The BANGSAMORO OIL AND FUELS CORPORATION (Moro Oil, for brevity), is Philippine corporation dulyregistered with the Securities and Exchange Commission (SEC) on October 10, 2013 with Company Registration No. CS201334231.Â Moro Oil is a pioneering domestic corporation of Bangsamoro to engage in the business of petroleum industry.
Moro Oil was created out of the idealism and aspiration of young Moro leaders who are prepared to dare the posed challenge of the petroleum business world which used to be played by only the selected few.
Moro Oilâ€™s authorized capital stock as approved by SEC is Ten Million Pesos (P10,000,000.00 or USD 215,000). It was fully subscribed and paid up coming from stockholders and shareholders, Alhamdulillah. During the General Assembly on January 10, 2015, the Board of Directors and majority of the shareholders who attended the assembly have approved a Resolution increasing the authorized capitalization from Ten Million Pesos to Fifteen Million Pesos (USD 322,000) and being submitted to SEC for approval.
Under Philippine law, 40% of the authorized capital stock can be allocated to foreign partners/shareholders.Â The Bureau of Internal Revenue (BIR) has also issued a Certificate of Registration (No. 2RCOOOOO973537) and Tax Identification Number 448-746-430-000 to Moro Oil on March 7, 2014. Pursuant to the recommendations of the Department of Energy as a pre-requisite for securing importation permit and wholesaling of petroleum products, the BIR has re-issued a new Certificate of Registration on January 29, 2016 under the line of business/industry as â€œWHOLESALE OF SOLID, LIQUID, GASEOUS FUELS.â€�
In accordance with the â€œGuidelines for Registration and Incentives Availment of the Downstream Oil Industryâ€� stipulated under Republic Act No. 8479 (AN ACT DEREGULATING THE DOWNSTREAM OIL INDUSTRY, AND FOR OTHER PURPOSES enacted on February 10, 1998), the Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE) has favorably endorsed on April 15, 2014 the Moro Oil for QUALIFICATION FOR REGISTRATION with the Board of Investmentsâ€”ARMM on the strong ground that the Moro Oil â€œis qualified to be registered with the Board of Investments as an industry participant with new investments in the importation, storage, marketing and distribution of petroleum products in the Autonomous Region in Muslim Mindanao, and therefore may be qualified to avail of the incentives provided in the said lawâ€�, Alhamdulillah.
Owing to the strong endorsement of the Department of Energyâ€™s OIMB, the ARMM Regional Board of Investments has approved on September 7, 2014 the application for registration of Moro Oil as a new company involved in the â€œImportation, Storage, Marketing and Distribution of Petroleum Products in ARMMâ€� pursuant to Book I of the Omnibus Investment Code of 1987 (Executive Order No. 226), Alhamdulillah.
Hence, after eight months of due diligence, the RBOIâ€”ARMM has issued a CERTIFICATE OF REGISTRATION (No. DP-51-14) to the Moro Oil on December 2, 2014 pursuant to RBOIARMM Board Resolution No. 12, Series of 2014, Alhamdulillah.
Meanwhile, the Moro Oil is also registered with the Social Security System (SSS) with Employer Number 09-1604779-1-000 effective January 26, 2016,Â Alhamdulillah. In like manner, the Moro Oil is has also been registered with the PhilHealth with Employer Number 017020000695 effective March 8, 2016,Â Alhamdulillah.