I have read in Philippine Daily Inquirer last Oct. 7,2008 (tuesday) that the Phillipine National Oil Co. wrote to Petron's biggest shareholder Ashmore Group stating that the government is sure to sell its remaining 40% in Petron. The government's share is 3.75B shares worth P 25.7B.
The management says that operation will not be affected.
I was thinking that oil price hikes will be more uncontrollable now that the gov't will have no more authority or possesion in one of the largest oil company here in the Philippines. On second thought, reflecting on the oil price hikes that happened few months back, I can say that even if the gov't does have its share in one of the big players, oil price was still increasing. And even if they had a few rollbacks, oil price is still high. It was said that oil price in the world market decreased but not all companies here had price rollbacks saying that prices will be up again in the near future, leaving people disappointed.
In the end, whoever buys this remaining share would not make a difference in price decision making because the leading companies have basically the same price even if Petron is partially owned by the government. I learned that Petron's price is lower by a "very-few-small" cents, as if that helps.
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6 comments:
We actually share the same sentiments, and I do agree with the fact that even though Petron is partially owned by the government for quite some time, I must admit the I don't see some significant changes with regards to its price against its other competitors, especially now that the Oil Industry is open for competition and that Petron is even considered as one of the three major players who charge their customers a few cents higher than the new and smaller players in the industry.
Whether they sell it or not, I think nothing will change. The DOE can look after the industry anyway.
I agree that Petron prices do not have any significant differences as to compare with its other competitors. I think the government's issue of selling its Petron shares will not really change or affect the Oil prices or anything. Prices will still be the same approximately. Since even though there are roll back in the prices of oil, consumers still do not really experience the decrease in prices.
Well, I think selling the Petron shares of the government would not yield to good results. As we all know, election is coming nearer and nearer. If the government sold its shares, then the money that would be earned from that transaction would probably go to the corrupted hands of politicians. I think it is better if we just keep the shares and allocate the earnings for government usage. But then again, we have corrupted politicians, selling or keeping the shares would not give our country some money.
I did not know that the government owned a relatively huge part of Petron, so thanks for that info :p.
I think selling the government shares have no effect at all, because for the time being that the government owned the shares they did not do anything to help the Filipino people, its as if they did not own them, so for me there is no difference. And since the government officials will just corrupt any money they get from Petron anyway, so why put the money in their theiving pockets. Maybe (just my opinion) it is better for the shares to be sold to someone else.
Selling the 40% government share wouldn't really do anything for the relatively high oil prices. Although as of the moment oil prices have been going down. This is caused by the fall of oil prices in the world market. Lets just hope that after this transaction(selling of 40%) oil prices will still get cheaper.
Philippines is really such a "sunod-sunuran" to the economic policy of the US. They try to copy everything, from free trade, deregulation, and to privatization! How can a developing country thinks that the economic policy of a developed country will benefit them as well. So sad, so stupid. I can already imagine what is the future ahead of our country.
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