By James A. Loyola Megaworld Corporation reported that its new office towers in Southwoods City in Biñan, Laguna, have been given the required accreditation of the Philippine Economic Zone Authority (PEZA) as a special economic zone for information technology (IT). This after President Rodrigo Duterte finally signed Presidential Proclamation No. 383 naming the Southwoods City Office Towers 1 and 2 as a special economic zone. “Income tax holiday, tax and duty-free importation of raw materials, capital equipment, machineries and spare parts are examples of fiscal incentives,” said Megaworld Senior Vice President Jericho P. Go. He added that “simplified import - export procedures, non-resident foreign nationals may be employed by PEZA-registered enterprises are examples of non-fiscal incentives that we can give to our office tenants in Southwoods office towers.” Under Republic Act 7916, otherwise known as The Special Economic Zone Act of 1995, the law provides special tax incentives and holidays to business establishments operating in the Ecozone. The real property tax on the land will be paid by the developer and no other local and national taxes will be imposed on businesses operating within the Ecozone. Foreigners who have investments in the Ecozone will be granted permanent resident status including their spouse and dependents (children under 21 years old). The PEZA is also authorized to issue working visas renewable every two years to foreign executives and other foreigners working or doing business inside the special economic zone. “The two office towers aim to help multinational companies boost and expand their businesses in Southwoods City. There are a lot of business opportunities in this growing township,” Go said.