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(NAR) VOL. 9 NO. 3 / JULY - SEPTEMBER 1998

[ BOC MEMORANDUM CIRCULAR NO. 308-98, September 10, 1998 ]

PETRON CORPORATION HAS CEASED TO BE A GOVERNMENT OWNED AND CONTROLLED CORPORATION (GOCC)



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



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