Megaworld gets Peza accreditation for two Southwoods office towers

Tycoon Andrew Tan-led property developer Megaworld Corp. has bagged a much-coveted Philippine Economic Zone Authority (Peza) special economic zone accreditation for two new office towers in Southwoods City in Biñan, Laguna.

Southwoods office towers bring to the office property market an estimated 46,000 square meters of leasable space, which can accommodate around 8,000 workers in the business process outsourcing (BPO) or information technology (IT) industry. Turnover of office space in both towers begins this year.

President Rodrigo Duterte recently signed presidential proclamation No. 383 naming Southwoods City Office Towers 1 and 2 as a special economic zone for IT, Megaworld said in a disclosure to the Philippine Stock Exchange on Monday.

“Income tax holiday, tax and duty-free importation of raw materials, capital equipment, machinery and spare parts are examples of fiscal incentives while simplified import-export procedures, nonresident foreign nationals may be employed by Peza-registered enterprises are examples of nonfiscal incentives that we can give to our office tenants in Southwoods office towers,” Megaworld senior vice president Jericho Go said.

Under The Special Economic Zone Act of 1995, special tax incentives and tax holidays are given to business establishments operating in the ecozone.

The real property tax on the land will be paid by the developer but no other local and national taxes will be imposed on businesses operating within the ecozone.

The Peza is also authorized to issue working visas renewable every two years to foreign executives and other foreigners working or doing business inside the special economic zone.

“The two office towers aim to help multinational companies boost and expand their businesses in Southwoods City. There are a lot of business opportunities in this growing township,” Go added.

Each 12-story tower is directly connected to Southwoods Mall, allowing office workers to have close access to dining and retail establishments. The new towers also have their own basement parking facility.

Each floor of Southwoods office towers features a 2.7-meter floor-to-ceiling finish and double-glazed windows, for heat reduction and panoramic views of the township.

The office complex is a few meters away from the transport hub of Southwoods City where public utility vehicles are readily available, providing transport options to various key areas such as Alabang and major cities of Cavite, Makati and Fort Bonifacio.