PEZA signs registration contract for new Cebu IT Park
Philippine Economic Zone Authority
The Philippine Economic Zone Authority (PEZA) on Wednesday said it has signed the contract for a new information technology (IT) park in Cebu City, the latest in a string of new economic zones greenlit by the government.
In a statement, the PEZA said the registration contract designating the Midland Development Corporation as the developer and operator of the Taft East Gate IT Park was signed last July 3.
It follows the signing of proclamation No. 529 by President Ferdinand Marcos Jr. creating and designating a building and two parcels of land in Cardinal Rosales Ave., Brgy. Luz, Cebu City as an IT park to be called Taft East Gate.
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“With new developer (and) operator entrants like Midland Development Corporation, we are more able to provide new competitive and alluring location options for prospective locator enterprises,” PEZA Director General Tereso Panga said in a statement.
“This brings us closer to our goal of eco-zoning the Philippines towards inclusive and sustainable development, particularly in the countryside para sa Bagong Pilipinas,” he added.
Late last month, the PEZA said it also signed the registration of the 15,000 square meter Tupi IT Park in South Cotabato, with the Matutum Holdings Development Corporation as its developer and operator.
The project cost for the land development of the Tupi IT Park totals to P80.5 million, while the economic zone’s first IT locator investing an additional P15 million for their operations.
Its construction began in June 2017 and is expected to be completed by January 2026, with at least 600 jobs seen being created from the first company that will open inside the IT Park.
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Earlier in May, the PEZA also signed the registration contract for the Arcovia City Information Technology Park in Pasig City which is under the Tan-led Megaworld Corporation.
The 12.3-hectare ArcoVia City houses residential condominiums surrounded by a vibrant retail hub and state-of-the-art office towers.
To date, the PEZA has more than 420 operating economic zones across the country, majority of which are located in Luzon.
Companies which have their investments registered under PEZA’s economic zones enjoy a number of fiscal and non-fiscal incentives depending on the location and the nature of business.
For exporters, fiscal incentives include an income tax holiday of 4 to 7 years and a special corporate income tax rate of 5 percent or enhanced deductions for 10 years.
Meanwhile, domestic market-focused enterprises are given an income tax-holiday of 4 to 7 years or enhanced deductions for 5 years.
