C07716-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Oct 27, 2023
2. SEC Identification Number
A200207283
3. BIR Tax Identification No.
006-0036-274
4. Exact name of issuer as specified in its charter
P-H-O-E-N-I-X PETROLEUM PHILIPPINES, INC.
5. Province, country or other jurisdiction of incorporation
Davao City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Stella Hizon Reyes Rd., Bo. Pampanga, Lanang, Davao City Postal Code 8000
8. Issuer's telephone number, including area code
082 235 8888
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 1,442,216,332
Preferred Shares 14,500,000
11. Indicate the item numbers reported herein
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The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Phoenix Petroleum Philippines, Inc.PNX

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Article entitled "Phoenix moves to generate cash flow via BDO deal"
Source bworldonline.com
Subject of News Report "Phoenix moves to generate cash flow via BDO deal"
Date of Publication Oct 27, 2023
Clarification of News Report

We reply to your correspondence dated 27 October 2023 seeking clarification on a news article of BWorld online on 27 October 2023 entitled “Phoenix moves to generate cash flow via BDO deal” which in part quotes:

“LISTED independent oil firm Phoenix Petroleum Philippines, Inc. is looking at entering into a sale-and-leaseback agreement with BDO Unibank, Inc. to restructure its debts.

‘The corporation is currently in the process of streamlining its operations, restructuring its debts and identifying potential sources of liquidity in order to generate cash flow to settle its obligations or generate some liquidity for working capital,’ Ignacia S. Braga IV, officer-in-charge chief finance officer and treasurer of Phoenix, said during the company’s annual stockholders meeting on Thursday.

Ms. Braga said that the assets involved in the proposal are some terminals, depots, and retail stations.

‘The restructuring will allow the company to receive over P9 billion for the transfer of the assets, which will be applied to its current obligations and reduce its debt,’ Ms. Braga said.

She said BDO had agreed to lease back to the company the same set of assets “in the process of ensuring the company is still able to use the terminals and the depots.

Henry Albert R. Fadullon, president and chief executive officer of Phoenix, said the assets are under an exclusive leaseback arrangement, which grants the company the right to repurchase them within three to five years from the time of the sale.

‘For avoidance of doubt, while the corporation is seeking authorization for such disposal of assets, these arrangements are subject to certain conditions. Some of these [are] regulatory,’ Ms. Braga said.

‘Likewise, the timing or certainty of the disposal of the assets are subject to different possible outcomes that could provide alternative sources of liquidity such as potential new credit facilities of new capital by way of new equity,’ she added.

. . . .”

The above statements were part of the report or presentation of the Company’s CFO, Ms. Ignacia Braga. These are the details in the second corporate action which was part of the agenda and discussed in the Definitive Information Statement submitted and distributed by the Company to all its shareholders.

We hope we have answered and clarified all your queries.

Thank you and best regards.
Other Relevant Information

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Filed on behalf by:
Name Socorro Cabreros
Designation Corporate Secretary