P H O E N I X Petroleum Philippines : Clarification of News Reports

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) Jul 27, 20222. SEC Identification Number A2002072833. BIR Tax Identification No. 006-036-2744. 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, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office Stella Hizon Reyes Rd., Bo. Pampanga, Lanang, Davao CityPostal Code80008. Issuer's telephone number, including area code 082 235 88889. Former name or former address, if changed since last report N/A10. 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	1,442,070,932
Preferred Shares	14,500,000

11. Indicate the item numbers reported herein --

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 Philstar Column entitled "Dennis Uy also owes $12 million to some of the country's tycoons"

Source	Philstart Business Column
Subject of News Report	Dennis Uy also owes $12 million to some of the country's tycoons
Date of Publication	Jul 27, 2022

Clarification of News Report

We write in response to your correspondence received today, 27 July 2022 seeking clarification on the news article published in Philstar column on even date entitled, "Dennis Uy also owes $12 million to some of the country's tycoons" which in part provides as follows: "Davao-based businessmen Dennis Uy may have averted a major debt default as his beleaguered holding firm Udenna Corp. said on Monday, but apparently that's just one part of Uy's debt story. . . . Phoenix Petroleum Philippines Inc., has also not been able to pay its suppliers, particularly bioethanol manufacturers - including those owned by some of the country's biggest tycoons. These are Gokongwei-owned URC- La Carlota, Andrew Tan-owned ProGreen AgriCorp., and Lucio Tan-owned Absolut Distillers Inc. and Asian Alcohol Corp., together with Far East Alcohol Corp. (founded by the late sugar businessman Romulo Kehyeng). Collectively, these companies are seeking payments from Uy's Phoenix Petroleum amounting to P646.97 million as of end April. The P646.97 million, which does not include interest yet, is equivalent to roughly $12 million at the current exchange rate. . . . . As of this writing, the outstanding payables of PPPI with the bioethanol manufacturers are as follows: URC-La Carlota, P63.20 million, due last January 2022 Far East Alcohol Corp., P43.18 million, due last March 2022 Absolut Distillers Inc., P150 million, due last June 2021 ProGreen Balayan , P204.03 million, due last June 2021 Asian Alcohol Corp. P186.56 million, due last August 2021. For a total amount of P646.97 million. . . . ." First of all, we state that the article expresses only the opinion of the columnist and does not reflect facts that may have transpired in the concerned transactions. It is one-sided without any consideration of any premises that may have led to the source of her opinion. The same article mentioned a statement made on behalf of Phoenix Petroleum and we confirm the statement of Phoenix's Sr. Vice President, Atty. Raymond T. Zorrilla, that "debt is necessary in any business in order to expand and grow it. Just like any other company, Phoenix has its own liabilities that were incurred to fuel and propel its growth". The EPAP letter which is the said source of the columnist's opinion is nothing new and as of date the matter with the concerned suppliers have progressed and negotiations are either ongoing or have been completed by the Company with the parties. In fact, Phoenix Petroleum has substantially settled some of these obligations and continues to do so until its completion. Like other businesses in the country, large or small, the challenges experienced by the Company commenced in 2020 during the slowdown in the economy brought about by the pandemic. Subsequently, operations were likewise adversely affected by geopolitical issues, specifically the war between Ukraine and Russia, that drove extreme volatility in global crude oil prices. These negative effects are felt not only by Phoenix Petroleum but all other businesses in the country and in fact, globally with no exception. These are real challenges that not only Phoenix Petroleum has had to endure in the last two and half years. While recovery is underway, it is not immediate. It has been set back by the emerging threats of a recession in developed markets fanned by sharply rising prices across the world and prevailing geopolitical risks. Despite these, we, in Phoenix Petroleum, are working tirelessly to deliver on our commitments to customers, partners, and stakeholders. We positively believe that we will overcome the headwinds like the rest of the businesses in the country. We hope we have fully clarified our position on this matter. Thank you and warm regards.

Other Relevant Information

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Filed on behalf by:

Name	Socorro Cabreros
Designation	Corporate Secretary