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MANILA - The Department of Energy plans will undertake an inventory of the non-performing assets of state-owned Philippine National Oil Co. with a view to selling them.
Energy Secretary Jose Rene D. Almendras said the department has begun the inventory as part of efforts to improve the financial position of government owned or controlled corporations under the DOE's wing.
"I want to increase" PNOC's asset turnover ratio na wala kang nakatengga diyan na asset na wala namang nangyayari. If it’s appreciating, well and good, pero kung hindi naman ganon kaganda ang appreciation potential, mas mabuti pang ibenta kesa hawakan mo," he said.
Bulk of PNOC's real estate assets are properties with pump stations leased to former subsidiary Petron Corp., which the latter did not purchase when it was privatized.
"A lot of the assets are actually being used. I’m just making sure that there are no idle assets in the portfolio," Almendras said.
"We sold some assets in Bohol, in some other places na wala naman talaga po hindi for holding, no value to us, so might as well dispose it," he said.
Last year, the department halted the jatropha biofuel program of PNOC-Alternative Fuels Corp. after it spent P600 million out of the P1 billion fund provided by the previous administration with nothing to show for the expense.
"Meron pa kong isa or dalawang subsidiary na kailangang ayusin pa. So we’ve been rationalizing head count, people assignments to try to make these subsidiaries more efficient. GOCCs should be helping the government, not be a burden to government," Almendras said.
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