BOI grants tax breaks to projects in oil, real estate sectors
11/24/2009 | 06:30 PM
The Board of Investments granted tax holidays to various business ventures, particularly in the oil and property sectors, worth more than a billion pesos.
The biggest project which received tax break from the BOI was the P625-million venture of small oil player Phoenix Petroleum Philippines.
Phoenix’s project involves the storage of 46-million liters of petroleum products in its new tanks in Calaca, Batangas.
Petroleum products would be sourced from foreign oil companies and independent suppliers including Singapore Petroleum Corp., Oronite Singapore, Petronas Malaysia and Formosa Petroleum of Taiwan.
Phoenix is planning to sell its petroleum products on a wholesale basis through tankers and tricks to its Luzon retail stations, and industrial firms in Metro Manila and in the Calabarzon area.
The projects is seen to provide employment to 20 people once it starts its commercial operation by next month.
Meanwhile, seven new activities with a total combined cost of over P1 billion were also approved by the agency.
Five of these were for low-cost and mass housing activities.
Out of these, five projects are related to low-cost and mass housing activities.
This include Federal Land Inc.’s project for the development of 196 units in Marikina city. Federal Land is the property development arm of the Metrobank Group.
To be called Marquinton Garden Terraces-Toledo Tower, the projects is expected to be completed in July 2010.
The project will entail the construction of a 15-storey building that could accommodate 196 units with either a single or a two-bedroom flat.
Another mass housing project is the P232-million Camella Isabela by Communities Isabela Inc. in Santiago City in Isabela.
The project will be for the construction of 204 housing units in a five-hectare property. All units will be two-storey, single firewall with floor areas ranging from 44 sq m to 96 sq m.
Also in the list is the P189-million socialized mass housing project of Chinese-Filipino firm Fifth Avenue Property Development Corp. The project will be for the construction of 230 units in Lahug, Cebu City.
Tagged as Residencia Edades Condominium, the project will develop raw land into a 12-storey building and is expected to create jobs for 459 people once it begins construction in January next year.
A P97-million low cost housing of Filipino-owned Household Development Corp in Antipolo City; and the P70-million low cost housing of Shelter Systems Development Corp. in Lipa City in Batangas are also recipients of tax breaks.
The agency also registered the P59.49-million auto parts and components production of Philippines Auto Components, majority owned by Denso Int’l Singapore; and the P120- million bulk water supply project of Philippine Hydro (PH) Inc. in Norzagaray, Bulacan. - GMANews.TV
The biggest project which received tax break from the BOI was the P625-million venture of small oil player Phoenix Petroleum Philippines.
Phoenix’s project involves the storage of 46-million liters of petroleum products in its new tanks in Calaca, Batangas.
Petroleum products would be sourced from foreign oil companies and independent suppliers including Singapore Petroleum Corp., Oronite Singapore, Petronas Malaysia and Formosa Petroleum of Taiwan.
Phoenix is planning to sell its petroleum products on a wholesale basis through tankers and tricks to its Luzon retail stations, and industrial firms in Metro Manila and in the Calabarzon area.
The projects is seen to provide employment to 20 people once it starts its commercial operation by next month.
Meanwhile, seven new activities with a total combined cost of over P1 billion were also approved by the agency.
Five of these were for low-cost and mass housing activities.
Out of these, five projects are related to low-cost and mass housing activities.
This include Federal Land Inc.’s project for the development of 196 units in Marikina city. Federal Land is the property development arm of the Metrobank Group.
To be called Marquinton Garden Terraces-Toledo Tower, the projects is expected to be completed in July 2010.
The project will entail the construction of a 15-storey building that could accommodate 196 units with either a single or a two-bedroom flat.
Another mass housing project is the P232-million Camella Isabela by Communities Isabela Inc. in Santiago City in Isabela.
The project will be for the construction of 204 housing units in a five-hectare property. All units will be two-storey, single firewall with floor areas ranging from 44 sq m to 96 sq m.
Also in the list is the P189-million socialized mass housing project of Chinese-Filipino firm Fifth Avenue Property Development Corp. The project will be for the construction of 230 units in Lahug, Cebu City.
Tagged as Residencia Edades Condominium, the project will develop raw land into a 12-storey building and is expected to create jobs for 459 people once it begins construction in January next year.
A P97-million low cost housing of Filipino-owned Household Development Corp in Antipolo City; and the P70-million low cost housing of Shelter Systems Development Corp. in Lipa City in Batangas are also recipients of tax breaks.
The agency also registered the P59.49-million auto parts and components production of Philippines Auto Components, majority owned by Denso Int’l Singapore; and the P120- million bulk water supply project of Philippine Hydro (PH) Inc. in Norzagaray, Bulacan. - GMANews.TV
