MANILA, Philippines - The Board of Investments (BOI) has granted its incentives package to three infrastructure projects with a combined investment of P414.433 million.
These projects include a mass housing project, a logistics project and a transportation facility.
New developer Kenrich Development Corp. was given tax and non-tax perks for its P164.8 million mass housing project in Cebu. The proposed Villa Lorena Dos Subdivision involves the development of 34,720 square meters of land and the construction of 354 low/medium-cost housing units.
The project is only the fifth mass housing project applied with the BOI this year. A total of 114 people will be hired once commercial operations start in November.
Filipino owned V&F Ice Plant and Cold Storage Inc., meanwhile, filed an application to put up a new cold storage facility that will include six cold storage rooms with a total capacity of 958.7 kilograms per year.
The new facility will be constructed in an area next to the firm’s existing cold storage plant in Sto. Tomas, Batangas.
The project will cost P145.53 million, with a total of 36 people employed when commercial operations begin in December.
The project will support the agriculture and food processing sectors by providing them with postharvest facilities to minimize losses caused by spoilage, thus ensuring good returns.
It will cater primarily to the producers and traders of agricultural marine products and processed food products in Southern Luzon.
Likewise, the BOI approved the registration of Ocean Tankers Corp. to operate a brand-new double-hulled tanker for transporting petrochemicals and other liquid bulk products.
A Manila-based company called ELFA Shipyard built this newly-acquired ship, named M/T Lauren Kate.
The vessel has a total carrying capacity of 885 metric tons of oil distributed in its eight cargo oil tanks. The maiden voyage will be in November. The ship was worth P104 million.