Phoenix Petroleum Philippines, Inc. celebrated its 10th listing anniversary at the Philippine Stock Exchange (PSE) on July 11, 2017 with a bell ringing ceremony graced by President Rodrigo Roa Duterte.
The company marked its listing anniversary with Mr. Duterte’s first visit to the stock exchange since assuming the presidency, and an announcement of a mutual fund for the military.
“Our listing 10 years ago fueled the company’s expansion from Davao City to the rest of the Philippines,” Phoenix Petroleum President and Chief Executive Officer Dennis Uy said. “I hope our success inspires other businessmen to go public. For to be a publicly- listed firm is to have the natural discipline to practice good governance and transparency, which enables us to access capital, tap new markets, attract talent, grow the business, and generate more employment.”
The initial public offering (IPO) of Phoenix Petroleum on July 11, 2007 marked many firsts for the company as well as the oil and gas industry.
Phoenix Petroleum is the first company from Davao City to join the PSE and the first oil company to go public after the passage of the Oil Deregulation Law in 2008.
Proceeds from the IPO allowed Phoenix Petroleum to expand its retail network outside Mindanao; build the largest storage capacity among independent oil companies; and become a trusted supplier of commercial and retail customers.
From its first five stations in Mindanao in 2005, Phoenix Petroleum now has more than 500 stations nationwide and is the leading independent and fastest-growing oil company in the Philippines.
In its pursuit to provide Filipino consumers with better options, the company has moved to acquire the liquefied petroleum gas business of PETRONAS Dagangan Berhad in the Philippines.
Phoenix Petroleum also opened its ninth oil terminal in Consolacion, Cebu recently to better serve the growing demand of the shipping, transportation, construction and other industries in the Visayas.
Phoenix Petroleum will remain committed to deliver world-class services and products; empower people through its various advocacies; and inspire the entrepreneurial spirit of every Filipino.
“We need more entrepreneurs for the country – to create more jobs, to be socially responsible citizens, and to spread the wealth,” said Mr. Uy.
As a start, the company earmarked P100 million for the creation of a mutual fund for and with country’s military and police as well as their families.
The mutual fund called “LIFE” is envisioned to offer continuous and substantial financial security to soldiers and their families through sound investment practices and guidance programs.
“Business should not only be about making revenues but about changing lives,” said Mr. Uy. “The LIFE Fund is our commitment of support to our military and police, who protect and defend us with their lives. Without their efforts to keep the peace, we will not be here celebrating milestones in our companies.”