Electric vehicle, RE firms seek gov’t incentives
MANILA, Philippines–Companies engaged in electric vehicle manufacturing, energy, real estate and agriculture are hoping to avail of fiscal and non-fiscal incentives offered under the government’s Investment Priorities Plan (IPP).
According to the Board of Investments (BOI), PinoyAko Corp. based in Mandaue City, Cebu is applying for registration as a new domestic producer of electric vehicles on a pioneer status. The company’s facility has an annual capacity of 24 units for electric bicycles (e-bikes) and 24 units for electric tricycles (e-trikes).
Kea Industrial Corp. is similarly seeking perks from the BOI as a new operator of electric vehicle charging stations on a pioneer status. The company is putting up five charging stations in Cavite.
A separate BOI notice showed that Vivant-Malogo Hydropower Inc., a unit of publicly listed Vivant Corp., is also seeking incentives as a renewable energy developer. The company is putting up a 6-megawatt hydroelectric plant in Silay, Negros Oriental—part of a series of power projects it plans to undertake.
Agribusiness firm Farmville Multi Ventures Inc., meanwhile, is applying as a new producer of live chickens (via contract growing scheme) on a nonpioneer status. The farm in Angat, Bulacan has an annual capacity of 1.38 million birds.
Johndorf Ventures Corp., which holds office in Cebu City, will register with the BOI as a new developer of low-cost mass housing project on a nonpioneer status.
On Oct. 28, President Aquino signed the 2014 IPP, which identified the eight preferred sectors eligible to receive incentives over the next three years. These are manufacturing; agribusiness and fishery; services; economic and low-cost housing; hospitals; energy; public infrastructure and logistics; and public private partnership projects.
The list has been described to be a “tool for industrial development and economic growth, and consists of specific economic activities that … are strategic or critical to advance a particular industry or improve a product’s value chain.”
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