'I am totally displeased': Salceda eyes probe on 'bizarre' BIR, Megaworld squabble

ABS-CBN News

Posted at May 20 2022 12:03 PM | Updated as of May 20 2022 01:48 PM

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House Committee of Ways and Means Chairman Joey Salceda on Friday said lawmakers would investigate the suspended closure order issued by the Bureau of Internal Revenue against listed Megaworld Corp. 

The BIR earlier said it would issue a closure order to Megaworld but suspended the said order after the company said it would cooperate.

Megaworld, on the other hand, said there was an earlier "disagreement" with a BIR regional office and that it has been "resolved". It did not offer details other than it has no outstanding unpaid liabilities.

In an interview with ANC, Salceda said such "bizarre" events undermined the stability of Philippine institutions and the financial markets. 

"It is a disservice to the financial market…That’s a disservice to the government because the BIR has to play a very key role in keeping our fiscal stability given of course the twin threat of inflation and high debt-to-GDP, at the same time the threat of high commodity prices arising from COVID," Salceda said.

"I am totally displeased. In fact, I'm disgusted by that happening simply they tried to put it under the rug. We will investigate that," added the Albay 2nd District Representative.

The lawmaker earlier urged the BIR to explain the series of events but it has yet to offer a detailed explanation. 

The Andrew Tan-led Megaworld is engaged in hotel, malls, office and other businesses across the country.