ROXAS JOINS SENATORS IN OPPOSING
GOV'T SALE OF ENERGY ASSETS

Senator Mar Roxas joined Senator Joker Arroyo and other legislators in opposing the government's planned sale next week of its 60% stake in Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) worth an estimated P35 billion.

"Whether or not the government makes money in this transaction is irrelevant at this point. Our concern is that the state may be giving up control of an entity with the mandate and capability to explore new energy resources that may be priceless in the long run, in favor of increased revenues for this year," Roxas said.

"The planned privatization of PNOC, which is mandated to explore, develop and exploit various sources of energy, including indigenous sources, may not be congruent to the national interest of finding alternative means to power our country. The private sector's interest is in making money, not particularly in national development," he added.

Senator Arroyo filed today Senate Resolution No. 203, urging the President to hold the bidding of PNOC-EDC's assets scheduled on November 21, to enable the Senate to consider the implications of the sale to the government's energy program, in relation to its fiscal position.

Roxas said, "I am concerned that the government, through the sale, is once more taking a shortcut to raise collections, thereby giving up prime assets, instead of plugging loopholes in the collection system."

The Senator also stressed that as of now, there is no clear law whereby Congress could inspect and provide feedback on the executive's privatization program.

"Perhaps there is a need for appropriate legislation, to set parameters whereby the executive must go through Congress prior to sale of its assets. We in the Senate can only do so much by expressing our reservations over the bidding of the PNOC stake. There must be a definite check and balance in place," Roxas said.