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3 projects get tax perks


By Ma. Elisa P. Osorio Updated May 29, 2009 12:00 AM [ philstar.com ]

MANILA, Philippines - The Board of Investment (BOI) has given tax breaks to two more low cost mass housing projects and one export firm with combined investments of P354.2 million.

LLSP Development Corp. asked the government to provide incentives for its low cost housing project dubbed Valley Mansions Condominium.

This project involves the construction of 232 mass housing units. Each unit will either be a studio or one bedroom type. The estimated total project cost is P204 million. The project will employ 76 people. Commercial operations will start next month.

The next mass housing project is the P134.7 million project of Citihomes Builder and Development Inc. The Filipino-owned firm will be constructing 317 units in 3.44 hectares of land in Imus, Cavite.

The project is named Sterling Manors. Single detached or town houses will be built with each unit having two to three bedrooms. A total of 150 new employees will be hired for the project. Commercial operations will begin in July.

Meanwhile, TALA Cebu Furniture Manufacturing Inc. received tax breaks for its furniture manufacturing and exporting project in Tipolo Mandaue City.

The company acquired a 5,000-square meter bulding through a lease agreement with Philcoil Industries Inc. This facility will be the base of the firm’s operations that will include manufacturing and international trading of furnitures, fixtures and furnishings.

These products such as chairs, sofas, tables, beds, lamps and chandeliers will be exported to niche high end markets in Hong Kong, Macau and the Middle East.

The total project cost is P15.4 million. The company will employ 105 persons when it starts commercial operations next month.

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