Property firms seek BOI perks

MANILA, Philippines - Communities Naga Inc., a subsidiary of the country’s largest home builder Vista Land and Lifescapes Inc. is seeking incentives for two housing projects in Legaspi City.

The Board of Investments (BOI), said in a published notice “Communities Naga Inc., is applying for registration with the BOI as new developer of low cost mass housing project (Camella Legazpi Subdivision) with a total capacity of 148 housing units on a non-pioneer status.”

In a separate notice, the BOI said Communities Naga has likewise filed an application for registration with the agency as new developer of low cost mass housing project Lessandra Legazpi Subdivision which has a total capacity of 364 housing units on a non-pioneer status.

Both housing projects are located in Brgy.  Puro in Legazpi City.

Communities Naga will be entitled to income tax holidays as well as other fiscal and non-fiscal perks for the two projects if both applications will be approved by the BOI.

The BOI is offering incentives to firms to encourage them to invest in economic activities being promoted by the government.

Every year, the BOI comes up with a list of activities which can qualify for incentives through the Investment Priorities Plan (IPP).

The 2013 IPP has identified mass housing as a preferred activity.

Other preferred activities listed in the 2013 IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects.

Communities Naga is under Communities Philippines Inc., a business unit of Vista Land.

Established in 1991, Communities Philippines offers low-cost and affordable residential properties outside the Mega  anila area.

Vista Land’s other business units are Brittany Corp., Camella Homes Inc., Crown Asia Properties, and Vista Residences Inc.