Vol. XXII, No. 45 [ BusinessWorld Online ]
Friday, September 26, 2008 | MANILA, PHILIPPINES
THE BOARD of Investments (BoI) has granted incentives to the P1.7-billion expansion of Makati Medical Center’s (MMC) and to 13 other projects worth P1.325 billion operated by firms in the tourism, real estate and manufacturing industries.
BoI documents showed Medical Doctors, Inc. will spend P900 million for the construction of a 12-storey building for MMC that will contain new diagnostic and treatment centers, operating and delivery rooms.
The rest of the funds will be spent on state-of-the-art equipment. The project will double MMC’s capacity to 945 beds from 500 and will accommodate 4,500 more patients.
"The project is in line with the government’s medical tourism program that markets the Philippines as an alternative health tourism destination... The government deems it necessary [to] give its full support by way of tax incentives," BoI said in a statement.
Meanwhile, Legend Hotel International Corp.’s P42.3-million renovation of an acquired motel in Malibay, Pasay City will also get incentives. Commercial operations will start in January.
BoI also granted incentives to six low-cost mass housing projects worth a total of P1.008 billion.
P.A. Alvarez Properties and Development Corp. is spending P413.474 million to build 1,267 housing units on 13.3 hectares of land in San Pedro, Laguna.
Stateland, Inc. is also spending P307 million to build 202 units and develop 4.3 hectares in Imus, Cavite, while Crown Communities, Inc. is building 538 units that will occupy 12.4 hectares of land in Lumbia, Cagayan de Oro. The project will cost P173.8, BoI documents showed.
Meanwhile, Kenrich Development Corp. is spending P22.861 million for its mass housing project consisting of 41 low- and medium-cost duplex housing units on 6,400 square meters of land in Li-loan, Cebu.
Casa Regalia, Inc. and Regent Pearl Development Corp., likewise received incentives for their P9.5-million and P81.4-million investments, respectively. Casa Regalia will build 29 housing units, while Regent Pearl will build 264 units. BoI documents did not disclose the location of the projects.
Manufacturing firms producing goods for exports also received incentives from the BoI.
Prime Xynergies Food Corp. is spending P44.13 million to manufacture banana chips for export to the US, Austria, France, Germany, Japan and China, while Cebu Canning Corp.’s production line for canning blue crabmeat for export will cost P25.170 million.
A&J Seafoods and Marine Products Inc., also a processor and exporter of seafood, will spend P200 million for production.
Licton Industrial Corp., meanwhile, received incentives for its production of plastic bags, 50% of which will be exported. BoI documents did not state Licton’s project cost.
BoI likewise granted pioneer status to a P5.272 robotics project by Dutch-owned HGG Profiling Specialists Phil., Inc. HGG will use high-technology to process steel for ship building. — Jessica Anne D. Hermosa