Disasters, fortuitous events and some unforeseen happenings can dictate the way the market will react to such circumstances. One such event, the oil spill crisis concerning Petron Oil Spill in the Philippines today. While it is not really a kept secret that oil supplies are becoming expensive by the day, corporate reliability and responsibility still remains above everything else. These responsibilities, especially when they become publicly exposed to the public will not only face insights such as gross negligence, but unwanted media attraction. Worse, lawsuits and demands are unwanted expenses and image tarnishers that will surely become setbacks for such oil company giants as Petron.
Considering the local setting of the economy of the Philippines, most consumers and car owners would care less, as long as their supplies are met. However, counting on the environmental aspects of such a dilemma will have various forces breathing down their neck for the mess that was caused. That is why internal audits should be immediately done beforehand since such responsibilities in the environment of any country should taken care of with extreme attention.
Oil spill response teams organized by Petron in GuimarasÂ (Manila Bulletin, August 20, 2006)
Oil Spill Damage Too Much to Bear (Philippines Star, August 20, 2006)