BOI OKs 4 projects worth P530.6 M
Four projects with a combined value of P530.6 million have been approved by the Board of Investments (BOI) to qualify for various incentives.
The biggest among the four is the P410 million project that involves the development and operation of a five megawatt biomass pow1er plant in Aurora, Isabela to be undertaken by Isabela La Suerte Rice Mill Corp.
According to the BOI, the site is suitable for the construction and operation of a biomass power plant since it has an abundant supply of feed stock that will be used as fuel for the facility.
The project has already been endorsed by the Department of Energy and granted clearance by the Department of Environment and Natural Resources.
“This project affirms Isabela not only as one of the country’s largest rice producers but also one of the largest provincial hubs for renewable energy. The province is in a position to take advantage of all those rice husks left behind after milling and powering up the province and securing the lifeline of industries within the area,” BOI managing head Ceferino Rodolfo said.
The BOI recently approved the P62.4 million Casa Coco Hotel project of Altipeak Land Development Inc. and the P29.1 million Eco Container Hotel of Ecohotels Inc.
These three-star hotel projects qualified as tourist accommodation facilities under the current Investments Priorities Plan (IPP), with the Department of Tourism endorsing the projects for BOI approval.
The 30-room Casa Coco Hotel is located in San Juan, Siquijor, which is included in the list of less developed areas identified under the IPP.
To drive up economic activity in rural areas and support countryside growth, the BOI said projects located in any of the identified least developed areas are entitled to income tax holiday incentive of up to six years and additional deduction from taxable income equivalent to 100 percent of expenses incurred in the development of necessary and major infrastructure facilities.
“The Casa Coco Hotel project is a welcome development especially in a least developed area such as Siquijor. The hotel project will not only boost tourism in the area, but will also provide employment and income opportunities for people in the area,” Rodolfo said.
“To boost tourism, we will continue to encourage the dispersal of economic activities in the countryside. The new hotel in San Juan, Siquijor will accommodate more foreign and domestic tourists with the nearby beaches of Paliton and Poblacion San Juan as main attractions,” he added.
The 33-room Eco Container Hotel in Tagaytay City, meanwhile, is unique as it is made of repurposed shipping containers.
“The Eco Container Hotel in Tagaytay City will provide unique but comfortable accommodation as the area is one of the country’s rapidly growing tourist attractions. Hopefully, this will inspire other hotels to adopt eco-friendly innovations in the future in response to climate change,” Rodolfo said.
The other project that was approved was the application for registration of Oceans Ace Philippines Export Import Corp. for its P18 million live eel farming facility project in Hindang, Leyte.
The facility will be composed of 24 units of farm tanks, two units of back-up generators, two units of relaxing aquarium, one unit of feed mixer and one unit of sorting table,” Rodolfo said.
Rodolfo said the project is in line with efforts to help in the post-typhoon Yolanda recovery initiatives in the Eastern Visayas region as it will provide more employment and income opportunities.