PECO SETTLES P135M TAX DUES

PANAY Electric Company Inc. (PECO) paid on Monday a total of almost P135 million to the city government of Iloilo to settle its real property tax obligations to the local government unit. The amount represents all of PECO’s past and present real property tax (RPT) liability, from 2006 until 2019, excluding interests and penalties. With the payment, the planned auction of PECO’s properties on December 12 will no longer pursue. “Now that PECO has paid the tax liabilities assessed by the city government of Iloilo, there is no more reason to proceed with the planned auction of the company’s properties on December 12,” PECO public engagement and government affairs head Marcelo Cacho said. “Those who want to take over our services through whatever means at their disposal — ethical or otherwise — wanted to participate in the planned auction because they wanted to take shortcuts in acquiring power distribution assets,” Cacho revealed. “And because they really have no physical capability to serve the power needs of Iloilo. What do they really have right now, other than the backing of their friends in government?” Cacho clarified that PECO has always been willing to amicably settle all the tax cases and disputes between them and the LGU. “Since the start, PECO is determined to settle and pay all its tax liabilities to the LGU, as may be required by laws or ordinances,” Cacho stressed. “In fact, PECO is not just paying its taxes in full, the company is even pre-paying in advance the RPT due on December 31 and now we are clear of all tax liabilities.” Iloilo Mayor Jerry Treñas considered PECO’s P135-million tax settlement a welcome development. “With this, we can properly fund programs intended for much improved social services and other initiatives that would benefit the Ilonggo community in our quest to bringing Iloilo City to the next level,” he said.