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. 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. 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).

Source: The Standard July 11, 2017 12:56 UTC