Board of Investments approves two projects worth P442 million

MANILA, Philippines - The Board of Investments (BOI) has approved the grant of incentives to two projects with a combined investments of P442.4 million.

BOI managing head Elmer C. Hernandez said more investments are expected to come in after the elections.

Filipino firm JECO Development Corp. will be investing P400 million for its tourism resort in Sabang Beach in Palawan. JECO, formerly Sheridan Corp., will be building a beach resort convention center in Puerto Prinsesa.

The resort will be built in 2.7 hectares of land. It will be a two story eco-tourism resort with 90 rooms. Commercial operations started this month. The project will employ 217 individuals.

Hernandez said the project was endorsed by the Department of Tourism and was classified as a triple A resort.

Meanwhile, Ceamsa Asia Inc., owned by Spanish firm Compana Esponalade Algas Marina, will invest P42.4 million for a carageenan processing plant in Bulacan.

The processing plant will be able to produce 1,872 metric tons annually. The entire production will be exported to Spain.

Raw materials will be sourced from Mindanao, specifically Zamboanga. The firm will be leasing an idle land in Marilao, Bulacan and commercial operations will begin in June.

Carageenan, in its semi-refined state, can be used as a stabilizer, emulsifier, thickener, filler or jellying agent for dairy products like cheese, ice cream and yoghurt. It is also a clearing agent in beer brewing and wine and coffee manufacturing.