Vista Land unit, MRT-LRT ticket maker seek BOI perks

MANILA, Philippines - A property developer and card manufacturer are seeking fiscal incentives from the Board of Investments (BOI) for their expansion projects.

In a published notice, the BOI said Household Development Corp., a unit of listed Vista Land and Lifescapes Inc. has filed applications for incentives for the expansion of its low cost mass housing project Lessandra Bucandala in Imus, Cavite. 

In particular, Household Development wants to register Phases 2 and 3 of the housing project.

Aside from Household Development, the supplier of magnetic cards for the Metro Rail Transit (MRT) Line 3 has also filed an application with the BOI for the expansion of its facility in Manggahan Industrial Park in Pasig City.

“Banner Plasticard, Inc., … is applying for registration with the BOI as modernization – export producer of plastic and paper cards on a non-pioneer status with capacity (of) 560 million pieces per year,” the BOI said.

The firms can qualify for incentives such as exemption from income tax and other perks if their applications would be approved by the BOI.

The government offers incentives to firms which invest in priority economic activities.

The economic activities being promoted by the government are listed in the Investment Priorities Plan (IPP) released by the BOI every year.

Under the 2013 IPP currently being used, mass housing is listed as a preferred activity.

The 2013 IPP has also identified the manufacture of products for export as an activity that can qualify for incentives.

Household Development is under one of Vista Land’s business units, Camella Homes Inc.

Vista Land, the country’s largest home builder, caters to all income segments in different parts of the country.

Aside from Camella Homes, its other business units are Brittany Corp., Communities Philippines Inc., Crown Asia Properties and Vista Residences Inc.

Incorporated in 1984, Banner Plasticard is the first Filipino-owned pioneering venture in card manufacturing.

Aside from supplying magnetic cards to the MRT Line 3, the firm also serves the telecommunications, banking, retail, manufacturing and service industries.