San Miguel Chief Executive Officer Ramon S. Ang on Monday, Nov. 8 said he is willing to sell back to government the Petron Corporation on easy terms that include a five-year installment payment.
Ang made the offer during the briefing on legislative measures proposing the suspension of excise tax on oil products.
The SMC CEO was responding to a suggestion made by ACT Teachers Partylist Rep. France Castro who aired the belief that buying back Petron will make it easier for the government to reduce prices of oil products that have continued its upward trend since the start of the year.
“Before I leave, iyong sina-suggest na bilhin ng gobyerno ang Petron, anytime po pwede ko ipautang ito sa Philippine government. Bilhin po niya ito for five years to pay (the suggest for government to buy Petron, anytime I can offer it on credit basis to the Philippine government. It can be purchased for five years to pay),” Ang declared during the briefing on pending bills proposing to suspend the excise tax on petroleum products.
Interpellating Ang, Castro said she believes big business firms like Petron are expected to make huge profit, pointing out it would be “illogical” if they if this is not an objective.
“Isa sa mga suggestion ng Makabayan block ay makuha ulit ang Petron Corporation, ma-nationalize ito para mas makapagpababa ng presyo,” she said.
Ang said he is willing to do just that, adding that he no longer intends to gain financially from his offer to sell Petron back to government.
“I swear kung gusto bilhin ng gobyerno, bilhin nyo na at ibebenta ko agad sa inyo. Pagawan na ninyo ng valuation immediately. (I swear if government wants to purchase, it should and I will sell it immediately. You can immediately prepare the valuation)” he stated.
Ang added: “Kung sa tingin ninyo jackpot iyang negosyong iyan, let the government buy it at the market valuation lang. (If you believe the business is jackpot) .Hindi na kailangan tubuan ang gobyerno (There’s no need to profit from government),” he said.
However, Ang warned that Petron lost P18 billion last year.
Bayan Muna Rep. Ferdinand Gaite said Ang’s offer is a welcome news that the current government administration and its successor should strongly consider “so that government can have a say in controlling prices.” `"In fact our House Bill 244 specifically calls for the full renationalization of Petron in a span of 4-5 years so that we can have a midterm to long term deterrent to runaway oil price hikes," said the Bayan Muna solon.
"Indeed, there is a pressing need for government to regulate and intervene in the oil industry to protect the majority of Filipinos from runaway increases in oil prices,” said Gaite.
.”But due to the control of monopolistic, transnational corporations, regulation can only be effective and truly beneficial if it is part of a program to institutionalize national oil industrialization, so that local oil prices can be brought down from the unreasonable and unjustifiable levels set by giant transnational oil corporations and can be prevented from falling prey to further monopoly pricing and manipulation," said Gaite.