MANILA, Philippines — The Philippine Economic Zone Authority (PEZA), the government’s main investment promotion agency, has declared Megaworld Corp.’s office towers in Laguna as a special economic zone for information technology.
President Duterte signed Presidential Proclamation No. 383 naming Megaworld’s Southwoods City Office Towers 1 and 2 as a special economic zone.
This means that locators of the two towers can avail of tax incentives.
“Income tax holiday, tax and duty-free importation of raw materials, capital equipment, machineries and spare parts are examples of fiscal incentives while simplified import — export procedures, non-resident foreign nationals may be employed by PEZA-registered enterprises are examples of non-fiscal incentives that we can give to our office tenants in Southwoods office towers,” said Megaworld senior vice president Jericho Go.
Go said that with the tax perks, the two office towers can help multinational companies boost and expand their businesses in Southwoods City.
Under Republic Act 7916, otherwise known as The Special Economic Zone Act of 1995, the law provides special tax incentives and holidays to business establishments operating in the economic zone.
The developer will pay the real property tax on the land and no other local and national taxes will be imposed on businesses operating within the PEZA-declared economic zone.
Each of the office towers has 12 stories. These developments are directly connected to Southwoods Mall, allowing office workers to have close access to the dining and retail establishments of the mall. The new towers also have their own basement parking facility.