The board of PNOC-Alternative Fuels Corp. announced yesterday the resignation of its president and CEO Peter Abaya effective Oct. 9, 2008.
In a statement, PNOC-AFC said Abaya has been asking President Arroyo and the company’s board of directors since April this year “to relieve him of his post due to the grueling pace of activities of the company.”
Abaya was then seeking medical treatment in the United States for his recurring knee problem which he felt may hamper the tight schedule that the programs must follow.
In his place, the PNOC-AFC board has nominated the appointment of Gen. Romeo Tolentino who has has been publicly acknowledged for his sterling record in the Armed Forces of the Philippines and for spearheading the planting of jatropha, a biofuel feedstock, in all military camps.
Since the spin-off of PNOC-AFC in May 2006 as the government arm in the development of alternative energy fuels, Abaya was instrumental in turning the company around into a viable entity.
The company posted an unprecedented two consecutive years of positive net income even with the additional mandate of developing alternative fuels for the country. — Donnabelle Gatdula