President Ferdinand Marcos Jr. has recently signed Proclamation No. 752 declaring a community mall in Antipolo City, Rizal province as a special economic zone, Nov. 22.
This move is part of a broader strategy to attract investors outside of the heavily congested National Capital Region.
The Philippine Economic Zone Authority (PEZA) recommended the Xentromall, a community mall located in Barangay Mambugan, Antipolo City, to be designated as an information technology (IT) center. The special economic zone status covers a floor area of 27,622.18 square meters and a lot area of 10,898 square meters, aiming to boost the local economy.
Xentromall has set its sights on attracting various business process outsourcing (BPO) firms. The three-story complex, situated along Sumulong Highway, is managed by XRC Resources. The proprietors, Alex and Aida Cruz, modeled the mall after strip malls in the United States. Since its opening in 2018, the mall has served the local community, and the new designation may further enhance its role as a business hub.
This designation makes Xentromall Antipolo the second special economic zone within the city.
The first, the SMMS IT Center, was established under Proclamation No. 567. This recent development is part of the broader framework governed by Republic Act No. 7916, known as the 1995 Special Economic Zone Act. This act promotes economic growth through the establishment of special economic zones, which can serve various functions such as agro-industrial, commercial banking, and investment hubs.
Such economic zones are designed to boost the regional economy by providing specific incentives to businesses. Companies that choose to set up operations within Xentromall will benefit from various tax incentives and fiscal benefits. These could include income tax holidays and other reductions in operating costs.
