By Ma. Elisa P. Osorio Updated November 28, 2008 12:00 AM
[ philstar.com ]
The Board of Investments (BOI) has given tax breaks to six new projects worth P1.046 billion including the rehabilitation of Ayala-led Cebu Insular Hotel Co. Inc.
The Cebu Insular Hotel, formerly the Cebu City Marriot Hotel, will be fixing and refurbishing the guest rooms and public spaces.
The hotel, located at the center of the Cebu business district, will undergo an extensive makeover in terms of design and technology.
The renovation will include refurbishing the interior elevators, installation of cable television, electrical, plumbing and other mechanical fixes.
A total of P246.4 million will be used to build a grand ballroom, meeting rooms, garden café with an interactive kitchen facility and a fitness center.
With the new additions, the hotel is expecting an upsurge in both local and foreign tourists.
Meanwhile, Philtown Properties Inc. of RFM Corp., is building a low cost mass housing worth P586.2 million.
The WH Taft Residences located in Taft Ave. Manila will be a 30-story condominium with 432 units. The company will employ 190 people while commercial selling will start next month.
Another low cost mass housing project given incentives is the project of Landworks Asia Inc. for the Monte Brisa Phase three in Barangay Manggahan Rizal.
The project is estimated to cost P51 million and will employ 400 people. For the buyers, the company targets middle income groups living around Montalban Rizal and neighboring areas.
The individual lot areas will range from 80 to 100 square meters with units that are either single-attached or single detached.
Another mass housing project is located in San Jose Del Monte Bulacan for the P21.22-million project of CitiHomes Builder and Development.
The company will build 96 low cost housing units over individual lots ranging from 50 to 72 square meters. The entire development is spread over 8,000 square meters of land.
The primary market for the project, dubbed Lancaster Place, are low to middle income buyers living in Quezon City, Bulacan and other neighboring areas.
Shipping company Rapal Inter-Island Shipping Inc. was given tax breaks for its P125.8 million investment to operate a domestic inter-island vessel.
The ship will service both local and foreign tourists. The company said the project is consistent with the roll on roll off project of the government under the sustainable development program.
Lastly, Spyca Int’s Inc., an export firm, was given incentives for its P15.117 million manufacturing plant. The company trades garments and related products as well as manufacturing various packaging materials.
