Investment board OKs housing projects in Cebu, Bicol

MANILA, Philippines - Two mass housing projects for Cebu and Bicol worth a total of P329.6 million recently acquired approval from the Board of Investments (BOI). BoI documents showed that Pueblo De Oro Investment Corporation is investing P287.3 million for a low-cost mass housing project in Cebu, while Firm Builders Realty Development Corp. will be spending P42.3 million for a similar project in Bicol. Pueblo de Oro is building 500 low-cost housing units occupying more than four hectares in Baranga Kalawisan, Lapu-Lapu City, Cebu. Each unit will cost P700,000-P900,000. This will be the firm’s second development in Cebu. Firm Builders, meanwhile, is constructing 354 mass housing units on over two hectares in Baranga Pacol, Naga City, Bicol which is to be tagged as San Alfonso Homes. BoI also approved the application of agriculture producer and exporter Marcela Farms, Inc. to put up a biogas power generation facility in Lourdes, Bohol. The P18-million project will set up a 280-kilowatt power generator fueled by biogas. — BusinessWorld