By Louella D. Desiderio (The Philippine Star) | Updated June 13, 2013 - 12:00am
MANILA, Philippines - Household Development Corp., a subsidiary of listed Vista Land and Lifescapes Inc. has filed an application with the Board of Investments (BOI) to get incentives for a mass housing project in Bulacan.
The BOI said in a published notice the firm “is applying for registration with the BOI as a new developer of low cost mass housing project (Camella San Jose Del Monte) with a total capacity of 217 low-cost mass housing units on a non-pioneer status.”
The project is located at Brgy. Sto. Cristo, San Jose Del Monte, Bulacan.
The firm will be able to enjoy income tax holiday for four years as well as other perks once it is registered with the BOI.
Firms that invest in activities listed in the 2012 Investment Priorities Plan (IPP) are being offered incentives by the government.
The incentives are intended to encourage companies to make investments in sectors which are seen to generate employment and help achieve economic growth.
Mass housing is among the preferred activities in the 2012 IPP.
The 2012 IPP’s other preferred activities are agriculture, agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.
The government comes up with an IPP list every year.
It has yet to release the IPP for this year.
However, the Finance department has recommended the removal of mass housing in this year’s IPP, noting that projects such as condominiums which get incentives are not geared towards the housing needs of the less fortunate.
Despite the Finance department’s recommendation, Trade secretary Gregory Domingo said his department is leaning on retaining the activities identified in the 2012 IPP in this year’s list and prefers making adjustments in the 2014 investment blueprint instead.
Household Development is under one of Vista Land’s business units, Camella Homes, Inc.
Aside from Camella Homes, Vista Land has other business units which are Brittany Corp., Communities Philippines Inc., Crown Asia Properties, and Vista Residences Inc.