The Board Of Investments in Philippines has granted tax incentives and other perks for 3 projects to Petron Corp. worth P9.4 billion. Petron, a local oil giant and Philippines' biggest oil firm was given incentives under the 2004 Investment Priorities Plan for :
P3.3-billion facility for 13,770 tpa benzene and 114,300 tpa toluene
P4.82-billion facility for 135,900 tpa propylene
P1.61-billion facility for 126,000 tpa mixed xylenes
As per the BOI, the benzene and toluene facility and the mixed xylenes plant were given pioneer status, which entitles them to an additional 2 years of income tax holiday over the regular 4 years. BOI-registered projects enjoy duty-free importation of capital equipment and other fiscal and non-fiscal perks. The mixed xylenes plant is not considered a new export producer as Petron is already operating a facility for recovering the compounds in its refinery in Bataan.
06-Jul-05 
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