[ manilastandardtoday.com ] November 25, 2009
The Board of Investments last week granted incentives to P1.662 billion worth of new investment commitments in automotive parts, mass housing, water supply and storage and distribution of oil products.
Phoenix Petroleum Philippines committed to invest P615 million for the construction and operation of a petroleum storage facility. The company has started constructing five storage tanks with a total capacity of 46 million liters.
Phoenix plans to purchase fuel products from foreign oil companies and independent suppliers and engage in bulk marketing and sale of petroleum products on a wholesale basis through tankers and trucks to its Luzon retail stations and companies and industrial users in Calabarzon and Metro Manila.
Federal Land Inc., the property development arm of the Metrobank Group, has pledged P279 million for Marquinton Garden Terraces-Toledo Tower, its fourth housing project registered with the BoI. The project involves the development of 3,293 square meters of land and the construction of a 15-story condominium building. It will accommodate 196 low-cost units, each with either one or two bedrooms on floor areas of 29.04 square meters and 46.3 sq. m., respectively.
The project will hire 256 new employees once commercial operations start in July 2010.
Another developer, Communities Isabela Inc., the mass housing arm of Senator Manuel Villar’s Vista Land Inc., has allocated P232 million for Camella Isabela. The project involves the development of 5.05 hectares of land and the construction of 204 housing units with lot areas measuring from 70 to 193 sq. m. each in Santiago City, Isabela. The housing units will consist of two floors and a single firewall with floor areas ranging from 44 sq. m. to 96 sq. m.
The project will generate some 52 new jobs and start commercial operations next month.
Fifth Avenue Property Development Corp., meanwhile, is investing P189 million to develop Residencia Edades Condominium. The project involves the development of 802 sq. m. of raw land and construction of a 12-story building with 230 mass housing units, each with a floor area of 12 to 24 sq. m.
The project will generate 459 new jobs once commercial operations start in January 2010.
Philippines Auto Components Inc. has committed P60 million to set up a new line of instrument cluster pointer parts for exports in its facility in Carmelray Industrial Park in Canlubang, Calamba City, Laguna.
This is the company’s eighth project to be registered with the BoI. Elaine Ramos Alanguilan
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