Panay Electric Company (PECO) has decried alleged efforts being undertaken by MORE Electric and Power Corp. (MORE Power) to bring it down.
Iloilo City’s long-time power distributor believes that MORE Power, a power firm owned by billionaire Enrique Razon, is behind the resurfacing of the issue regarding its unsettled taxes.
The City Treasurer’s Office (CTO) said PECO’S unpaid real property tax (RPT) liability and penalties reached P106.8 million.
The amount was computed based on PECO’s total tax liability since 2006 amounting to P97,164,438.81, the cost of the sale including documentary stamp tax estimated at P9,716,443.88 and a registration fee of P802.64.
In a statement, PECO said that there is a pending case before the Local Board of Assessment Appeals questioning the RPT assessment issued by the Iloilo City Government in 2016.
“As such, the RPT assessment is not yet final and conclusive,” it said.
According to PECO, it tried to make a payment, but it was turned down by the CTO constraining them to consign the RPT in court.
“This means that we have paid an amount to the RTC which they now hold,” it said.
PECO said the resurfacing of the issue “is part of a continued black propaganda being waged by our rival to taint our image and discredit our organization.”
“Despite these, PECO is still committed to serving the people of Iloilo as we have done so in the last 95 years,” the power disteibutor assured.
Mayor Jerry P. Treñas earlier announced that the city government will auction off the assets of PECO to compensate for the firm’s unpaid RPT liability and penalties.
The public auction is set on Dec. 12, 2019.
“PECO’s tax liability arose from its refusal to pay the real estate tax assessed by the City Treasurer’s Office (CTO) on the land where its electricity posts stand on,” Treñas said.
Due to the unpaid property taxes, PECO was denied of a permit to operate in the city.
“When I came, I discovered about it. We give PECO a time because they told our lawyers that they are trying to make an offer but the offer was not acceptable so the CTO proceeded with the auction sale,” the city mayor added.IMT
