State-owned Thai multinational PTT Pcl plans to open 40 fuel stations across the Philippines over the next 12 months, keeping the yearly pace of investments that will reach 500 million pesos ($9.8 million) this year.
This will expand PTT Philippines’ retail network by close to a quarter from 170 stations at the end of this year, PTT Philippines Corp president and CEO Thitiroj Rergsumran said.
“The vibrant Philippine market drives us to continue our expansion, especially in the regions.
“We are expecting to duplicate our target next year, so you could expect us to be more visible in various areas in the Philippines, especially in the provinces,” Thitiroj said.
The CEO said that for next year, the company will continue to focus on Luzon and the Visayas in terms of retail expansion.
In addition to the fuel business, PTT Philippines has also been expanding its non-oil business, specifically the Thai brand Cafe Amazon as part of the diversification of its parent company PTT Oil and Retail Business Plc.
From Thailand, Cafe Amazon has since expanded overseas, to Cambodia, Laos, Japan, Myanmar, Oman, Singapore, China and the Philippines.
Cafe Amazon has more than 2,500 stores in Thailand as well as 200 shops overseas.
In the Philippines, PTT had aimed at opening 15 new cafes this year, to add to a chain of 11 existing branches spread out in Metro Manila, Central Luzon and the Calabarzon region.
Thitiroj earlier said their expansion drive would continue on both oil and non-oil businesses.
“We are confident that we can achieve our growth because of the strong support from our head office in Thailand,” he said.
PHILIPPINE DAILY INQUIRER/ASIA NEWS NETWORK