PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Microtel gets tax incentives

Vol. XXII, No. 201 [ BusinessWorld Online ]

Friday, May 15, 2009 | MANILA, PHILIPPINES


THE NEW branch of Microtel Inns & Suites in Palawan has been granted tax perks, the Board of Investments said yesterday.

The P106-million, two-storey hotel in San Jose, Puerto Princesa City owned by Nemo Beach Hotel Corp. has 50 rooms and will have 20 workers once operations start in June, the board said.

The state agency granted the project a non-pioneer status, qualifying it for a four-year income tax holiday, among other incentives. Under the 2008 Investment Priorities Plan, tourist accommodations are among preferred business activities entitled to perks.

The Palawan hotel brings the total number of Microtel branches in the country to nine.

The board also granted incentives to two mass-housing projects: Firm Builders Realty Development Corp.’s P94.459-million investment in Cagayan de Oro City and Cathay Land, Inc.’s P55.576-million condominium in Cavite.

Firm Builders, whose major stockholder is Teofisto L. Guingona III, will be hiring 92 workers to build 146 horizontal units on a 2.46-hectare lot in Puli, Upper Carmen, Cagayan de Oro City.

Cathay Land, meanwhile, will be employing 154 workers to construct a six-storey building in Silang, Cite. The condominium building will have 114 units.

Both projects will start commercial operations in June as well, the board said. — J.A.D. Hermosa

____________________________________________________________________________________

real estate central philippines
Copyright ©2008-2017