– Troubled power firm Panay Electric Co. finally paid almost P135 million in real property taxes it owed days before the Iloilo City government was scheduled to auction off its assets.
“This is a welcome development. PECO’s RPT has been pending for the past three years,” said Mayor Jerry Treñas in a statement. PECO clarified that it has been willing to settle its tax debt amicably with the city government while also paying in advance its RPT for fiscal year 2019. PECO has been fighting to save its assets after losing its government franchise to distribute power in the city.
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