Jetti Petroleum gets BOI tax perks

MANILA, Philippines - Jetti Petroleum Inc., a firm engaged in the import, blending and distribution of petroleum products, has qualified for tax perks for its fuel terminals in Iloilo and Bataan.

In a statement yesterday, Jetti said the Board of Investments (BOI) has approved its application for registration for its newly opened facility in Iloilo City which has a storage capacity of five million liters, and another facility to be constructed in Mariveles, Bataan with a planned capacity of 62 million liters.

Jetti’s total investments for the construction of the two fuel depots, as well as 10 stations in North Luzon and 18 stations in Western Visayas are estimated to reach P1 billion.

By being registered with the BOI, the firm will be entitled to incentives such as income tax holidays, exemption from taxes and duties on equipment to be imported for terminal use as well as other perks.

“The BOI registration will be key to our vision of nationwide operations. It will be a big boost in continuing our mission to make high quality and reasonably priced fuel products accessible to a larger number of Filipinos,” Jetti corporate affairs manager Leo Bellas said.

The recent opening of the Iloilo bulk terminal in September and completion of the Mariveles fuel depot by the end of next year will bring Jetti’s total fuel terminals in the country to four.

The firm’s other terminals are located in Misamis Oriental and Cavite.

The fuel terminal in Tagaloan in Misamis Oriental has a storage capacity of 46 million liters, while the facility in Naic in Cavite has a 16 million-liter capacity.

Bellas said Jetti is investing in the country’s downstream oil industry as it seeks to provide a stable supply of competitively priced fuel products in the country.

“As an all Filipino-owned company, we want to be able to help in the progress of different areas in the country by providing them more options for fuel sources,” he said.