Metro Manila (CNN Philippines, November 9) — San Miguel Corporation (SMC) president and chief executive officer Ramon Ang is willing to sell Petron Corporation back to the Philippine government, with the payment made on an installment basis over a five-year period.
Ang made the remark at Monday’s hearing of the House Committee on Ways and Means on proposals to suspend the fuel excise tax in the wake of rising oil prices worldwide.
“’Yung sina-suggest na bilhin ng gobyerno yung Petron…anytime po, pwede ko pa ipautang sa Philippine government,” Ang said.
[Translation: The suggestion for the government to buy Petron, anytime I can also loan it to the Philippine government.]
“Bilhin ninyo ito ng over five years to pay,” he also said. “I swear, kung gusto ng gobyerno bilhin…ibebenta ko kaagad sa inyo. Pagawan niyo na ng evaluation immediately.”
[Translation: You can buy it over five years to pay. I swear if the government wants to buy it, I will immediately sell it. Make the evaluation immediately.]
Ang said the government can buy Petron if it thinks the company is profitable despite racking up ₱18 billion in losses in 2020.
“Hindi kami yung nag-kukunya-kunyari dito ngayon,” he said. “Kung sa tingin niyo, jackpot yung negosyong yan, let the government buy it. At the market valuation lang.”
[Translation: We are not pretending here. If you really think this business is a jackpot, let the government buy it. At the market valuation only.]
Bayan Muna party-list Representatives Carlos Zarate, Ferdinand Gaite and Eufemia Cullamat have filed House Bill No. 244 seeking to renationalize Petron, which was owned by the government until 1993.
In a statement, Gaite welcomed Ang’s readiness to sell Petron back to the government. He said he is hopeful that the current administration or the next one will take the offer.
“In fact, our House Bill 244 specifically calls for the full renationalization of Petron in a span of four to five years so that we can have a midterm to long term deterrent to runaway oil price hikes,” Gaite said.
