PNOC sets aside P7B for efforts against COVID-19 threat

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The Philippine National Oil Co. (PNOC) Group has shelved P7 billion to support the national government’s efforts to cushion the impact of the coronavirus disease 2019 (COVOD-19) pandemic.

Department of Energy (DOE) Secretary Alfonso Cusi said that the PNOC group has followed government’s call and set aside a total of P7 billion to the National Treasury to help fund the program of the national government under Republic Act 11469 or also known as “Bayanihan to Heal As One Act.”

The Board of Directors approved the recommendation of the management to set aside P5 billion of its accumulated retained earnings during a Special Board Meeting, according to a report.

PNOC-Exploration Corp.’s (PNOC-EC) share is at P2 billion.

“We commend and thank the PNOC Group Management and directors for this significant contribution to our fight against Covid-19,” Energy Secretary Alfonso G. Cusi said

“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,” he added.

In addition, the PNOC Board also committed to donate a part of its per diems to the acquisition of protective gear and supplies for healthcare frontliners.