The time output will be that of the server's clock. If using PHP 5.1 or later, you can use the date_default_timezone_set() function to set the timezone you want to use. Otherwise you'll have to manually adjust the time based on the difference between your server's timezone and the timezone you wish to display.
(Alternatively, you could use the gmdate() function, either to display GMT/UTC time, or to do your timezone adjustment based on that time.)