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A Cebu City IT park has secured Philippine Economic Zone Authority registration
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The registration of Midland Development Corporation, developer and operator of the Taft East Gate IT Park, was signed on July 3
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This follows the signing of Proclamation No. 529 by President Ferdinand Marcos, Jr.
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The proclamation designates a building and two parcels of land on Cardinal Rosales Avenue, Barangay Luz, Cebu City as the Taft East Gate IT Park
A Cebu IT park has secured registration with the Philippine Economic Zone Authority (PEZA).
PEZA on July 3 officially designated Midland Development Corp. as the developer and operator of the Taft East Gate IT Park.
The move follows the signing of Proclamation No. 529 by President Ferdinand Marcos Jr., which designates a building and two parcels of land on Cardinal Rosales Avenue, Barangay Luz, Cebu City, as the Taft East Gate IT Park.
“With new developer (and) operator entrants like Midland Development Corporation, we are more able to provide new competitive and alluring location options for prospective locator enterprises,” PEZA director general Tereso Panga said in a statement.
“This brings us closer to our goal of eco-zoning the Philippines towards inclusive and sustainable development, particularly in the countryside—para sa (for) Bagong Pilipinas,” Panga added.
Other IT parks
In addition to the Cebu IT Park, PEZA recently signed the registration for the 15,000 square meter Tupi IT Park in South Cotabato, with Matutum Holdings Development Corp. as developer and operator. The project costs P80.5 million for land development, with the first IT locator investing an additional P15 million.
Construction began in June 2017 and is expected to be completed by January 2026, creating at least 600 jobs.
Last May, PEZA also registered the Arcovia City IT Park in Pasig City, developed by the Megaworld Corporation. The 12.3-hectare Arcovia City features residential condominiums, a retail hub, and state-of-the-art office towers.
Currently, PEZA oversees more than 420 operating economic zones across the country, with the majority located in Luzon. Companies investing in PEZA-registered economic zones enjoy various fiscal and non-fiscal incentives.
Exporters benefit from an income tax holiday of four to seven years and a special corporate income tax rate of 5% or enhanced deductions for 10 years. Meanwhile, domestic market-focused enterprises receive an income tax holiday of four to seven years or enhanced deductions for five years.
