Friday, February 06, 2009 [ manilatimes.net ]
The Board of Investments (BOI) on Wednesday granted tax incentives and other perks to a power-generation venture and a low-cost mass housing project which have a combined investments of about P162 million.
In a statement, BOI said it approved under pioneer status to Palawan Power Generation Inc.’s (PPGI) P140-million undertaking that would operate, convert and rehabilitate the 9-megawatt Puerto Princesa Diesel Power Plant located in Tiniguiban, Puerto Princesa City, leased from the National Power Corp. (Napocor).
PPGI, which is joint venture of FLG Management and Development Corp., Power One Corp. and Theta Petroleum Corp, would convert Napocor’s diesel-fueled engines to run bunker fuel, the incentives-giving agency said.
This project would save for the national government about P2.3 billion over a 15-year life cycle, BOI said.
PPGI said the plant would supply around 25 percent of Palawan’s total power demand when it resumes operations. This project would generate 39 jobs when commercial operations begin in March.
It is also a project company of Palawan Electric Cooperative (Paleco) that would assume the Electric Supply Agreement (ESA) concomitant to Power One Corp.’s responsibility and assets under the said ESA, the board added. Paleco is a power distributor/franchisee operating in the island-province.
BOI also awarded tax perks to Lynville Realty and Development Corp.’s P22-million Lynville Homes Phase 2 West Gate mass housing investment in Bagumbayan, Sta. Cruz, Laguna.
Lynville Realty and Development would develop 1.23 hectares of land wherein 136 units would be constructed. Ninety-one people would be employed when construction activities start this month.
The board noted that this project is an expansion of a previous BOI-registered low-cost, mass-housing venture of the same proponent in an adjoining property.-- Ben Arnold O. de Vera
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