MANILA, Philippines - Publicly-listed Phoenix Petroleum Philippines Inc. has earmarked P500 million for its capital expenditures next year as it plans to put up over 40 retail stations all over the country.

Of the amount, about P200 million will go to network expansion, company president Dennis Uy told reporters on Thursday. The company is planning to put up 40 to 50 retail stations in the Philippines next year, particularly in the Luzon and Mindanao areas.

"We may tap the debt markets. It's a combination of debt and internal funds," Uy said, adding that the company may spend P3 million to P8 million for each station.

Phoenix Petroleum currently operates several stations in Mindanao, as well as other branches in Marikina and Fort Bonifacio. The company is expecting to complete 22 stations by year-end, bringing its total branches to 120.

"We want most of our stations to be dealer-owned and dealer-operated, compared to company-owned and dealer-operated, because the rollout is faster," Uy said.

Phoenix Petroleum's profits jumped to P598.4 million as of end-September from last year's P80.3 million.

For the third quarter alone, the company posted a 15% rise in earnings to P38.2 million from the P32.4 million recorded in the same period last year.