“If the situation does not change, we will also not last.”. Six senators on Saturday asked the Philippine Health Insurance Corp. to swiftly amend its policy on hospital tent coverage following reports that patients were paying P1,000 per hour because the state-run agency would not cover their temporary stay. Among others, the Petron official cited the excessive taxes slapped by the government, saying the company is being put in a situation wherein it makes sense to just import finished petroleum products rather than import crude oil and have it refined in the country. Home » Gov’t urged to save Petron refinery from shutdown. Petron to shut down Bataan refinery posted October 27, 2020 at 11:49 am by Alena Mae S. Flores Petron Corp., the country’s lone refiner, will shut down its 180,000-barrel Bataan refinery “very soon” amid a “difficult” environment brought about by the coronavirus pandemic and an uneven playing field, a top executive said Tuesday morning. “During this economic shutdown, the company will conduct maintenance activities on key process units,” the oil firm said. Consolidated revenues also declined 43 percent to P216.4 billion from last year’s P381.7 billion. “As previously reported, the earthquake triggered the protective tripping of certain refinery units resulting in the emergency shutdown. Baka nakalimutan mo kung sino ang author ng VAT? A bit unfair in my opinion especially now that the prices are really low. Opened in 1961, Petron’s refinery has a production capacity of 180,000 barrels per day (bpd). “We believe that the government can do a lot to prevent the refinery from closing completely. The refinery was on temporary shutdown since February this year and will be back on-line after four months or between June to July this year. Related Posts. Davao-based businessman Dennis Uy is targeting to open his maiden casino resort in Cebu before the end of the year despite... Pandemic costs bloat gov't debt to new record-high in March. AC Energy Corp. is working on a robust pipeline of 12 gigawatts of renewable energy projects to meet its five GW target by 2025 and become the largest listed renewables platform in Southeast Asia. Petron Corp., the country’s remaining oil refiner, is set to close its 180,000 barrel-per-day refinery in Bataan by next month. PETRON CORP. said on Thursday that its refinery in Limay, Bataan was forced to go into an emergency shutdown after the strong earthquake that jolted Central Luzon and Metro Manila on April 22. She studied at Letran College. The current tax regime, he stressed, is weighing heavily on Petron’s finances. Petron mulls shutdown of Batangas refinery Iris Gonzales (The Philippine Star) – October 7, 2020 – 12:00am MANILA, Philippines — Petron Corp., the country’s biggest oil refiner, may shut down its refinery in Bataan if its appeal to the government for a level playing field in the industry will fall on deaf ears, according to its president and CEO Ramon Ang. Oil importers only pay VAT and excise taxes for the importation of finished products. The company’s sales volume was slightly lower at 107 million barrels from the previous year’s 108.5 million barrels due to the 5% decline in Philippine volumes as its Petron Bataan Refinery (PBR) underwent emergency shutdown as a result of the earthquake in April 2019. With your meaningful insights, help shape the stories that can shape the country. Your email address will not be published. This PetroKnowledge Refinery Shutdown and Turnaround training course emphasizes the optimization of the shutdown work structure, so assets remain reliable and efficient with minimization of the required shutdowns throughout the life cycle of the Refinery. Petron said that at the time of the emergency shutdown, the refinery was preparing for a "total plant turnaround" starting May 1 for scheduled maintenance activities. Ang warned on October 27 that Petron’s Bataan refinery would shutdown “very soon,” unless government would provide a level-playing field for oil importers and refiners. If all our oil products are imported this will drain the money from our country. Finished products are also levied with a 12-percent VAT and excise tax. Copyright © 2021. Petron is the last of the three big oil players that still operate a refinery in the country. In a disclosure to the Philippine Stock Exchange yesterday, Petron said its refinery in Limay, Bataan would be on economic plant shutdown beginning the second half of January 2021. As of end-October, Petron closed the period with a net loss of P12.6 billion from a net income of P3.6 billion in 2019. We are in discussion with Customs and BIR to give us a level playing field. The Ang-led oil refiner reported a net income of P1.73 billion, reversing last year’s P4.9-billion net losses. Named the Best Telecommunications and Energy reporter by Ejap in the past years; also received an award for best feature story. “When crude oil arrives in the Philippines, we pay VAT and excise tax. Oil refiners are slapped a 12-percent value-added tax (VAT) for imported crude oil, which will be refined and later sold as finished products to the market. Oh , we are a banana republic ..employment is not a big deal for the govt , just tax the company thst give employment not only to