Half a billion worth of new investments get tax perks

Half a billion worth of new investments get tax perks

Half a billion worth of new investments get tax perks

MANILA, Philippines – New projects in housing, agriculture, health and wellness worth P477.38 million have secured the nod of the Board of Investments (BoI) for tax holidays, stimulating investments in the country but posing foregone tax revenues for the government at the same time.

Around 41.97 percent of the new investments will come from Filipino-owned Biotech Farms, which is mulling to put up a P200-million poultry farm with special pre-fabricated panels and accessories for all its facilities, equipment and state-of-the-art egg production processing system called controlled climate system.

The modern poultry farm will begin commercial operations in January 2010.

Other by-products such as culled layer and manure will serve as raw materials for organic fertilizers. It is expected the annual capacity for each produce will be 39.254 million fresh eggs; 135,360 pieces culled layer and 28,569 bags for manure.

Lynville Realty and Development Corp. plans to build three low-cost housing projects worth P140.93 million in over 2.72 hectares of land in Sta. Cruz, Laguna with 340 housing units.

Seen to generate 199 new jobs, the project will start this month with housing unit types to vary from row houses, two-story single attached and single detached units.

Forte Realty Corp. will spend P50.95 million for the construction of a vertical low-cost housing project in Pasay City called Villa Alicia II, which will involve the construction of four-storey condominium building over 747.8 square meters of land.

Casa Regalia Inc. is earmarking P45.5 million for a mass housing project in Teresa, Rizal called Verona Subdivision, which will have bungalow type with single firewall and row houses with floor areas of 28 square meters each.

Forte Realty and Casa Regalia will create 72 new jobs and 58 new jobs, respectively.

Filipino firm Pharmawealth Laboratories Inc.is now a new producer of healthcare and wellness products as it plans to invest P40 million to set up a production facility of inhalation anesthesia such as Sevoflurane, Enflurane and Isoflurane in liquid form.

The facility, which can produce 50,000 bottles per year, is its third multi-specialty pharmaceutical plant.

These products will also be marketed abroad such as Vietnam, Malaysia and Pakistan as the facility starts commercial operation this month and employs 25 people. -GMANews.TV

source: http://www.gmanetwork.com/news/story/166441/money/half-a-billion-worth-of-new-investments-get-tax-perks