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PECO Settles Php 134M Real Property Tax

PECO Real Property Tax

PECO Settles Php 134M Real Property Tax: No ‘game over’ yet for Panay Electric Company as Public Engagement and Government Affairs Head Marcelo Cacho personally delivered a check amounting to Php 134,927,522.63 to the Mayor’s Office as payment to the company’s unpaid real property tax. In a letter sent by Marcelo Cacho it was stated:

“We respectfully transmit to you the Manager’s Check in the amount of Php 134,927,522.63 as payment for the Real Property Tax liabilities of PECO as of 2019. In consideration of the foregoing, please issue the necessary official receipt and a certificate confirming the cancellation of the scheduled auction sale on December 12, 2019.”

It can be recalled that the power distributor has unpaid real estate taxes. As of November 12, the Iloilo City Government has placed all the assets of Panay Electric Company for auction. According to City Mayor Jerry Treňas, the City Treasurer’s Office will proceed with the sale of assets valued at Php 90 million. Moreover, Norman Tabud of the City Business Permit and Licensing Office revealed that his office has not issued a permit to Panay Electric Company due to outstanding taxes. Furthermore, More Electric and Power Corporation also announced that it will also participate in the auction slated December 12.

In line with this, City Treasurer Jinny Hermano will not issue the requested receipt as Iloilo City Mayor Jerry Treñas still has not approved the request. If not signed, the City Treasurer will give the check back to PECO.

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