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Palace confirms order to remove PNOC-EC CEO

palace confirms order to remove pnoc ec ceo 816x297 - Palace confirms order to remove PNOC-EC CEO

MALACAÑANG confirmed late Tuesday that President Rodrigo R. Duterte sought the resignation of Philippine National Oil Corporation-Exploration Corp. (PNOC-EC) president and chief executive officer Pedro A. Aquino, Jr. due to “loss of confidence.”

The President’s Spokesperson Salvador S. Panelo confirmed reports in a statement, noting that Mr. Aquino will also step down as a member of the board of directors.

“The President’s order is in line, and pursuant to his anti-corruption campaign in the government, and underscores once again that there are no sacred cows under this Administration,” Mr. Panelo said.

It was reported earlier that Mr. Aquino was suspended as PNOC-EC president and CEO, after signing a memorandum of agreement with a Russian firm without approval of the board or its chair, Energy Secretary Alfonso G. Cusi.

The deal seeks to develop multilateral cooperation in oil products and trading, which Senator Sherwin T. Gatchalian had earlier flagged as against the mandate of PNOC-EC. — Charmaine A. Tadalan

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