CEBU CITY – Foreseeing a robust growth in Cebu’s information and communications technology sector, private sector company, Cebu Holdings Inc. (CHI), an affiliate of real estate conglomerate Ayala Land Inc., is eyeing the conversion of its 52-hectare Cebu Business Park (CBP) into a full-blown economic zone.

“The idea is to make the area more investor-friendly by transforming the entire CBP into an economic zone for IT companies located there to automatically avail of incentives,” said CHI President Francis Monera in an interview following a media tour Wednesday at the newly constructed eBloc Tower at the Asiatown IT Park.

Monera bared CHI has already applied for the conversion of CBP into an economic zone with the Philippine Economic Zone Authority (PEZA). He added that the intended conversion is being favorably endorsed by Cebu City Mayor Tomas Osmeña.

He said the company is expecting a counter-resolution from the Cebu City Council to endorse said CBP as an economic zone. This, even as its subsidiary company, Cebu Property Ventures Development Corporation (CPVDC) – the developer of Asia Town IT Park – is reportedly noting a strong demand for business process outsourcing (BPO)-related building spaces.

“If there are any spillovers of IT companies from the Asiatown IT Park, these can be easily accommodated at the CBP, particularly if the area is transformed into a PEZA-registered zone,” Monera said.

At present, he said, a number of IT buildings, including the Cebu ICT Tower, Lexmark, Pioneer, and Globe Innove, have already located within the CBP.

The CBP is also home to many commercial establishments including the Ayala Center Cebu mall and the Cebu City Marriott Hotel, as well as a number of banks and business process outsourcing companies (BPO), among others.

Monera informed that of the CBP’s 52-hectare lot, only 12 lots are available for development.

“Locators intending to put up an IT building will have an easier time doing so once PEZA approves of the (CBP’s) conversion into an economic zone,” he stressed.

He said demand from outsourcing and offshore businesses has caused the highest spike in construction at the CBP since 1998.