Petron signs CBA with Refinery Union

December 3, 1998 PSE CIRCULAR FOR BROKERS NO. 2705-98 Press Release Petron signs CBA with Refinery Union Petron Corporation and its Bataan Refiners Union of the Philippines (BRUP) signed a Collective Bargaining Agreement (CBA) November 26, 1998 at its head office in Makati City. The new CBA covers the period May 1, 1998 to April 30, 2001. It took less than two months of actual negotiations for the management and union panels to forge the agreement. Under the terms of the new CBA, some 213 rank and file employees of the Petron Bataan Refinery (PBR) will get general increases of 10, 12 and 13 percent for the first, second and third years, respectively. Other economic benefits include the increase in meal and transportation allowances. Employees covered by the CBA also get a signing bonus. On hand to witness the CBA signing were Petron Chairman and CEO Jose A. Syjuco, Jr., President Ali A. Al-Ajmi and PBR VP/GM Apolinario G. Reyes, Jr. The members of both panels showed maturity, patience and dedication during the negotiation period. They understand that the package given is the most equitable given the circumstances the Company is in. PBR Administrative Manager Lino A. Caronongan chaired the management panel while BRUP President Ernesto M. Estrella headed the union panel.