COA set to examine oil firms' financial reports

MANILA, Philippines The Commission on Audit is set to review the books of oil companies in light of the alleged overpricing of petroleum products. The Department of Energy said it sought the assistance of the COA to examine the financial statements of oil firms. At a stakeholders meeting on Wednesday, Energy Secretary Angelo Reyes said COA will start the auditing once the oil firms submitted their financial statements. “The audited financial reports of oil companies have started to come in, as we’ve said the middle of April. Some of the reports have started to come in, and some have even been advanced, but still pending the approval of their board," he said. Reyes also said the DOE would set another meeting with Socioeconomic Planning Secretary Ralph Recto, who has been very vocal about the purported overpricing of oil products. NEDA sent a representative in the meeting as Recto was still out of the country and would be back by mid-May. Reyes had requested for this meeting with Recto to resolve the issue of differences in data. Recto earlier said on oil products were overpriced by P8. Reyes said oil firms will face sanctions if proven guilty. “I’m taking this issue seriously as this is a national concern. I’ll take it seriously if oil companies are overpricing products at the pump by P8 per liter. And if that is true and proven, then I said they deserve to be hanged," he said. But Reyes said oil companies should be given a chance to refute the allegations. GMANews.TV