Photo Release

The mystery deepens: This was how Sen. Risa Hontiveros described Udenna Corporation's buy-out of Chevron’s 45 percent share in the Malampaya gas-to-power project noting that the government, particularly the Philippine National Oil Company-Exploration Corporation (PNOC-EC), practically let go of a very good opportunity. During the continuation of the hybrid marathon session on the deliberation of the proposed 2022 national budget Tuesday, November 16, 2021, Hontiveros noted that Udenna Corp. virtually spent zero dollar in buying the Chevron share of the Malampaya worth P565 million, since most of the money used by the company were borrowed from banks, from the proceeds of Chevron’s 45 percent entitlement from Malampaya profits and from equity. “We know how important Malampaya is, but why did the government let go of it? It’s like having jewels of the country that have been deliberately let go of. The mystery remains and even deepens,” Hontiveros said. (Screen grab/Senate PRIB)