PNOC EC Declares P520.52 Million in Dividends

PNOC EC DECLARES P520.52 MILLION IN DIVIDENDS

12 July 2017 – As part of its unwavering commitment to support national development initiatives, PNOC Exploration Corporation, the State-owned oil, gas, and coal exploration, development and production firm, declared in January P520.52 million in dividends for the 2016 fiscal year.

The remittance came in two tranches, in February and May of 2017, each in the amount of P259.71 million, while P1.1 million was paid out to public stockholders.

This was in compliance with Republic Act 7656 and its revised Implementing Rules and Regulations dated January 26, 2016, which directs all Government Owned and Controlled Corporations (GOCC’s) to “declare and remit at least 50 percent of their annual net earnings such as cash, stock or property dividends to the national government.”