A NEW information technology (IT) park in Cebu City has recently obtained an accreditation from the Philippine Economic Zone Authority (Peza).
Bonifacio District is now a Peza accredited IT Park with Faustina Center as its initial IT facility.
Faustina Center is a 14-story building with approximately 22,000 square meters of leasable area. This IT building is open to housing business process management (BPM), knowledge process outsourcing, and English as second language, traditional offices and commercial and retail tenants.
The IT building has also applied for Edge Certified Green Building.
Bonifacio District and Faustina Center are developed by homegrown BF Access Management Ventures Inc., a family business that is already into residential developments in Cebu.
According to Clifton Paray of BF Access Management Ventures Inc., the Faustina Center has already attracted interest from BPM and IT players wanting to relocate or expand their presence in Cebu.
Colliers Philippines Maricris Sarino-Joson, director for Office Services, said investors are now looking outside Cebu’s two business districts—Cebu IT Park and Cebu Business Park—to set up their businesses.
“Before, everything was centralized in Cebu IT Park and Cebu Business Park. But right now because it is getting congested, buildings such as Faustina, which are not far away from these business districts and still located on major thoroughfares, are attractive and because of the pandemic they (locators) don’t want to be in highly dense areas,” said Joson in an interview.
Moreover, Joson said, another reason outsourcing firms continue to keep Metro Cebu on their radar is the availability of Peza-proclaimed offices.
In its latest available report, Colliers Philippines said from 2021 to 2023, it sees about 109,000 square meters of new Peza-proclaimed office space.
Peza proclaimed spaces enjoy fiscal and non-fiscal incentives.
Moreover, with the Create Law pushing more investors to look outside Metro Manila, Cebu remains a viable investment destination in the Visayas and Mindanao corridor.
Joson said the availability of a quality workforce and the presence of green and sustainable office buildings make Cebu attractive in the global office market.
“In our view, Metro Cebu will likely remain a viable destination for firms looking to open space outside of Metro Manila beyond this Covid-affected period, even for higher-value outsourcing services such as healthcare and technology firms,” the property research firm noted.