Question & AnswerQ&A (PROCLAMATION NO. 1257)
The main purpose is to create and designate the Burgundy Corporate Tower Building, located at 252 Sen. Gil Puyat Avenue, Makati City, as an Information Technology Center pursuant to Republic Act No. 7916, as amended by Republic Act No. 8748.
Republic Act No. 7916, known as the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748, empowers the President of the Philippines to create special economic zones.
The Philippine Economic Zone Authority (PEZA) Board of Directors recommended the designation.
These resolutions are part of the governing provisions that the designation of the building as an Information Technology Center is subject to, ensuring adherence to the Implementing Rules and Regulations of RA 7916.
It is located at 252 Sen. Gil Puyat Avenue, in Barangay San Lorenzo, Municipality of Makati City, Metro Manila, Island of Luzon.
The parcel of land covers an area of Two Thousand One Hundred Seventy Seven and 14/100 (2,177.14) square meters, more or less.
The land is identified by TCT No. 201307, Lot 1-A-2-B, Psd-00-035549 and is delineated by specific boundaries and technical survey descriptions referencing old survey points and subdivision plans.
The Executive Secretary, Eduardo R. Ermita, signed the proclamation along with President Gloria M. Arroyo.
It formally establishes the designated area as a special economic zone or IT center, making it eligible for incentives and regulatory governance under the Special Economic Zone Act and PEZA regulations.
Property owners may become subject to regulations and benefits under RA 7916, including tax incentives, regulatory oversight by PEZA, and obligations to comply with prescribed uses and restrictions for the IT center.