Manila: Malaca±ang on Wednesday confirmed the appointment of former Palawan representative Franz Alvarez as acting president and chief executive officer of the Philippine National Oil Co. (PNOC). Palace Press Officer Claire Castro confirmed Alvarez's designation in a message to reporters. Alvarez will also serve as an acting member of the PNOC Board of Directors, replacing Joel Caminade.

According to Philippines News Agency, the former lawmaker represented the first district of Palawan in the House of Representatives from 2013 to 2022. PNOC is the government's energy arm tasked with exploring, developing, and managing the country's oil, gas, and other energy resources. The state-run corporation has been involved in various strategic energy initiatives, including upstream petroleum exploration, renewable energy development, and efforts related to energy security and resource sustainability.

The appointment comes as the Marcos administration continues to push for energy security, diversification of energy sources, and the development of indigenous energy resources amid global supply uncertainties and fluctuating fuel prices triggered by the ongoing Middle East crisis.