MINDANAO DAILY MINDANAO’S LEADING NEWSPAPER
Volume VII, No. 062
Website: www.mindanaodailynews.com
Thursday
August 3, 2017
P15.00
Duterte orders probe of Phividec-Misor tax scam By CRIS DIAZ Executive Editor
CAGAYAN DE ORO CIT Y: President Rodrigo Duterte has ordered a probe on the alleged Php 2 billion tax anomaly in the government-run industrial economic zone in Misamis Oriental, former Congressman Benjo Benaldo said Wednesday. Benaldo, who was appointed member of the Board of Directors of the Philippine Veterans Investment Development Corporation (Phividec), has exposed
Security Bank 1H income up by 8%
the alleged non-payment of taxes by multi-national companies currently operating in the Phividec Ecozone in Misamis Oriental. In an interview Tuesday, Benaldo said that President Duterte, through Secretary Bong Co, has given the go signal to conduct a probe of the alleged tax anomaly in an effort to recover the taxes due to the national government. He said that President Duterte was glad that the issue was exposed in order that a no non-sense investigation of the probe could be effectively done.
“Some top officials, who once served the Phividec in Misamis Oriental Ecozone, might be summoned to shed light on the alleged tax anomaly in the industrial zone,” Benaldo said. Benaldo made mention of the Steag Power, a coal-fired power plant, the Mindanao International Container Terminal (MICT), and the Philippine Sintering Corporation as among the multi-national companies with a tax deficiency amount to a total of about Php 1 billion. The Steag belied the accusa-
tion in a press statement, saying that the 220-megawatt coal-fired power plant has been religiously paying the taxes to the government since the company started its operation about 10 years ago. Benaldo, however, asked the Steag Power plant to show proof of payments since the records at the Phividec in Misamis Oriental proves otherwise. He said that the Phividec accountant and legal department is now collating the various unpaid taxes involving rentals and properties of about 80 companies
operating in the 3,500 hectares Misamis Oriental Ecozone. Benaldo said that the Phividec would not hesitate to filed antigraft charges against Phividec officials found to have neglected the mandate to collect taxes against the tenants doing business in the industrial zone. The state-run Phividec industrial Ecozone was created in 1974 in various areas in the country to operate, administer, and manage attractive economic zones in collaboration with the local government units.
SECURITY Bank Corporation (PSE: SECB) posted P5.2 billion in net income in the first half of 2017, up 8% from year-ago level. This result was driven by a 26% or P1.9 billion increase in net interest income to P9.3 billion. Non-interest income including trading gains was P2.9 billion, a 15% or P0.5 billion decrease. For the second quarter alone from April 1 to June 30, 2017, net income grew 32% from year-ago level to P2.43 billion, keyed by a 24% rise in net interest income to P4.9 billion. In the first half of 2017, the increase in net interest income was driven by a 27% growth in the loan portfolio to P340 billion and a 26% growth in deposits to P380 billion. Low-cost deposits Community Investigative Support - Cagayan de Oro chapter (CIS-CDOC) headed by President Kag. Dondon Allorin, Vice President Atty. Giovanni increased 21%. Catli and members extend assistance to the officers and men in uniform of Barangay Tablon checkpoint. Items were received by PCI Evan Viñas See Security, page 11
and PSI Abayata.