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GRAPEVINE PEZA Grants RCBC Plaza IT Zone Status The Philippine Economic Zone Authority recently designated RCBC Plaza as an Information Technology (IT) zone. It has also been declared a special economic zone. This means that qualified RCBC Plaza locators and tenants will be given a package of tax incentives designed to attract foreign investments in the areas of computer-and knowledge-based operations such as IT solutions providers, shared services, software development and engineering design, among others. The PEZA certification makes RCBC Plaza the first vertical development in the Makati Central Business District to be accorded this status. The RCBC Plaza, through its developer RCBC Realty, is a joint-venture project of RCBC Land and the Government of Singapore Investment Corp. (GIC). RCBC Land, which is owned by Rizal Commercial Banking Corp. and Pan-Malayan Management and Investment Corp., provided the 1.04-hectare "island" site at the corner of Ayala Ave. and Gil Puyat Ave., while GIC put in the money and its real-estate experience into the project. In addition, a syndicate of local banks provided a term loan of P1.7 billion to fully finance the Plaza's construction cost. The total cost of RCBC Plaza is over P12 billion. The PEZA's certification of the RCBC Plaza as an IT Zone was signed by PEZA Director General Lilia de Lima. The registration agreement was also signed by De Lima on behalf of PEZA and Cesar E.A. Virata and Perry Uy, Chairman and President, respectively, of RCBC Realty Corp.

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