to 13 inclusively, of this Decree shall apply. Disposition of Lands.
Section 8
Section 8 to 13 inclusively, of this Decree shall apply. Disposition of Lands. — For the purpose of providing land acquisition assistance to registered tourism enterprises, to sell, subdivide, resell, lease, subless, rent out, or otherwise, including improvements thereon, if any, to said registered tourism enterprises under sufficiently soft terms for use specifically in the development of hotels, recreational facilities, and other tourist services: Provided, That the Authority shall reserve the right to repossess in accordance with the law any land so sold or leased in cases of insufficient use or misuse of land by said enterprise or their possible assignees. Development and Sale of Subdivisions and Condominiums. — To develop and/or subdivide any land in its name or undertake condominium projects thereon, and sell subdivided lots or condominium units to private persons for investment purposes: Provide, That such subdivision and/or condominium projects are undertaken within the tourist zones and in conjunction with the development thereof; Provided, further, That their use shall be within the guidelines set forth by the Authority. Transfer of Foreshore Leases. — To take over or transfer to a registered tourism enterprise in accordance with law any lease on foreshore areas within a tourist zone or adjacent thereto, in cases wherein said areas are not being utilized in accordance with the Authority's approved zone development plan and wherein the lessee concerned does not agree to conform accordingly after due consultation with the local government having jurisdiction over the granting of said leases. Reclamation of Land. — To arrange for the reclamation of any land adjacent to or adjoining a tourist zone in coordination with appropriate government agencies. C. INFRASTRUCTURE DEVELOPMENT FOR TOURIST ZONE PURPOSES Interned Infrastructure. — To contract, supervise and pay for infrastructure works and civil works within a tourist zone owned and operated by the Authority, or where necessary, to construct, acquire, own, lease, operate and/or maintain within said zone such infrastructure facilities as dams, reservoirs, water distribution systems, electric power systems, sewerage systems, telecommunications, roads, transportation facilities or other services and facilities necessary or useful for the conduct of business of the hotels, shops, restaurants and other tourist facilities and services in the zone, in coordination with appropriate government agencies. External Infrastructure. — To coordinate with appropriate government agencies the development of infrastructure requirements supporting a tourist zone, such as but not limited to, access roads to the zone, electric power brought to the property line of the zone, airports, harbors, and other support facilities. Other Related Powers. — In coordination with appropriate government agencies, to take water from any public stream, river, creek, lake spring, or waterfall in the Philippines; and to alter, straighten, obstruct or increase the flow of water in streams or in water channels intersecting or connecting therewith or contiguous to its works or any part thereof, for purposes of enhancing the attractiveness of projects for tourism purposes. D. ZONE ADMINISTRATION AND CONTROL Zoning Regulations. — In coordination with the Department of Local Government and Community Development and other appropriate government agencies, to formulate and implement zoning regulations, including building codes, hotel standards, and such other restrictions as may be necessary within a tourist zone to control its orderly development, to preserve such historical, cultural and/or natural assets or relics giving the zone its tourism value and significance, and to assure adherence to approved zone development plans. Determination and Regulation of Zone Enterprises. — To determine and regulate the enterprises to be established within a tourist zone. Ecological Preservation and Maintenance. — To ensure, through the proper authorities concerned, the ecological preservation, maintenance and/or rehabilitation of the common and the public areas within a tourist zone and the environment thereof; and specifically, to control beach erosion and pollution to preserve all aspects giving the zone its tourism value. Preservation and Restoration of Tourist Attractions. — In coordination with appropriate government agencies; (a) to identify and recommend to the President the preservation and/or restoration of national monuments or preserves; (b) arrange for the preservation and/or restoration of the same with appropriate government agencies or with the private sector or with the owners themselves of said tourist attractions; and (c) identify and recommend to the appropriate authorities concerned the declaration of tourist areas and attractions as national monuments and preserves. E. PROJECT AND INVESTMENT PROMOTIONS Promotion of Own Projects. — To identify, develop, invest in, own, manage and operate such projects as it may deem to be vital for recreation and rest but which are not sufficiently attractive economically for private investment. Construction and Leasing of Tourist Facilities. — To construct hotel buildings and other tourist facilities within a tourist zone and in turn lease such facilities to registered tourism enterprises for operation, management and maintenance. Promotion of Wholly-Owned Subsidiary Corporations. — To organize, finance, invest in, manage and operate wholly-owned subsidiary corporations when such arrangement is hereby necessary to implement the purposes, functions and powers conferred or granted to it under this Decree, subject to the approval of the President for each: Provided, That such corporations may not declare dividends. In the exercise of the above functions, the Authority shall avoid competing against or discouraging the private sector in undertaking similar projects and shall engage only in those activities as are in the nature of pioneering ventures or are demonstrably beyond the scope, capacity, or interest of purely private enterprises due to considerations of geography technical or capital requirements, returns on investments and risks: Provided, That the Authority may choose to engage private parties to provide the direct operating management of these projects under terms and conditions beneficial to the Authority. F. DIRECT ASSISTANCE TO REGISTERED ENTERPRISES Administration of Incentives. — To administer the tax and other incentives granted to registered enterprises under Presidential Decree No. 535 or under any law as may later be enacted: Provided, That the Authority shall prescribe the procedure and manner under which the incentives may be made available and the qualifications that may be required of the registered tourism enterprises availing of said incentives: Provided, further, That the Authority shall reserve the prerogative to determine and select which of the authorized incentives shall be granted to a particular type of registered enterprise, or conversely, which types of registered enterprise may avail of a particular incentive: Provided, finally, That the administration of the collection of internal revenue