NEA, CDA audit of Panelco III sought
LINGAYEN—The Sangguniang Panlalawigan wants the National Electrification Administration (NEA) and the Cooperative Development Authority (CDA) to investigate and audit the management and financial operations of Pangasinan Electric Cooperative (Panelco) III.
This, after the provincial board found out during its Question Hour on Oct. 13 that Panelco III is facing a tax liability of P400-million and the Bureau of Internal Revenue (BIR) has already garnished several of its bank accounts in payment of its tax delinquencies.
Engr. Allan Casem, officer-in-charge Panelco III general manager, failed to convince the board members that the cooperative can function fully despite its financial woes.
The resolution, jointly authored by Board Members Alfonso Bince Jr., Ranjit Shahani and Danilo Uy, asking NEA and CDA to step in to avert a possible deterioration if not total collapse of its services to the great detriment of its consumers.
Bince told local newsmen that an audit and investigation will reveal how the management of Panelco III incurred the P400-million tax deficiency and to determine whether there is truth to reports that a private corporation is taking over.
The management and its board shall be made liable, Bince warned.
The tax deficiency were incurred reportedly since 2009.
“But I don’t think NEA or CDA can take over (Panelco III). That could not be done,” Bince, a lawyer, pointed out. (Tita Roces)
Share your Comments or Reactions
Powered by Facebook Comments
