Tuesday, May 30, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

Cusi asks CoA to honor Malampaya gas contract

Alena Mae S. FloresbyAlena Mae S. Flores
September 26, 2016, 11:45 pm
in Business
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Energy Secretary Alfonso Cusi asked the Commission on Audit to honor the sanctity of the Malampaya natural gas project’s contract in northwest Palawan.

CoA earlier issued a notice of charge to collect around P151 billion from the Malampaya consortium for the period 2002 to end June 2016, arising from the CoA’s tax interpretation that  corporate income tax should not form a part of the government’s share in the Malampaya project.

The Energy Department under the previous administration appealed CoA’s findings.

Energy Secretary Alfonso Cusi

Cusi said in a letter to CoA dated Sept. 19 that the Energy Department was “still adopting the aforementioned motion for recommendation as the official DOE position in the subject controversy.”

Cusi said “the foremost consideration in the mind of foreign investors in deciding where to invest is the predictability, certainty and consistency of investment rules and regulatory regime of a country.”

“It is therefore, of fundamental importance that we observe the sanctity of contract in our commercial transactions,” the official said.

The energy chief said in a separate comment that he raised the matter to the economic cluster and the Cabinet and “we concurred with the [previous] DOE stand.”

The CoA decision eroded the country’s investment standing compared to other countries, but Cusi said this could be reversed if “CoA reconsiders and reverses its decision.”

The Malampaya consortium is composed of Shell Philippines Exploration B.V., with a 45-percent stake, Chevron Malampaya LLC (45 percent) and PNOC Exploration Corp. (10 percent).

Cusi raised the matter to the Cabinet economic cluster shortly after Spex, operator of the Malampaya gas project, filed a second arbitration case due to the CoA decision.

Cusi said the “solid legal” foundations of DoE’s position was contained in Presidential Decree 87 and Presidential Decree 1459.

Energy Department director for legal division Arthus Tenazas said CoA’s decision “is an undue interference to the powers of the DOE to administer and implement PD 87 and PD 1459.”

Tenazas said CoA “totally overstepped and exceeded the legal bounds of CoA’s constitutionally mandated functions tantamount to a gross abuse of discretion.”

The department said the 60 percent share of the government including income tax was based on  following provisions of the law: Section 12 of PD 87 (a) which states that “the contractor is exempt from all taxes except income tax.”

It also has legal basis under Section 18 (b) of PD 87 which states that: “That in no case shall the annual net revenue share of the government, including all taxes paid by or on behalf of the contractor, be less than 60 percent of the difference between the gross income and the sum of the operating expense and Filipino participation incentive.”

Tenazas said the agency’s legal position was also anchored under under PD 1459, Section 1 (a)  which “provides that the share of the government including all taxes shall not be less than 60 percent of the difference between the gross income and the sum of the operating expenses and such allowances such as the secretary of Energy may deem proper to grant.”

Tags: COACommission on AuditEnergy Secretary Alfonso CusiMalampaya gas contract
ADVERTISEMENT
Alena Mae S. Flores

Alena Mae S. Flores

Related Posts

ROBINSONS BANK CORPORATION: Notice of Annual Stockholders’ Meeting

byManila Standard
May 30, 2023, 6:45 am
0
8
ROBINSONS BANK CORPORATION: Notice of Special Stockholders’ Meeting

Read more

FIRST METRO PHILIPPINE EQUITY EXCHANGE TRADED FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:40 am
0
8
FIRST METRO PHILIPPINE EQUITY EXCHANGE TRADED FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:35 am
0
8
FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:30 am
0
8
FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:25 am
0
8
FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:20 am
0
8
FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

Print Edition

View More

Recent Posts

  • On Mexico-US border, fentanyl poses growing hidden danger
  • Lula hosts South American leaders’ summit in Brazil
  • Asian markets mixed as traders await US debt ceiling vote
  • LJ Reyes surprises fans with engagement announcement to non-showbiz partner
  • Three dead in Austria hospital fire
  • Israelis revive flashpoint West Bank settlement
  • Malaysia searches Chinese ship suspected of looting WWII wrecks
  • Caloocan holds candlelight ceremony for HIV-AIDS victims

Advertisement

Latest News

Israelis revive flashpoint West Bank settlement

byAFP
May 30, 2023, 1:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Israelis started reviving a flashpoint outpost settlement in the occupied West Bank on Monday, AFP journalists said, constructing a building...

Read more

Malaysia searches Chinese ship suspected of looting WWII wrecks

byAFP
May 30, 2023, 12:30 pm
0
8
US, Philippines kick off their largest-ever war games

Malaysia's coastguard said Tuesday that authorities were questioning the crew of a Chinese vessel detained on suspicion of looting two...

Read more

Caloocan holds candlelight ceremony for HIV-AIDS victims

byJun David
May 30, 2023, 12:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

The City Government of Caloocan together with the Human Immunodeficiency Virus (HIV) - affected community and advocates lighted a candle...

Read more

Biden slams Uganda anti-gay law, urges repeal

byAFP
May 30, 2023, 11:30 am
0
8
Junta to jail Suu Kyi for 3 years for poll fraud

US President Joe Biden on Monday slammed Uganda's draconian new law against homosexuality as a grave human rights violation, and...

Read more

Miami Heat advance to NBA Finals by routing the Boston Celtics

byAFP
May 30, 2023, 11:18 am
0
8
Butler fuels Heat in 123-116 game 1 win over Celtics

The Miami Heat advanced to the NBA Finals on Monday by routing the Boston Celtics 103-84. Jimmy Butler had 28...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App