By Ma. Elisa Osorio (The Philippine Star) Updated November 12, 2010 12:00 AM
MANILA, Philippines - Filipino-owned Oakridge Properties Inc. is asking the government for income tax holiday (ITH) for the P360-million modernization project of Discovery Suites.
The firm is applying for Board of Investments (BOI) registration for Modernization of Tourism-Related Facilities under the 2010 Investments Priorities Plan (IPP).
The proposed project involves the modernization of an existing 42-story hotel named Discovery Suites located in Ortigas Center, Pasig City. The renovation covers the refurbishment of the hotel’s 220 guestrooms, elevator lobbies, hallways, corridors, function rooms and other hotel amenities from 6th to 21st floor.
Each modernized room will have new interior design, new furnishing, appliances and equipment such as LCD television and air-conditioning unit, and new bathroom fixtures and plumbing system. The hotel corridors, lobby and other common areas will also be refurbished with new wall, ceiling and floor design, and will be embellished with new artworks, furniture and other accessories to further improve the appearance of the hotel interior.
The modernization project will be done on a floor-by-floor basis starting from sixth to 21st floor to ensure that the hotel operations guest accommodation will not be interrupted with the on-going renovation.
The renovation began in May 2009 and expected to be completed in time for the scheduled start of commercial operation in November 2012.
The modernization project for the Discovery Suites Hotel is endorsed by the Department of Tourism (DOT) based on its standards for a “First Class Hotel”, similar to its existing DOT classification before modernization.
Pursuant to the general and specific guidelines of the 2010 IPP, the application qualifies for registration as modernization project with three-year ITH subject to the computation of rate of exemption (ROE).