Petron top taxpayer in Philippine oil industry

The Bureau of Customs (BoC) has cited Petron Corp. as the top taxpayer in the Philippine oil industry, paying more than Php22.3 billion (US$515.60 million) last year. “We are honored by this recognition by the BoC. As a Filipino-owned and -operated company we deem it our responsibility to strictly abide by the country’s laws. You can be assured that we will continue to be transparent and remain staunch partners with the government in nation building,” said Ramon S. Ang, chairman and CEO. Petron is the Philippine’s largest oil refining and marketing company. Petron also has the largest oil retail network in the country, with more than 1,700 stations. The amount paid by Petron was approximately 10% of the BoC’s total collection at year-end of Php227.53 billion (US$5.24 billion). Through our contribution, we have an indirect impact on the lives of our countrymen since these taxes are used to fund government projects such as road networks, school buildings and educational initiatives,” Ang said. (March 9, 2011)