Question & AnswerQ&A (PROCLAMATION NO. 862)
The title is Proclamation No. 862, dated November 20, 2019.
It was designated under Republic Act No. 7916, as amended by Republic Act No. 8748, known as the Special Economic Zone Act of 1995.
The President of the Republic of the Philippines has the power to create and designate special economic zones.
The recommendation came from the Board of Directors of the Philippine Economic Zone Authority (PEZA).
The Cyber Omega building has a gross floor area of 63,879.73 square meters, and the parcel of land on which it stands measures approximately 3,148 square meters.
Cyber Omega is located at Pearl Drive, Ortigas Center, Pasig City, Philippines.
It is subject to RA No. 7916, its implementing rules and regulations, PEZA Board of Directors Resolution No. 00-411 (s. 2000), and amended by Resolutions Nos. 11-066 (s. 2011), 15-240 (s. 2015), 17-472 (s. 2017), 17-099 (s. 2017), and 18-612 (s. 2018).
The land is Lot 2 Pcs-25944 covered by TCT No. 011-2015002635, located in the Barrio of Oranbo, Municipality of Pasig, Province of Rizal, Island of Luzon with specific boundaries and survey details as described in the proclamation.
The designation allows Cyber Omega to enjoy special economic incentives, regulatory privileges, and other benefits under the Special Economic Zone Act to promote IT industry growth and investment.