November 11, 2019 | 10:15 pm
ILOILO CITY will
auction off the assets of Panay Electric Co., Inc. (PECO) next month to pay for
the distribution utility’s unpaid real estate tax liability and penalties
amounting to P106 million since 2006, the city’s mayor said.
In a statement, Mayor
Jerry P. Treñas said the auction will resolve the local government’s collection
problems with PECO, which date back to the terms of three mayors.
His office said PECO
has refused to pay the real estate tax assessed by the City Treasurer’s Office
(CTO) on land where its electricity posts stand. Such land along the streets of
Iloilo City will be auctioned on Dec. 12.
A representative of
PECO did not immediately reply when asked for comment.
The CTO set a floor
price of P106,881,685.33 for the auction. The mayor’s office cited CTO Tax
Enforcement Division Chief John Ladrillo as placing the total market value of
the posts at P214.9 million.
Mr. Ladrillo said the
P106.8-million floor price 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.
The auction is open to
the public, he said.
In the same statement,
Mr. Treñas said PECO has allegedly failed “to solve the problem of hundreds of
incidents of the company’s aged and dilapidated electricity poles catching fire
and causing fire on nearby residences and business and causing threat to the
safety of Ilonggos for years.” — Victor V. Saulon
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