Listed firm Phoenix Petroleum Philippines Inc. is willing to pay taxes in advance to support the government’s proposed tax reform program.
“We support the administration’s plan on tax reforms. One of the ways we can support the government’s revenue-generating efforts is to pre-pay the excise taxes for imported fuel and petroleum products for a period,” said Dennis Uy, company president and chief executive officer.
Phoenix agrees the proposed tax reform program will increase government revenues, improve the business environment and sustain economic growth.
The Department of Finance proposes to adjust the excise taxes on automobiles and petroleum products, implement fuel marking and reduce personal income taxes as part of its comprehensive tax reform package against lower income taxes.
Phoenix will spend up to P10 billion over the next three years for expansion and possible acquisitions to ramp up its growth plans.
Phoenix Petroleum said that the amount is on top of the allotted P2 billion budget for capital expenditures this year to fund increase in retail network, storage and logistic capacities.
The company aspires to become the third largest oil company in the country by the end of this year.
Based on the latest data released by the Department of Energy, Phoenix Petroleum registered a market share of 5.7 percent as of end-2016 with 505 retail outlets.
The company is engaged in the nationwide trading and marketing of refined petroleum products and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.