Over 27 BDO Branches In Cebu Failed To Renew Business Permits Due To Unjustifiable Gross Income
Cebu City Mayor Osmeña refused to approve the renewal of business permits of over 27 BDO branches in Cebu City due to its unjustifiable gross income.
The application of over 27 branches of Banco De Oro (BDO) for renewal of business permits has been denied by the local government in Cebu City. Mayor Tomas Osmeña already sent a letter to the area operations officer of BDO Central Visayas regarding this matter.
Osmeña said that the gross income declared by BDO-Magallanes and BDO- Osmeña Boulevard branch were unjustifiable. One of the BDO branches declared an alleged P6, 000 gross income for the whole year. “We cannot accept as true that they only owe us P34.00 in business tax, were going to fight this out in court,” said by Osmeña.”
The business permits of the 27 BDO branches in Cebu City have already expired last 2016. The ATM transaction of the banks was not affected by denied approval of the business permit renewal. As of now, BDO did not yet release any statement regarding the matter.
On March 29, 2017, BDO stated in a press statement that the Court issued an Injunction Order on March 28, 2017, enjoining the Cebu City Mayor from performing any act that will cause the closure of BDO’s branches in Cebu City.
The bank also assured to submit all the necessary documents needed by the City Government for the renewal of their business permits. Some depositors in Cebu City were worried, but Mayor Osmeña ensures the depositors to give them enough time to process their bank accounts, before closing the branches of BDO in Cebu.
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