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| - SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
Claim: Petron, an oil refining company in the Philippines, will be sold to President Ferdinand Marcos Jr.’s administration. A loan, with over five years to pay, was allegedly offered to the government by Petron president and chief executive officer (CEO) Ramon Ang.
Rating: MISSING CONTEXT
Why we fact-checked this: As of writing, the false claim has already garnered 20,000 likes, 3,600 shares, and 1,500 comments on Facebook. It has also been posted on TikTok and YouTube multiple times.
The bottom line: In 2021, during a hearing of the House Ways and Means Committee on high oil prices, Petron president and CEO Ramon Ang expressed his willingness to sell back the oil refining company to the government, with a loan that can be paid over a period of five years. At the moment, there have been no official announcements on this from the Marcos administration.
- What Ang said: “Anytime po, puwede ko pa ipautang [sa gobyerno] in over five years to pay. I swear, if gusto ng gobyerno bilhin, pagawan ’nyo na ng valuation.”
(The government can buy Petron anytime, I can even give the government over five years to pay. If the government wants to buy the company, it should come up with a valuation.)
What the government says: Shortly after Ang’s statement in November 2021, former House assistant majority leader Eduardo Gullas emphasized that the government was not buying back Petron. According to Gullas, the government is incapable of running the oil refining business.
- Moreover, Petron incurred a P12.6-billion loss during the COVID-19 pandemic in 2020.
– Rochel Ellen Bernido/Rappler.com
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