Board of Investments grants tax perks to 3 projects worth P1 billion

MANILA, Philippines - The Board of Investments (BOI) recently gave tax incentives to three investments worth almost P1 billion.

Two Filipino property developers and a Filipino Japanese joint venture project qualified for fiscal and non fiscal incentives under the government’s Investments Priorities Plan (IPP).

Asiatic Development Corp. was given tax perks for its mass housing program dubbed as Tierra Vista Homes Dasmarinas Phase One.

The investment cost for this project is P254 million. The project involves constructing 394 low-cost housing units sprawled over 5.22 hectares of land. The types of unit to be offered to clients range from townhouses, single attached or single detached houses with floor areas that measure between 42 and 65 square meters.

Around 240 employees will be hired when commercial operations begin next month. BOI said that projects like these attest to the continued economic viability of the local property development and construction industry.

Likewise, Filipino property development company Fiesta Communities Inc. will build a mass housing project worth P614.109 million.

The project is called the Fiesta Communities - Mabalacat. It involves the construction of 1,230 low cost housing units in over 21.47 hectares of land in Pampanga. The units will either be row houses or duplex.

Commercial operation will also start next month and 977 new employees will be hired for the project.

Meanwhile, Greenstar Produce Phil Inc. received incentives for its production of fresh okra for export. The capital required for this is P39.71 million.

The company will be producing 182,000 cartons of fresh okra yearly which are fully contracted with Watari Co. Ltd. in Japan.

The plantation area will be 170 hectares. The company will provide necessary inputs, seedlings and technical assistance and will supervise the activities of contracted farmers.

The harvested okra will be bought from the contracted farmers at pre-agreed prices, depending on quality and season of harvest. Some 94 employees will be hired for this project.