CBP to be proclaimed special ecozone

CEBU, Philippines - The flagship development of Cebu Holdings Inc. (CHI), the 52-hectare Cebu Business Park (CBP) will soon be proclaimed as an economic zone after getting the approval from the Philippine Economic Zone Authority (PEZA).

CHI president Francis O. Monera said the company hopes to accelerate the development at the business park after its Presidential Proclamation as a Special Economic Zone.

“Perhaps we will re-launch CBP to accelerate build-up and promote integrated development in the Park,” Monera said.

Now that PEZA has already approved its application to become a Special Economic Zone, locators can already avail of tax perks from the government as stipulated in the PEZA law.

The vacant lot at CBP will be automatically converted into an ecozone. Aside from BPO companies, Monera said CHI also welcomes other lot owners, or potential building developers to build their own facilities, even a possibility of building another retail and commercial building near Ayala Center Cebu.

“We welcome other locators to put up their facilities,” Monera said.

If already proclaimed by the next President of the Philippines as a special economic zone, Cebu City will have two special zone, CBP and the South Road Properties (SRP).

Any spillover from the Asiatown IT Park, can be easily accommodated at CBP specifically if the area will become a PEZA-registered zone, Monera said.

Although, some buildings at the CBP like the Cebu ICT Tower has already gotten PEZA registration as IT-building which automatically allows tenants to enjoy of fiscal perks from the government.

However, Monera said it is important to make CBP much friendlier to investors, so that they can easily avail of the government incentives, depending on the industries they are in.

Currently, there are a few number of IT buildings at the CBP, aside form Cebu ICT Tower, there are also Lexmark, Pioneer, and Globe towers.

According to Monera there are a total of 12 lots available at the CBP, once duly proclaimed by the President, locators at the CBP can avail of the ecozone incentives as long as they conform to the requirement, he said.

Demand from outsourcing and offshoring business has caused the highest spike in construction at CBP since 1998, he added.

CHI is keeping the 9-hectare footprint of the CBP, a third of which is already been developed.

This year, in partnership with its parent-company Ayala Land Inc. (ALI) CHI will embark on a residential condominium project within CBP to take advantage of the emerging demand in the market.

“The project will allow us to unlock the value of the land as well as boost the value of ownership at City Sports Club. Here, residents will enjoy a strategically located address complemented with full access to a range of leisure sports amenities,” Monera said.