Dennis A. Uy is by all intents and purposes the epitome of a highly successful entrepreneur. He began Phoenix Petroleum as a small oil business in his birthplace of Davao City, greatly contributing to countryside development and job generation. The company successfully expanded nationwide in just 17 years, and is now the only homegrown brand among the top four international industry players. In 2007, Phoenix became the first oil company to be listed on the Philippines Stock Exchange after the 1998 Oil Deregulation Law. Its IPO was 15 times oversubscribed.
Phoenix Petroleum aims to be a credible alternative to the major players of the respective businesses it competes with. To do this, it offers high-quality and premium fuel products at the best value. The business has also expanded to offer related and complementary products such as lubricants, LPG, asphalt, convenience stores, car repair and servicing, and digital payment posts. It has also established regional presence and global partnerships through its trading and supply office in Singapore, PNX Petroleum Singapore Pte Ltd.
Malaysia’s state oil and gas giant, Petronas, sold its Philippine LPG operations to Phoenix, as did Japanese convenience store, FamilyMart. TIPCO Asphalt of Thailand, the leading distributor of asphalt in the Asia Pacific, partnered with Phoenix for a joint venture asphalt business in the Philippines while CNOOC Gas and Power Group Co. Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC), China’s largest LNG importer and terminal operator, signed an MOU with Phoenix for a potential LNG project in the Philippines. In 2013, Phoenix entered into a multi-year marketing partnership with the National Basketball Association (NBA) as their official fuel partner.
“Our success proved that local players can compete with traditional global brands. From zero in 2002, Phoenix has grown its market share to 7.08 percent as of the first half of 2018. We concluded a banner year in 2018 with the strongest revenue and earnings in the company’s history, driven by record volume from new businesses and sustained strength in our core fuels business,” exults Uy.
“Leadership-wise, my style is very collaborative yet simple. In terms of mindset, I am very entrepreneurial, opportunity-based, with a growth focus. I encourage continuous pursuit of excellence anchored on integrity, teamwork, stewardship, service, and innovation”
The graduate of De La Salle University Manila says that gaining knowledge from educational institutions provided a solid foundation to establish and develop a business, but it was through immersing himself in operations that he fully realized the intricacies of the enterprise and the industry. “I was inspired by the ultimate disruptor, Steve Jobs. With the success of Phoenix Petroleum, I was able to disrupt the oil industry in the Philippines and contribute positive and tangible changes to the society. As a leader, I believe true success is when I am able to inspire other people, especially our employees, empower the disenfranchised, and help promote nation building. More than my achievements as a businessman, I am most proud of the contributions that Phoenix Petroleum has extended to the community through our CSR projects, and to the environment through our sustainable investments in the LPG and LNG industries,” he says heartfeltly. Uy is actively involved in the management of all his businesses, so all decision-making is fast and sure. “Leadership-wise, my style is very collaborative yet simple. In terms of mindset, I am very entrepreneurial, opportunity-based, with a growth focus. I encourage continuous pursuit of excellence anchored on integrity, teamwork, stewardship, service, and innovation,” he summarizes.
