Sec. Cusi-led PNOC Group Remits PhP 7 Billion to Fund COVID-19 Response

TAGUIG CITY--With the Enhanced Community Quarantine (ECQ) imposed in the entire Luzon and other parts of the country due to the Corona Virus Disease-2019 (COVID-19), the Philippine National Oil Company (PNOC) Group of Companies heeded the call of President Rodrigo R. Duterte, and remitted a total of seven billion pesos (Php7,000,000,000.00) to the National Treasury. This is to help fund the program of the national government under the “Bayanihan to Heal as One Act” (Republic Act No. 11469).

The parent company’s Board of Directors 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 five billion pesos (Php5,000,000,000.00) of its accumulated retained earnings during a Special Board Meeting held before the Holy Week break. 

Its exploration subsidiary under its newly-appointed head, retired Lt. Gen. Rozzano D. Briguez (PAF) a former Commanding General of the Philippine Air Force, put up two billion pesos of the total contributed fund. 

Departament of Energy (DOE) Secretary Alfonso G. Cusi said, "We commend and thank the PNOC Group Management and directors for this 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 frontliners, and our people."

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 frontliners. 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 charged with maintaining 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 which holds 10% 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 development of solar, hydro, waste-to-energy and other renewable energy projects. 

Energy Secretary Cusi sits as ex officio Chairman of the Boards of PNOC and its subsidiaries.