Tax payments of Globe Telecom Inc. and Innove Communications Inc. rose for the fifth consecutive year.
Globe said that for fiscal year 2019, it paid over P20.7 billion in taxes, P3 billion or 20 percent higher than the previous year’s remittance.
The company remitted to the government close to P80 billion in taxes over the last five years.“We regard the company’s increasing tax payment as a testament to our efficient operations even as we give our customers better service.
This will further help the government in its efforts to manage the impact of COVID-19 to our economy and the people hardest hit by the pandemic,” said Rizza Maniego-Eala, Globe chief financial officer and chief risk officer said.
Innove settled at least P4.8 billion in taxes for 2019, up by 9 percent from its payment in 2018.
Globe, the telecom unit of the Ayala Group, posted a net profit of P22.28 billion last year, up from P18.62 billion in 2018.
Consolidated service revenues increased 12 percent last year to P149 billion, fueled by the gains from data across mobile, broadband and corporate data services.