PNOC remits ₱7 B to NG for COVID fund

The government’s cash hoard for the novel coronavirus (COVID19) pandemic response had been shored up by additional ₱7.0 billion through a remittance by the state-run Philippine National Oil Company.

The company’s board of directors chaired by Energy Secretary Alfonso G. Cusi said the remittance shall “help fund the program of the national government” toward goals of containing the spread of the lethal virus.

With the recommendation of the management under PNOC President and CEO Reuben S. Lista, the government-owned firm indicated that board approval was already secured for the turnover of ₱5.0 billion to the National Treasury.

In addition, the company’s subsidiary Philippine National Oil Company-Exploration Corporation (PNOC-EC) will shoulder the ₱2.0 billion to be funneled to the State’s war chest against the coronavirus. PNOC-EC is under retired Lt. Gen. Rozzano Briquez who was just named by President Rodrigo Duterte as president of the company latter part of last year.

Cusi said the contributions of parent firm PNOC and its exploration subsidiary are all in keeping with the efforts “in seeking possible ways to support the government, our frontliners and our people.”

Luzon, which is home to more than 60 million Filipinos, was placed on enhanced community quarantine (ECQ) since March 15 – and that lockdown had just been extended by another 15 days or until April 30.

Prior to the strike of the pandemic, PNOC has been lining up various projects that will potentially prop the country’s energy security agenda – and among targeted ventures cast on blueprint had been liquefied natural gas (LNG) facilities.

For its subsidiary PNOC-EC, it is a minority stakeholder in the Malampaya deep water gas-topower project, which is now on its 19th year of commercial operations. The service contract for the asset is due to lapse in 2024.