Wednesday, November 11, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE BOARD of Investments (BoI) has granted incentives to two hotel developments totaling P314.91 million, the agency said in a statement yesterday.
Hotel St. Ellis’ P224.91-million investment will be used to renovate a six-storey hotel building in Legazpi City, the BoI said. Upon completion, the 1,476 square-meter accommodation will have 40 rooms.
A Filipino company, unidentified by the BoI, will meanwhile put up a two-storey hotel, dubbed Highlander Hotel and Resort in Nueva Vizcaya, worth P90 million. This hotel will have 76 rooms, a bar and restaurant and a swimming pool.
Both hotels will generate 145 jobs, the statement read.
The Legazpi City hotel was granted up to four years income tax holiday, while the one in Nueva Vizcaya was granted up to six years, since the province is listed as a “less developed area.”
Under the 2009 Investment Priorities Plan, projects for tourism infrastructure are qualified for such incentives.
The BoI also granted up to four years income tax holiday to two mass housing developments and a fish processing plant.
Among these is Federal Land, Inc.’s construction of a P246.73-million condominium in Paco, Manila. The 15-storey building will house 184 units.
Johndorf Ventures Corp. similarly received incentives for its P127.015-million housing development in Butuan City. The firm will be building 196 units on a 30,000-square meter lot.
A fish processing and packing project of Malalag Bay Aquaculture and Processing Corp. for P30.40 million also qualified for incentives. The project actually consists of two facilities - one in Sta. Maria, Davao del Sur and the other in General Santos City. -- JADH
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