MANILA, Philippines - Two property developers are seeking tax perks from the Board of Investments (BOI) for their mass housing projects.
In a published notice, the BOI said Household Development Corp., a subsidiary of Vista Land and Lifescapes Inc., “is applying for registration with the BOI as an expanding developer of low-cost mass housing project (Camella Tanza) with a capacity of 1,046 low-cost mass housing units on a non-pioneer status.â€
The project is located at Brgy. Bagtas in Tanza, Cavite.
In a separate notice, the BOI said another firm, P.A. Metro Residence Builders Inc. (PAMRBI), has likewise filed an application for registration with the agency as an expanding developer of two low-cost mass housing projects on a non-pioneer status.
The application covers The North Grove Phase 2 which has 262 units and The North Grove Phase 3 which has 168 units, both located in Caloocan City.
Should the BOI approve the applications, the two firms can enjoy fiscal incentives such as income tax holidays.
Mass housing is among the preferred activities in the BOI’S 2012 Investment Priorities Plan (IPP).
Firms that invest in activities listed in the 2012 IPP are being offered incentives by the government.
This, as the government wants to encourage companies to make investments in sectors which are seen to generate employment and help achieve economic growth.
The 2012 IPP’s other preferred activities are agriculture, agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.
Household Development is under one of Vista Land’s business units, Camella Homes Inc.
Aside from Camella Homes, Vista Land’s other business units are Brittany Corp., Communities Philippines Inc., Crown Asia Properties and Vista Residences Inc.
On the other hand, PAMRBI is a subsidiary of P.A. Alvarez Properties and Development Corp. (PAAPDC), a firm engaged in the development of residential properties and estates which started in Laguna.
PAMRBI was created after PAAPDC decided to develop projects within Metro Manila due to rising demand in the area.