The Filipino oil giant handed its estimated US$10 million media account to Starcom in July last year and is poised to announce which of its three business groups - corporate, lubricants and cars/LPG - the three winning agencies willbe charged with later this week.
The three were chosen from a field of six, which were narrowed to a shortlist at the beginning of the month. Another incumbent, Leo Burnett, was not picked while a third incumbent, Lowe, had missed the cut in a previous round.
The Philippines’ leading refiner reported a higher than expected net loss of 3.9 billion Philippine pesos (US$80.9 million) due to volatile crude oil prices in 2008 following a 6.4 billion peso profit in 2007.
After being taken over by San Miguel Corp, Southeast Asia’s largest F&B conglomerate, the oil giant is optimistic of regaining its profitability this year despite the global economic crisis.
Petron currently has 1,288 service stations nationwide.
