Banco de Oro Branches in Cebu Face Closure

The Cebu City local government has threatened to shut down all branches of Banco de Oro, the largest bank in the Philippines, after claiming that the bank has been remiss in its tax obligations. The city mayor said that  a branch in a business area paid only P2,000 in taxes last year. The city plans to deny the bank’s request for business permits for its 26 branches by rejecting the documents being submitted as part of the requirements. The stand off…

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