State-firm Philippine National Oil Co. (PNOC) and its biggest-earning subsidiary have remitted to the national treasury a total of P7 billion to help fund the government’s response to the COVID-19 crisis.Of the total, PNOC itself accounts for P5 billion, which represents its accumulated retained earnings.
PNOC Exploration Corp. (EC) put up the remaining P2 billion, also to help bankroll the national government efforts under the Bayanihan to Heal as One Act.
PNOC EC holds a 10-percent working interest in Service Contract No. 38, which governs the Malampaya deep-water gas-to-power project.
“We commend and thank the PNOC Group management and directors for this significant contribution to our fight against COVID-19,” Energy Secretary Alfonso Cusi said in a statement.
“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 front-liners and our people,” said Cusi, who is also ex-officio chair of both companies. INQ