Petron : 06 14 17 - PSE News Clarification - San Miguel to build P1-T new petrochem plant (The Manila Times , June 14, 2017)

C03706-2017

CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

   Jun 14, 2017

2. SEC Identification Number

   31171

3. BIR Tax Identification No.

   000-168-801

4. Exact name of issuer as specified in its charter

   PETRON CORPORATION

5. Province, country or other jurisdiction of incorporation

   Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

   San Miguel Head Office Complex, 40 San Miguel Avenue, Mandaluyong City

   Postal Code

   1550

8. Issuer's telephone number, including area code

   (63 2) 886-3888, 884-9200

9. Former name or former address, if changed since last report

   N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

    Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
    COMMON (PCOR)	9,375,104,497
    PREFERRED SERIES 2A (PRF2A)	7,122,320
    PREFERRED SERIES 2 B (PRF2B)	2,877,680
    PCOR SERIES A BONDS DUE 2021 (IN MIL PESO)	13,000
    PCOR SERIES B BONDS DUE 2023 (IN MIL PESO)	7,000
    TOTAL DEBT AS OF MAR 31, 2017 (IN MIL PESO-CONSO)	228,163

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PSE Disclosure Form 4-13 - Clarification of News Reports

References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of news article entitled "San Miguel to build P1-T new petrochem plant" posted in The Manila Times (Internet Edition) on June 14, 2017.

Clarification of News Report

Filed on behalf by:

June 14, 2017

3rd Floor, Philippine Stock Exchange Center Ayala Triangle, Ayala Avenue

Makati City

Attention: Mr. Jose Valeriano B. Zuño III

OIC, Head, Disclosure Department

Gentlemen:

We write in response to your request for clarification and/or confirmation of the news article entitled "San Miguel to build P1-T new petrochem plant" posted in The Manila Times (Internet Edition) on June 14, 2017. The article reported in part that:

"Petron refinery expansion

. . . .

'And then we are also looking for opportunities, if possible, to expand our refinery in Malaysia,' he added.

SMC said the Petron refinery expansion will cost $800 million (P39.6 billion).

And did not disclose where the funds for the expansion will be sourced.

. . . ."

We confirm that the statements attributed to Mr. Ramon S. Ang, President and Chief Executive Officer of the Company, as reported in the above-quoted article, were given by him to the reporters on the sidelines of the annual stockholders' meeting of San Miguel Corporation held on June 13, 2017.

Further to the above and our disclosure on the same matter dated May 15, 2017, we advise that the Company is reviewing and evaluating the possible expansion of the refinery in Malaysia. Appropriate disclosures shall be made to the Exchange in the event such expansion of the Malaysian refinery is pursued and implemented.

Very truly yours,

VP - General Counsel & Corporate Secretary