DoE to start review of books of oil companies

MANILA, Philippines — The Department of Energy is finalizing the terms of reference that will be used to review the books of oil companies, Energy Secretary Jose Almendras said Friday.

Almendras said he would meet with the nominated members of the ad hoc independent review committee on Monday to discuss the terms of reference.

Members of the ad hoc committee will include economists, accountants and representatives from the transport and business sectors and the academe.

The review of the books will start on February 1 when the DoE will determine if there is an overpricing in petroleum products.