Question & AnswerQ&A (PROCLAMATION NO. 1197)
The creation of Market! Market! as an Information Technology Center is based on Republic Act No. 7916, known as the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748.
The President of the Philippines, upon recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA), has the authority to create and designate an area as an Information Technology Center.
The parcel of land is approximately 97,608.70 square meters in area.
It is located at Lot C, Bonifacio Global City, Barangay Fort Bonifacio, Taguig City, Metro Manila, Island of Luzon.
Resolutions No. 00-411 dated December 29, 2000, and No. 06-204 dated May 11, 2006, from the Board of Directors of the Philippine Economic Zone Authority were considered.
The land is defined by Lot 1 Pcs-00-009949 TCT No. 38133 and described by the consolidation-subdivision plan Pcs-00-009949, including specific boundary points and measurements.
The Act empowers the President, through the Philippine Economic Zone Authority, to create, designate, and regulate special economic zones and information technology centers to promote economic activities and investments.
These references legally delineate the exact physical boundaries of the designated Information Technology Center, ensuring clear land title and jurisdiction.
The proclamation was signed by President Gloria M. Arroyo and authenticated by Executive Secretary Eduardo R. Ermita.
The proclamation was signed and took effect on December 18, 2006.