Petron Corporation President and CEO Ramon S. Ang said the oil giant will shut down its refinery in Limay, Bataan “very soon” as it continues to be aggravated by the COVID-19 pandemic and what he believes is an uneven playing field.
Ang pointed out that Petron is at a disadvantage compared to oil importers when it comes to tax payments compounded by inventory losses amid low demand during the lockdowns. He added that if the company continues to be in this situation, then it will be surely forced to shut down the refinery.
Petron lost billions of pesos in losses due to the fluctuation of oil prices in the world market amid the pandemic, according to its head.
Ang recognizes, however, that thousands of employees stand to lose their jobs and that he is concerned about their welfare. However, he admitted that convincing Congress to amend taxation laws would take time.
If the closure does happen indeed, Ang assured that Petron and parent firm San Miguel Corporation would continues their obligations to their employees.
Nonetheless, Ang said that the Philippines will be “at the mercy of foreign suppliers” without a refinery.
Photo from Tatler Philippines website.
