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BusinessWorld
April 28, 2021 | 7:38 pm
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.”