The Filipino Board of Investments has approved two applications from Eagle Cement to expand its cement production capacity. The applications were approved under the Philippine’s Investment Priorities Plan, which provides both fiscal and non-fiscal incentives for the projects.
The Board of Investments approved a third line at Eagle Cement’s plant in Bulacan. The new line would add 2 million tpy to the plant’s existing 5.2 million tpy capacity for a price of PHP6.5 billion (around US$127.3 million).
South Western Cement Corp. (SWCC), a wholly-owned subsidiary of Eagle Cement, was also approved as a new producer of cement. The company is planning a PHP12.5 billion (around US$244.9 million) 2 million tpy cement plant in Cebu.
The SWCC plant is located in a so-called less-developed area. Approval of the project by the BOI enables the project to receive a six-year income tax holiday, as well as an additional deduction from taxable income equivalent to the cost of development of infrastructure facilities.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/27092017/eagle-cement-projects-receive-tax-incentives/