MANILA, Philippines - The Board of Investments (BOI) has given tax breaks to eight new projects with combined investments of P1.661 billion.
The government grants fiscal and non-fiscal benefits to investment that fall under the Investments Priorities Plan (IPP).
Five of the eight projects are mass housing projects.
Filipino owned Phoenix Petroleum Philippine Inc., filed an application for the construction and operation of a P615-million facility with distribution and marketing operations for petroleum products.
For this project, the firm has started building five tanks with a total capacity of 48 billion liters. The firm will market and sell petroleum products on a wholesale basis to its Luzon retail station, companies and industrial users in CALABARZON and Metro Manila. The project is located in Davao.
Another Filipino company Philippine Hydro Inc filed an application to establish and operate a P120-million water treatment facility. The company will install a 10- kilometer pipeline that will supply clean potable water to government owned Norzagaray water district.
Singaporean firm Philippines Auto Components Inc. will invest P59.49 million on a new line in its existing plant in Laguna. The firm is a wholly owned subsidiary of Denso Singapore.
The pointer parts will be exported to Japan, China and Spain and will be used for the Toyota Corolla, Yaris, Camry and Vitz. This part is a very important one because it indicates the status of the car in terms of speed, temperature and others.
Filipino-owned Shelter System Development Corp. filed an application for a P70.253-million low cost economic housing units in Lipa City Batangas dubbed San Antonio Homes.
The project entails the development of 1.7 hectares of land and the construction of 250 units. A total of 116 new employees will be hired once commercial operations start January next year.
Fifth Ave. Development Corp. will build a mass housing facility called P189-million Residencia Edades Condominium in Lahug Cebu.
The project involves the development of 802 square meters of land for the construction of a 12 story building with over 200 housing units.
Federal Land Inc. invested P279 million for the development of a mass housing condominium in Marikina City dubbed Marquinton-Toledo Tower. The project involves the development of 3,293 square meters of land.
Communities Isabella Inc received tax breaks for a P232 million project tagged Camella Isabella. This involves the development 204 housing units.
Household Development Corp. invested P97 million on a mass housing project in Antipolo named Crestwood Subdivision. A total of 85 housing units will be built.