refiners employees but all the vendors, house renters , jeepneys , buses , lorry employees and staff .What these govt care about is Dennis Uy get the best deal …Happy Now those who elected this admin ..happy now ,?? It is a worrisome day when politicians start dictating to bureaucrats charged with responsibilities that are supposed to be exclusively science-based. The Bataan refinery was shut down in May to give way to maintenance activities on major process units and to mitigate the impact of low fuel demand and poor refining margins. Labor market policies and successful development. States must jointly negotiate uniform vaccine price with… Apr 24, 2021. Its the only Refinery owned by the the Philippines. Petron to proceed with temporary shutdown of Bataan refinery By Ernie Esconde January 15, 2021, 8:31 pm LIMAY, Bataan – Petron Corporation welcomed on Friday the approval of its application as a registered enterprise of the Freeport Area of Bataan but will still go on with its planned temporary shutdown of its Petron Bataan Refinery (PBR) here. Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. In the said statement, Ang supposedly mentioned its ‘180,000 barrel-per-day refinery’ would have to close down ‘starting January.’ This mainly concerns its tax troubles with the government. So refiners are taxed twice while importers are taxed only once. “We are also evaluating how a closure scenario would impact pricing, as well as the country’s energy security,” said Energy Secretary Alfonso G. Cusi. But whatever business measures Petron will arrive at in the course of its discussion with the concerned parties, Cusi said the DOE will respect the management’s decision. Rising COVID-19 cases pose recovery hurdle — DBS. The DOE, for its part, said it is closely looking into the taxation concerns raised in coordination with the Department of Finance. The VAT is same for the finished products. Petron Bataan refinery has the ability to produce 180,000 barrels per day. May 1 or Labor Day leads us to thoughts about the welfare of our country’s working class. This may however proceed if the president and CEO of the largest oil refiner in the country, Mr. Ramon Ang, won’t succeed with his supposed talks with the government. We are paying taxes upon arrival of crude and we are paying so many taxes upon arrival. You’re just going to take it out of the terminal, you pay tax again. “We will closely monitor the developments as we affirm to be always with our stakeholders in finding solutions to whatever hurdles the industry is facing,” he said. ?Another province down the drain . This site uses Akismet to reduce spam. 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In announcing their split on Twitter, the couple said they would continue their joint work on the Bill & Melinda Gates Foundation,... Oil price increases buoy Petron's bottom-line despite sales drop. It resumed operations in October. If I lobby and get this approval now, the next administration can revoke this and call me a crony,” he said. By Jason Junior Last updated Oct 28, 2020. 0. Petron’s refinery is the country’s last operating petroleum refinery after Pilipinas Shell Petroleum Corp. permanently shutdown its refinery in Tabangao, Batangas City last October as its strategy from manufacturing to importation to sustain its business amid the economic impact of the COVID-19 pandemic. Petron is the last refinery standing in the country. This site uses cookies. Sign up now! Petron said it had ample inventory and that the shutdown would not affect operations and finances. ACEN working on robust pipeline of 12 GW RE projects. Caltex closed its refinery in 2003. Share it! In forceful statement, Lorenzana repeats demand for Chinese vessels to leave West Philippine Sea. On Monday, Ang was asked if the decision to close down the Bataan refinery would be moved after the Christmas holidays. Petron Corp. is optimistic of resuming commercial operations of its refinery in Bataan sometime within the second half of the year, its top executive said. “Yes, January, for economic shutdown,” he added. NOTICE OF ANNUAL MEETING OF STOCKHOLDERS May 27, 2021 1:30 P.M., Philippine Time 8th Floor, Two World Square,…, AMENDED NOTICE OF ANNUAL STOCKHOLDERS’ MEETING To All Stockholders:             Notice is hereby given that the annual meeting…, SM Prime Holdings Inc. on Monday said its income in the first quarter fell 22 percent to P6.5…, Nlex Corp. said on Monday the construction of major infrastructure projects are “in full blast despite the community…, Gotianun-led Filinvest Development Corp. (FDC) said it is keen on pursuing merger and acquisition (M&A) deals this year…, Lopez-led Rockwell Land Inc. on Monday said it struck a deal with Juan D. Nepomuceno Realty Group to…, Consunji-led Semirara Mining and Power Corp. (SMPC) is expecting its coal business to improve this year but it…, Cebu Landmasters Inc. (CLI), a property developer in the Visayas and Mindanao, on Monday said it entered into…. Ang also said the only recourse he could think of is for Congress to amend the law. https://www.philstar.com/.../15/2063779/petron-shut-down-refinery-january After more than 100 of its employees contracted COVID-19, the Philippine Orthopedic Center on Saturday announced