By Mayvelin U. Caraballo, Manila Times
The Bureau of Internal Revenue on Tuesday gave notice that it will serve a closure order against Megaworld Corporation but it did not disclose the reason.
The BIR requested media coverage on the "issuance of closure order against Megaworld Corporation" on May 18, Wednesday, in an advisory released on Tuesday.
It said that BIR Deputy Commissioner Arnel Guballa, Regional Director Eduardo Pagulayan Jr. and several other offi
Guballa refused to provide additional information about the closure order.
Meanwhile, Megaworld said that it was verifying the issue with the BIR.
"We got hold of the media advisory regarding the closure order. We are currently verifying and clarifying this with the Bureau of Internal Revenue," Francisco Canuto, compliance and corporate information officer at Megaworld, said in a statement.
Megaworld has been involved in real estate development, leasing, and marketing since its inception in 1989, according to its business profile on the Philippine Stock Exchange. When it started developing the Eastwood City township in 1996, the company turned its focus to supplying office buildings to support business process outsourcing (BPO) businesses.
Its real estate portfolio comprises condominium apartments, subdivision lots and townhouses, as well as office and retail buildings. Megaworld's three main business sectors are residential real estate sales, leasing of office and retail space, particularly to BPO companies, and hotel operations management.
The company and its affiliates have built roughly 725 residential structures, 72 office towers, 24 lifestyle malls, and 12 hotel brands, including condotels, since its incorporation.
