State-run Philippine National Oil Company, the government’s oil and gas unit, remitted P7 billion to the national treasury to help combat the coronavirus disease 2019.
“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,” Energy Secretary and PNOC chairman Alfonso Cusi said in a statement.
The PNOC board of directors approved the recommendation of the management under president and chief executive Reuben Lista to remit P5 billion of accumulated retained earnings during a special board meeting held before the Holy Week break.
PNOC Exploration Corp., PNOC’s subsidiary, remitted another P2 billion to the Bureau of Treasury to help fund the program of under the Bayanihan to Heal as One Act (Republic Act No. 11469).
“Yes, that will be used by the government [through the Finance Department] to combat COVID,” PNOC EC president Rozzano Briguez said.
PNOC EC is a subsidiary of Philippine National Oil Co., which holds interest in several oil and gas projects including the Malampaya gas project in northwest Palawan where it has a 10-percent stake.
The PNOC EC board, during a special meeting via video conferencing on April 3, approved the remittance of dividends
The PNOC board also pledged to donate a portion of their per diems for the procurement of protective gear and supplies for healthcare frontliners.
Other members of the PNOC board are former Energy Regulatory Board chairman Rex Tantiongco, Adolf Borje, Romeo Poquiz, Hermann Roy Atienza, Ramon Victor Mitra Jr., Jonas Guy de Leon and Michael Ted Macapagal.