Special Economic Zone
The Mactan Newtown is poised to become Cebu’s next biggest business hub, and it’s all systems go for this promising development. Recently, President Benigno S. Aquino III signed Proclamation No. 407, declaring the area as a special economic zone (ECOZONE) under the Philippine Economic Zone Authority (PEZA). This strategic move opens up a world of opportunities and privileges for business owners and investors operating within the ECOZONE.
Operating within the area comes with a host of benefits. Republic Act 7916, also known as the “Special Economic Zone Act of 1995,” grants certain tax incentives and holidays to businesses within the area. Local and national taxes are not imposed on these businesses, while real property taxes on land are paid by the developers, further encouraging growth and investment in the area.
One of the enticing provisions is the opportunity for foreigners to acquire permanent resident status, including their spouse and dependents (children under 21 years old), with investments of at least US$150,000. Additionally, the PEZA can issue working visas, renewable every two years, to foreign executives and other individuals working or conducting business within the special economic zone.
The Mactan Newtown, a 20-hectare township development by Megaworld Corporation, is set to transform Lapu-Lapu City with its array of luxury residential condominiums, modern BPO office towers, vibrant retail and entertainment strips, and a high-end boutique hotel. This milestone marks Megaworld’s first major project in Metro Cebu, bringing with it the promise of boosting Mactan’s economic landscape. The presidential declaration of The Mactan Newtown as a special economic zone specifically underscores its significance for “Tourism, I.T., and Retirement” sectors.
Megaworld recognizes the immense growth potential of the BPO industry in Cebu and is prepared to cater to this demand. Kevin L. Tan, the Chief Strategy Officer of Megaworld, affirms the company’s commitment to providing modern BPO offices, thereby attracting new BPO companies to the region.
Megaworld’s track record speaks volumes about its success and leadership in the real estate industry. In a study conducted by CB Richard Ellis, Megaworld Corporation secured the position of the Philippines’ leading residential condominium developer, commanding an impressive 16-percent share of the property market. Moreover, Colliers International identified Megaworld as the top provider of business process outsourcing (BPO) offices over the last decade, further cementing its position as a trailblazer in this sector.
With a dedicated investment of P20 billion, Megaworld is embarking on a transformative journey to develop The Mactan Newtown over the next five to seven years. The infusion of capital underscores Megaworld’s confidence in the project’s potential to spur economic growth and create an environment conducive to innovation and prosperity.
The Mactan Newtown: Thriving as a Special Economic Zone
Nestled on the picturesque Mactan Island in Cebu, it is not just a township; it’s a thriving Special Economic Zone (SEZ) that embodies economic growth, innovation, and progress. Developed by Megaworld, this exceptional enclave enjoys the benefits and privileges of being designated as a Special Economic Zone by the Philippine Economic Zone Authority (PEZA).
Driving Economic Advancement
As a Special Economic Zone, it plays a pivotal role in driving economic advancement in the region. This designation provides a conducive environment for both local and foreign investors, fostering business expansion, job creation, and innovation. The SEZ status opens doors to a wide array of industries, from information technology and business process outsourcing to tourism and manufacturing.
Strategic Location
With its strategic location on Mactan Island enhances its appeal as a Special Economic Zone. Its proximity to the Mactan-Cebu International Airport and major transportation hubs facilitates efficient connectivity for businesses and visitors. This accessibility contributes to seamless trade and investment opportunities, making it an ideal hub for international and domestic transactions.
Incentives for Investors
One of the most attractive aspects of The Mactan Newtown’s SEZ status is the package of incentives it offers to investors. These incentives range from tax breaks and exemptions to streamlined business processes and supportive infrastructure. This environment of favorable conditions encourages companies to establish their operations within the township, boosting economic activity and promoting sustainable growth.
Technology and Innovation Hub
The Mactan Newtown’s SEZ status also positions it as a technology and innovation hub. With its modern infrastructure, state-of-the-art facilities, and commitment to advanced technologies, it becomes an ideal destination for businesses that thrive on innovation and cutting-edge solutions. This not only attracts tech-driven enterprises but also nurtures a culture of creativity and progress.
Sustainable Development
Megaworld’s commitment to sustainable development is further amplified within its SEZ. The integration of eco-friendly practices, efficient resource management, and green spaces aligns with the global trend towards responsible and sustainable growth. The SEZ status allows for the implementation of environmentally conscious initiatives that benefit both businesses and the community.
