Taguig–(PHStocks)–The state-owned PNOC Exploration Corporation (PSE: PEC), which is engaged in indigenous oil, gas and coal exploration, production and development, has created three separate and independent Bids and Awards Committees (BACs) to handle the firms growing number of procurement activities. The move is to ensure transparency, competitiveness, honesty and integrity in the company’s procurement process in accordance with the Rules and Regulations of RA 9184, otherwise known as the Government Procurement Reform Act.
Essentially, PNOC-EC shall henceforth conduct bidding through three BACs, through drawing of lots, akin to the system in use by courts of law when raffling cases. With more than one BAC, the volume of work will be more evenly spread. More importantly, this random drawing of lots should ensure a more competitive and transparent process that will allow the PNOC-EC to get the best price for the best quality available for procured equipment and supplies.
PNOC-EC Chairman and Chief Executive Officer Gemiliano Lopez explained that the creation of the three independent committees “would ensure faster and more efficient processing of the Company’s growing number of procurement requirements.”
PNOC-EC is the upstream oil, gas and coal subsidiary of the state-owned Philippine National Oil Company. Publicly listed in the stock exchange of the Philippine Securities and Exchange Commission, PNOC-EC shares of stock are 99.78% owned by the government and 0.22% owned by private stockholders.
Lopez said that aside from pursuing planned and ongoing projects this year, the Company would embark in additional and more extensive oil, gas and coal exploration and development activities throughout the Philippines to bolster the country’s energy supplies from indigenous resources.