Some of the most inspiring stories in the past year are about entrepreneurs who manifested strength, optimism, and compassion. They showed us the importance of finding ways to survive and thrive together as a community: a true expression of the bayanihan spirit as the nation continues to weather the challenges of the pandemic.
A reliable partner for George
George Go faced one of his worst years as an entrepreneur. As the owner of Canyon Woods Resort, Canyon Cove Hotel, and Canyon de Boracay, Mr. Go led his teams through the challenges and impacts of the Taal Volcano eruption and the COVID-19 pandemic, which temporarily closed down his businesses.
“We started as a small construction supply business but managed to grow over the last four decades because BDO has been giving me not just extended credit but also useful advice on how to maximize the use of my loans,” he said.
For Mr. Go, the survival and welfare of his employees became the top priority. He asked BDO for advice and extended credit to allow him to pay his obligations--especially his employees’ salaries.
“I’m relieved that because of BDO’s support, I was able to update my business financials. In the past, businesses focused on revenue, but now, like us, our main goal is to survive, stay healthy, and support our people,” said Mr. Go.
Despite being the second-largest poultry business in the country, Bounty Fresh had to adjust to the economic downturn resulting from the pandemic.
“The overall economic demand collapsed due to the pandemic. In effect, this created an oversupply in many food-related industries, including poultry, where production planning takes a much longer period to adjust,” said Debbie Chung, Vice President for Finance of Bounty Fresh.
After a thorough assessment, Chung said they took the option of taking a loan from their bank that would tide them over through the crisis until consumer demand and sales went back to normal.
“BDO was able to assist us from the start of the ECQ by making all the credit lines given to us available anytime we needed them at a very reasonable interest rate,” said Chung.
Today, thanks to the continuing support from BDO, Bounty Fresh is bouncing back. BDO finds ways to assist clients to survive and thrive in both good times and bad.
These entrepreneurs’ experiences show that creativity, quick thinking, and having dependable partners are key in facing a crisis. By leveraging a reliable partnership with their bank, they were able to find solutions that met their urgent needs.