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NORECO 1 properties for sale
Negros News, Sept 27 1999

Delinquent property covers some 3.7071 hectares with tax delinquency amounting to P2,375,598 million including interest, penalties and expenses of sale computed up to December 31, 1998, Provincial Treasurer Flory Sonjaco said.

For the meantime, Sonjaco said the sale shall be by oral bidding, calling for the bidder who offers the highest purchase price.

It was stated in the invitation to bid that if no bidder offers to buy or if the highest bid is for an amount not sufficient to pay the delinquent taxes, penalties and costs, the provincial treasurer of Negros Oriental or its authorized representative, shall have the discretion to buy the delinquent property in the name of the province for the exact amount of delinquent taxes, penalties and cost.

NORECO's delinquent tax from January 1, 1985 to June 30, 1987 amounted to P768,051, in addition to interest and penalties computed until December 31, last year amounting to P1,597,547, plus expenses of sale placed at P10,000.

Among the conditions in the sale of the property are, "The Provincial Treasurer of Negros Oriental of her authorized representative conducting the sale shall auction each delinquent property, but if no bidder offers to buy or if the highest bid is for an amount not sufficient to pay the delinquent taxes, penalties and costs, the Provincial Treasurer of Negros Oriental or her authorized representative, shall have the discretion to buy the delinquent property in the name of the Province for the exact amount of delinquent taxes, penalties and cost."

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