BOI approves P718-million Phoenix Pet investment

MANILA, Philippines - The Board of Investments (BOI) has approved the P718-million investment of Phoenix Petroleum Philippines Inc. (PPPI) for new storage terminals in Cagayan de Oro City and Bacolod City.

Data from the BOI showed that the company invested P525 million for a new storage facility in Cagayan de Oro inside the Phividec Industrial Estate. It will have a storage capacity of 37.28 million liters and was expected to have started commercial operations in April. The new facility is expected to employ 12 workers.

Some P193 million, on the other hand, was invested in the Bacolod City storage terminal which is located at the Bredco Port. It will have a storage capacity of 4.9 million liters and was likewise expected to have started commercial operations in April. The new facility is expected to employ 11 workers.

Companies registered  by the BOI enjoy three to eight years of income tax holidays and four to six years exemption from business tax.

Projects are approved based on net value added, job generation capacity and multiplier effect.

 PPPI is engaged in the wholesale trading of refined petroleum products, lubricants and other chemical products, operation of oil depots and storage facilities, and allied services mainly in Southern Philippines. Its products and services are distributed and marketed under the Phoenix Fuels LifeTM trademark. 

 The company’s operations are divided between trading, and terminaling and hauling services. Under trading, PPPI offers its refined petroleum products and lubricants to retailers and commercial/industrial customers.