Malaysian palm oil firm planning to invest $1 billion in Agusan del Sur

BusinessWorld Online
November 22, 2016

A MALAYSIAN COMPANY is planning to invest an initial amount of $1 billion to build plants to process palm oil in Agusan del Sur, according to an official from the Philippine Economic Zone Authority (PEZA).

PEZA Director-General Charito B. Plaza said Alif Agro-Industrial, Inc. is looking for 128,000 hectares in Agusan del Sur which would be used as agricultural economic zones.

“$1 billion ang initial nila kasi (is their initial investment because) they’ll put up refinery plants to process the palm oil,” she told reporters on the sidelines of a Nov. 17 event.

Ms. Plaza said the land will be in ancestral domain areas, which is “good” for indigenous people who have been fighting for their rights.… Continue Reading ...

BIR to expedite tax exemptions for socialized-housing land transfers

BusinessWorld Online
November 04, 2016

CERTIFICATES of Tax Exemption (CTEs) covering the transfer of land intended for use in government socialized housing projects will be prioritized by the Bureau of Internal Revenue (BIR), under an agreement signed with housing regulators.

The memorandum of agreement (MoA) was signed by the bureau, the Housing and Urban Development Coordinating Council (HUDCC) and the National Housing Authority (NHA).

BIR Commissioner Caesar R. Dulay, Vice-President and HUDCC Chairperson Maria Leonor G. Robredo and NHA Acting General Manager Marcelino P. Escalada, Jr., signed the MoA on the availment of tax incentives for government socialized housing projects, the BIR said in a statement e-mailed to reporters.

The MoA is pursuant to Republic Act (RA) No. 7279, or the “Urban Development and Housing Act of 1992,” which mandates that the NHA be exempted from the payment of fees and charges of any kind, including income and real estate taxes.… Continue Reading ...

Focus: Property sector’s prospects seen boosted by infrastructure drive

July 27, 2016
By Krista Angela M. Montealegre
National Correspondent

THE AGGRESSIVE infrastructure drive of President Rodrigo R. Duterte has boosted the prospects of the property sector, easing concerns of an overheating market and accelerating the development of residential, office, retail and hotel projects in the countryside.

Inheriting a fast-growing economy plagued by gridlocked roads and congested airports, the new administration vowed to ramp up infrastructure spending to account for up to 7% of economic output. This is in line with a broader effort to decentralize the Philippine capital and boost economic activity outside Luzon in order to achieve inclusive growth.

“Additional spending would increase the demand for money. That could ease the liquidity going into the real estate industry and in the process mitigate any possible formation of an asset bubble,” Bangko Sentral ng Pilipinas Deputy Governor Diwa C.… Continue Reading ...

Panguil Bay Bridge project to be funded by Export-Import Bank of Korea-EDCF

Update.Ph

The national budget will fund PHP586 million of the total PHP4.9 billion cost for the construction of the pioneering Panguil Bay Bridge project in northern Mindanao, the Department of Budget and Management (DBM) said during the ceremonial signing today of the loan agreement between the Philippine Government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF).

Considered a major infrastructure development in Northern Mindanao, the Panguil Bay Bridge will connect Tangub City, Misamis Occidental and Tubod City, Lanao del Norte and reduce travel time between Tangub and Tubod from the usual 2.5 hours to 7 minutes.

It will also significantly improve the travel time from Cagayan de Oro and Iligan to the cities of Tangub, Ozamiz, Oroquieta, Dipolog, and Dapitan in Zamboanga de Norte.… Continue Reading ...

Asean, Mindanao sea links pushed

The National Economic and Development Authority (Neda) is pushing for the development of sea linkages between ports in Mindanao and three neighboring Asean countries to boost regional trade.

In a speech at the Second Mindanao Shipping Conference last Wednesday, Socioeconomic Planning Secretary Emmanuel F. Esguerra said that since Mindanao played a critical role in the Asean Economic Community, the following commercial routes should be established or improved: Davao and General Santos to Bitung and Manado in Indonesia; Tawi-Tawi and Tarakan, Indonesia; Zamboanga and Muara in Brunei; and Zamboanga and Sandakan in Malaysia.

Esguerra, who is also Neda Director General, said there were still concerns on Mindanao’s sea transport sector that needed to be addressed.

Among the issues included the seaports’ limited capacity in terms of berthing structures, transit/cargo shed areas for non-containerized cargo, container yards for containerized cargo and passenger terminal buildings.… Continue Reading ...