Department of Energy (DOE) Secretary Alfonso G. Cusi (PNA File photo)
DAVAO CITY – With the Enhanced Community Quarantine (ECQ) imposed in the entire Luzon and other parts of the country due to the Coronavirus Disease 2019 (Covid-19), the Philippine National Oil Company (PNOC) Group of Companies heeded the call of Pres. Rodrigo R. Duterte and remitted a total of PHP7 billion to the National Treasury to help fund the program of the national government under the “Bayanihan to Heal as One Act”.
The parent company’s Board of Directors, in a special meeting before the Holy Week break, approved the recommendation of the management under its President and CEO, retired Admiral Reuben S. Lista (former Commandant of the Philippine Coast Guard), to remit PHP billion of its accumulated retained earnings.
Its exploration subsidiary under its newly-appointed head retired Lt. Gen. Rozzano D. Briguez, former Commanding General of the Philippine Air Force, also put up PHP2 billion of the total contributed fund.
Department of Energy (DOE) Secretary Alfonso G. Cusi commended and thanked the PNOC Group Management and Directors for the significant contribution to our fight against COVID-19.”
“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," he said.
The PNOC Board of Directors also pledged to donate a portion of their per diems to the procurement of much-needed protective gear and supplies for healthcare front-liners.
The other members of the PNOC Board of Directors are former Energy Regulatory Board Chairman Rex V. Tantiongco, Ret. Admiral Adolf Borje (PN), Ret. MGen. Romeo V. Poquiz (PAF), Ret. Maj. Hermann Roy M. Atienza (PAF), Ramon Victor B. Mitra, Jr., Jonas Guy S. de Leon;, and Michael Ted R. Macapagal.
PNOC, the premier energy company in charge of maintaining an adequate and stable supply of oil and providing vital energy infrastructure for the country, is a government-owned and -controlled corporation (GOCC) with two subsidiaries – PNOC Exploration Corporation (PNOC EC) and PNOC Renewables Corporation (PNOC RC)].
PNOC EC, which is 99%-owned by PNOC, is the exploration arm that holds 10 percent working interest in Service Contract 38, also known as the Malampaya Deep Water Gas-to-Power Project). PNOC RC, on the other hand, is the subsidiary charged with the development of solar, hydro, waste-to-energy and other renewable energy projects.
Cusi sits as ex-officio Chairman of the Boards of PNOC and its subsidiaries. (Serafin Ledesma, Jr./PNA)
