Independent review of oil companies’ books begins

The Independent Review Committee (IRC) began on Monday the six-month review process aimed at scrutinizing the financial statements of six oil companies belonging to the Philippine Institute of Petroleum (PIP), which earlier sought to clear their names over allegations of overpricing and collusion.

Energy Secretary Jose Rene D. Almendras announced Tuesday that the seven-man team, headed by economist and former Budget Secretary Benjamin E. Diokno, had its first meeting on Monday.

The rest of the team include Rene B. Azurin, a columnist and former professor at the MBA Program of the UP School of Business Administration; former Finance Secretary Jesus O. Estanislao, who now chairs the Institute of Corporate Directors; Raul T. Concepcion, a consumer rights advocate and head of Government Watch (formerly Consumer Oil Price Watch); and Victor D. Abola, an associate professor and program director of the Strategic Business Economics Program of the University of Asia and the Pacific School of Economics.

Also included in the IRC are Dexter F. Ortega, member of the Philippine Institute of Certified Public Accountants and a partner at Tagnia Ortega & Partners CPAs; and Vigor D. Mendoza, national chairman of 1-United Transport Alliance Koalisyon and a partner at the Malcolm Law Offices.

Upon the request of the PIP members, the Independent Review Committee was initiated by the Department of Enery to address the issue of alleged overpricing of oil companies amid volatile local fuel pricing.