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BOI records PHP17.7-B investments in Cebu in Q2
- Source: http://www.pna.gov.ph/index.php?nid=3&rid=917681
- Friday, August 26, 2016
- (PNA), CVL/EB/RSM
CEBU CITY, Aug. 26 (PNA) -- The Board of Investments (BOI) has recorded a total of PHP17.7 billion in investments in Cebu in the second quarter (Q2) of the year, an official said.
Ellorence Cruz, BOI Cebu acting chief, said this marks a 29 percent increase compared to the PHP13.7 billion logged in the same period last year.
Cruz said they were expecting mass housing to dominate projects to be registered with the BOI this year, especially with the pronouncement of Vice President Leni Robredo to cut red tape in the housing sector.
“This will facilitate the application for BOI-registered housing projects. The Vice President’s pronouncements will fast-track the process, which will eventually lead to an influx of registrants,” Cruz said.
Cruz said the bulk of the PHP17.7 billion would be attributed to the PHP16.8 billion transportation and storage project of GMR-Megawide Cebu Airport Corp., the private operator of the Mactan-Cebu International Airport.
Four mass housing projects make up the rest of the second quarter investments, which are worth PHP964.2 million, generating 463 jobs.
Two of these projects are located in Talisay City while the others are in the cities of Cebu and Lapu-Lapu.
These projects are Kennrich Development Corp.’s Villa Donna and Limbros Realty and Development Corp.’s Happy Homes in Talisay City and Lapu-Lapu City and Cebu Landmasters Inc.’s Casa Mira Towers 1 and 2 in Cebu City.