Market operator pays portion of P14 million debt to Manila LGU | Inquirer News

Market operator pays portion of P14 million debt to Manila LGU

By: - Reporter / @FMOrellanaINQ
/ 08:02 PM August 14, 2019

MANILA, Philippines – After being called out by the local government of Manila, one of the market operators who has over P10 million debt to the city government has paid its loan.

The local government of Manila announced on Tuesday that XRC Mall Developers Inc. and Marketlife Management and Leasing Corporation had a joint venture agreement with the previous Manila administration but did not remit the city’s annual revenue since 2017.

The next day, XRC Mall Developers Inc. immediately settled a portion of its debt to the local government of Manila following the warning of the government that it only has 72 hours to pay.

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XRC Mall developers paid P12.9 million so far of its total debt of P14.38-million.

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“May konting kulang pero numero na lang yan. What matters most is the bulk of their obligation to the city of Manila is settled,” Manila Isko Moreno said.

XRC Mall Developers Inc. handles the Sta. Ana, San Andres, Sampaloc and Trabajo markets.

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According to Moreno, the said company claimed that the reason why it was not able to remit to the government was that it had a misunderstanding with the previous administration.

As for the case of Marketlife Management and Leasing Corporation, Moreno said it has not yet paid any amount to the city government.

Nevertheless, Moreno said that the company still has 48 hours left to comply and pay its P11.16-million debt to the country’s capital.

Marketlife Management and Leasing Corporations handles the Quinta Market in Quiapo.

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TAGS: Isko Moreno, Manila

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