Board of Investments grants perks to 2 projects

MANILA, Philippines -The Board of Investments (BOI) has granted tax breaks to two firms with projects with a combined investment of around P400 million.

Chemrez Technologies Inc is now venturing into the production of oleochemical specialties and derivatives. These may be generally described as biodegradable petrochemical-alternative materials for personal care, for industrial use and agricultural use.

The company will export at least 50 percent of its production particularly to the USA, Middle East, Australia and various Asian countries.

The firm’s proposed project in Bagumbayan, Quezon City, where its existing facility is located, will cost P368.722 million and will employ an additional 52 people.

Meanwhile, G’ Little Resources Inc. (GLSI) is a 100 percent Filipino-owned company engaged in commercial business activities relating to petroleum and allied products.

The application is covered by the 2010 IPP under the Downstream Oil Industry Deregulation Act of 1998.

The proposed activity is the firm’s first project applied for BOI registration.

The project involves the construction and operation of a 255,000 liters storage facility with distribution and marketing operations for petroleum products (i.e. bio-diesel, gasoline and jet fuel) in Paseo de Blas, Valenzuela City.

The firm will source its products from Total Phils. Corp. and Chevron Philippines Inc.

GLSI will engage in marketing and selling of petroleum products or fuels on wholesale basis through tankers and trucks to various refilling/retail stations and commercial based in the Camanava area.

The proposed project will involve a labor force of 12 personnel and generate total investments of P15.34 million covering pre-operating cost, acquisition of capital equipment and working capital, and will be funded by 100 percent equity.