DAVAO-BASED independent oil firm Phoenix Petroleum Philippines, Inc. (Phoenix Petroleum) said it will earmark P100 million for the creation of a mutual fund to benefit soldiers, policemen and their families as the company marked its 10th listing anniversary on Tuesday.
“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.
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,” Uy said.
“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,” the Davao businessman 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,” he added.
“We need more entrepreneurs for the country—to create more jobs, to be socially responsible citizens, and to spread the wealth,” Uy said.
The initial public offering (IPO) of Phoenix Petroleum on July 11, 2007 marked many firsts for the company as well as the local oil and gas industry.
It was 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.
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 and construction sectors and other industries in the Visayas.