Business tycoon Ramon Ang offers Petron to the government.
San Miguel Corp. chairman and chief executive Ramon Ang renewed his offer to sell Petron to the government amid massive oil price increases.
Local fuel prices are still expected to face another round of increases by the end of March, though motorists may get a bit of relief as gasoline prices are projected to rise only slightly—or possibly not at all.
In a previous article, President Bongbong Marcos already signed the bill that would allow the government to suspend or reduce excise taxes on fuel. However, the government is yet to determine a good time to exercise this power.
Amid the continued rise of fuel costs, San Miguel Corp. president and CEO Ramon S. Ang renewed his offer to the government to sell the Petron Corporation back to the Philippine government.
According to the business tycoon, the government could reacquire Petron if it could help stabilize the country’s fuel situation. The offer remains on the table, showing his openness to the proposal, if the government sees the oil firm as a strategic asset worth taking back under state control.
“I promise the public, we will not take advantage of this fuel crisis. Di kami kikita ng mahigit pa sa normal and I’m willing even to lower the income. Balewala ‘yun sakin —‘yung income,” Ang, the chairman, president, and CEO of Petron, said during the opening of the NAIA Expressway Phase II.
“Sabi ko nga eh, kung gusto ng gobyerno pwedeng ngang bilhin ng gobyerno ang Petron sakin eh. Kung sa tingin nila mas magaling sila magpatakbo ‘diba. In short, you have my 100% cooperation na tutulungan ‘yung mga kababayan natin,” he added.
To recall, the offer to sell Petron back to the government was first made in Congress in 2021. Ang said the acquisition could be done in parts based on fair market value, allowing the government to avoid paying a large lump sum during tight fiscal conditions.
His company is leaning more towards prioritizing national energy security over immediate financial gains.
Watch below:
What can you say about this? Let us know in the comments!
