Question & AnswerQ&A (PROCLAMATION NO. 490)
Republic Act No. 7916, also known as the Special Economic Zone Act of 1995, and Republic Act No. 8748 which amended RA 7916.
The President of the Philippines, exercised here by President Benigno S. Aquino III under the powers vested by RA No. 7916 and its amendments.
The recommendation was made by the Board of Directors of the Philippine Economic Zone Authority (PEZA).
The property is located at Lot 6, Block 1, 5th Avenue, Bonifacio Global City, Taguig City.
The parcel of land contains an area of Two Thousand One Hundred Fifty-Five (2,155) square meters, more or less.
The designation references the consolidated subdivision plan Pcs-00-011796, various block and lot numbers, and survey details including bearings and boundary points, with surveys dated from 1907 and 2006.
It is governed under Resolution No. 00-411 (S. 2000), as amended by Resolution No. 11-448 (S. 2011) of the PEZA Board of Directors.
The seal and signature represent the official authority and authentication of the proclamation by the President of the Philippines and ensure its validity as a legal directive.
Such designation allows the building and its occupants to avail of the benefits and incentives provided under the Special Economic Zone Act, such as tax incentives and regulatory facilitation to promote IT business activities.