PHOENIX PETROLEUM Philippines, Inc. has announced appointments to key finance positions, days after it disclosed amendments to its incorporation papers to include provisions that will allow the company to charge service fees to subsidiaries.
In a disclosure to the stock exchange on Monday, Phoenix has named Ma. Concepcion F. de Claro as its new chief finance officer to replace Joseph John L. Ong, who will move to his new role as treasurer and head of corporate finance.
“The appointments are effective May 1, 2018, and were made in view of the company’s aggressive growth plans,” the company said.
Dennis A. Uy, Phoenix president and chief executive officer, said he was pleased to take in Ms. De Claro, saying her “extensive experience in financial, operational, and strategic management will be valuable as we move into a new phase of growth in support of our vision of indispensable partnerships.”
Ms. De Claro’s 36 years of “extensive experience in financial management and corporate planning” came mainly in the energy and oil industry. She is a certified public accountant from Colegio de San Juan de Letran.
She joined Phoenix’s parent firm Udenna Corp. in 2015 as director of mergers and acquisitions after working as chief operating officer of Alsons Corp., director of Alsons Prime Investments Corp. and Alsons Power Holdings Corp.
Ms. De Claro’s previous postings were vice-president for corporate planning at Petron Corp., where she was connected for 18 years, and Philippine National Oil Co., where she worked for 10 years.
Mr. Ong joined Phoenix in 2010, when the company began expanding outside Mindanao. The company said he “led many firsts in equity and debt-raising activities.”
In 2017, the company raised more capital to fund its expansion of stations and support assets as well as the acquisition of Petronas Energy Philippines, Inc. and investment in its PNX Petroleum Singapore Pte Ltd. trading office.
This year, on top of capital expenditure for the organic growth of its existing fuel business, the company will be funding its acquisition of Philippine FamilyMart and its investment in Phoenix Asphalt.
As treasurer and head of corporate finance, Mr. Ong will be responsible for raising capital and for managing the company’s capital structure, and will work closely with the CFO, the company said. — Victor V. Saulon
