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Wee Community Developers applies for BoI incentives

Posted on June 15, 2014 10:03:39 PM [ BusinessWorld Online ]

PROPERTY FIRM Wee Community Developers, Inc. is seeking government incentives for its first low-cost housing project in Quezon City, according to a newspaper notice issued by the Board of Investments (BoI) yesterday.

“Notice is hereby given that Wee Community Developers, Inc. (Wee Comm)… is applying for registration with the Board of Investments as a new developer of low-cost mass housing project with a capacity of 66 units on a non-pioneer status…” the BoI said.

Should the company’s application be approved, it will enjoy an income tax holiday of four years.

The incentives cover Centro Residences -- the company’s first housing project in Quezon City.

According to Wee Comm’s Web site, the company “intends to broaden its market by expanding to Quezon City. As the company shifts from San Juan City to Quezon City, Wee Comm shall adapt to the market of the new area. Projects in Quezon City shall be offered to a wider market of middle income Filipino workers.”

Since the company’s establishment in 2008, it launched a total of four projects in San Juan City: The First Baron Residences, The Baron’s Place, Baron 3 Gardens, and Baron Luxe Residences.

The First Baron Residences and The Baron’s Place have already been turned over while the last two projects are expected to be delivered this year.

The turnover for Centro Residences, on the other hand, is expected to take place in September 2015.

Mass housing is covered in the 2013 Investment Priorities Plan (IPP) the government released in November last year which identifies sectors that can avail of state incentives.

Other sectors identified in the IPP are export; agribusiness and fisheries; creative industries or knowledge-based services; shipbuilding; iron and steel; infrastructure; research and development; green projects; manufacture of motor vehicles; strategic projects; hospital and medical services; as well as disaster prevention, mitigation, and recovery projects.

The 2013 IPP came into force on Dec. 5 and its implementing rules and regulations (IRR) were released a week later. It will remain in effect until the 2014 IPP is released.

The Trade department aims to submit this year’s IPP to the Office of the President for approval this month.

The preliminary list of preferred activities showed seven sectors to be covered by the 2014 IPP: manufacturing; agribusiness and fishery; services; energy; public infrastructure and logistics; and public-private partnership projects. -- Daryll Edisonn D. Saclag    

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