Iloilo power firm seen to lose some assets
ILOILO CITY –– After failing to renew its distribution franchise, Iloilo City’s power distributor may lose some of its assets for purportedly failing to pay real property taxes (RPT).
City Mayor Jerry Treñas said some of the assets of Panay Electric Company (PECO) were among the properties set for auction on December 12 for being delinquent in payment of their RPT estimated at P90 million.
“(PECO’s real property taxes) have been pending for the past two years.
The taxes cover those levied on PECO’s electric poles planted on the properties of the city government.
Trenas said the city government gave PECO time to settle the payables but the company offered an amount unacceptable to the city government.
In a statement, PECO denied that it had been remiss in paying its real property tax but admitted that it was questioning the city government’s tax assessment.
“Since 2017, we have had a pending case with the Local Board of Assessment Appeals questioning the (RPT) back assessment of 10 years issued by the City of Iloilo in 2016. As such, the RPT assessment is not yet final and conclusive,” said the statement released by Peco administrative officer Marcelo Cacho.
“We tried to make a payment but this was refused by the City Treasurer’s Office constraining us to consign the RPT in court. This means that we have paid around P27 million to the (Iloilo Regional Trial Court) covering the period of 2016-2019,” PECO said in its statement.
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