PRESIDENT BENIGNO S.C. Aquino III has designated a building belonging to the SM Prime Holdings Inc. in Mandaluyong City as the newest “information technology (IT) hub,” with tax incentives of up to four years to be granted to any IT enterprise that will set up offices there. Proclamation No. 35, signed last Jan. 2, creates and designates as an “Information Technology Center” the SM Megamall I.T. Center on a 44,924-square meter lot located at Brgy. Wack-Wack, Mandaluyong City. According to the PEZA Web site, the incentives for IT enterprises include income tax holiday for four years, and a special 5% tax on gross income earned thereafter, in lieu of all national and local taxes, except real property taxes on land owned by developers.