ILIGAN CITY, Lanao del Norte: Local officials here said on Thursday they are willing to condone interest on the multimillion debt in real-property taxes of National Steel Corp., now the Global Steelworks Industries Inc. (GSII), provided that the company settles all remaining obligations within the year.

In an interview with The Manila Times, Vice Mayor Henry Dy said the City Council of Iligan is approving the NSC's petition to condone interest payments, adding that the company must first settle by the end of December its principal debt in real-property taxes totaling P185 million.