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MORE Power to join Iloilo City auction for PECO’s assets

more power to join iloilo city auction for pecos assets - MORE Power to join Iloilo City auction for PECO’s assets

MORE Electric and Power Corp. (MORE Power) has expressed interest to join the Iloilo City government’s planned auction of the assets of its rival firm, Panay Electric Co. (PECO) on Dec. 12. “The reason why we are participating is because of the city. Kawawa naman ang (We take pity on the) city na for years hindi binabayaran kaya (hasn’t been paid, so) we will participate and pay more than the floor price so the city can use the funds already for their social services,” MORE Power President Roel Z. Castro said in a statement. Mayor Jerry P. Treñas earlier said the city government decided to proceed with the auction due to unpaid real estate taxes and penalties amounting to P106 million. Mr. Treñas said the city government gave PECO time to make a settlement offer but the amount presented was not acceptable. PECO, in a statement issued on Monday, said it is currently in talks with the city’s Business Permit and Licensing Office regarding the issue. The company also has a pending case before the Local Board of Assessment Appeals, filed in 2017, questioning the real property tax assessment value for 2016. — Emme Rose S. Santiagudo

The post MORE Power to join Iloilo City auction for PECO’s assets appeared first on BusinessWorld.

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