Robinsons Land Corporation (RLC) was among the companies that were granted tax incentives by the Board of Investments (BOI) in the first quarter of 2019.
RLC’s new P2.3-billion resort on Mactan Island, Dusit Thani Mactan Cebu, was among eight notable investments approved during the first three months of the year, the BOI said in a statement on Monday, April 1, 2019.
The upscale resort, which is managed by Thailand-based global hospitality company Dusit International, offers 271 rooms built on a 2.8-hectare property in Punta Engaño, Mactan Island. It is located next to RLC’s AmiSa private residences.
BOI-approved projects enjoy, among others, an income tax holiday for four to six years and duty-free importation of capital equipment, spare parts and supplies.
The Mactan resort is RLC’s latest investment in its Hotels and Resorts division, which currently includes the mid-market Summit Circle Cebu and Summit Galleria Cebu, both in Cebu City.
In its statement, the BOI said it approved projects with a combined estimated cost pf P243 billion in the first quarter of this year, a 60% increase compared to the P152.1 billion in the same quarter of 2018.
Domestic investments contributed the bulk at P212.2 billion, a 40% increase from last year’s P151.3 billion. Foreign investments soared by 3,787% to P30.8 billion from only P792.8 million in the first quarter of 2018.
“After generating a record-breaking P915 billion in approved investments last year, we are still sustaining the momentum this year due to steady, strong and positive investor sentiment here and abroad,” Trade Secretary and BOI Chairman Ramon Lopez said.
“The upside trajectory for approved foreign investments continues to surge, following the 378% increase recorded in 2018 which saw FDIs approved by BOI reaching P104 billion from just P21.7 billion in 2017. We expect the growth to continue for the rest of the year as we aim to approve at least P1 trillion in total investments,” he added.
Aside from the RLC resort, BOI said other notable projects approved for the first quarter of the year are: St. Raphael Power Generation Corporation, a new operator of 2x350 megawatt coal-fired thermal power plant in Barangay San Rafael, Calaca, Batangas (P96 billion); Rizal Wind Energy Corporation, a renewable energy developer of wind energy resources in Antipolo and Tanay Rizal and General Nakar, Quezon (P47 billion); Metroworks ICT Construction Incorporated, a new operator of telecommunications infrastructure (P33 billion); Holcim Philippines Incorporated, a new producer of cement in Barangays Matictic and Bangkal in Norzagaray, Bulacan and Barangay Bayabas in Dona Remedios Trinidad, Bulacan (P12.6 billion); Solid Cement Corporation, a new producer of cement in San Jose, Antipolo City (P12.4 billion); United Pulp and Paper Company Incorporated, a new producer of corrugated medium in Calumpit, Bulacan (P8.4 billion); and Nidec Subic Philippines Corporation, a new export producer of industrial robotic gear in Subic Bay Freeport Zone in Olongapo City, Zambales.
RLC’s hotel and resorts business is one of its five business units, the others being commercial centers, residential, office buildings, and infrastructure and integrated developments.
As of 10:33 a.m. of April 2, 2019, RLC shares were trading at P24.40 apiece, lower than the previous day’s close of P24.50. (Ventures Cebu)