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Downstream oil sector SEC application requirements eased

THE DEPARTMENT of Energy (DoE) said potential entrants to the downstream oil sector are no longer required to obtain an endorsement from the agency, which is currently pushing to simplify its permit processes.

Previously, interested firms were required to seek a DoE endorsement to register with the Securities and Exchange Commission (SEC).

“The DoE endorsement is no longer required for entities intending to put up a corporation engaging in the downstream oil sector, or amending their articles of incorporation,” the department said in an advisory Tuesday on its website.

“Only endorsements coming from the Bangko Sentral ng Pilipinas, Insurance Commission and other financial institutions are being required.”

The DoE said the simplified requirements help it comply with Republic Act (RA) No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

RA 11032 aims to streamline the public’s dealings with government agencies. It amends the Anti-Red Tape Act of 2007.

“The strengthened version of the law is poised to facilitate prompt action or resolution on all government transactions with efficiency. It applies to all government offices and agencies in the Executive Department including local government units, government-owned or -controlled corporations, and other government instrumentalities, located in the Philippines or abroad,” the Anti-Red Tape Authority, the law’s implementing agency, said on its website.

The DoE advisory was signed by Oil Industry Management Bureau Director Rino E. Abad. — Angelica Y. Yang

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