Duterte Administration

Philippine National Oil Company remits P7 Billion to the Government Treasury to help Covid fund

The Philippine National Oil Company (PNOC) Group of Companies has heeded the call of President Rodrigo Duterte by remitting a total of P7 billion to the national treasury to help fund the program of the national government under the “Bayanihan to Heal as One Act.”

The parent company’s board approved during a special meeting last week the recommendation of the management under president and CEO, Admiral Reuben S. Lista (ret.), to remit P5 billion of its accumulated retained earnings.

Its exploration subsidiary under newly appointed head Lt. Gen. Rozzano D. Briguez (ret.) remitted another P2 billion.

“We commend and thank the PNOC Group Management and directors for this significant contribution to our fight against COVID-19. The energy family is united not only in ensuring unhampered energy services during this period, but also in seeking all possible ways to support the government, our frontliners, and our people,” Departament of Energy Secretary Alfonso G. Cusi said.

The PNOC directors also pledged to donate a portion of their per diems to the procurement of much-needed protective gear and supplies for healthcare frontliners.

The other members of the PNOC board of directors are former Energy Regulatory Board chairman Rex V. Tantiongco, Admiral Adolf Borje (ret.), MGen. Romeo V. Poquiz (ret.), Maj. Hermann Roy M. Atienza (ret.), Ramon Victor B. Mitra, Jr., Jonas Guy S. de Leon and Michael Ted R. Macapagal.

PNOC, the premier energy company charged with maintaining adequate and stable supply of oil and providing vital energy infrastructure for the country, is a government-owned and -controlled corporation with two subsidiaries—PNOC Exploration Corporation and PNOC Renewables Corporation.

source: Tribune.net



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