Thursday, December 04, 2008 [ manilatimes.net ]
THE Board of Investments last week granted tax incentives and other perks to five investments, including a cargo vessel operation, two low-cost mass housing projects, a software development venture and a hybrid rice seed production deal. The combined amount of investments given the incentives reached P1.362 billion.
The board awarded pioneer status to Chelsea Shipping Corp. for its upcoming cargo vessel operation. The agency said Chelsea would acquire and operate a brand new 6,000 dead weight ton double-hulled steel oil tanker to be called MT Chelsea Cherylyn. Manufactured in China, the vessel spans 112 meters and can carry a maximum cargo of 5,634 cubic meters of oil, or about 35,440 barrels, distributed in five tanks. The ship’s cruising speed at full load is 12.67 knots at the designed draft of six meters. Its fuel capacity is 419 tons of fuel oil, which gives the vessel a range of about 5,000 nautical miles. MT Chelsea Cherylyn will be manned by 21 crewmembers when its starts operations in April 2009.
The BOI also granted tax incentives to Surewell Equities Inc. for its P376-million Le Rica Homes Phase 1 project in General Trias, Cavite, wherein a seven-hectare track of land would be developed on which 412 low-cost housing units would be constructed. It would employ 245 persons when construction activities start this month.
Citihomes Builders and Development Inc.’s P132.8-million mass-housing investment called Il Giardino Residences was as well given perks. Five hundred twenty one units will rise on 7.6 hectares of land, also in General Trias, and 271 employees will be hired when construction starts in January next year.
Also, SL Agritech Corp.’s hybrid rice production project amounting to P20 million was granted pioneer status under Article 17, paragraph 3 of the Omnibus Investments Code, which covers any agricultural, forestry and mining activities and services that are pre-determined to be feasible and highly essential to attain national food and agricultural self-sufficiency. SL Agritech targets to produce 3.2 million kilograms of seeds dubbed “SL-8H F1” by its fifth year of commercial operations.
The board said the company would source the parent seeds from its existing nursery farm in Santa Cruz, Laguna and has also drawn a memorandum of agreement with rice farmers in Tabuk, Kalinga, to secure 100 more hectares of land. Negotiations are ongoing for the acquisition of an additional 800 hectares of land. A processing plant in Tabuk, which would be completed early next year, for drying, storing and warehousing the seeds is expected to provide livelihood to more than 2,000 farmers in Kalinga province.
The BOI also approved Digiwave Solutions Inc.’s P69.454-million software development facility, which would directly export around 50 percent of the value of its services to companies abroad and hire 91 personnel when this project commences this month.-- Ben Arnold O. De Vera
