Pepsi Cola Products Philippines Inc., the exclusive manufacturer of PepsiCo beverages in the country kept its entire workforce despite incurring a net loss in the first half amid the challenging business environment.
PCPPI president and chief executive Frederick Ong said during the recent virtual stockholders’ meeting that while the pandemic impacted the company’s operations and finances, it did not lay off any employee.
“I am proud to say that in PCPPI, no one was let go, no one had to suffer losing his job. Proudly we kept all our bravehearts, because it is with them and through them that our PCPPI will continue to succeed,” Ong said.
The company said it reduced its cost by seven percent and scaled back on its planned capital investments this year by 17 percent to remain liquid. PCPPI said that despite these measures, it was able to fully support the demands of customers and consumers and kept its stock levels intact.
“Amidst the pandemic, we at PCCPI are steadfast in achieving our goals and are poised to reach bigger milestones as we started planning for the years ahead. As the new President and CEO, my first ever priority work was to put in place our strategic agenda and growth targets, with firm emphasis on healthy financials, complete portfolio management, people development, stronger delivery on quality, productivity, health and regulatory compliance,” Ong said.
“The COVID-19 pandemic has put us all in a break, which I believe was necessary to gain introspection. And with introspection, we learned to see better. We at PCCPI are positive that we will see this pandemic through, and we will come out of it stronger with a united management, dedicated employees, and supportive partners. We know that with our resiliency as a nation, our business, the industry and our economy will eventually recover,” Ong said.
PCPPI reported a net loss of P429 million in the first half, a reversal of the P446-million net income in the same period last year.
First-half net sales also declined by 16.8 percent to P15.3 billion from P18.4 billion in the same period a year ago.
