PROPOSED REVISED AP FORM

BOI FORM 501 APPLICATION NO.: ___________

ECONOMIC AND LOW COST HOUSING DATE ACCEPTED : ___________
(Revised as of May 2015) LAW: E.O. No. 226:

APPLICATION FOR REGISTRATION

Schedule 1: PROPONENT
Name of Entity :
Office Address :
Telephone No : Fax No. :
SEC/Registration No. : Date :
Ownership : % Filipino % Foreign
(Nationality)
Authorized Capital : PhP

CURRENT STOCKHOLDERS’ PROFILE:

Indicate Position or Capital Stock (PhP)
if Designation (% Business
Name Nationality
Directo in the Subscribed Paid-up Ownership Affiliation
r Enterprise

Total
Indicate in the Nationality if naturalized Filipino

Schedule 2: CONTACT DETAILS

AUTHORIZED REPRESENTATIVE TO BOI:

Name : Position :

E-Mail Address :

Landline/Cellphone No. : ________________________________ Fax No. :

Schedule 3: PROJECT PROFILE:

Name Of Project :
Project Address :
IPP Year : ______________
Activity as Listed in the IPP : _______________________________________________________
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Capacity (No. of Housing Units):

PROJECT DESCRIPTION:

Schedule 4: TYPE OF PROJECT

New: ______________ Expansion: ______________

Schedule 5: Project Cost (Php’000)/Timetable

Cost
Schedule 1/
Activity Related Expenses (In
(Month/Year)
Php’000)
Land acquisition Land Cost
Secure necessary Pre-operating expenses
license/permit/registration from the
government/training costs
Site preparation and development Land/Site development
Cost
Building/House construction Building/House
construction Cost
Capital Equipment Acquisition 2/ Capital Equipment Cost
Start of Commercial Operations Working Capital
(___months) 3/
TOTAL PROJECT COST
1/
Period (i.e. Jan.2012 – April 2013) except for start of commercial operations
2/
elevators, generators (for vertical housing projects)
3/
normally covers the first three (3) to four (4) months of operations

Construction cost per sqm = Total house (bldg + CE for vertical housing) construction cost
Total floor area
= P______________

Schedule 6: Project Financing

Amount (Php '000) %
Equity
Loan
Suppliers' Credit
Others (specify)
Total
Total financing should tally with total project cost in Schedule 5

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Schedule 7: Projected Sales Schedule

Volume
Year (No. of units)
1
2
3
4
Total

Three years projection if expansion

HOUSING UNITS APPLIED

HORIZONTAL
EXAMPLE: ABC SUBDIVISION - PH-1
Block No. Lot No. TOTAL APPLIED UNITS
1 1-5, 10-15, 19-20 17

TOTAL 100

VERTICAL
EXAMPLE: BUILDING 1
Floor No. Unit No. TOTAL APPLIED UNITS
2 1-5, 10-15, 19-20 17

TOTAL 100

Schedule 8: Projected Selling Price

Unit Type 1/ No. of units Unit Size Lot Area (sqm) Selling Price
2/
(Fl. Area in sq.m.) Range /unit
(Php)

3/
Total 100
1/
Example - Vertical: studio/1-BR/2 BR,etc;
Example - Horizontal: townhouse, rowhouse, single attached/single detached, etc.
2/
Lot area - only for horizontal housing
3/
Indicate total floor area of all housing units for purposes of computing the construction cost per sq.m.(if horizontal
project)

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Schedule 10: Floor Area Allocation –

For Vertical Housing Projects

Floor Area Allocation Floor Area (Sq.m.) % to Total
Saleable Area (Housing Units)
Qualified: ----- units
Not Applied/Qualified 1/: ------- units

Common Area (i.e., auxiliary/storage units, parking,

etc.)
Total Building Floor Area 2/

For Horizontal Housing Projects

Land Area(In sq.m.)
Applied Not Applied/
Total
Unqualified 1/
Saleable Lot Area/
No. of Units
Common Area (i.e. roads and alleys, open
space, etc.)
Excluded Area (i.e. easement area, creek, etc.)
2/
Total Subdivision Area
1/
Not applied/qualified - (indicate reason: ex.: for future expansion, existing or selling price is
more than P3.0M)
2/
Total as indicated in Development Permit

Schedule 11: Financial Projections

Financial Projections preferably in Excel format - (3 years - expansion; 4 years – new)

- Projected Income Statement (Itemized Cost of Goods Sold and Operating expenses) without ITH – as
attachment C

Schedule 12: Job Generation / Annual Payroll

Number of Personnel
Classification Y1 Y2 Y3 Y4
Direct Labor
Indirect Labor
Selling/Admin
TOTAL
(Three years projection if expansion)

