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Ramon Ang Ready to Sell Petron to PH Government, How much will it cost?

San Miguel Pres. Ramon Ang Speaks on Selling Petron to PH Government

RAMON ANG – The San Miguel Corporation President said that he is ready to sell Petron to the Philippine government amid the oil price hike.

A lot of people in the Philippines now are greatly suffering from the impacts of the oil price hike. Among these are the drivers of public utility vehicles (PUVs). Previously, several transport groups united in filing a petition for the increase of the minimum fare in the country by P3.00.

PUV drivers sought the understanding of the commuters in their move to raise the minimum fare from P9.00 to P12.00. According to them, they asked for help from the government but no assistance has reached them yet. Prior to the oil price hike, they are already affected by the pandemic which called for reduced seating capacity and lowered numbers of public commuters.

The national government assured that funds were allotted for the fuel subsidy of the PUV drivers. Amid the problem, San Miguel Corporation president Ramon Ang also said that he is willing to sell Petron to the Philippine government if it wants to buy it.

Ramon Ang
Photo: Forbes

Based on a report on ABS-CBN News, during the hearing of the House Ways and Means Committee, Ramon Ang expressed that the Philippine government can buy Petron “anytime” and he is open to installment payment for up to five (5) years.

Ang swore that he would sell Petron right away and if the government is interested, it can already request an evaluation. According to the president of San Miguel Corporation which is one of the biggest companies in the Philippines, he will sell it on its market value and he does not need to apply an interest.

“Kung sa tingin niyo, jackpot yung negosyong ‘yan, let the government buy it,” he said.

According to the report, the Philippine government used to have shares in Petron through the Philippine National Oil Company (PNOC) but it eventually sold the shares. Currently, there are proposals to suspend the excise taxes on oil following the oil price hike.

You may also visit – Cash Aid for Drivers (PUV) – LTFRB Speaks on Fuel Subsidy

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