A FIRE broke out in the early morning of Jan. 8, 2022 at the famous Starmall Alabang located in Barangay Alabang, Muntinlupa City. It was around 12:21 in the afternoon of Jan. 9, 2022, or 33 hours after the fire reached the first alarm, that it was declared under control. At least four firefighters and one volunteer were injured in the blaze and the damage was estimated at P100 million, according to the Bureau of Fire Protection (BFP).

Speaking of damages, the estimate of P100 million reported by the BFP suffered by the mall owner and the tenants can be declared as deductible loss for income tax purposes under Revenue Memorandum Order (RMO) 31-2009 and Revenue Regulation 12–77. Any loss arising from fires, storms or other casualties, and robbery, theft or embezzlement, is an allowable deduction under Section 30 (d) of the National Internal Revenue Code for the taxable year in which the loss is sustained. In this case, the fire loss happened in January 2022 and the deductibility of the loss can be recognized for 2022. It must be made and filed with the Commissioner of Internal Revenue within 45 days after the occurrence of the fire loss.