We can now confirm that Ferrari and Maserati's operations in the Philippines will have a new partner, and it will be the owner of the country's biggest independent fuel companies.

Earlier today a report circulated that Phoenix Petroleum's Dennis Uy has bought into the business operations of Ferrari and Maserati in the Philippines. We contacted Wellington Soong, the founder and chief executive of the distributor that handles Ferrari and Maserati, and he promptly responded to our request.

Yes, Phoenix Petroleum's Dennis Uy from Davao is indeed investing into Wellington Soong's company.

“It's a powerful strategic alliance, this new partnership,” said Soong in a phone conversation with AutoIndustriya.com.

Mr. Soong didn't reveal any more details of the business transaction between himself and Uy. He said that there will be a press conference this afternoon prior to tonight's Ferrari event in Okada, one that will see the launch of the all new Ferrari Portofino.

This is a very positive development for Wellington Soong as he personally feels the loss of two of his former brands, Jaguar and Land Rover, when the role of distributor for JLR went to another company. Soong had a very personal involvement in the management of Jaguar and Land Rover in the Philippines for 2 decades.

The influx of funding could mean only good things for Ferrari and Maserati in the Philippines as extra funding would allow them to conduct more activities to bolster the two brands in what has been a challenging year for the automotive industry.