MANILA (UPDATE) - Megaworld Corp on Tuesday said it has “resolved’ an issue with the Bureau of Internal Revenue after the agency earlier issued an advisory saying the company would be shut down on Wednesday.

The company led by billionaire Andrew Tan was the subject of a BIR advisory sent on Tuesday that said "Request for Media Coverage" with the topic "Issuance of Closure Order Against Megaworld Corporation."

The said BIR advisory states that the issuance of the closure order will take place on the morning of May 18.

"We got hold of the media advisory regarding the closure order. We are currently verifying and clarifying this with the Bureau of Internal Revenue," Megaworld said in a disclosure to the stock exchange.

In a disclosure to the stock exchange, Megaworld Corp said it is currently "verifying and clarifying" a BIR media advisory that says "Issuance of Closure Order against Megaworld Corporation" set on May 18 pic.twitter.com/mH7CpWWLGs

— Jessica Fenol (@JessFenol) May 17, 2022

In another statement minutes later, Megaworld said the issue has been resolved.

"We have already reached out to the concerned BIR Regional Office and the matter has been clarified and resolved," it said.

"Megaworld continued to fully support government's revenue programs," it added.

Megaworld issues another statement saying issue with BIR "clarified and resolved". pic.twitter.com/QkChu9WKwP

— Jekki Pascual (@jekkipascual) May 17, 2022

At around 4 p.m. a BIR official told reporters that Megaworld representatives are currently at the concerned RDO and assured the tax bureau of full cooperation.

Both the BIR and Megaworld did not disclose the reason behind the order.

In a recent advisory, the BIR said Wednesday's activity is being held in abeyance until further notice.

• Megaworld posts P14.4 billion net income in 2021
• Megaworld net income up 41 percent in Q1 as mall, hotel units recover

-- with reports from Jekki Pascual and Jessica Fenol, ABS-CBN News

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