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Monday, June 17, 2024

Nasugbu LGU asks banks to deny RCI loans

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The local government unit of Nasugbu, Batangas asked banks not to extend financial support to listed firm Roxas and Co Inc. (RCI), pending the resolution of its land issues.

Nasubgu Mayor Antonio Barcelon signed a resolution calling on the Bangko Sentral ng Pilipinas (BSP), Landbank of the Philippines (LBP), Development Bank of the Philippines (DBP), Bank of the Philippine Islands (BPI) and other lenders not to provide financial support or offer lending facility to RCI until its obligations to agrarian reform beneficiaries are resolved.

The local government of Nasugbu is also seeking the collection of reportedly unpaid real property taxes on Haciendas Palico, Banilad and Kaylaway—collectively known as the Roxas Haciendas—owned by RCI.

It earlier warned the company of possible revocation of its business permit for its alleged failure to settle real property taxes based on the records of the municipal treasurer.

The LGU noted the increasing tension in the longstanding dispute between RCI and an estimated 50,000 residents and agrarian reform beneficiaries

RCI repossessed ownership rights over a huge track of land in Batangas in February after the Department of Agrarian Reform (DAR) awarded the three haciendas to the company.

The decision was opposed by some 50,000 residents and agrarian reform beneficiaries.

RCI said the DAR’s decision allows the company to access fresh financing, opens new development plans for internal projects, support its subsidiaries and diversify the long-term revenue streams of the group.

RCI is the listed holding company of the Roxas Group. It has investments in property, sugar and ethanol manufacturing subsidiaries.

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