Manila: At least five property developers will benefit from the lifting of the moratorium on the establishment of information technology (IT) parks in Metro Manila, which is expected to boost the business process management sector.

According to Philippines News Agency, the firms with pending applications to avail of incentives from the Philippine Economic Zone Authority (PEZA) include MJ Landtrade Development Corporation for its Altaire project in Makati City, Triumvariate Development Corporation for One Trium Tower in Alabang, Muntinlupa, Ayala Land Inc. for ARCA South 1 in Taguig City, Aseana Holdings Inc. for Parqal in Para±aque City, and the San Lorenzo Ruiz Investment Holdings and Services, Inc. for the Yuchengco Centre in Makati City.

Malaca±ang has lifted the moratorium under Administrative Order (AO) 18, issued in June 2019, through AO 45, following requests from trade officials over the years. This move is aimed at encouraging more investments in both the property and business process outsourcing sectors.

Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque highlighted that the recommendation to lift the moratorium on establishing more IT economic zones is part of a broader strategy to 'push digital trade.' "To push digitalization in the country. So, for the Innovation Hub, for IT-BPO companies, and then for anything IT and tech-related," she said during the ASEAN Tech Summit in Pasay City.

With the moratorium now lifted, Roque is optimistic that more companies will apply for development and take advantage of the available incentives. These incentives include an income tax holiday of four to seven years, a 5 percent special corporate income tax, and tax and duty-free importation.