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THE Board of Investment has approved tax and other perks for two
projects, a tourism facility and a mass housing project, located in
Parañaque City and Laguna.
CDC Realty, Inc. and First Paseo de Sta. Rosa
Development Corp. are investing P430 million and P163.5 million,
respectively, for the projects.
Filipino-owned First Paseo will spend for the
construction of seven-story, 120-room standard-class Paseo Premier
Hotel in Sta. Rosa Business Park, Sta. Rosa, Laguna. The company’s
marketing plan is to tie up with travel agencies in Japan, Korea,
Singapore, Hong Kong, China and Europe.
The hotel will cater to golfing tourists and
will create employment for 68 people.
The hotel is scheduled to start commercial
operations un July next year.
CDC Realty, meanwhile, plans to invest P430
million for the development of 1.9-hectare of land and construction
of 11 cluster of 5- to 6-story building with 1,001 units.
The project located in Sta. Ana Drive, Barangay
Sun Valley, Parañaque City, will create employment for 20,180
people.
BOI earlier said government has trimmed the
number of investment projects qualified to enjoy tax and other perks
this year in its bid to raise revenues.
Trade Undersecretary Elmer C. Hernandez, who is
also BOI managing head, said the agency has identified only six
preferred sectors for this year’s Investment Priorities Plan, down
from the 11 sectors on the 2007 list.
Hernandez said the agency removed the mining
industry from the 2008 IPP, and limited the grant of the full suite
of incentives to the power sector by extending this only to
investments in renewable energy projects.
Among the sectors that may still benefit from
the full suite of incentives are infrastructure, research and
development (R&D), constructive and direct exports, micro, small
and medium enterprises, agriculture and agribusiness, tourism,
engineered projects and strategic investments.
-- Chino S. Leyco
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