BOI OKs P1.8-B housing, park projects in Central Luzon

MANILA, Philippines – The Board of Investments (BOI) has approved P1.8 billion for mass housing and industrial park projects in Central Luzon, expected to boost local economic activity.

Mass housing projects make up most of the P1.35-billion investment, supporting the construction of over 1,700 socialized housing units in Nueva Ecija, according to the BOI.

READ: BOI OKs P26.4B in new investments

Housing is among the BOI’s priority sectors under Tier I of the Strategic Investment Priority Plan, but only units priced at up to P3.6 million qualify for incentives.

According to the BOI, Borland Development Corp. targets to begin construction of its housing project this June.

Fortunetown Properties Corp. will open its 24-hectare industrial park in Pampanga, Mexico in June to serve manufacturing, logistics, and warehousing firms.

“In addition to generating employment, the project is projected to stimulate broader economic activity by attracting locators, supporting domestic supply chains, and creating multiplier effects through increased demand for local goods and services,” the BOI said.

These projects represent the BOI’s commitment to promoting economic development in the regions, it said.

“These projects will provide thousands of housing units for families seeking affordable homeownership while creating opportunities for businesses to expand and generate jobs through a new industrial park,” said Trade Secretary Cristina Roque, who also chairs the BOI.

“With these, they help build stronger communities, attract economic activity to the regions, and bring development closer to where Filipinos live and work,” Roque added.

The BOI is the country’s leading investment promotion agency, having secured P58.2 billion in approved pledges during the first quarter. /pai INQ