CitySavings recognized as Cebu’s Top Tax Contributor

CitySavings President and CEO Catalino Abacan (5th from left) receives the plaque of recognition from the Bureau of Internal Revenue Large Taxpayers Division (BIR LTD) - Cebu as the top tax contributor for the taxable year 2015.

The Bureau of Internal Revenue Large Taxpayers Division (LTD) Cebu recently awarded City Savings Bank (CitySavings) for being the top contributor for taxable year 2015 in view of the annual and percentage of growth by its voluntary tax compliance.

"City Savings Bank will continue to contribute the correct taxes and remain to be good citizens of our great country, with or without recognition!", CitySavings President and CEO Catalino Abacan declared in his response speech when he accepted the Top Tax Contributor Award for 2015 given by BIR LTD – Cebu last March 4, 2016 at the Grand Convention Center, Cebu City. This year's annual recognition event of the tax body timed on the 14th anniversary of LTD-Cebu features CitySavings as the only awardee for 2015. The bank has consistently garnered this accolade for the past three years. Abacan also highlighted that the Aboitiz group and CitySavings' parent, Union Bank of the Philippines (UnionBank), is guided by the principle of giving back to the community it serves – that to do well, in business, you have to do good to your niche market – the teachers. "This is one good habit worth keeping ", he said.

He further congratulated BIR-Cebu and the taxpayers as he proposed a toast for Filipinos to give their proportional share to the government and for the latter to manage public funds prudently in return.

As BIR launched their 2016 Tax Campaign with the slogan, Power of Possibilities, under the main theme, Angat Pa Pinas, moving images were shown on the wide screen depicting metaphorically taxpayers building bridges, hospitals and schools with their hands. The grand event was well-represented by the 257 entity-strong large taxpayers in Cebu and graced by national and regional officers of the BIR. The Large Taxpayers Division contributed to at least 51% of the tax collection last year.