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Davao property developers seek tax incentives

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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