TAGUIG CITY — United States Ambassador to the Philippines MaryKay Carlson and Trade and Industry Secretary Fred Pascual, on Monday, witnessed the signing of the Memorandum of Understanding (MOU) between Chevron Philippines, Inc. (CPI) and Batangas Land Company, Inc. (BLCI) at Grand Hyatt, Bonifacio Global City.

During the event, Ambassador Carlson mentioned that, “This truly is a celebration of two companies coming together, but I’d like to say, of two nations. We at the embassy use a social media hashtag—#PartnersInProsperity, we are excited to grow with the Philippines, to be partners in prosperity of both of our nations and this is a great example today. This MOU signing is a great follow-on event to President Marcos’ visit to the United States recently.”

For his part, Secretary Pascual, speaking as the Chairman of the National Development Corporation (NDC) said that the MOU signing is a testament to the outcome of the Philippine government’s efforts to strengthen the Philippines-United States economic relations, especially following the recent Official Visit of President Ferdinand R. Marcos Jr. to Washington, D.C. Since 1917, Chevron has represented the US’ continued partnership with the Philippines in terms of exploring various trade and investment potentials. For him, this momentous occasion is a proof of the government’s intensified investment promotion campaigns materializing.

“We are delighted to know that there is this intent on the part of Chevron Philippines and Batangas Land, as documented in this MOU to renew the lease on Batangas Land’s assets. This is a testament to continued investor confidence in the Philippines. And it signifies the country’s ability to provide a long-term enabling environment for growth of global companies that choose to do business in the country,” Secretary Pascual said in his message.

Chevron primarily markets Caltex’s fuels, lubricants, and other petroleum products in the Philippines. It operates through its two subsidiaries in the country, Chevron Philippines, Inc. and Chevron Holdings, Inc. The Company has nearly 600 Caltex service stations in the Philippines, which offer a wide range of petroleum products, including Caltex with Techron gasoline, Caltex Dieser with Techron D, kerosene, lubricants, and fuel additives.

With the MOU signed, BLCI, a government-owned and controlled corporation (GOCC), which is a subsidiary of the National Development Company (NDC) chaired by DTI Secretary Fred Pascual, entered into an agreement with CPI to renew the latter’s lease of certain parcels of land where the company’s energy infrastructure is situated until 2050.

The renewal of CPI’s lease for another 25 years signifies the reinforcement of the continuing partnership of the Philippines and the US and is expected to contribute greatly to the Philippine government’s efforts to facilitate economic recovery and expansion.

It can be recalled that during the recent Official Visit of President Ferdinand R. Marcos Jr. together with Secretary Pascual and other members of the Philippine delegation to Washington, D.C., they were able to secure PHP1.3 billion worth of investment pledges from American companies, a potential significant contribution in the achievement of the country’s investment target this year.

In closing, Secretary Pascual highlighted that this collaboration between CPI and BLCI is essential in fulfilling one of the country’s most important objectives—pursuing energy security. This shall help address energy supply and cost-related challenges and will provide Filipino consumers access to reliable, safe, and affordable energy.

The MOU signing ceremony was also attended by DOE Secretary Raphael Lotilla, NDC General Manager Antonilo Mauricio, Batangas Governor Hermilando Mandanas, Government Corporate Counsel Justice Rogelio Quevedo, Batangas Land Company, Inc. President Lilia Arce, and Chevron Philippines, Inc. Country Chairman Billy Liu.*

Date of release: 17 May 2023