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Thursday, July 28, 2005
New building in Asiatown to house more investors
The information technology (IT) park in Apas, Cebu City will have more room for future investors by the end of this year.
Cebu Property Ventures and Development Corp. (CPVDC) managing director Francis Monera said the eight-story Skyrise Building that is being constructed at the Asiatown IT Park will be available for lease by the end of this year.
About 13,800 square meters of the building will be available for lease.
Monera also revealed that the Primary Industrial Property Corp. (PIPC) will construct another building at Asiatown IT Park.
PIPC built the 10-story Engineering and Science Building on a 25,000-square-meter property in Asiatown. The building houses firms like Dash Engineering, SPI Technology and e-Telecare, a call-center company.
Monera said the Engineering and Science Building is already fully occupied.
The 24-hectare Asiatown IT Park is equipped with underground telecommunications system with multi-server duct lines and fiber optic capability, high-speed asynchronous transfer mode backbone and digital subscriber line technology, underground power cables and high voltage switch gears and transformers using 23 kilovolt lines connected to two main power grids for power supply, centralized sewage treatment plant with maximum capacity of 25, 000 cubic meters, road network and drainage system, water and industry competent labor.
The park, owned by CPVDC, was approved by the Philippine Economic Zone Authority on April 6, 2000 and proclaimed a special economic zone on Feb. 27, 2001.
Firms in IT parks, including Asiatown, enjoy income tax holiday of four years for non-pioneer IT enterprises or six years for pioneer IT enterprises. They have the option to pay a special five percent tax on gross income instead of national and local taxes except real property taxes.
IT park investors are also exempted from payment of import duties and taxes on imported machinery and equipment and raw materials.
They can also deduct half of their training expenses on gross income tax.
Foreign investors, who make an initial investment of $150,000 on IT projects, will also be granted permanent resident status in the country. (JBN)
(July 28, 2005 issue)
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