CEBU CITY -- The Ayala Group unveiled over the weekend plans to establish a multi-billion peso information technology (IT) park in the heart of this city in an effort to attract local and multinational companies to relocate their operations here.
Rex C. Drilon II, president of Cebu Holdings Inc. (CHI) and Cebu Property Ventures and Development Corp. (CPVDC), member firms of the Ayala Group of Companies, told visiting Manila journalists that details are being drawn to develop and promote the present expanse of the Cebu Civic and Trade Center into an IT park called Asiatown.
He said their application to register Asiatown as a technopark is now being processed by the Philippine Economic Zone Authority (PEZA).
Although the company did not disclose the cost of establishing the IT park as the figures are still being worked out, it is believed the amount would be upwards of P1 billion.
Drilon said both domestic and global institutions in high technology and computer industries will be encouraged to relocate or expand their operations in this new IT park.
"With the rise of this zone, Cebu will be able to compete with IT development giants like India, Turkey, Metro Manila, Subic and Clark as techno-hubs," Drilon pointed out.
According to him, aside from software and hardware development, rows will be dedicated to export manufacturing of furniture, handicrafts and fashion accessories.
To complement the concept, business hotels, a computer school as well as a graduate school will be put up at the park.
"Asiatown will become a comprehensive corridor for the domestic and global IT industry," Drilon said. "I see it as the 21st century Binondo, a modern area for trading."
Drilon said that if CPVDC is able to attract 30 locators which will employ an average of 600 persons each, some 18,000 jobs will be created.
Globe Telecom and Isla Communications are pioneering locators at Asiatown and will be putting up their buildings soon.
The Ayalas, through Cebu Holdings Inc., are the developers of the Cebu Business Park, the financial and commercial center in the south. -