The PSMT IT building is owned by PSMT Phils. Inc., a duly registered firm with Securities and Exchange Commission (SEC) that is 60-percent American-owned and 40-percent Filipino-owned.
The Philippine Economic Zone Authority (PEZA) has recommended to Malacañang the designation of the PSMT IT building as an IT zone to form part of the IT corridor that the government has envisioned in Metro Manila.
The envisioned IT corridor covers the Diliman campuses, passes through the Libis area, and connects with the business districts of Fort Bonifacio and Makati.
Preferred locators in the proposed IT zone are call centers and other IT-related companies.
To be designated as an IT zone, the IT facility must be able to continuously provide high speed optic telecommunication backbone and high speed international gateway facility or a wide area network (WAN) or any high speed data telecommunication system; clean and uninterruptible power supply and computer security and building monitoring and maintenance system.
According to Trade and Industry Secretary Cesar V. Purisima, IT facilities are important as prospective investors, whenever they visit the country, always ask for the availability of high tech facilities.
Such facilities, Purisima added, allows the country to compete and lure big ticket IT investments that will enable the Philippines to become an IT hub in Asia.
IT facilities can be turned into ecozones by virtue of Republic Act 7916 or the Special Economic Zone Act of 1995.