Phoenix Petroleum Philippines, Inc. celebrates today, July 11, 2017, our 10th listing anniversary at the Philippine Stock Exchange (PSE).
The listing fueled our expansion from Mindanao to the rest of the country. From being a small company from Davao City with a market share of less than 1% in the competitive oil industry, Phoenix Petroleum is now the leading independent oil company with a market share of over six percent.
Our initial public offering (IPO) on July 11, 2007 marked many firsts for the company as well as the oil 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 1998.
Proceeds from the IPO allowed us to expand our retail network outside Mindanao; build the largest storage capacity among independent oil companies; and become a trusted supplier of commercial and retail customers.
From our first five stations in 2005, we now have more than 500 stations nationwide, making us the fastest-growing oil company in the Philippines.
“Our story is a testament that businesses from the provinces can compete well on the national stage,” said our President and CEO Dennis Uy.
“As we celebrate this milestone, I thank our Team Phoenix for joining me in this journey. Let us continue to work hard and stay committed to being an indispensable partner as we journey towards the next decade of growth of Phoenix Petroleum. Together, we will soar to greater heights!”