Three projects worth P414.433 million under the infrastructure category were granted tax and fiscal incentives by the Board of Investments.

The approved projects are low cost mass housing project of Kenrich Development Corp., a cold storage facility of V & F Ice Plant & Cold Storage Inc., and an oil tanker project of Ocean Tankers Corp.

Kenrich is investing P164.8 million for the development of over three-hectare property into low cost mass housing subdivision in barangay San Vicente, Liloan, Cebu called the Villa Lorena Dos Subdivision.

This will be the fifth mass housing project of Kenrich that is registered with the BoI.

The company will construct 354 low to medium cost housing units composed of 291 units of two-storey row houses and 63 duplex units.

Commercial operation is expected to start next month with 114 employes.

Kenrich is owned by the Ng family with Charlie Ng as the biggest shareholding of 91.9 percent.

V&F Ice Plant and Cold Storage is investing P145.533 million for the construction of a cold storage facility in barangay San Roque in Sto. Tomas, Batangas near the company’s existing cold storage plant.

The facility will include the 6 cold storage rooms with a total capacity of 958.694 kiilograms annually.

The post harvest facility will cater to the needs of food processors and traders of agricultural marine products and processed food products in Southern Luzon.

The new facility is expected to start commercial operation in December this year employing 36 people.

Also approved by the BoI is the P104.1 million peso investment of Ocean Tankers Corp.

The investment would be used to purchase a new double-hulled tanker called M/T Lauren Kate for the transport of petrochemicals and other liquid bulk products.

The new vessel, built by Manila-based company ELFA Shipyard, has a total carrying capacity of 885 metric tons of oil distributed in its 8 cargo oil tanks. Its crushing speed at full load is 7 knots at a designed draft of 2.7 meters.

The ship is expected to employ 12 crewmembers. During its construction, 88 personnel were involved.