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Housing incentives boost investment

[ ] May 20, 2010

Incentives to housing developers continue to drive investments in the sector.

The Board of Investments (BOI) this week approved three low-cost mass housing projects worth P678 million.
"The housing sector is one of the traditional pump-primers of growth in our economy. These projects are good indicators that the sector is expanding and more projects are expected in the pipeline to address the growing demand of and shortage in mass housing," said Trade Secretary and BOI chairman Jesli A. Lapus.
"The incentives provided to these housing projects brought down the cost price per unit thus providing affordable homes to Filipino families," he said.
Lapus said with housing reforms in place, better and stable financial terms have become the norm as the government shifted to a more market-oriented strategy to encourage private sector participation in the delivery of essential shelter services to the public.
The BOI said Filipino-owned Kenrich Development Corp. is set to launch its housing project in Poblacion Lilo-an, Cebu while Property Company of Friends Inc., one of the largest mass housing developers in the country, is scheduled to break new ground in two projects located in Barangay Alapan, Imus, Cavite.
This will be the sixth housing project of Kenrich which will be spending P78.1 million to build 119 housing units on a 9,998-square meter area of raw land in Lilo-an, Cebu.
Each unit will come in the form of a two-story row house with a lot area average of 55 sq.m. and a floor area of 39.6 sq.m. Commercial operations are scheduled in August.

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