Megaworld Corp. has signed a deal with the Philippine Economic Zone Authority (PEZA) for the development of the P817.5-million IT park Arcovia City in Ugong, Pasig City.

The registration agreement was signed by PEZA Director General Tereso Panga and Megaworld executive vice president Kevin Tan.

"Megaworld’s commitment to nation-building is evident through their active participation in the country’s ecozone program. By establishing new zones, we can host global players in the IT-BPM industry, thereby giving more opportunities for Filipinos,” Panga said.

Megaworld's project registration with PEZA came following the signing of Proclamation 512 on April 1, 2024, designating parcels of land in Ugong, Pasig City, as an IT park which is part of Megaworld's township project.

According to PEZA, the Marcos administration has designated 13 ecozones, with investments amounting to P4.86 billion.

"We are optimistic that more business titans in the real estate development sector will follow Megaworld’s lead and either establish or expand their portfolio in the government’s ecozone program,” the PEZA chief added.

Megaworld and its affiliates oversee nine economic zones, hosting 221 registered business enterprises that generated a total of $3.29 billion in exports in 2023, and providing direct employment to more than 160,000 Filipinos.