Philippine News Agency
PNOC Group remits P7-B for Covid-19 fund
The Philippine National Oil Corp. (PNOC) has provided P7 billion to the government to support its efforts against the COVID-19 pandemic.
This fund transfer was made possible by the Bayanihan to Heal as One Act, which allows the President to reallocate government funds for pandemic response.
The P7 billion fund consists of P5 billion from PNOC's accumulated retained earnings and P2 billion from its exploration subsidy.
Additionally, the PNOC board has committed to donating a portion of their allowances to purchase protective equipment for front-line medical workers.
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