Leading cement manufacturer Holcim Philippines, Inc. was recently recognized by the Bureau of Internal Revenue (BIR) as one of the country’s largest taxpayers in 2013 for remitting almost two billion pesos to the government.
Having increased its income tax payments year-on-year by almost a fifth to Php1.76 billion, Holcim Philippines was among the 10 companies cited by the BIR on Feb. 25 for paying significantly higher taxes. Holcim Philippines’s 2013 tax payment is its highest ever, resulting from the company's record financial performance due to healthy construction demand.
Holcim PhilippinesCEO Eduardo A. Sahagun said the company benefits from the improved fiscal position of the government and it is pleased to help in this effort by paying the right taxes.
“It is just right that our company pays our share of taxes. The improved tax collections have allowed the government to spend more to help sustain growth of the economy. The increasing infrastructure spending has benefited the construction industry, keeping cement demand growth stable,” he added.
Aside from the BIR recognition, Holcim Philippines plants all over the country have also been consistently cited by local government units as among the top property tax payers in their jurisdictions.
According to the BIR, Holcim Philippines and the nine others it recognized are among 2,120 firms classified as Large Taxpayers whose contributions accounted for more than 60% of the Bureau’s revenues in 2013.