The Philippines government is moving ahead with it’s plan to auction it’s 40% stake in Petron Corp. Approval for the sale should be secured in the next two weeks, a Cabinet official said.

Government, Finance Secretary Margarito B. Teves told reporters last week, also wants to earn more than the approximately P23 billion a similar-sized stake went for earlier this year and the P24.65 billion offered by the Gokongwei family.

Privatizing Petron is a priority for the government, Mr. Teves said.

Last month, he said a November sale could be staged if the necessary approvals are secured from President Gloria Macapagal-Arroyo and the PNOC board.

The sale of shares could come anywhere in November,” he said.

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Posted: 07|7|08 at 10:00 am. Filed under: Asia.