THE Energy department expects the independent audit of oil companies’ books to push through as soon as it completes the term of reference for the participating review committee.
Secretary Jose Rene Almendras said on Thursday that the department is in consultation with “all parties” for the term of reference that will guide an independent committee that will scour through oil firms’ books.
“They will make final commitment when the terms of reference is finalized,” he added.
Those selected to be part of the review committee are Government Watch chairman Raul Concepcion, former National Economic and Development Authority director general Solita Monsod, former Budget Secretary Benjamin Diokno, University of the Philippines professor Rene Azurin, economist Vic Abola, accountant Tammy Lipana and party-list representative Vigor Mendoza.
The independent audit stemmed from an offer from big petroleum companies for a review of their records and transactions amid allegations from transport groups of overpricing.
Under current regulations, oil firms are subject reportorial requirements imposed by the Energy department as mandated by appropriate provisions in the Downstream Oil Deregulation Law, or Republic Act No. 8479, the financial protocols of the Bureau of Customs, and Bureau of Internal Revenue, as well as statutory submissions to the Securities and Exchange Commission.
Meanwhile, the Energy chief said that the audit is expected to push through in February once the department completes consultations with members of the review committee and stakeholders.
“The evaluation is about margin and mark up. The accusation is that the oil companies have excessive profit margin so their idea is to open their books to show their costs relative to their selling price and their profit margin,” Almendras said.
Based on data from the DOE, the country’s so-called “Big Three” posted the heftiest profits among oil companies. Petron Corp. topped the list with earnings of P7.92 billion followed by Pilipinas Shell Petroleum Corp. (P6.02 billion) and Chevron (formerly Caltex) Philippines Inc. (P1.43 billion). –Euan Paulo C. Añonuevo, Manila Times
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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