Big 3 profits bigger than poor families’ income in ’09

COMBINED profits earned by the Philippines’ three Big Three oil firms in the past 10 years exceeded the collective income earned by the country’s poorest families in 2009, according to local research group Ibon Foundation Inc.

The three namely Chevron, Pilipinas Shell and Petron, earned a combined income of at least P141.7 billion in the past 10 years.  Total income of the country’s poorest 2.36 million families amounted to P114.3 billion in 2009.

“The figures debunk the Big Three’s claims that local price hikes are needed so that they can recover losses from the global oil-price movements. The call for real transparency in the domestic oil industry remains urgent to make sure that the Big Three is not profiting at the public’s expense,” Ibon said.

Ibon explained that the local price of diesel in 2001 was at P13.96 per liter. However, oil prices peaked at P44.31 in 2008 before settling at around P41.26 in 2010.

Read more at Business Mirror


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