Promotion of Retail Competition.
Section 10
SEC. 10. Promotion of Retail Competition. - To achieve the social policy objective of fair prices, and facilitate the attainment of a truly competitive petroleum product market in the retail level, the DOE shall promote and encourage by way of information dissemination, networking and management/skills training, the active and direct participation of the private sector and cooperatives in the retailing of petroleum products through joint venture/supply agreements with new industry participants for the establishment and operation of gasoline stations: Provided, That the training herein shall include LPG retailing. To this end, the DOE shall, in cooperation with the Technology and Livelihood Resource Center (TLRC) and Technical Education and Skills Development Authority (TESDA), coordinate with new industry participants and existing petroleum dealers' associations in the formulation and implementation of a two-fold program on management and skills training for the establishment, operation, and maintenance of gasoline stations. Persons who successfully complete the two-fold program shall be entitled to government assistance being extended by government lending agencies, in the form of medium-to long-term loans with low interest rates and to the gasoline station training and loan fund provided hereunder, to serve as capital for the establishment and operation of gasoline stations. For these purposes, there is hereby established a gasoline station training and loan fund with the initial amount of Three hundred million pesos (P300,000,000) to be provided by the Philippine Amusement and Gaming Corporation (PAGCOR) and administered by the DOE under a separate account. Of this amount, two percent (2%) plus any additional funding shall be allocated for the two-fold program; one percent (1%) plus any additional funding shall be set aside for administrative, maintenance, and other operating expenses; ninety-four percent (94%) shall be used exclusively for lending and financial assistance; the remaining three percent (3%) shall be utilized in accordance with the provision of Section 26 of this Act: Provided, That the loans to be awarded herein shall be from short- to medium-term with low interest rates: Provided, further, That these loans shall be awarded to qualified persons who are able to comply with the conditions set forth in the next two (2) preceding paragraphs.