SM OFFICES, the office unit of SM Prime Holdings, Inc., has signed a registration agreement with the Philippine Economic Zone Authority (PEZA) confirming the SM City Santa Rosa IT Center in Laguna as an information technology (IT) economic zone.
As an accredited IT ecozone, the property will be entitled to fiscal and non-fiscal incentives, including income tax holidays, tax and duty exemptions, streamlined import and export procedures, and access to special non-immigrant visas, the company said in an e-mailed statement on Wednesday.
“The designation also ensures modern infrastructure and efficient government services, creating a strategic edge for registered IT enterprises in the Philippines,” it added.
President Ferdinand R. Marcos, Jr. signed Proclamation No. 944 in June, designating a part of SM City Santa Rosa as a special IT ecozone.
Located in Barangay Tagapo, the development includes the P1.6-billion, three-tower The Core Towers, which offer more than 27,000 square meters of office space.
The SM City Santa Rosa IT Center adds to SM Prime’s PEZA-accredited projects, such as the E-Com Centers at the Mall of Asia Complex in Pasay City and the SM North EDSA Towers in Quezon City.
The ecozone designation is expected to strengthen Laguna’s potential as an IT-BPM hub, attract investments, generate jobs, and spur economic growth, according to the company.
SM Prime earlier said it had allocated P6 billion this year for the development of new office towers and workspaces.
At the local bourse on Tuesday, SM Prime shares rose by 2% or 45 centavos to close at P22.90 apiece. — Beatriz Marie D. Cruz
