CAGAYAN de Oro City--The legal panel of the Philippine Veterans Investment Development Corporation (Phividec) has started to issue demand letters to delinquent taxpayers in the Phividec industrial ecozone in Misamis Oriental, Phividec Board Member Benjo Benaldo said Tuesday.
He said that the Steag State Power, Inc. a 220-megawatt coal-fired power plant located in the town of Villanueva, Misamis Oriental topped the list with a real property tax delinquent amounting to Php 447,212,139.85, followed by the Mindanao International Container Terminal (MICT} Php 342,438,335.33, and the Philippine Sinter Corp. Php 131,442,768.66 or a total of Php 1,064,720,370.07.
Benaldo said they would give the three multi-national firm a deadline to settle the tax delinquent or the Phividec would have no option, but institute drastic legal action that might affect their operations.
He said that the legal panel is now also reviewing the tax liabilities of about 80 manufacturing and service companies operating in the Phividec Industrial Ecozone in Misamis Oriental (PIE-MO).
Initial investigation disclosed that the total tax delinquents by the companies, including STEAG, MICT, and Philippine Sinter Corp. amounted to about Php 2 billion, Benaldo said.
He said that if collected, the amount would mean more school classrooms, health centers, infrastructure projects, and livelihood assistance, especially to the internally displaced persons (IDP) in Marawi City.
“The Phividec hopes that the companies with tax delinquents would settle the real property taxes as soon as possible, “Benaldo said.
SM Cagayan de Oro officially launched the Christmas Season with two grand launches over the weekend at its two malls in this City of Golden Friendship. Last Saturday, November 10th, SM City Cagayan de Oro Uptown launched Winter Magic, a frozen forest enchantment presentation at its Event Center....