that it would be halting some of its services. This PetroKnowledge training course will highlight: Aside from minimizing losses, Petron president Ramon S. … However, Ang said the closure of refineries is not unique to the country as the global refinery industry has been a tough business, especially with COVID-19 pandemic. The company cited minimizing losses and … Government policymakers are being urged to save Petron refinery from its shutdown plan, because it is the only remaining strategic asset that could … Gov’t urged to save Petron refinery from shutdown. Share. We write in response to your request for clarification and/or confirmation of the news article entitled “Petron mulls shutdown of Batangas refinery” posted in philSTAR.com on October 7, 2020. Subject of News Report "Petron mulls shutdown of Batangas refinery" Date of Publication Oct 7, 2020 Clarification of News Report. “We are going the same direction very, very soon,” he added, referring to the recent permanent shutdown of Pilipinas Shell Petroleum Corp.’s (PSPC) refinery in Batangas. Nationwide Building Society customers can get 2% interest… Apr 24, 2021. MANILA, Philippines — Petron Corp. will proceed to shut down its Bataan refinery – the country’s last operating oil refinery – by mid-January. After more than 100 of its employees contracted COVID-19, the Philippine Orthopedic Center on Saturday announced that it would... On him we have set our hope that he will continue to deliver us, as you help us by your prayers. Meanwhile, the competitor that doesn’t have a refinery, pays tax only when they bring out the supply from their terminals,” Ang said. Senators urge PhilHealth to cover hospital tent fees amid reports of overcharging. [mashshare] Business, Business News, Trade & Energy. Six senators on Saturday asked the Philippine Health Insurance Corp. to swiftly amend its policy on hospital tent coverage... Philippine Orthopedic Center halts some services as 117 staff contract COVID-19. by Myrna M. Velasco. Teleseryes have helped enhance the revenue stream of some hotels in Metro Manila. Petron confirms shutdown of Bataan refinery “News of the Petron Bataan Refinery shutdown last came about when a statement from San Miguel Corporation president and CEO Ramon S. Ang surfaced on cyberspace. Government policymakers are being urged to save Petron refinery from its shutdown plan, because it is the only remaining strategic asset that could ensure the country’s energy security goals. At nkakahiya nman, sarili natin brand hinahayaan natin magsara. Just before 2020 ended, Petron Corporation announced the temporary shutdown of their Bataan refinery this January 2021. Employees of Petron’s refinery sought local government support to avert the permanent closure of the refinery in Bataan to save their jobs. Kapamilya singer Gary Valenciano’s wife Angeli has recovered from the novel coronavirus (COVID-19). Lucio Tan-led Philippine National Bank has announced the appointment of Federico Pascual as chairman and Leonilo Coronel as... Dennis Uy still keen on casino despite swelling debt. The refinery of Petron Corp. will still shutdown temporarily despite being able to shore up its chances of continued operations by securing the registration of the facility in Limay town with the Authority of the Freeport of Bataan (Afab). Losses push Petron to close Bataan refinery in January. on February 1, 2021 at 10:02 am It will just be a matter of days or less before Petron temporarily shuts down this February its 180,000-barrel per day refinery in Limay, Bataan. https://philippineslifestyle.com/petron-shutdown-bataan-refinery-january Hope and pray for Petron refinery’s rebound soonest. That’s why there are inventory losses in the actual oil price and the tax that we’re paying. Ramon Ang eyes shutdown of Petron refinery in Bataan “We are in talks with the government, the Bureau of Customs, the Bureau of Internal Revenue, etc. Petron officially announced that their refinery in Limay, Bataan will be temporarily closed starting in the second half of January 2021. After the quake struck on Monday Petron said the refinery was not hit by fire. Ugnayan 2030: Cisco inaugurates 10-year program to accelerate country’s digitization, You won't want to miss these unbeatable TECNO Mobile 5-5 deals on Lazada and Shopee, Meralco energizes new Metpark gas-insulated switchgear, Sun Life shines light on what really matters for millennials amid pandemic, Get as much as 50% off on vitamins from Watsons sale from April 30 to May 2. He said Petron’s concern about “tax imbalance” in the country was already raised with the Bureau of Customs, the Bureau of Internal Revenue, Department of Trade and Industry, Department of Energy (DOE), among others. Published November 3, 2020, 10:14 AM. (Updated 4:25 p.m.) The Philippines on Saturday recorded 12,576 additional COVID-19 cases, bringing the total number of infections to 784,043. In October, Ang told reporters Petron’s refinery was also in danger of having to shut down permanently and that this might happen “very, very soon.” Ang said a continually lopsided tax regime put the refinery in Limay at a disadvantage compared to importers of refined petroleum products. Pilipinas Shell Petroleum Corp. ended operations of its Batangas