Bureau of Local Government Finance Opinion

July 13, 2001 BUREAU OF LOCAL GOVERNMENT FINANCE OPINION The Regional Director for Local Government Finance Department of Finance, Region VII 3/F BF Building, N. Escario Street Kamputhaw, Cebu City S i r : This refers to your letter dated April 1, 2001, requesting information as to the status of the request of Mr. Johnson L. Go, President of Robina Sugar Milling Corporation (URSUMCO) relative to the propriety/correctness of the assessments made on the URSUMCO's machineries, with emphasis on the dollar exchange rate used in its appraisal. In this connection, please be informed that the matter has already been clarified under our letter dated April 25, 2001, addressed to the Municipal Mayor of Manjuyod, Negros Oriental, copy attached, the pertinent portion of which is quoted hereunder: "In view of all the foregoing, the answer to your abovementioned query is in the affirmative. URSUMCO is indeed now left without any legal remedy to question the assessments covering their subject real properties and that the LGU may now validly proceed to avail of the remedies under the law, considering that the LBAA, for non payment of the assessed real property tax, which increased by 307%, has already rendered a decision on the company's appeal in favor of the LGU." IDCcEa Very truly yours, (SGD.) BENJAMIN A. GERONIMO Executive Director