Following the acceptance of the Office of the Solicitor General (OSG) of its surety bond offer in lieu of cash for its alleged P7.35-billion tax arrears, Pilipinas Shell Petroleum Corporation announced that it can now resume product importation so any feared disruption in oil supply flow can be avoided.

“Pilipinas Shell will now resume its product and crude oil importations that are necessary to supply nearly 30% of the market,” the company noted in a press statement.

The surety bond posting ensures that the oil firm’s importation of raw material catalytic cracked gasoline (CCG) will no longer fall into the seizure trap by the Bureau of Customs.

The company’s importation leeway was practically encumbered when the 60-day temporary restraining order (TRO) issued by the Court of Tax Appeals lapsed on February 9. With the agreement entered into by Shell with BoC though, status quo ante prevails until such time that the merits of the case would have been decided by the Court.

Shell cried foul for what it deemed as “double taxation” being slapped by the Customs bureau on its raw material imports, hence, it opted to exercise all available legal remedies within its course to counter the policy imposition.

Pilipinas Shell vice president for communications Roberto Kanapi reiterated that “the interim arrangement between the government and Pilipinas Shell provides a positive resolution, thus, averting a shortage in oil supply that would have adversely affected the public and the economy.”