Mandaue City Treasurer Regal Oliva says Organico Agriventures Corp.’s office in Barangay Cambaro is not allowed to accept investments. | CDN Digital file photo
MANDAUE CITY, Cebu — The City Treasurer’s Office (CTO) in Mandaue is encouraging the investors of Organico Agriventures Corp. to report to their office if they had paid their investments at the firm’s Mandaue City office in A.C. Cortes Street, Barangay Cambaro.
Lawyer Regal Oliva, Mandaue City treasurer, said albeit being a registered business in the city, Organico was not allowed to accept investments in its branch in the city.
Based on the records of the CTO, Organico registered its branch in Mandaue City on August 2018 as an administrative office.
It was declared as a sole-proprietorship.
“Organico is being registered as a legitimate business establishment here, but their line of business is admin office. They were registered to us as an admin office, but not as an investment firm,” Oliva said in an interview on Thursday, June 20.
As an administrative office, Oliva said the firm’s Mandaue City branch would only be allowed to consolidate and keep files from their other branches where they collect investments.
Oliva said that since they only registered as an administrative office, the branch of Organico Agriventures in Mandaue City had not declared and paid taxes for their income.
“As an admin office, wala gyud na silay income. They are supposed to only deal with file keeping and accounting. They don’t declare income because you do not get income in an admin office. The taxes that they pay is based on capital,” Oliva said.
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Oliva said they were waiting for investors to categorically say that they made payments in the Mandaue City branch of Organico for them to have basis in imposing sanctions to the firm.
“The problem here is wala man gud tay (we don’t have a) complainant. Unless someone will tell us that they paid in Organico office in Mandaue City, that is when we can say that yes, they accepted investments here which we are not privy of. Yes, we encourage them to come up so we have a basis to close or automatically retire their permits,” she said.
Organico’s branch in Mandaue City was “closed for renovation” since last June 10. Investors who were hoping to cash out their investments frequented the office since then. However, no personnel of the company was there to face them./dbs