Schedule 13: Status of Licensing, Permits, Consents

Status of
Licenses / Permits (indicate applicable only) Date Filed
Application*
License to Sell issued by HLURB-- (___ units)
Certificate of Registration issued by HLURB-- (____sqm)
Others (specify)
*Indicate status if not yet issued
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PROPOSED MODE OF COMPLIANCE WITH SOCIALIZED HOUSING:

Mode of Compliance : ______________________________________
SH Project : ______(Name) ________ / ___(Location)___

ATTACHMENTS:
A. Project site should be shown in Map View. Sketches not acceptable (indicate by an arrow the exact
location of the proposed project and existing projects around the proposed site – registered or not with
BOI, if any).
B. Schematic Diagram showing Business Model of the activity being registered (clearly indicate how the
proponent will earn revenues and make profit); with picture of model unit/building perspective;;
C. Projected Income Statement
D. List of BOI-registered Housing Projects indicating compliance with socialized housing requirement.
E. Project site in Map View of the proposed socialized housing; picture of model unit/building perspective
indicating the cost per unit, land and floor area.

The applicant has read the Omnibus Investment Code of 1987 and the Rules and Regulations adopted by the BOI and
commit itself to abide by the provisions thereof.

DONE IN THE CITY/PROVINCE OF THIS DAY OF

20 .

Printed Name & Signature

Applicant/Authorized Officer

REPUBLIC OF THE PHILIPPINES

CITY/PROVINCE OF ) S.S.
MUNICIPALITY OF )

SUBSCRIBED AND SWORN to before me this day of 20 In

the City/Province of affiant exhibited to me his CTC
No. issued at on
20 .

NOTARY PUBLIC
Until Dec. 31,

Doc. No. :
Page No. :
Book No. :
Series of :

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Attachment B

SAMPLE BUSINESS MODEL FOR SUBDIVISION PROJECT

Project Cost : P--------

Financing:
 Equity - __%
 Bank Loan - __%
 Suppliers’ Credit - __%

INSERT PICTURE
OF MODEL
Acquisition of UNIT/BLDG. Target Market: Family
land PERSPECTIVE renting an apartment,
OFWs, start-up families

Hiring of Construction of ___ Sales at P_____ –

Contractors single-attached P_____ per unit thru:
houses at
construction cost of  Cash
P____ per sqm.  Bank Loan
(excluding land and  PAG-IBIG loan
land dev. cost)  In-house Financing

*Not entitled to ITH :

 Interest income from

in-house financing
 Sales of unqualified /
not applied units
 Rental income

Interest Income * 6
(from in-house
ISIS-PERD-Form-AP-HSG
financing)
*Not entitled to ITH
 PROPOSED REVISED AP FORM

Attachment C

Projected Income Statement

COMPANY NAME
Projected Income Statement (with ITH)
PROJECT NAME

Year 1 Year 2 Year 3 Year 4 Total

Sales Revenue
Number of units

Less: Cost of Sales

Land Cost
Land Development Cost
House Construction
Cost
Total Cost of Sales

Gross Profit

Less: Operating Expenses

Pre-operating expense
Mobilization/Whse.
Construction
Construction overhead
Marketing expense
Documentation expense
Contribution to Head
Office
Total Operating Expenses
Net Income before Tax
Less: Provision for Income
Tax 30%
Net Income After Tax
Add back: Income tax (4
years ITH)
Net Income after ITH

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Attachment D

FOR COMPANIES WITH EXISTING BOI-REGISTERED HOUSING PROJECTS

LIST OF BOI-REGISTERED HOUSING PROJECTS/

COMPLIANCE WITH SOCIALIZED HOUSING

SHR = socialized housing requirement

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SAMPLE FORMAT (Use separate sheet)

SECRETARY’S CERTIFICATE
(Authority for Authorized Representative to Transact with BOI)

I, (name of Corporate Secretary), of legal age, Filipino, being the duly elected and qualified Corporate
Secretary of (name of applicant enterprise), a corporation duly organized and existing under the laws of the
Philippines, with office address at (office address of applicant enterprise), under oath, do hereby certify that at the
special meeting of the Board of Directors of the Corporation held on (date of special meeting), the following
resolution was unanimously adopted:

RESOLVED, that (name of officer of enterprise), (position of officer) be, as it is hereby authorized to transact,
execute and sign all documents in behalf of the Corporation pertaining to its application for registration with the Board
of Investments (BOI) under the Omnibus Investments Code of 1987 (Executive Order No. 226) for the (proposed
project/ activity) as (New) (Expanding) economic and low cost housing developer under the 20___ Investment
Priorities Plan (IPP) of the BOI.

IN WITNESS WHEREOF, I have hereunto affixed my signature this __________ day of _____________ 20___ at
__________________________.

Corporate Secretary

Subscribed and Sworn to before me this __________________ at _______________, affiant exhibited to me his
CTC No. ____________________ issued on ___________________ at ___________________.

