The company has invested P20 million over the past 10 years to develop the product, called Outdrive.
EPBP president Danny Perez told reporters that based on tests they conducted, Outdrive has shown outstanding results such as a 15 to 20 percent savings on fuel consumption, increased engine power, air pollution reduction, and reduced oil frequency changes.
Perez said they will initially market the product in the Philippines through direct selling and entering strategic partnerships with local distributors. "We have started marketing it in Metro Manila and Luzon.
Flying V, the oil company run by the Villavicencio family, will initially sell the product in its gasoline stations.
"We would want Filipinos to enjoy first the benefits of this unique product before distributing it aggressively abroad," he said. "This is a 100-percent local product, developed and perfected by a US-based Filipino scientist," he pointed out.
Eventually, Perez said they would tap the international market after getting a US patent. He said they are currently in talks with companies from Malaysia, Korea, China, India, Japan, United States, Taiwan and Vietnam.
Outdrive, which would be selling at P100 per 60-ml bottle, is expected to raise about P50 million in revenues for EPBP yearly. "We hope to initially sell at least 50,000 bottles a year but we can expand it to 200,000 bottles depending on the response of the market," he said.
Though Perez declined to reveal the formula of Outdrive, he said they were able to secure the necessary approvals from the Department of Energy and the Department of Environment and Natural Resources.
He said the Philippine Chamber of Commerce and Industry has also given its support for the engine additive as the business group believes it can help solve the country’s energy and environmental problems.