Experts reviewing oil firms' books named

ABS-CBN News

Posted at Jan 31 2012 05:46 PM | Updated as of Feb 01 2012 01:59 AM

MANILA, Philippines - The Department of Energy on Tuesday announced the final list of members of the Independent Review Committee (IRC), which will look into the books of oil companies to ensure transparency in fuel pricing.
 
The IRC, led by former budget secretary Benjamin Diokno, shall be composed of representatives from the different sectors. They include Dr. Rene Azurin (academe), Dr. Jesus Estanislao (business community), Raul Concepcion (consumer group), Vic Abola (economists), Dexter Ortega (accountants), and Vigor Mendoza (public transport).

Diokno is also professor emeritus at the University of the Philippines School of Economics, while Azurin is a columnist and former professor at the UP School of Business Administration.

Estanislao is former finance secretary and chairman of the Institute of Corporate Directors, while Concepcion is a consumer rights advocate and head of "Government Watch" (formerly Consumer and Oil Price Watch).

Abola teaches economics at the University of Asia and the Pacific, while Ortega is a member of the Philippine Institute of Certified Public Accountants and partner at Tagnia Ortega & Partners CPAs.

Mendoza, meanwhile, is the national chairman of 1-United Transport Alliance Koalisyon or 1-UTAK and a partner at the Malcolm Law Offices.

The IRC was initiated by the DOE to address the issue of alleged overpricing by oil companies in the midst of volatile local fuel price movements.

The DOE said it will step aside and will only assist the IRC in terms of technical requirements for the review.