Question & AnswerQ&A (PROCLAMATION NO. 1618)
The main purpose of Proclamation No. 1618 is to create and designate the SM Makati CyberZone 2 Building as an Information Technology Center pursuant to Republic Act No. 7916 as amended by Republic Act No. 8748.
The designation was made under the powers vested by Republic Act No. 7916, also known as the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748.
The Board of Directors of the Philippine Economic Zone Authority recommended the creation and designation.
The building located on two parcels of land at Senator Gil Puyat Avenue corner Zodiac and Jupiter Streets, Makati City is designated as the Information Technology Center.
The aggregate area of the two parcels is approximately 4,437 square meters.
The two parcels of land are identified as Lot 1-N with Transfer Certificate of Title (TCT) No. 180332 and Lot 1-O with TCT No. 180333.
The designation and operation are governed by Republic Act No. 7916 as amended by Republic Act No. 8748, along with its Implementing Rules and Regulations and related Philippine Economic Zone Authority resolutions.
The proclamation was signed by Gloria M. Arroyo, who was the President of the Philippines at the time.
The proclamation includes detailed metes and bounds descriptions for Lot 1-N and Lot 1-O, identifying adjoining streets, landmarks, directional bearings, and distances.
Republic Act No. 7916, or the Special Economic Zone Act of 1995, provides the legal framework for creating special economic zones including Information Technology Centers to promote economic development and investments.