BOI grants tax perks to 5 projects

MANILA, Philippines - The Board of Investments (BOI) has given tax breaks to five investment projects worth P719.055 million.

Federal Land Inc. has registered its third mass housing project with the government for its P246.73-million Peninsula Garden Midtown Homes in Paco Manila.

The project involves the development of 1,441 square meters of land and the construction of a 15-storey condominium building. The facility will accommodate 184 low cost units. A total of 256 employees will be hired as commercial operations starts next month.

Another company, Filipino-owned Johndorf Ventures Corp. filed an application with the BOI for its P127.015 million mass housing project in Butuan City.

A total of 196 low cost mass housing units will be constructed in a 30,000 square meter area. This is the firm’s third BOI project along with a fourth one being processed to be located in Iligan City.

Hotel St. Ellis applied for its first tourism project classified as a tourist inn. The P224.91 million inn will be located at the Legazpi Port Area Legazpi City.

The project involves the total renovation of an old six storey hotel building. Upon completion, the 1,476 square meter tourism accommodation facility will have 40 rooms available for accommodation for local and foreign guests.

This project will augment the number of lodging facilities in Legazpi City. The company said 45 new employees will be hired for the project when it starts commercial operations next month.

Likewise, Highlander Hotel and Resort filed an application to develop two hectares of land and construct a two storey hotel in Roxas Solano, Nueva Vizcaya. The P90-million project will hire 100 people when it starts commercial operations January 2010.

The hotel is endorsed by the Department of Tourism as a standard class hotel with a 76 room accommodation ranging from economy to suite types.

Meanwhile, Malalag Bay Aquaculture and Processing Corp. (MBAPC) has invested P30.40 million for a food processing project located in Davao del Sur and General Santos City.

The project will primarily produce fresh and processed milkfish including other fish/marine products. The project involves two major stages. The first is the production/growing of milkfish in Davao.

Then it will be transported to Gen San where it will undergo processing which includes receiving, weighing, washing, sorting, packing and blasting. The products will be sold here and overseas.