Profits of Big Three Oil Cos. more than total income of RP’s poorest families – Ibon

Profits of Big Three Oil Cos. more than total income of RP’s poorest families – Ibon

MANILA — The profits of the Big Three oil firms are rising as rapidly as the increasing oil prices, with a record of at least Php141.7 billion in profits in the last decade. This is more than the combined income of the country’s poorest 2.36 million families– amounting to Php114.3 billion in 2009, research group IBON said.

The figures debunk the Big Three’s claims that local price hikes are needed so that they can recover losses from the global oil price movements. With this, IBON said the call for real transparency in the domestic oil industry remains urgent to make sure that the Big Three is not profiting at the public’s expense.

(Read story…)