Coordination and Development Duties of the Board
- The Board coordinates activities of all government agencies related to travel and tourism.
- Responsible for developing tourist attractions and providing essential facilities when private enterprise does not meet these needs.
- May assist private enterprises in developing new tourist projects.
- Assistance to private enterprises is provided as loans with adequate collateral.
- Loans carry a 3% annual interest, payable within ten-year installments.
- Recipients of assistance must provide a counterpart amount equal to the loan.
Allocation and Utilization of Board Funds
- Up to 50% of relevant collections accrue to the Board's funds for use under its exclusive authority.
- Funds are spent for general development of tourist facilities and tourism promotion.
- The remaining funds are devoted to restoration, rehabilitation, acquisition, or development of tourist establishments of historical or cultural significance.
- Also allocated for foreign publicity, advertising, and sales promotion.
- At least one-third but not more than half of these funds must be used for foreign operations.
- The Central Bank provides foreign exchange as certified and requested by the Board for these foreign operations.
Regulation of Travel Agency Business
- The Board has exclusive authority to regulate travel agency businesses.
- It prescribes rules governing the establishment and operation of travel agencies.
- Annual license fees are fixed and collected, not exceeding one hundred pesos per year.
- No individual or firm may engage in the travel agency business without a license from the Board.
Additional Powers of the Board
- The Board may implement other measures it deems proper and necessary to achieve the objectives of the Act.
Effectivity
- The Act takes effect immediately upon approval.