Phoenix Petroleum Philippines Inc. has earmarked P100 million for the creation of a mutual fund for the country’s military and police as well as their families.
Phoenix Petroleum president Dennis Uy announced the mutual fund called “LIFE” aimed to offer substantial financial security to soldiers and their families through sound investment practice and guidance programs.
The company also offered a P10 per liter discount across all products from 10 a.m. to 12 noon on Tuesday at 78 stations nationwide to celebrate the company’s 10th listing anniversary at the Philippine Stock Exchange.
The product offering caused traffic jams in certain areas in Quezon City.
Uy said the LIFE Fund was the company’s commitment to support the military and police as well as their families who protect the country with their lives.
“Business should not only be about making revenues but about changing lives,” he said.
Uy hopes the company’s success inspires other businessmen to go public as it has enabled Phoenix Petroleum to “access capital, tap new markets, attract talent, grow the business and generate more employment.”
“We need more entrepreneurs for the country—to create more jobs, to be socially responsible citizens and to spread the wealth,” he said.
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 of 2008.
The company used the proceeds from the IPO in July 11, 2007 to expand its retail network outside of Mindanao and build the largest storage capacity among small players.
From five stations in 2005, the company grew to 500 stations and has become the fastest growing oil company in the country.
Phoenix Petroleum also recently signed an agreement with Petronas Dagangan Berhad to acquire the latter’s liquefied petroleum gas business in the Philippines for $126.1 million (P6.268 billion).
Phoenix Petroleum will acquire 100 percent of Petronas Energy Philippines Inc. and 40 percent of its affiliate Duta Inc. to pave the way for the company’s entry into the LPG business.
Petronas Energy, incorporated in 1995, is engaged in the business of selling LPG in cylinders for household and commercial use, as well as LPG in bulk for industrial use and autogas, an environmentally-friendly alternative fuel for vehicles.