Judge says audit of 'Big 3' likely to cover 2003-2008

Posted at 04/28/2009 4:58 PM | Updated as of 04/28/2009 6:06 PM

The government is likely to check the financial records of Pilipinas Shell, Chevron Philippines (formerly Caltex) and Petron Corp. from 2003 to 2008, following its investigation on the continuing oil price increases in the country, a Manila Regional Trial Court judge announced Tuesday.

According to Judge Silvino Pampilo of Manila RTC Branch 26, this could be possible if the Social Justice Society--the group behind the petition to open the books of the "Big 3" oil firms--will file a separate petition to expand the coverage of the audit.

Aside from financial statements submitted to the Securities and Exchange Commission, Pampilo said the government should be able to examine the oil firms' individual original receipts for their crude purchases.

On Monday, Pampilo issued an order directing the country's major oil players to open their books for 2003 to the Bureau of Customs and the Bureau of Internal Revenue, who in turn will form panels of examiners for the scrutiny. He has also denied motions to dismiss filed by the three oil companies.

The judge cited public interest in issuing the order, saying it is aimed at "uncovering the mysteries of continuing oil price increases."


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