President said the government was not that effective to run a private business and it might loss only.
According to the President, the offer of Petron was good but he believed that it will not lead to a any further good.
"As a general rule, and this is a public position that I've had since the time I've been in public service, the government is inefficient to run something that has a purely business applications," said President Aquino. "I do not think at this point in time it will be in the best interest to people if government were to re-run Petron in their refineries as far as operations are concerned."
Based on the statement of Petron on the Philippine Stock Exchange, they are ready ready to sell their plant to in Bataan to the government to produce comprehensive and lasting solution to the problem of oil supply and price.
"Having control of the Petroleum Refining largest assets in the country will place the government in a better position to develop and devise comprehensive and long-term programs and solutions. Through this acquisition, government will enjoy significant influence on the prices of petroleum products and in securing the supply of petroleum products in the country, "part of the statement of Petron.
Petron is controlled by San Miguel in the demand by SEA Refinery Corp..
