Malaybalay City Gov’t, BUSECO brainstorms settlement on tax liability

MALAYBALAY CITY (Bukidnon News Dispatch/04 Nov) – The Bukidnon Second Electric Cooperative, Inc. (BUSECO) headed by Branch Manager Juancho T. Chiong, once again met with City Treasurer, Danilo Linoay, City Legal Counsel, Atty. Julius Barroso, and the Sangguniang Panlungsod Committee on Ways and Means chair Councilor Perla E. Rubio and members Councilors Jay Warren R. Pabillaran, George Damasco and Roland F. Deticio on Nov. 3, 2011 to purposely to concretize the intention of BUSECO to settle the P 14M Real Property Tax due to the City Government of Malaybalay.

BUSECO hopes to put an end to the said issue already and discuss the possibility of coming up with a compromised agreement with the city government.

On her opening statement, Councilor Rubio emphasized that this issue should have already been long before addressed had BUSECO only shown serious interest in paying their obligations in the past. Rubio added that this is the prime time to come up with an agreement and that the city government expects payment from BUSECO.

Atty.Vicar Loureen Lofranco, Finance Officer of BUSECO said that the amount accumulated this huge since Electric Companies are not inclined of being charged with RPT, however, the Board of Directors has expressed their initial approval and committed an initial payment amounting to P 5M for the month of November 2011 as a sign of good will, Lofranco added.

Lofranco further said that BUSECO would like to ask the indulgence of the City Government to allow them to pay and settle the remaining amount in 3 years period to be paid in a quarterly basis in an initial computation of P 3.2M each quarter.

The P 14,040,661.78 Real Property Tax liability of BUSECO has an initial breakdown of P9,059,661.78 as principal, while the remaining P4,981,433.22 comprises the penalty. The penalty accumulated to such amount due to non-payment of BUSECO six years years already starting year 2004 when the City Assessor’s Office computed the assessment report for BUSECO.

After the group conformed to the proposed scheme and came with a tentative agreement, Councilor Roland F. Deticio suggested ironing out further the matters especially the reckoning period and the exact amount for final review and presentation to the City Council.

Deticio added that technical matters should be leveled-off with the office of the City Assessor and other agencies involved to avoid complication during the presentation and approval.(Erlow Talatala).

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