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Saturday, August 19, 2006
Tax office names Hedcor, 5 others as Cordi's top taxpayers
THE Bureau of Internal Revenue (BIR) awarded certificates to Hedcor, Inc. and five other agencies in a program that honored the region's top taxpayers.
Hedcor was recognized primarily for its "invaluable contributions in tax payments to the revenue district of La Trinidad" that helped BIR surpass its collection targets for 2005.
Hedcor vice president Miguel Romero-Salas, company controller Jun Nicanor, and assistant vice president for Luzon operations Jose Mendoza accepted the award from BIR Regional Director Norberto Vitug, Assistant Regional Director Erlinda Pengosro and La Trinidad Revenue District Officer Joaquin Libardo during the agency's morning ceremony.
"Through these awards, we hope taxpayers would be inspired to continue to pay their taxes and realize that what they do is a big part of nation-building," said Vitug who vowed to strengthen their fight against tax evaders and committed to further improve their delivery of service.
Hedcor, the largest developer of run-of-river hydropower plants in the country, paid P32 million in income taxes last year, making the company the largest single corporate taxpayer in the province of Benguet outside of Baguio City.
The Aboitiz company also disclosed that as of December 2005, total taxes paid since the start of their operations 20 years ago now amounts to P385 million. Corporate tax remittances made up the bulk with P178.2 million while real property taxes contributed P73.5 million.
On top of the taxes mandated by law, Hedcor also shared about P113 million to its host communities since 1991.
"I would like to thank the BIR team in Cordillera for the very important recognition that you have extended to Hedcor, that of being the highest taxpayer in La Trinidad," said Salas during his acceptance speech.
"I am proud to say that Hedcor shares the same corporate beliefs and corporate values of its mother company - Aboitiz & Co. It is a direction in line with several basic principles of good governance, the rule of law, full accountability and total transparency," he added.
Salas explained that these values made Hedcor a major partner with the municipalities of La Trinidad, Bakun, Sablan, Tuba, and Itogon where they operate 13 mini-hydropower plants.
"I am just as proud to say that these principles together with our various corporate social responsibility programs have led to the sustainable development and mutually beneficial co-existence between our operations and the people of the community," he said.
Other agencies and individuals honored during the ceremony were Texas Instruments Philippines, Inc. of Baguio City; the Rural Bank of Sagada, Bontoc, Mountain Province; the Rural Bank of Tabuk, Kalinga; Oscar Dugyon of Racso Construction of Lagawe, Ifugao; and Victorino Baroņa Jr of Bangued, Abra.
Hedcor Inc., a leading producer of clean energy in the Philippines, operates 19 hydropower plants in Benguet, Ilocos Sur, and Davao with a total capacity of 113 megawatts. The company started its operations in Benguet in 1985 when they were awarded a 22-year operating contract to rehabilitate and manage the three Asin hydropower plants in Tuba, Benguet.
(August 19, 2006 issue)
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