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22 December 2009
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Philippines to shed 60% stake in energy firm

Philippine Finance Secretary Margarito B. Teves said they will sell 60 percent of PNOC-Exploration Corp. in the first quarter of 2010, more than what was earlier planned of only 40 percent, the Philippine Daily Inquirer reported.

Teves said they expect to raise as much as 15 billion peso (1$=46.63 peso) from the sale of PNOC-EC shares. The 40 percent was equivalent to 10 billion peso, which the government was unable to sell due to market valuations.

“(The) market conditions are not good so we’ll have to do this in the first quarter and we will try to increase to 60 percent from 40 percent what we could see we are currently updating valuation. It will fetch more because that’s an additional 20 percent,” said Teves.

The government owns 99.79 percent of PNOC-EC.

PNOC-EC has coal operating contracts in Zamboanga, Surigao del Sur and Isabela. It has terminals in Cebu, Navotas and a commercial port in Batangas.

The Department of Finance is also selling Food Terminal Inc. and San Miguel Corp. in the first three months of 2010 before the May national elections.


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