P42.1M, biggest tax ever paid by one agency to Ifugao

SN Aboitiz recognized during the 2012 Gotad ad Ifugao

     The largest private agency operating in the province, SN Aboitiz Power (SNAP)-Magat have turned over an amount of P42.1 million pesos of additonal real property tax to Ifugao. The tax payment is the biggest amount ever received by the province as a result of a compromise agreement. The amount covers the difference between actual payments made in 2011, 2012, and the court-approved compromised amount.

     Meanwhile, the province of Isabela also received a tax payment from SNAP-Magat amounting to P30.3 million pesos as a corporate response to the settlement of disputes between the two provinces. During the turnover ceremony, Gov. Eugene Balitang stressed the sharing of business capabilities by the two provinces following the settlement agreement. "We can move forward in doing business together and help our constituents. We have shown our provincemates that conflicts can be resolved, that it can be done. If we can do business with SN Aboitiz, we can do it with the rest of the businesses and investors in the province of Ifugao," Gov. Balitang said.

     In perspective, this amount could prove the huge impact of private investment in the province in terms of economic and infrastructure developments. If local government officials will carefully utilize the natural resources of the province, inviting private investments can uplift the lives of the people in the rice terraces, the Ifugaos. For instance, history books have shown that the province is abundant with beautiful sceneries and investments in tourism-related ventures can potentially uplift living standards. However, to be able to fully open the province for business investment, there is a need to improve transportation facilities especially roads, centralize terminals, and standardize regulations in the implementation of fares and transportation etiquettes.#

Reference: Sunstar-Baguio, 09/09/2012