Isabela, Ifugao get P72M from SN Aboitiz | Inquirer Business

Isabela, Ifugao get P72M from SN Aboitiz

By: - Correspondent / @VillVisayaJrINQ
/ 03:16 AM September 19, 2012

RAMON, Isabela—SN Aboitiz Power-Magat Inc. (Snap-Magat) has paid the provincial governments of Isabela and Ifugao P72 million in taxes for the firm’s operation of the Magat hydroelectric power plant complex here.

Michael Hosillos, SN Aboitiz vice president for corporate affairs, said in a briefing here that the payment represented the firm’s real property taxes, which it paid following a court-brokered agreement with local officials.

Hosillos said SN Aboitiz turned over last week a check worth P30.35 million to Isabela treasurer Maria Theresa Flores and Board Member Karen Abuan.


Ifugao, through Governor Eugene Balitang, received P42.19 million, he said.


“Snap-Magat wanted to pay the right real property tax due the local governments so we made sure that this was paid,” Hosillos said.

“As a responsible corporate citizen, SN Aboitiz has always been vigilant about complying with all our tax and regulatory obligations,” said Emmanuel Rubio, SN Aboitiz chief executive officer.

“Through the increased real property tax, we hope to bring renewed growth and development to our host communities, and continue to make a difference in the lives of Isabelinos and Ifugaos. We also hope that as our business continues to expand, we can continue to contribute to the development of Isabela and Ifugao,” Rubio said.

Snap-Magat operates the power component of the 360-megawatt Magat hydroelectric dam and maintains its power-producing facilities in the dam complex here.

Aside from the real property taxes, the company has also been paying business taxes to the local governments of Ramon in Isabela and Alfonso Lista in Ifugao.

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TAGS: Energy, Ifugao, Isabela, Philippines - Regions, SN Aboitiz Power-Magat, taxes

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