SENATE president pro tempore Ralph Recto yesterday said the government is unlikely to buy back Petron from businessman Ramon Ang since it is earning taxes from oil products.
“I doubt if government will be interested in acquiring Petron. Government tax collection from oil companies is very profitable,” Recto said in a message to the media.
Ang, who is the president and chief executive officer of Petron, has told lawmakers he was willing to sell the oil firm to the government anytime and the latter can pay for it “at market valuation” in the next five years.
Ang made the statement during a briefing of the House ways and means committee on the price monitoring of petroleum products and proposals to suspend or reduce excise tax on fuel.
Sen. Aquilino Pimentel III said the government should thank Ang “for his forthrightness” but must carefully study the proposal.
“Government should not shoulder the big loss incurred by Petron last year. Hence, if government is interested in acquiring Petron, such an idea must be studied very, very carefully given short-term conditions and long-term trends. Do not rush. Isip (Thinks first),” Pimentel said.
Sen. Panfilo Lacson said Ang is doing a patriotic thing when he said that he is willing to sell back Petron to the government.
