PETRON CORPORATION HAS CEASED TO BE A GOVERNMENT OWNED AND CONTROLLED CORPORATION (GOCC)
National Administrative Register August 19, 1998 [ BOC MEMORANDUM CIRCULAR NO. 308-98, September 10, 1998 ]
Attached herewith is the 2nd Endorsement dated August 19, 1998 of Secretary Edgardo B. Espiritu, Department of Finance, ruling that PETRON CORPORATION has ceased to be a Government Owned and Controlled Corporation (GOCC) as of September 7, 1998.
As such, it can no longer avail of the privilege granted to GOCCs under Joint Order No. 1-91. Provided however that this ruling applies only for purposes of implementing Joint Order No. 1-91 with respect to PETRON CORPORATION.
Kindly be guided accordingly.
Adopted: 10 Sept. 1998
(SGD.) TITUS B. VILLANUEVA
Deputy Commissioner