City approves P330-M incentives to new investments-A A +A
Thursday, March 24, 2011
THE Davao City Investment and Incentive Board approved projects amounting to P330 million for the first quarter of 2011, including investments in tourism facilities and property development as endorsed by the Davao City Investments and Promotion Center.
The biggest among the four projects is the property development of BDA Holiday Prime Properties Inc. for its high-end subdivision, Orchid Hills. The project has an estimated cost of P220 million and is expected to directly employ 101 employees while another 126 will be indirectly employed by the project.
The construction of the third building at the Damosa IT Park by Davao Land Inc., a project that has an estimated cost of P52,230,590, comes in second. The project will directly and indirectly employ 176 employees.
A tourism facility, dubbed as Gumamela Caverock Farm Resort, is third on the list with a project cost of P29,638,331 and will directly and indirectly employ 191 employees for the project.
Home Crest Residences, a three-storey 28 room boutique hotel, of Globalcrest Properties Inc. is the last approved project for the first quarter of the year. The project has an estimated cost of P27.5 million.
As approved projects, they are exempted from payment of the mayor's permit fees, building fees, business sales tax and other fees and charges for three years from start of commercial operations, and exemption from payment of the Basic Real Property Tax for two years from the accrual of the real property tax.
Projects that can apply for the approval of the DIIB and enjoy the exemptions provided, the projects must fall under tourism and recreational facilities, agri-business and food processing, light manufacturing and assembly, property development, transshipment infrastructure, establishment of foreign bank branches, medical, educational, training, and sports facilities, telecommunications, environmental enhancement and protection project, and information and communications technology.
Published in the Sun.Star Davao newspaper on March 25, 2011.