A Catalyst for Progress
Status as a Special Economic Zone is a testament to its role as a catalyst for economic progress, technological advancement, and sustainable growth. Megaworld’s visionary approach in creating a dynamic environment that fosters business excellence and innovation showcases the company’s dedication to shaping the future. As it continues to evolve as a thriving SEZ, it not only contributes to Cebu’s economic landscape but also serves as a model for other regions aspiring to create vibrant and economically prosperous communities.
Unlocking Prosperity: Cebu’s Premier Special Economic Zone
Nestled on the pristine shores of Mactan Island lies a beacon of economic dynamism and innovation. This thriving urban oasis, developed by the renowned Megaworld Corporation, stands as Cebu’s coveted special economic zone, paving the way for boundless opportunities, transformative growth, and a new era of investment in Cebu.
Economic Powerhouse: The Essence of an Ecozone
It is more than just a development; it’s an ecozone. But what exactly does that mean? An ecozone, short for “economic zone,” is a designated area within a country that enjoys certain fiscal incentives, making it an attractive hub for business and investment. In the Philippines, ecozones play a pivotal role in driving economic progress by fostering innovation, generating employment, and boosting the nation’s overall competitiveness.
A Megaworld Marvel in Cebu:
At the heart of this economic transformation is Megaworld, a visionary real estate company that has woven its expertise into the fabric of Cebu’s landscape. Known for its iconic townships, Megaworld has truly transformed Cebu’s economic landscape. It is a shining testament to this transformation, representing a harmonious blend of residential, commercial, and leisure components that redefine the concept of modern living.
A Township of Possibilities:
It is not just an ecozone; it’s a meticulously planned Megaworld township that encapsulates the essence of a thriving community. This vibrant enclave is strategically designed to offer a holistic experience, where residents, businesses, and tourists seamlessly coexist. It’s not just a place to work; it’s a place to live, connect, and thrive.
Cebu’s Epicenter of Growth:
Situated in Lapu-Lapu City, the township occupies a prime location that’s more than just picturesque – it’s strategic. This masterfully crafted ecozone is strategically positioned to elevate Cebu’s economy by attracting local and international investors alike. As the gateway to Mactan Island, a booming hub of tourism and commerce, this ecozone serves as a catalyst for both local and global growth.
Investment Redefined:
It isn’t just an ecozone; it’s a promising investment opportunity. In a region where innovation and progress collide, investing in it is more than a smart move – it’s a testament to your foresight. The convergence of the best investment in Cebu and the thriving ecozone concept is a recipe for success that’s hard to ignore.
Economic Catalyst:
Cebu’s economy thrives on diversity, it plays a pivotal role in this narrative. As an ecozone that attracts industries ranging from business process outsourcing (BPO) to tourism-related ventures, it creates a harmonious symphony of economic activities that bolster Cebu’s status as an economic powerhouse.
A Hub of Innovation:
It isn’t just about numbers and business; it’s about people and progress. With its dynamic landscape and cutting-edge infrastructure, it has become a magnet for innovation. Businesses of all sizes and industries converge here, creating a synergy that fuels advancement, productivity, and, most importantly, growth.
The Mactan Newtown: Shaping Cebu’s Future:
It isn’t just a place; it’s a testament to Cebu’s progress. As Cebu’s premier special economic zone, it’s a symbol of how innovation, collaboration, and vision can transform regions and redefine possibilities. As Cebu’s economy thrives, propelled by the vibrancy of the location, it’s clear that this ecozone is more than just an investment; it’s an investment in the future.
Incorporating a Vision:
In the grand tapestry of Cebu’s development, It stands as a masterpiece woven by Megaworld. With its strategic location, modern infrastructure, and commitment to innovation, it embodies Cebu’s journey towards becoming a global hub of progress and prosperity. This ecozone paints a vivid picture of Cebu’s future, and it’s a picture that’s more promising and vibrant than ever before.
As Cebu’s economy flourishes and its tourism industry soars, remains a driving force behind this transformative journey. Through collaboration, innovation, and an unyielding commitment to excellence, this ecozone exemplifies the power of vision realized. It is not just a special economic zone; it’s a symbol of Cebu’s boundless potential and a testament to the harmonious coexistence of economic progress and quality of life.
