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Monday, October 31, 2005
New IT park to open in Mandaue
Cebu will soon have another information technology (IT) park that could accommodate locators in the province’s flourishing business process outsour-cing (BPO) industry.
According to Taft IT Zone marketing services manager Elvira Torres, Taft IT Zone, located in the Mandaue reclamation area, is now building the first module or building ready for use by prospective locators.
She said the real estate development arm of the Metro Gaisano group of companies will be building more modules, with a lot size of 1,200 square meters, in the six-hectare development.
Proclamations
Cebu now has 13 IT parks and buildings, including the Taft IT Zone. Some of these developments are just awaiting Presidential proclamations and declarations from the Philippine Economic Zone Authority for the development to pass as an IT zone.
Locators in IT zones enjoy income tax holiday for 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 from the 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.
Some of the IT parks in Cebu are the Asiatown IT Park, Arcenas Estate I building, Cebu Cybertown IT Park, HDWF-WTCI IT Tower, Innove IT Plaza, JY Square IT Center, Keppel Center and Mango Square. (JBN)
(October 31, 2005 issue)
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