BOI sets tax perks for 2 projects worth P8.4B

Manila, Philippines - The Board of Investments (BOI) gave tax incentives to two projects with a combined worth of P8.376 billion.

Filipino firm TransAsia Renewable Energy Corp. (TAREC) will be investing P6.453 billion for the first wind energy project in the Visayas while Filinvest Alabang Inc. said they will be spending P1.923 billion for their hotel project.

TAREC’s wind power project involves the construction and operation of a 54- MW wind energy power plant in San Lorenzo, Guimaras. The generated electricity will be delivered to the Visayas Grid via the Ingore, Iloilo substation owned by the National Grid Corp. of the Philippines (NGCP).

The proposed activity is the first wind energy project in the Visayas and the firm’s first project applied for BOI registration.

On the other hand, Filinvest Alabang has registered it fourth project with the BOI.The project involves the development of a 9,602 sqm of land and the construction of a 27-story hotel consisting of 345 rooms to be named Entrata. The hotel will have complete amenities, guest rooms, function rooms, swimming pools and restaurant.

The hotel will cater to tourist both local and foreign visiting Muntinlupa City and the nearby CALABARZON area.

The 345-room Entrata Hotel is endorsed favorably as a “De Luxe Class Hotel”.

The project will employ 416 workers and generate a total investment of P 1.923 billion covering pre-operating cost, hotel construction and development, acquisition of capital equipment and working capital which will be funded by 64 percent loan and 36 percent equity.