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Thursday, January 13, 2005
Furniture firms seek incentives from BOI
JUST two weeks into the new year, the Board of Investments (BOI) has already received applications for incentives by furniture firms.
BOI-Cebu Extension Office chief Ernesto Pintac said the BOI had approved a German-owned furniture firm’s application for incentives for an expansion project worth P93 million.
“This (expansion project) is labor intensive and can employ about 1,000 people in three months,” he told Sun.Star in an interview.
After the approval, the project, which is based in Mandaue City, can now be registered with the BOI for incentives.
Another furniture firm is also applying for incentives.
Pintac said this is also for an expansion project, which will be in Liloan. The project is expected to create 100 jobs.
According to the records of the BOI-Cebu, a total of 12 projects were registered in Central Visayas last year, of which 10 were based in Cebu, and two in Negros Oriental. Central Visayas or Region 7 groups Cebu, Bohol, Negros Oriental and Siquijor.
The combined project cost of the 12 projects was P2.91 billion, a massive increase from the P208 million combined project cost of the eight projects, all Cebu based, that registered with the BOI-Cebu in Region 7 in 2003.
In 2003, the BOI-Cebu also registered two new food processing projects from Leyte with a combined project cost of P54 million.
Pintac said the Cebu office is handling the registration for business incentives for the entire Visayas after the BOI offices in Region 6 and Region 8 were closed in 2002 due to the dearth of applicants.
Power project
What caused the big increase in the registered investments last year was the P2.58 billion new power generation project of the PNOC Energy Development Corp. in Negros Oriental.
The other Negros Oriental project, the expansion of the refined sugar and molasses operations of Universal Robina Sugar Milling Corp., was also a big-ticket item, estimated to cost P240 million.
Without these two big projects, the Cebu projects alone accounted for just P92 million in project costs, less than half of the P208 million combined project cost of the Cebu-based projects in 2003.
Six of the 10 Cebu-based projects registered with the BOI-Cebu last year were information technology related. Two were call centers. Another two were in medical transcription, and there was one each in software development and engineering design.
Robinsons Land Corp. applied for incentives for the P21 million modernization of its hotel. The rest of the registrants manufactured engineered products and fashion and home accessories. (CTL)
(January 13, 2005 issue)
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