Thursday, June 05, 2008 [ manilatimes.net ]
THE Board of Investment has approved tax and other perks for two projects, a tourism facility and a mass housing project, located in Parañaque City and Laguna.
CDC Realty, Inc. and First Paseo de Sta. Rosa Development Corp. are investing P430 million and P163.5 million, respectively, for the projects.
Filipino-owned First Paseo will spend for the construction of seven-story, 120-room standard-class Paseo Premier Hotel in Sta. Rosa Business Park, Sta. Rosa, Laguna. The company’s marketing plan is to tie up with travel agencies in Japan, Korea, Singapore, Hong Kong, China and Europe.
The hotel will cater to golfing tourists and will create employment for 68 people.
The hotel is scheduled to start commercial operations un July next year.
CDC Realty, meanwhile, plans to invest P430 million for the development of 1.9-hectare of land and construction of 11 cluster of 5- to 6-story building with 1,001 units.
The project located in Sta. Ana Drive, Barangay Sun Valley, Parañaque City, will create employment for 20,180 people.
BOI earlier said government has trimmed the number of investment projects qualified to enjoy tax and other perks this year in its bid to raise revenues.
Trade Undersecretary Elmer C. Hernandez, who is also BOI managing head, said the agency has identified only six preferred sectors for this year’s Investment Priorities Plan, down from the 11 sectors on the 2007 list.
Hernandez said the agency removed the mining industry from the 2008 IPP, and limited the grant of the full suite of incentives to the power sector by extending this only to investments in renewable energy projects.
Among the sectors that may still benefit from the full suite of incentives are infrastructure, research and development (R&D), constructive and direct exports, micro, small and medium enterprises, agriculture and agribusiness, tourism, engineered projects and strategic investments. -- Chino S. Leyco
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