THE Cebu City Government may possibly order the closure of 26 branches of Banco de Oro (BDO) in the city who have yet to get the renewal of their business permits.
In his news conference yesterday, Mayor Tomas Osmeña said all branches of BDO are currently operating without business permits.
The development came after Osmeña filed a case against BDO Magallanes-Plaridel Branch for allegedly not declaring their correct gross annual income.
“I don’t like to disrupt the flow of commerce in Cebu City but believe me we will survive without Banco De Oro. They’re not the only bank here in the city,“ Osmeña told reporters.
The mayor said he has yet to specify the date when he will order the closure, but he emphasized that business without permits are not allowed to operate as required under the law.
Asked what will his message to the BDO depositors, Osmeña said it will be up to them to decide.
“I will not tell anyone how to run their business, I’m just giving full disclosure of this situation, the bridge is going to collapse.” He said.