BIZ BUZZ: Phoenix on the block

What a difference a change in administration can make.

During the time of former President Rodrigo Duterte, Dennis Uy stood out and was deemed a Pac-man for gobbling up all sorts of businesses, from casinos to energy, cars, telecommunications and even restaurants.

The accumulated debt has unfortunately proven too heavy to carry thus he has reversed course and is now on a selling spree.

Just recently, we reported here in Biz Buzz that Uy has struck a deal to sell Conti’s Bakeshop & Restaurant and Wendy’s Philippines to 41-year-old entrepreneur Crystal Jacinto.

But even before that deal was hatched, Biz Buzz sources say that he has been quietly selling off bits and pieces of Phoenix Petroleum, which he established in Davao in 2022.

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Stations across the country have been bought and taken over by other parties, providing Uy with needed cash and offers to buy other stations are being entertained.

At this rate, will Phoenix eventually be sold lock, stock and barrel? Abangan.