The Board of Investments granted fiscal incentives to Petron Corp. under a pioneer status for its P4-billion depot modernization program in 2015.
Petron said in a document obtained from the Board of Investments it would improve its storage facilities in Navotas, Rosario in Cavite, Limay in Bataan, Mabini in Batangas and Manila North Harbor.
All the depots, according to the document, will be upgraded and operational by January 2016.
A company with approved registration from the BoI usually obtains fiscal and non-fiscal incentives under a pioneer status, including six years of income tax holiday.
Petron registered its depot modernization program with the BoI in February this year.
Petron said last week all gasoline variants produced at its Bataan facility were now Euro-4 compliant, the first in the industry.
The Euro-4 gasoline products are now available in Petron service stations in Mega Manila and will soon be available nationwide, meeting the government’s mandate ahead of schedule.
The Energy Department is encouraging the oil companies to make the Euro 4 compliant fuels available starting June this year ahead of the January 2015 government schedule.
Euro-4 is a globally-accepted European emission standard for vehicles, which require fuel with significantly low amounts of sulfur (0.005 percent or 50 parts per million) and benzene (maximum of 1 percent by volume).
Reduced sulfur and benzene content in gasoline makes fuels more environment-friendly, as vehicles release less harmful emissions.
The BoI recently approved the general policies and specific guidelines of the 2014-2016 Investments Priorities Plan. The agency approved about P96.2 billion in preferred investments for new and expansion projects from 2010 to 2013.
The 2014 IPP is a three-year document subject to annual review, unlike the previous listing which is drawn up annually
The IPP focuses on the objectives of the Philippine Development Plan to ensure continuity, consistency and predictability, which are measures to improve business environment for domestic and foreign investors.
The previous IPP contained a list of economic activities enumerated in Executive Order No. 226, or the Omnibus Investment Code of 1987, that are entitled to incentives.
It also promotes inclusive business, corporate social responsibility and good corporate governance as tools for development.