"However, the fate of Petron's plant also appears to hang in the balance, as the firm itself ponders a permanent closure," Fitch Solutions said, citing news reports quoting Petron CEO and president Ramon Ang claiming such, due to challenging operating conditions and an uncompetitive tax regime for oil refiners. Fitch Solutions said a potential closure would leave the Philippines fully dependent on imports for its fuels needs. "Implied import dependence is already forecast to see a big jump to 67 percent over the next five years, from 48 percent averaged in the past decade, although it could rise further depending on the outcome of Petron's decision," Fitch Solutions said.