BIZ BUZZ: ‘Hijacking of public assets’

The Philippine National Oil Co. (PNOC) is not ready to concede in its legal tussle against Ramon Ang-led Petron Corp., as it warned of a potential massive “hijacking of public assets” in the country if the Supreme Court won’t intervene.

The state-run group, represented by the Office of the Government Corporate Counsel, filed its second motion for reconsideration, just two months after the higher court had junked with its petition involving both parties’ yearslong land dispute.

It continues to pray for the Supreme Court to step in and review the decision of the Court of Appeals that allows the transfer of contested land assets despite allegedly being excluded from the privatization agreement. PNOC also said that the CA’s decision had used “speculations,” which should warrant further probe.

The ownership brawl involves about 357 hectares of properties, including refinery lots in Bataan, bulk plant sites and service station lots—with the PNOC claiming these are worth P100 billion.

“PNOC is left with no judicial remedy other than this petition for review to prevent what could be one of the largest hijackings of public assets in our country,” it said in its appeal.

“The execution of the CA decision could result in one of the largest inequitable losses to the government and the Filipino people for private gain,” PNOC added.

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PNOC still “respectfully begs” for the SC’s favorable action, despite Petron’s earlier filing to the local bourse that the court would no longer entertain further pleadings.

Petron, meanwhile, has yet to respond when sought for comments.