Housing, agri projects get BOI perks

By Amy R. Remo
Philippine Daily Inquirer
September 05, 2009

THE BOARD OF INVESTMENTS (BOI) has approved five housing, agriculture and training projects worth a combined P3.1 billion.

Data from the BOI showed that the five projects could generate 585 new jobs once these become operational.

The biggest of these investments is the condominium project of New Pacific Resources Management in San Lorenzo, Makati City.

Dubbed Beacon Tower 2, the P2.35-billion project involves the construction of a 44-story condominium, which can accommodate 1,316 studio-type residential units, with floor areas ranging from 21 to 25 sq.m.

This is the company’s second application with the BOI. Commercial operations for the Beacon Tower 2 would start this month and would directly employ 238 employees.

Another housing project is by Maplecrest Property Management Inc., which put up the Silvercrest Villas in Bacoor, Cavite.

The P471-million project involves the development of 4.6 hectares of land, on which 295 low cost housing units will be put up.

BOI also approved the application of 557 Feather Meal Corp. to process agricultural waste and byproducts and produce aquatic and marine feeds.

With an estimated cost of P70.4 million, the project would involve setting up a facility that would process poultry waste like feathers, carcass trimmings, condemned carcasses and other internal organs into digestible feeds.

The raw materials used in the production process are supplied by San Miguel Foods Inc., which will also be the sole buyer of the company’s animal feeds products.

Another agriculture project is by Dan Way Processing Corp., which applied for a registration with the BOI to set up a plant in San Miguel, Bulacan, that will produce poultry feeds. The declared full production capacity of the plant is at 20 metric tons (MT) an hour or 29,592 MT a year.

Dan Way said it would hire 71 employees once commercial operations start this month.

Aeronavigation Academy International Philippines Inc. also registered with the BOI for the expansion of an existing aviation training institution in Silay City, Negros Occidental. This expansion project is expected to cost some P123 million and will generate an additional 30 new jobs.

Meanwhile, Pampanga-based Far East Furniture Marketing Corp., registered with the BOI to avail itself of tax incentives for its export activities, particularly tax credits on raw materials and VAT zero rating for exported products.

Being a largely foreign-owned firm, Far East has committed to trade 85 percent of its total production abroad to be eligible for these incentives. The company exports home and office furnishings as well as decors.