Daily TribuneAll financing is being urged suspended for Roxas and Co. until it pays real property taxes on their haciendas in Batangas; the provincial treasurer says RCI hasn’t made any property tax payments on their haciendas in Batangas for the past two decades
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The local government units (LGU) of Batangas are calling on financing institutions to hold any support to Roxas and Company Inc. (RCI) until the company settles its unpaid real property taxes.
In a resolution transmitted to the Batangas Provincial Board on Wednesday, 22 May, the Nasugbu Municipal Council called the Bangko Sentral ng Pilipinas as well as state-run banks, LandBank of the Philippines and Development Bank of the Philippines and Bank of the Philippine Islands (BPI) to withdraw any support for RCI.
They also asked that Ayala Land Inc., Ayala Corp., Stonebridge Corporation, and the Catholic Church “to” suspend any support for RCI.
Billions of debt
RCI currently owes P4.3 billion of debt to banks, with approximately half owed to BPI, including debt secured by RCI’s disputed lands. BPI has approximately P4.3 billion of debt exposure between RCI and Roxas Holdings.
BPI’s debt exposure to RCI includes a P228-million loan due in August 2023 and a P474.5-million loan due in September 2023 that remains outstanding.
Recently, the Batangas Provincial Board addressed the land disputes involving the Roxas haciendas in barangays Aga, Kaylaway, Cogonan, Tumalim, Banilad, Bilaran, Reparo, Lumbangan and Catandaan, all located in Nasugbu, Batangas.
No payments for 20 years
During the hearing, the Batangas Provincial Treasurer revealed a crucial piece of information: RCI, the entity involved in the land disputes, has consistently failed to pay real property taxes for the Roxas haciendas for over two decades.
The Provincial Treasurer emphasized that the substantial tax delinquencies necessitate proceeding with the auction of the contested haciendas.
In February, RCI disclosed to the Philippine Stock Exchange that the DAR order provides that “the ARBs (agrarian reform beneficiaries) shall vacate the areas outside the 1/2 portion awarded to them” and that DAR is “authorized to enlist the assistance of the police or any law enforcer, including the military.”
