Coordination and Development Functions of the Board
- Coordinates activities of all government agencies concerning travel and tourism.
- Develops tourist attractions and maintains essential facilities where private enterprise is unwilling or unable.
- May extend assistance to private enterprises for tourism projects.
- Assistance terms:
- Provided as a loan with adequate collateral.
- Yearly interest of 3%.
- Payable in up to ten-year installments.
- Recipient must provide counterpart funding equal to the assistance.
Allocation and Use of Board Funds
- Up to 50% of collections under relevant sections accrue to the Board's funds.
- Funds spent exclusively for:
- General development of tourist facilities.
- Promotion of tourism.
- Remaining balance allocated specifically for:
- Restoration, rehabilitation, acquisition, or development of tourist plants, facilities, conveniences, and historical/cultural attractions.
- Foreign publicity, advertising, and sales promotion.
- Foreign operations funding:
- Between one-third and one-half of the balance must be used.
- Central Bank to provide necessary foreign exchange upon Board certification and application.
Regulation of the Travel Agency Business
- Board holds exclusive authority to regulate travel agency businesses in any form.
- Empowered to prescribe rules for establishment and operation.
- Authority to fix and collect an annual license fee, not exceeding one hundred pesos.
- Prohibits unlicensed individuals or firms from engaging in the travel agency business.
Additional Powers of the Board
- Empowered to effect any other necessary measures to achieve the Act’s objectives.
Effective Date
- The Act took effect immediately upon approval on June 17, 1960.