BOI okays perks for P1.7-B projects

The Board of Investments (BOI) has approved the grant of fiscal incentives to P1.7 billion worth of various project investments such as low-cost housing, tourism, manufacturing, business process outsourcing (BPO) and cold storage.

The largest among the new businesses is Hotel Specialists Inc.’s 133-room first class hotel in a 3.8-hectare property in Tagaytay City costing P650 million.

Another property developer CDC Realty Inc., will put up a cluster of five to six-storey buildings totaling 1,000 units on a 1.9-hectare land area in SunValley, Paranaque City. It has a project cost of P429.19 million.

The package price is from P1.2 milion to P1.68 million per unit.

Meanwhile, Davao Bay Coconut Oil Mills Inc. will establish a manufacturing plant with 14 copra expellers that will produce coconut oil and copra meal/cake as its by-product. The plant will be located in Madaum, Tagum City.

The products will be sold to the domestic market comprising coconut oil refineries, soap and oleo chemical companies in the Visayas and Mindanao.

The project cost is estimated at P358.4 million.

The plant will have a capacity of 65,625 metric tons per year for crude coconut oil and 36.225 metric tons for copra meal/cake.

The manufacturing plant will help boost the income of coconut farmers from within the localities and immediate areas. The local government will directly benefit from the project through taxes, licenses and fees. It is also in support of the alternative energy program of the government.

Another categorized as low-cost housing is the P247.62- million project of Primegates Property Inc. for the construction of 450 units of 13-storey residential condominium with package prices ranging from P1.3 million to P3 million.

Called the Royal Palm Villas in Pamplona Dos, Las Pinas City, the primary targets are the middle-income earners and families of overseas Filipino workers.