taxes and customs duties shall be left to the Bureau of Internal Revenue and the Bureau of Customs, respectively, as the case may be. Approval and Registration of Tourism Projects. — To evaluate, approve and register or reject any and all tourism projects or enterprises established within the tourist zones, applying for financial assistance, and/or availing of tax and other incentives provided by law. Granting of Loans; Re-lending of Borrowed Funds. — To grant medium and long-term loans and/or re-lend any funds borrowed for the purpose to duly qualified registered tourism enterprises for the development, establishment expansion, rehabilitation and/or encouragement of tourism projects owned, managed and/or operated by said enterprises, and/or for the acquisition or procurement of machinery, equipment and other implements needed in the operations of registered tourism enterprises. Guarantee Local and Foreign Currency Obligations of Registered Enterprises. — Whenever deemed necessary for purposes of enabling registered enterprises to secure financing at preferred and competitive terms to assure the viability and implementation of the registered projects, the Authority may guarantee local and foreign borrowing of registered enterprises under terms and conditions it shall promulgate. Provide Equity Investments. — In order to meet the necessary local counterpart funds for specific projects where the existing local equity is not adequate, the Authority may provide equity investments in the form of cash and/or land under terms and conditions it shall promulgate, and with the end in view that said equity investments will be eventually sold to the public to provide dispersal of ownership in the tourism industry. Provide Technical, Management and Financial Assistance. — In order to ensure the realization of projects deemed by it to be viable and deserving, the Authority shall extend technical, management and financial assistance to such tourism projects, subject to policies and guidelines which the Board shall formulate; and in this direction the Authority may prepare or contract for the preparation of feasibility and other pre-investment studies upon its own initiative: Provided, That any expenses so incurred by the Authority shall be reimbursed by the tourism enterprises benefiting therefrom within five years from their start of operations; and Provided, further, That the reimbursement by the benefiting enterprises of the Authority's expenses for such assistance shall be a condition for the grant of such assistance. Promote Joint Ventures. — The Authority shall identify, contract and assist in negotiations suitable partners for both local and foreign investors interested in investment or participation in the tourism industry. Provide Facilitation Services to Investors. — The Authority shall assist registered enterprises and prospective investors to have their papers processed with dispatch by all government offices, agencies, instrumentalities and institutions. G. OTHER POWERS AND FUNCTIONS Services of Consultants. — To engage or retain and pay for the services of financial, management, legal, technical and/or project consultants from the private or government sector. Said consultants shall be exempt from the requirement set forth in Section 37 hereof. Succession. — To have the power to succeed by its corporate name. Corporate Seal. —To adopt, alter, and use a corporate seal which shall be judicially noticed. Sue and Be Sued. — To sue and be sued under its corporate name. Contracts. — To enter into contract of any kind and description to enable it to discharge its functions and powers under this Decree. Ownership or Possession of Personal and/or Real Property. — To acquire, lease, own, or possess such personal and/or real property as it deems necessary or convenient in the transaction of its business and/or in relation with the carrying out of its purposes, functions and objectives under this Decree; and to lease, mortgage, sell, alienate, or otherwise encumber or dispose of any such personal and real property held by it. Rules and Regulations. — To make, adopt, promulgate and enforce such rules and regulations as are necessary to execute the powers, duties and functions vested in it by this Decree and by Presidential Decree No. 535, or to implement the policies and programs of the Department of Tourism, subject to the programs, policies and guidelines prescribed by the Department of Tourism. The rules and regulations issued by the Authority shall take effect immediately following their publication in two (2) national newspapers of general circulation in the Philippines: Provided, That in case of conflict between the Rules and Regulations promulgated by the Authority and the policies, guidelines or rules and regulations promulgated by the Department of Tourism, the latter shall prevail. Purchase, Hold, Alienate Stocks or Bonds. — To purchase, hold, alienate, mortgage, pledge, or otherwise dispose of, the shares of the capital stock of, or any bond, security, or other evidence of indebtedness created by any other corporation or co-partnership of this or any other country, and while the owner of said stock, to exercise all the rights of ownership, including the right to vote thereon: Provided, That such stock or indebtedness arise from projects or activities related to the promotion and development of tourism unless such holdings were made purely for temporary investment of unutilized funds. Collection of Fees, Charges, etc. — To collect such fees and charges as may be imposed and assigned to it under this Decree or other laws: Provided, That all taxes accruing to the Philippine Tourism Authority under this Decree and other laws, which will be collected by the Bureau of Internal Revenue and the Bureau of Customs, shall be remitted to the Authority quarterly. Borrowing Power. — When essential to the proper administration of its corporate affairs or when necessary for the transaction of its business or for carrying out the purpose of this Decree, to contract indebtedness and issue bonds, subject to the conditions set forth in Sections 8 to 13, inclusively, of Chapter III hereof. Fixing and Collection of Rentals, Fees and Other Charges. — To fix and collect rentals for the lease, use or occupancy of lands, buildings, structures, facilities and other properties owned or administered by the Authority; to fix and collect fees for services of utility systems owned or operated by it; and to fix and collect fees and charges for the processing of registration application, issuance of permits, and rendering of services not enumerated herein, the provision of any law, decree or rule to the contrary notwithstanding. Reservation of Power Necessary to Carry Out the Authority's Purposes, Functions and Objectives. To do any and all acts and things necessary, convenient and expedient to be done to carry out the purposes for which the Authority is created and organized and not repugnant to law, it being hereby expressly provided that the enumeration herein of specific purposes, objects, business, powers rights, and privileges shall not be construed is limiting or restricting in any way the general purposes, powers, rights, and privileges to be possessed and exercise by the Authority.