Sen. Win Gatchalian 鈥擲enate PRIB
Sen. Sherwin Gatchalian has scored the alleged mismanagement of the state-owned Philippine National Oil Co. (PNOC) and its oil subsidiaries for their alleged failure to help address the country鈥檚 energy problems.
Gatchalian noted that PNOC was created in 1973 primarily to provide an adequate supply of petroleum products to meet requirements as well as promote the exploration and development of local petroleum sources.
The PNOC and its subsidiaries, however, have been unable to effectively conduct activities in line with their respective mandates, the senator said.
The lawmaker lamented that PNOC companies are 鈥渟tuck in a quagmire,鈥� citing the PNOC Renewables Corp. which has incurred P380 million in losses since 2013 while PNOC-Exploration Corp. failed to produce oil and gas outside of the Malampaya gas field.
PNOC鈥檚 targeted fuel relief program, which aims to aid the most vulnerable fuel-consuming sectors during periods of fuel supply disruption or high volatility in prices, has been 鈥渞endered useless鈥� by the Pantawid Pasada Program, Gatchalian said.
The same fate has befallen PNOC鈥檚 strategic petroleum reserve which, Gatchalian said, was conceptualized as a strategic oil stockpile to ensure long-term stability and security of the oil supply in the country, according to the senator. 鈥擬ELVIN GASCON
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