refinery in August, reeling from … However, the listed oil company believes it would take more than an accreditation from the province’s free trade zone to sustain operations of its oil refinery in the long run. At least 3,500 people are in danger of losing their jobs as a continually lopsided tax regime puts Petron Corp.’s refinery in Bataan at a disadvantage compared to importers of refined petroleum products and pushes the facility toward shutdown “very soon,” according to company president Ramon Ang. Published November 3, 2020, 10:14 AM. For refiners, they have to pay additional VAT on the crude they purchase. “Yes, we will shutdown starting January 2021,” said Petron President and CEO Ramon S. Ang in a text message on Monday. You have to amend the law or have Malacañang craft an Executive Order which many disdain. Philstar Global Corp. All Rights Reserved. Ave Petron. Last August, Pilipinas Shell Petroleum Corp. permanently shut down its refinery operations in Tabangao, Batangas and transformed the facility into a full import terminal to optimize its asset portfolio and enhance its cost and supply chain competitiveness. Your email address will not be published. Please enlighten me on this: Isn’t VAT on imported oil an input for the VAT on sales, so, if selling prices are about the same across brands, the same VAT is paid anyway? — 2 Corinthians 1:10-11. / Gov’t urged to save Petron refinery from shutdown. Earlier, Petron president and CEO Ramon Ang cited the heavy cost of operations due the uneven playing field between importers and refiners. “Yes, we will shutdown starting January 2021,” said Petron President and CEO Ramon S. Ang in a text message on Monday. There is a possibility that Petron may shutdown its Bataan refinery. Importers pay taxes when the products exit their compounds. If they and the Petron management work together, there may still be a way to save the refinery,” he said in Filipino. By continuing to browse the site, you are agreeing to our use of cookies. Have your fun and exciting summer staycations at home – Here’s how! The company suffered a whopping P14.2-billion net loss in the first half, from a net income of P2.6 billion in the same period last year. Ang said the shutdown is not permanent, saying the refinery would resume commercial operations once the economy improves. He said the heavy taxes paid by refiners as compared to oil importers is making refining a difficult business to be in. What would happen to us as small time Petron stockholders? Earlier, Petron President and Chief Executive Officer Ramon S. Ang announced the temporary shutdown of refinery operations to “reduce losses due to weak margins.” Petron reported a net loss of P11.4 billion last year, swinging from a net income of P2.3 billion a year earlier as sales dropped due to the pandemic. Defense Secretary Delfin Lorenzana reiterated Saturday his demand for Chinese vessels to leave the West Philippine Sea, saying they have “no other reason” to stay in the hotly contested waters. SHARE 0. Pru Life UK claims number 1 spot in life insurance industry ranking for 2020, Levi’s leads discussion on style and sustainability in upcoming webinar this May, Bill and Melinda Gates announce divorce after 27 years. Petron Corp. plans a four-month economic shutdown of its refinery in Limay, Bataan starting February before making a final decision, its top executive said over the … He affirmed this and later on said that the company will implement an economic shutdown. “To change a law, you have to go to Congress, and that’s a long process. Learn how your comment data is processed. And then, for how much can you sell it only? Required fields are marked *. To this date I haven’t received my 2019 stock dividend check. He said that fluctuations in global oil prices heavily weigh on the taxes paid by refiners, which caused significant losses for the firm. Petron Corp., the country’s remaining oil refiner, is set to close its 180,000 barrel-per-day refinery in Bataan by next month. by Myrna M. Velasco. Active COVID-19 cases in the Philippines at 165,715 as DOH logs 12,576 new infections. Shell closed its 60-year-old facility in Tabangao, Batangas last August, citing the crippling effects of the pandemic. The government continued to accumulate more debt in March as the country’s needs amid the lingering coronavirus pandemic... Ayala Land Inc. reported a net income of P2.8 billion in the first quarter, down 36 percent from the previous year as revenues declined. Petron said that it will be conducting “maintenance activities on key process units” during the Bataan refinery’s economic shutdown. Thom de Villa, a shift supervisor, led some 50 Petron Refinery employees in formally calling on Limay, Bataan Mayor Nelson David’s help to save the refinery which has been in operation for the last 60 years. Petron warns of refinery shutdown ‘very soon’ Petron warns of refinery shutdown ‘very soon’ Business. It out of the terminal, you are agreeing to our use cookies! Taxation concerns raised in coordination with the government our country ’ s wife has... 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Close down the Bataan refinery s rebound soonest arrives in the Philippines on Saturday recorded 12,576 additional COVID-19,!