The Market Monitor Minding the Nation's Business
The SM Central Business Park 1-A at the Mall of Asia (MOA) Complex in Pasay City has been declared a Philippine Economic Zone Authority (Peza) special economic zone. The area includes e-commerce buildings Three and Four E-Com which mostly houses information technology and Business Process Outsourcing companies.
The Information Technology Park shall be known as the SM iCity 3.“This declaration is an achievement and a step closer to our goal of providing support to our growing IT-BPM industry.
The outpour of these businesses should be sustained with the proper infrastructure to further leverage the economic activity that they bring to the region,” said Senior Vice President of SMPHI – CPG Dave Rafael.
The 50,077 square meter lot inside the Mall of Asia township became a PEZA zone under Proclamation 1203 pursuant to Republic Act 7916 or the “Special Economic Zone Act of 1995 as amended by Republic Act 8748.
The act grants certain privileges like special tax incentives and holidays to investors and business owners operating inside the zone.
Rafael added the provision of more office infrastructure can also contribute to the growth momentum of the economy by encouraging creation of more job opportunities in the region.
The IT Park is owned and managed by SM Prime Holdings Inc., the property arm of the SM Group of Companies. In addition to developing office spaces, SM Prime also has major business interests in banking, retail, and leisure-oriented projects.