In a report, Trade and Industry Secretary Peter B. Favila said that from January this year, the BOI has given incentives to 19 mass housing projects with a total project cost of P1.29 billion and which has resulted in the construction of 8,483 housing units.
According to Favila, there are six developers that undertook the mass housing projects.
Property Company of Friends, according to BOI records, had the most number of mass housing projects with eight, at a total cost of P456.95 million and which resulted in the construction of 3,365 units most located in Cavite.
The Ayala Group’s Laguna Properties Holding Corp. (LPHC) also developed four projects with a total of 1,101 mass housing units.
The Ayala Group’s housing projects are located in Dasmarinas, Cavite; Naga, Camarines Sur and in Tayabas, Quezon.
Firm Builders developed four projects with a total of 1,339 housing units located in Bacolod, Iloilo, Cagayan de Oro and Bukidnon.
Asiatic Development Corp. has one project in Laguna, while Basic Housing Solutions developed 703 housing units in Mexico, Pampanga.
The 2005 Investments Priorities Plan (IPP), Favila said, had been relaxed specifically on mass housing investments to allow developers to locate projects in Metro Manila.
Phinma Property Holdings of the Lopez Group was the first developer to benefit from the relaxed IPP.
The Phinma medium-rise housing project located in Quezon City is accessible to major malls, schools, hospitals, government institutions, parks and other commercial centers.
The project will be developed on a 1.6 hectare site with a total of 957 residential units with package prices ranging from P575,000 to P930,000.
Trade Undersecretary and BOI managing head Elmer C. Hernandez explained that for eligibility for BOI registration, mass housing projects must have a minimum of 20 livable dwelling units in a single site or medium-rise housing.
The cost of each unit should not exceed the cost of low-cost or economic housing as determined by the Housing and Urban Development Coordinating Council (HUDCC).
The HUDCC has set the cost of low-cost housing at over P300,000 up to P2 million.
Only income derived from registered projects are entitled to income tax holiday incentive.