P H O E N I X Petroleum Philippines : 2021 Annual Audited Financial Statement

13 May 2022

Securities & Exchange Commission

Secretariat Building, PICC Complex

Roxas Blvd, Metro Manila

Philippine Stock Exchange

Disclosure Department

6/F PSE Tower, 28th Street corner 5th Avenue, BGC, Taguig City, Metro Manila

Philippine Dealing & Exchange Corp.

29/F, BDO Equitable Tower,

8751 Paseo de Roxas, Makati City

Attention: Hon. Vicente Graciano P. Felizmenio, Jr.

Director, Market and Securities Regulation Department

Securities & Exchange Commission

Ms. Alexandra D. Tom Wong

Officer-in-Charge, Disclosure Department

Philippine Stock Exchange

Atty. Marie Rose M. Magallen-Lirio

Head - Issuer Compliance and Disclosure Department (ICDD)

Sir and Mesdames:

We are herewith submitting our Annual Audited Financial Statement (AAFS) for the year ended December 31, 2021 in accordance with the Securities Regulation Code and the Revised Disclosure Rules.

Thank you and warm regards.

Very truly yours,

Atty. Socorro Ermac Cabreros

Corporate Secretary

FOR SEC FILING

Consolidated Financial Statements and

Independent Auditors' Report

P-H-O-E-N-I-X Petroleum Philippines, Inc. and Subsidiaries

December 31, 2021, 2020 and 2019

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd

The Board of Directors and Stockholders

P-H-O-E-N-I-X Petroleum Philippines, Inc. and Subsidiaries

Stella Hizon Reyes Road

Barrio Pampanga, Davao City

Opinion

We have audited the consolidated financial statements of P-H-O-E-N-I-X Petroleum Philippines, Inc. and subsidiaries (the Group), which comprise the consolidated statements of financial position as at December 31, 2021 and 2020, and the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the three years in the period ended December 31, 2021, and notes to consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2021 and 2020, and its consolidated financial performance and its consolidated cash flows for each of the three years in the period ended December 31, 2021 in accordance with Philippine Financial Reporting Standards (PFRS).

Basis for Opinion

We conducted our audits in accordance with Philippine Standards on Auditing (PSA). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics) together with the ethical requirements that are relevant to our audits of the consolidated financial statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.

Offices in Cavite, Cebu, Davao

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SEC Accreditation No. 0002