Philippines
4,724 Employees
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Third-party revenues
$2,808,069,641
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Related-party revenues
$274,856,313
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Total revenues
$3,082,925,954
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Profit before tax
$345,636,238
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Tax paid
$82,438,339
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Tax accrued
$56,819,567
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Tangible assets
$1,133,143,296
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Stated capital
$596,298,826
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Accumulated earnings
$(314,473,004)
Main business activities
- Upstream
- Integrated Gas
- Downstream
- Trading and Supply
- Other support activities
Shell’s footprint
Shell has been present in the Philippines for more than 100 years. Shell has a 55% interest in Pilipinas Shell Petroleum Corporation (PSPC), which is engaged in the importation and marketing of gasoline, commercial fuels, and other petroleum products. PSPC is listed on the Philippine Stock Exchange. It has three import facilities and more than 1,100 retail sites.
In May 2021, Shell agreed to sell the company that operates and holds a 45% interest in the Malampaya gas project. The transaction was completed in November 2022.
Shell has a Business Operations Centre in the Philippines, which provides support services to other Shell companies, and Shell Energy Philippines supplies electricity.
Country financial analysis
The statutory corporate income tax rate in the Philippines is 25%. The total tax paid in 2021 has decreased compared with 2020, mainly because of tax credits for the upstream business from 2020. The credits resulted from the retroactive application of a reduced income tax rate. This was partly offset by an increase in advance tax payments for the downstream business where higher profits are expected because of the increase in oil prices and cost savings from the conversion of the refinery into the Shell Tabangao Import Facility. Our Payments to Governments Report for 2021 shows that Shell paid around $466.4 million in production entitlements.
