PEZA declares Pag-Ibig tower as IT building

Information and Communication Technology (ICT) related companies that are currently located at the Pag-ibig Fund-WT Corporate Tower in Cebu Business Park, can now enjoy of tax holidays and perks after the Philippine Economic Zone Authority (PEZA) declared the property as IT Building.

It also recently got the Presidential proclamation number 852 signed by President Glorial Macapagal-Arroyo, making the Pag-ibig Fund-WT Corporate Tower a full-pledged IT Building in Cebu.

WT Construction Inc., the developer of the building announced that unit owners, tenants within the building whose businesses are registered as IT locators can now enjoy the PEZA benefits similarly availed of by economic zone and other IT Parks locators.

Earlier Senator Mar Roxas urged Cebuano developers to develop IT friendly physical infrastructure or buildings and avail of the PEZA incentive, and apply as an I.T. zones.

The PEZA, as well as the Board of Investments (BOI) recently changed some rules and regulations in proclaiming economic zone, with the country's rich potential in becoming a preferred I.T. investment hub worldwide, the government now allows buildings, to be an I.T. economic zone.

In order to attract IT related investments in Cebu, and boost Cebu's position at an IT and eServices hub in the country, there are several building infrastructure and developers applying as PEZA registered IT Zone.

Early this year, PEZA has declared the 10,000-square-meter JY Square property in Lahug as Information Technology (IT) Zone.

This means, that IT related companies which are planning to hold offices in the two building infrastructure located in the properly are bound to avail of the tax incentives and holidays.

Because of this declaration, the developer of JY Square commercial complex, and JY Square Discovery Mall, the Jovina Management and Development Corporation is set to build a seven-story commercial center to accommodate IT-related companies which wanted to take advantage of this tax incentives granted for declared IT Center of IT Zone.

Also, Vicsal Development Corporation, the umbrella company that operates several businesses of the Metro Gaisano group, has commissioned its real estate development company Taft Property Venture Development Corporation (TPVDC), in building the 6-hectare cyber park in Mandaue City.

Vicsal Development Corporation president Jack Gaisano in an interview earlier said that the IT Park, called "Taft IT Zone" had already got a registration from the Philippine Economic Zone Authority (PEZA), and is waiting for the Presidential proclamation.

Once given the Presidential Proclamation, the Gaisano-operated IT Park will be the second largest IT Park, in Cebu next to the 50-hectare Ayala developed Asia Town IT Park in Lahug.

According to Gaisano, his company is constructing a 3-module IT buildings at the Park.

Each module has over 1,000 square-meter floor size, and is designed for IT-related operations, such as call centers, and other Business Process Outsourcing (BPO).