ICTSI, other firms give up BOI perks

Citing the prevailing economic conditions, a number of private companies and export producers are being forced to shelve their expansion plans, with some subsequently opting for the cancellation of their Board of Investments (BOI) registration.

Topping the list of companies seeking the cancellation of their BOI registration is International Container Terminal Services, Inc. (ICTSI), which is expanding its port infrastructure project at the International Container Port in North Harbor.

"Economic conditions and the low demand for an additional berth" were the reasons cited by ICTSI in seeking its delisting from BOI registration.

ICTSI also admitted that it could not complete its expansion project at the said port as the present economic conditions have affected the viability of the project. It did not ask however, for refund of incentives from the BOI for failure to complete the expansion project.

The BOI has also informed the Bureau of Customs of the cancellation of the registration of Ironwood Creations Inc. as export producer of furniture due to cessation of operations. The high rate of exchange between the peso vis-a-vis the US dollar had forced the company to close shop, according to its officers, who asked the BOI to cancel its registration.

Hyervin Cold Storage facility was also forced to terminate operations and also sought the cancellation of its BOI registration. Also those who asked that their BOI registration be cancelled were Polar Cap Manufacturing Corp. and Sun Valley Manufacturing and Development Corp.

The BOI said several requests from a number of private companies for the cancellation of their BOI registration continue to pile up, but added that those whose registrations have been cancelled could no longer avail of tax exemptions.