Mactan Newton, Megaworld Corp.’s 16-hectare township development in Lapu-Lapu City, Cebu, has been declared a special economic zone.
Proclamation No. 407, signed recently by President Aquino, put the enclave under the Philippine Economic Zone Authority (PEZA).
Republic Act 7916, also known as the “Special Economic Zone Act of 1995,” grants owners of and locators in ecozones certain privileges, including tax incentives.
Foreign investors meeting the required amount of investments in the ecozones are granted permanent resident status, including their spouses and dependents, or children under 21 years old.
The PEZA is also authorized to issue working visas renewable every two years to foreign executives and other aliens working or doing business inside the zones.
Mactan Newtown is expected to be home of some of the top business process outsourcing (BPO) companies in the country.
The five-story One World Center in Newtown, which is already completed, is fully equipped to meet the requirements of BPO offices. Four upper floors are for office spaces.
Another BPO-ready building, Two World Center, is now being constructed.
“Megaworld sees the growth opportunities of the BPO industry in Cebu. With this, we expect new BPO companies coming in as we offer the most modern BPO offices in this side of the country,” says Jericho Go, Megaworld’s first vice president for business development and leasing division.