Caltex Asia eyes RP as reg’l headquarters

A subsidiary of Caltex Corp., in an effort to make its presence felt in the Asia-Pacific region, has asked the Securities and Exchange Commission (SEC) for a license to establish its regional headquarters in the Philippines.

The proposed Caltex Asia Limited intends "to supervise, monitor and coordinate the activities of its branches, subsidiaries and affiliates in the Asia-Pacific Region."

CAL has been informed by the SEC that "the regional or area headquarters will not derive any income" from its branches and subsidiaries in the country and cannot in any way get itself involved in running them.

The Caltex subsidiary also plans to assist the Caltex Operating Companies (COC) in the region in managing their information technology, fiscal services, and human resources.

With its presence in the Asia-Pacific region, CAL will be expected to supervise the implementation of the COC’s accounting and treasury policies, and internal audit functions which includes the monitoring of receivable and payable accounts, insurance coordination, investments, payroll, tax accounting, among others.

The CAL headquarters can also support the information technology of COC’s by "coordinating plans for electronic mail management, security and systems access, development financing and the design, programming, maintenance" of the system.

It will also communicate to the COC’s within the region policies on human resource management which includes matters of selection, training, and compensation of personnel, among other.