclamation No. 2019, declaring Bagong Nayong Pilipino Entertainment City on reclaimed land of Manila Bay in Parañaque City as a tourism economic zone that would grant incentives to locators.

Under the order, locators in the newly designated economic zone will be exempt from most national and local taxes, except real estate tax and a 5 percent tax on gross income. PEZA director-general Lilia de Lima said foreign groups may also own as much as 100 percent of a project operating in an economic zone, as long as the industry concerned is not included in the so-called "negative list" of investment areas reserved for Filipino nationals.

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