Entrepreneurs that demonstrated bravery, optimism, and compassion have been featured in some of the most inspiring tales from the last year. They demonstrated the necessity of finding methods to survive and thrive as a community: a real embodiment of the Bayanihan spirit as the country grapples with the pandemic’s problems.
BDO is the reliable partner for George
As a businessman, George Go had one of his worst years. Mr. Go, the owner of Canyon Woods Resort, Canyon Cove Hotel, and Canyon de Boracay, guided his teams through the trials and consequences of the Taal Volcano eruption and the COVID-19 pandemic, which forced his enterprises to close temporarily.
“We started out 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.
Mr. Go’s employees’ survival and well-being became his top priority. He sought guidance from BDO and was granted credit to meet his obligations, particularly his employees’ salary.
“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.
The Bounty Fresh Inspiration
Despite being the country’s second-largest poultry company, Bounty Fresh had to adapt to the economic downturn caused by 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.
Following a careful analysis, Chung said they decided to take out a loan from their bank to see them through the crisis until consumer demand and sales returned 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.