Friday, 06 January 2012 13:03
The Department of Energy (DoE) is currently forming a team that will scrutinize the books of accounts of the oil companies in support of President Benigno S. Aquino III's call for transparency, a Palace official said on Wednesday.
"From what I understand from Energy Secretary Jose Rene Almendras, they are close to already forming the team that will scrutinize the books of the oil companies. They already have representation from the sectors," Deputy Presidential Spokesperson Abigail Valte said during the regular press briefing in Malacanang on Wednesday.
Report said the oil firms are willing to open their books of accounts for government examination in response to a call from the President to face public scrutiny.
On the other hand, various groups expressed concern over reports that oil players will implement upward price adjustments this January, according to news reports.
Valte assured that the Department of Trade and Industry (DTI) is regularly conducting monitoring of prices to prevent overpricing.
"The DTI is always there to make sure that any increases in prices are warranted and are not in the area of overpricing," Valte said.
Oil companies are ready to follow the requirements being imposed by the DoE as mandated by appropriate provisions” relevant laws, such as the Downstream Oil Industry Deregulation Act.
The oil firms are also mandated to comply strictly with the “financial protocols of the Bureau of Customs and Bureau of Internal Revenue, as well as statutory submissions to the Securities and Exchange Commission.
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