Posted on
June 06, 2013 10:42:32 PM [ BusinesssWorld Online ]
DAVAO CITY --
Two property firms with combined planned investments of P375 million have asked
the city government for fiscal incentives.
In a statement yesterday, the Davao City
Investment Promotion Center, an office under the city government, identified
the two companies as Urban East Developments, Inc. and Plaza de Luisa
Development, Inc.
Urban East
will spend P75 million for a 300-unit socialized housing project, identified as
Catalunan South Pointe Homes, in Catalunan Grande, a community about an hour
from the city.
Plaza de
Luisa, meanwhile, will build a P300-million information and communications
technology park with three structures in Matina located south of the central
business district.
Christian D.
Cambaya, head of the investor assistance and servicing unit of the center, said
the application of the two companies will be submitted to the Davao City
Investment Incentive Board for deliberation and approval.
Mr. Cambaya
said the projects may be the first to be approved after the city government
lifted early this year a moratorium on incentives for new investments that was
imposed in September 2011. When it lifted the moratorium, the city government
included among priority areas or projects that qualify for incentives both
socialized housing as well as information and communications technology.
Investment
center chief Jason C. Magnaye said the city needs more low-cost units to help
address an estimated 40,000 housing backlog, based on two-year-old official
data. The city has close to 300,000 families. -- CQF
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