Globe’s 3G rollout tops BOI approvals

The Board of Investments (BOI) has approved a total of P5.656 billion worth of investments involving six projects, the biggest of which is Globe Telecom’s expansion into third generation mobile, or 3G technology.

BOI managing head Elmer C. Hernandez said the latest batch of projects were approved under the agency’s simplified registration program and the Motor Vehicle Development Program (MVDP).

In a press briefing, Hernandez said the Ayala-controlled Globe Telecom, the country’s second largest phone company, will receive project perks for investing an additional P5.476 billion for the rollout of its 3G mobile services. 3G is the newest platform in mobile communications allowing video calls, TV broadcasts, and broadband Internet access.

The BOI also gave the go-signal for the P51.530-million expansion project under the MVDP of Ford Motor Philippines Co. for the assembly of completely built-up units for exports to the Asian region.

The other approved projects are the P43-million processed tuna project of General Tuna Corp.; the P84-million cold storage project of Polar Bear Freezing and Storage Corp.; a hybrid corn seeds/contract seed growing project in Davao province for P924,000 by Vigour Seeds Dev. Inc.; and a P582,000 investment by Global Marketing and Art Works.

These projects, approved in the first week of May alone, will be entitled to the BOI’s incentive package that include income tax holidays and duty-free imports of capital equipment.