Filinvest seeks BOI perks for Pasig project

MANILA, Philippines - Gotianun-led real estate firm Filinvest Land Inc. (FLI) is seeking incentives from the Board of Investments (BOI) for its housing project in Pasig City.

“FLI is applying for registration with the BOI as expanding developer of low-cost mass housing project Sorrento Oasis (Bldgs. K, L and N) with a total capacity of 360 low-cost mass housing units on a non-pioneer status,” the BOI said in a published notice.

Sorrento Oasis is located in Barangay Rosario in Pasig City.

The project, which is a medium-rise condo community, covers a 6.3-hectare area and has 17 buildings with five floors each.

FLI would be entitled to a three-year income tax holiday if its application is approved by the BOI.

To encourage investments, the BOI grants incentives to firms which engage in economic activities being promoted by the government.

The economic activities which can qualify for incentives are listed in the Investment Priorities Plan (IPP) released by the agency every year.

Under the 2013 IPP, mass housing is identified as a preferred activity.

Other preferred activities in the IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects.

The 2013 IPP also has a mandatory list which covers industries that require their inclusion as provided for under existing laws.

Export activities and priority activities identified by the Regional BOI of the Autonomous Region in Muslim Mindanao are likewise listed in the IPP.

FLI has more than 100 projects in 39 cities across the country.

As of end-September this year, its earnings increased 22 percent to P2.438 billion from P2 billion a year ago.