Petron Corporation is infusing 3 billion pesos into its refinery facility in Limay, Bataan in the next five years. This is after the country’s biggest oil player has had its application as a registered enterprise approved by the Freeport Area of Bataan.
In a statement to the Philippine Stock Exchange, San Miguel Corporation’s fuel affiliate said that its approval as one of the registered enterprises of the Freeport Area of Bataan will make it more competitive, thus improving its financial viability in the long run. This will also help Petron generate more jobs for the residents of Limay and nearby municipalities.
However, despite the good news, Petron says that challenging business conditions in the refining industry means that the planned shutdown will still continue.
Declining productivity of workers are integral part of the country's labor market
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