Laguna property declared special economic zone

MANILA, Philippines — President Marcos has declared a property in Santa Rosa, Laguna as a special economic zone due to its potential to become an industrial, recreational and commercial center.

Under Proclamation 944, Marcos designated a building in Barangay Tagapo and the parcel of land where the property stands as SM City Santa Rosa IT (Information Technology) Center.

The designation of the property as a special economic zone was pursuant to Republic Act 7916 or the Special Economic Zone Act of 1995 as amended by RA 8748, and based on the recommendation of the Philippine Economic Zone Authority.

The building has a total floor area of 97,852.22 square meters, while the land has an area of 12,092 sq. m.

RA 7916 defines special economic zones as “select 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 in economic zones are entitled to tax and financial incentives.