Las Piñas area declared special economic zone

MANILA, Philippines — President Marcos has declared the One Townsquare Place in Las Piñas City as a special economic zone.

In Proclamation 765, Marcos designated the One Townsquare Place building in Barangay Almanza Uno and the parcel of land where it stands as an information technology center.

The building has a gross floor area of 28,214.88 square meters and the land where it stands has an area of 3,729 square meters.

The proclamation was based on the recommendation of the Philippine Economic Zone Authority and signed by Executive Secretary Lucas Bersamin on Dec. 20.

The creation of a special economic zone in Las Piñas City is in accordance with Republic Act 7916 or the “Special Economic Zone Act of 1995,” as amended by RA 8748.

RA 7916 defines special economic zones as “selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial, tourist/recreational, commercial, banking, investment and financial centers.”

Business establishments within the ecozones may enjoy certain tax and other financial incentives offered under the law.