MANILA -President Rodrigo Duterte has signed another proclamation creating and designating another area in the bustling Bonifacio Global City in Taguig City as a special economic zone.
By the authority of the President, Executive Secretary Salvador Medialdea signed Proclamation No. 759 on June 26, designating a building to be known as BGC Corporate Center 2 that has gross floor area of 35,439.29 square meters.
Under the proclamation, Duterte recognizes the BGC Corporate Center 2 as a special economic zone, particular for its use as an information technology (IT) center.
The designated parcel of land upon which the 30-storey BGC Corporate Center 2 building stands has a total land area of 2,149 square meters, located at Block 1, 30th Street Corner 5th Avenue of the famous financial district in Metro Manila.
Last February, Duterte also signed Proclamation No. 673 designating a building and a parcel of land to be known as Milestone as special economic zone or IT Center, also in BGC.
The Milestone will have a gross floor area of 27,089 square meters situated in a land area of 3,010 square meters.
Duterte created the IT parks and special economic zones upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA).
Special economic zones are defined in Republic Act No. 7916 or The Special Economic Zone Act of 1995 as "selected areas with highly developed or which have the potential to be developed into agro-industrial, Industrial tourist/recreational, commercial, banking, investment and financial centers.
An ecozone may contain any or all of the following: industrial estates, export processing zones, free trade zones, and tourist/recreational centers.
IT parks are hubs entitled to all benefits given to special economic zones to make it more attractive to foreign investors who would want to set up their own business process outsourcing offices. (PNA)
Source: Philippines News Agency