Phoenix Petroleum sets up P100-M fund for Marawi troops

ABS-CBN News

Posted at Jul 11 2017 05:17 PM

MANILA - Phoenix Petroleum is setting up a P100-million fund for soldiers battling Islamic State-inspired militants in Marawi City, its president, Dennis Uy, said Tuesday.

Davao-based Uy, who marked Phoenix Petroleum’s 10th listing anniversary, said business should be about “changing lives” and not just for profit.

The fund will provide livelihood and education assistance for troops and their families, Uy said.

Uy credited Duterte for Phoenix Petroleum’s success. The President was at the Philippine Stock Exchange trading floor for the first time, to help mark the company’s listing anniversary.

“He encouraged entrepreneurs by making it easy to do business by removing bureaucracy,” Uy said. “This is how we were able to build stations.”

Uy said he hoped his company’s success would inspire other businessmen to go public.

“We need more entrepreneurs for the country to create more jobs, to be socially responsible citizens and to spread the wealth,” he said.

The president of the exchange, Jose Pardo, noted how Phoenix’s market capitalization soared to as high as P15.46 billion in May from P1.85 billion in 1997.

“Phoenix Petroleum’s success is a vote of confidence in the future of our country, to also give businesses more confidence to push more innovative offerings to the market,” Pardo said.

The PSE Index closed 0.26 percent higher to 7,858.14 on Tuesday, ahead of Duterte’s visit.