Notary Public
Doc. No. _______
Page No. _______
Book No. _______
Series of _______

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FOR COMPANIES WITH EXISTING BOI-REGISTERED HOUSING PROJECTS

CEO AFFIDAVIT (Compliance with Socialized Housing Requirement)

Republic of the Philippines...}

Makati City...……..................} S.S.

AFFIDAVIT

I, _______________, Filipino, of legal age, and with office address at ______________________________, after having
been sworn in accordance with law, do hereby depose and say that:

1. I am the Chief Executive Officer of (Name of BOI-Registered Company)____.

2. I am duly authorized by (Name of BOI-Registered Company) to execute this Affidavit as evidenced by the
Secretary’s Certification of such authority, copy is attached as Annex “A”;

3. I certify full compliance to the 20% socialized housing requirements for the following BOI-registered projects:
BOI CR No. ITH-based Compliance Compliance Date

4. The compliance project is charged to (Name of Compliance Project) located in _____(Complete Address)___
issued with Certificate of Registration No._____ and License to Sell No. _____, consists of project area of ______sqm
with the corresponding _____ no. of lots/units built.

5. The 20% socialized housing requirements for the following BOI-registered projects are partially complied with, viz:
BOI CR No. ITH-based Compliance Partial Compliance Compliance Date

6. The remaining required ITH-based compliance consists of project area of ______sqm with the corresponding _____ no.
of lots/units to be built.

7. I hereby undertake that the remaining required ITH-based compliance will be fully complied and completed on
________________.

8. It is understood that failure to comply with the 20% socialized housing requirement on the date set in the preceding
paragraph shall cause the automatic forfeiture of the ITH incentive for the corresponding taxable year.

Further, any such non-compliance to the 20% socialized housing requirement shall cause the non-registration of our new
housing projects, including projects of its parent corporation and their subsidiaries, until the ITH-based Compliance is
satisfied.

9. I am executing this affidavit in order to attest to the truth of the foregoing facts and for whatever legal purpose it may
serve.

IN WITNESS WHEREOF, I have hereunto set my hand this _____ day of ____ 2015 at __________city, Philippines.
________________________
Affiant

SUBSCRIBED AND SWORN TO before me this ____ day of ____ 2015,, affiant is exhibiting to me his Government
issued Identification No. ______.
NOTARY PUBLIC
Doc. No. ________
Page No. ________
Book No. ________
Series of 2015

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SAMPLE UNDERTAKING OF NO SALES

----------
---------

UNDERTAKING

I, ------- of legal age, with office address at ------------

1. I am the (CEO or President - position in the company) of (name of company), a corporation organized and
existing in according with the law of the Republic of the Philippines, with principal place of business at ------

2. As -------, I have full knowledge of the operations of the corporation.

3. I hereby attest that the corporation has not yet incurred sales for its mass housing project, ( name of housing
project), located at -------------, and further attest that the corporation will not incur sales until registered with
BOI.

4. I am executing this undertaking in support of the application for registration of the corporation with the board
of investments relative to its mass housing project application and for whatever legal purpose it may serve.

------------------------------------------
Affiant

SUBSCRIBED AND SWORN to before me this _______________ at Makati City, the affiant exhibited to me, as
competent evidence of identity, ____________________________.

Doc No. _______;

Page No. _______;
Book No. _______;
Series of 2015.

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DOCUMENTARY REQUIREMENTS:
1. Properly accomplished application form, duly signed and notarized
 Schedules
 Map View
 Business Model
 Projected Income Statement
2. For Corporations: Copy of the SEC Certificate of Incorporation, Articles of Incorporation (latest
amended) and By-Laws
For Sole Proprietorships: Copy of the DTI Business Name Registration
3. For Corporations: Latest General Information Sheet
4. For Corporations: Board Resolution authorizing the officer to represent the company
5. Latest Audited Financial Statements (AFS)
6. List of BOI-registered Projects showing compliance with the Terms & Conditions, Socialized
Housing Requirement, Status of Operation and Incentives Availed
7. Proof of Publication (to be submitted within five (5) days from official filing)
8. Integrity Pledge
9. Other documents that may be required by the specific activity in the IPP:
Economic and Low-cost Housing:
o Sworn Undertaking signed by CEO that it has not incurred sales and will not incur sales
prior to BOI registration, for the mass housing project applied for;
o Certified true copy of Development Permit (and License to Sell and Certificate of
Registration if already available);
o If project is under Joint Venture (JV) Agreement, submit JV Agreement (only the developer
may qualify for registration per IPP Guidelines);
o CEO Affidavit (for those with previously registered project/s with BOI that are due for
compliance with the socialized housing requirement); and
o Secretary’s Certificate adopting that only revenues arising from sale of housing units used as
family home or dwelling shall be covered by income tax holiday.

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