Developer asks council's endorsement for IT Park

Efficient Holdings, Inc. (EHI) is requesting for an endorsement from the city council for its application as an economic zone developer of an Information Technology Park inside the Cebu Business Park proposed to be named as the Lexmark Plaza.

The Philippine Economic Zone Authority board already granted a pre-qualification clearance to EHI for the declaration of the 5,192-square-meter lot inside the Cebu Business Park as IT Park through the passage of a Certificate of Board Resolution No. 05-333 last September 29.

Prior to the endorsement to the President for the proclamation of the said area as IT Park, EHI needs to secure an endorsement from the local government unit where the IT Park is located.

This is in compliance to existing guidelines on the registration of IT Enterprises and IT Parks and Buildings to avail of incentives provided under Republic Act No. 7916, otherwise known as the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748.

Once it gets a presidential proclamation as developer/operator of the IT Park, it shall then be entitled to income tax holiday for four years on income earned from locator IT enterprises and related operations, as provided for under the same law.

Upon expiration of the said period, the same law provides that EHI shall remit two percent to Cebu City.

In addition, it will be paying real property taxes on the area to be declared as IT Park to the city government.

EHI, which is owned by Victor S. Chiongbian and his immediate family, purchased three lots with a total area of 5,192 square meters located contiguously to each other.

It will later enter into a long-term contract of lease with Lexmark Research Development Corporation (LDRC). - Cristina C. Birondo