Posted on December 01, 2013 09:05:40
PM [ BusinessWorld Online ]
SY-LED SM Development Corp. (SMDC) is
seeking government incentives for its two condominium projects in Pasay City,
according to a Board of Investments (BoI) notice published in newspapers
yesterday.
The incentives will be for Tower C and D of Shore Residences condominium
near SM Mall of Asia in Pasay City with a total of 3,483 units.
SMDC is applying on non-pioneer status
which, if approved, would entail a four-year income tax holiday and duty-free
importation of capital equipment to be used in the covered projects.
The BoI is the agency that approves
registration of projects that would qualify for such incentives.
Mass housing is covered in the 2013
Investment Priorities Plan (IPP) the government released last month which
identifies sectors that can avail of state incentives. Other sectors identified
in the IPP are agriculture, agribusiness and fisheries; creative industries or
knowledge-based services; shipbuilding; iron and steel; energy; infrastructure;
research and development; green projects; motor vehicles; strategic projects;
hospital and medical services; as well as disaster prevention, mitigation, and
recovery projects. The 2013 IPP comes into force on Dec. 5 and its implementing
rules and regulations will be released this month, according to Trade Secretary
Gregory L. Domingo.
SMDC’s parent conglomerate, SM
Investments Corp., reported last month that the condominium developer posted a
flat net income of P3.27 billion in the nine months to September. -- D. E. D.
Saclag
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