Trade Secretary Alfredo Pascual commended the renewal of partnership between Chevron Philippines Inc. and Batangas Land Company Inc. that aims to extend energy firm’s lease of BLI’s land until 2050.
“We are delighted to know that there is this intent on the part of Chevron Philippines and Batangas Land, as documented in this MOU to renew the lease on Batangas Land’s assets. This is a testament to continued investor confidence in the Philippines. And it signifies the country’s ability to provide a long-term enabling environment for growth of global companies that choose to do business in the country,” said Pascual.
BLCI, a government-owned and controlled corporation, is a subsidiary of the National Development Company.
Pascual, as chairman of NDC, said the agreement would strengthen the Philippines-United States economic relations, while fulfilling one of the country’s most important objectives—pursuing energy security.
