Vol. XXII, No. 153 [ Manila Bulletin Online ]
Friday, March 6, 2009 | MANILA, PHILIPPINES
THE OPERATOR of local hospital The Medical City has been granted tax perks for a P340-million center that will offer preventive treatment and cosmetic services requiring minor surgery.
Professional Services, Inc. had spent the amount on the construction of two additional floors to the existing Podium Building in the Ortigas business district to house the hospital’s new Wellness and Aesthetic Center, Board of Investment (BoI) documents showed.
The center will employ 50 workers, the BoI said. It was launched in January, according to The Medical Center.
"The incremental facility is another shot in the arm for Medical City to be at par with the best medical tourist destinations in Asia," the BoI document read.
The expansion bucks the economic downturn because of the "growing demand for customized and personalized preventive wellness programs," The Medical City Vice-President for strategic services Margaret A. Bengzon said in an e-mail yesterday.
"The medical travel trade... could receive a boost in these difficult economic times, as patients from the developed world find it more challenging than ever to attend to their health needs in their depressed home economies, and may be more open to looking beyond their shores for cost-effective, quality health care options and destinations," she added.
The investment qualifies for a four-year income tax holiday and other perks such as duty-free entry of imported equipment.
The latest investment priority plan, which is a list of eligible ventures, includes medical tourism a preferred activity.
Trade Secretary Peter B. Favila earlier said the up to 5% target growth in investment pledges to the BoI and Philippine Economic Zone Authority would likely be driven by ventures in the service and agriculture sectors.
The BoI also granted tax perks to two mass housing projects. Goldland Properties and Development Corp. is spending P803 million to build a 26-storey condominium with 594 units in Cubao, Quezon City.
Meanwhile, Communities Philippines Camarines Sur, Inc. is spending P49.543 million to build 417 low-cost units in Naga City. — Jessica Anne D. Hermosa
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