BOI grants tax incentives to 2 housing projs

The Board of Investments (BOI) has given tax breaks to two mass housing projects in Cebu and Naga.

The incentives were given to Pueblo de Oro Development Corp. and Firm Builders Realty Development  Corp. The two projects have a combined worth of over P300 million.

Pueblo de Oro, a 100-percent Filipino owned firm, is investing P287.3 million in a low cost mass housing project in Barangay Kalawisan Lapu-Lapu City Cebu.

The project, named La Aldea del Rio, will cover over four hectares of land wherein 500 housing units will be constructed.

The individual units will be 40 to 65 square meters. Each unit will have two bedrooms, one toilet and bath, living room, dining area, kitchen, laundry area and a front lawn.

The BOI said the project is consistent with the government’s 2008 Investments Priorities Plan (IPP).

The government favors mass housing project in response to the growing need for more affordable housing. Mass housing is a priority social program of the current administration.

Construction has started this month and it has generated 215 new jobs.

Meanwhile, Firm Builders Realty has invested P42.3 million for the construction of 354 mass housing units in Naga City.

The firm has already started its construction and has hired 88 employees.

Firm Builders is a new developer which was given non pioneer status by the BOI.