Banco de Oro (BDO) belied the tax fraud allegations made by Cebu Mayor Tomas Osmeña on its Magallanes branch in Cebu.
The bank maintains that it has always complied with the law.
“Regarding the recent news in Cebu on the case filed against BDO, the bank would like to clarify that it is in compliance with legal, regulatory and requirements of the national and local governments,” BDO in a statement said.
Osmeña accused BDO of falsification by private individuals, violation of the City Tax Ordinance, and other deceit after the bank declared only P400,000 in its gross sales for 2016.
He is also threatening to revoke the bank branch’s business permit.