A long-time executive of the Philippine Chamber of Commerce and Industry (PCCI) slammed the Bureau of Internal Revenue (BIR) for supposedly putting bilyonaryo Andrew Tan in a bind when it haphazardly announced a crackdown on Megaworld Corporation Tuesday (May 17).
BIR’s media advisory caused a massive stir among investors, traders, and even the public as they asked why a listed conglomerate will be raided.
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The tax bureau has since retracted the advisory, but didn’t give an explanation why it was released in the first place.
For PCCI’s George Barcelon, the damage has been done.
“It was unfortunate that such news was released when the BIR issue was not properly vetted,” Barcelon said in a text message to Bilyonaryo.
“A company’s hard-earned reputation can be tarnished unduly. And not only that Megaworld which has foreign partners and investors may give the wrong impression of impropriety and affect its credit rating,” he added.
Barcelon said safeguards should be put in place to avoid similar incidents from affecting other companies.
Megaworld’s stock price went down by over 2% upon market opening on May 18, which was supposedly the date of the BIR operation.