Banks back Duty Free Phils

In a meeting between Tourism Secretary Richard Gordon, Duty Free Philippines officials and DFP creditor banks, DFP got a much needed vote of confidence from its bankers.

"Duty Free Philippines has our full support," said Santiago Cua, senior executive vice president of Philippine National Bank, who attended the meeting.

Other banks expressed similar positions stating that DFP has all the means and potential to remain profitable. "We believe that DFP is a professionally managed company. Our relationship started way back 1995 and we have gone through three presidential administrations already. DFP shall continue to be a valued client of ours," United Coconut Planters Bank (UCPB) first vice president Michael de Jesus said. "Our credit experience with DFP continues to be exemplary. Accounts are current and all payments due have been made on time," he added.

DFP general manager Michael Christian Kho, in turn, extended his gratitude for the continuing confidence and support of the creditor banks and presented some of the company’s marketing campaigns lined up this year to boost sales.

"We plan to launch the ‘Salubungan sa Fiestamall’ project by the third quarter. With this free shuttle service from NAIA to Fiestamall, we shall be able to capture more if not most of the arriving travelers," Kho said.

Other promotional efforts include the ongoing Electronics de Mayo and the forthcoming Chocolates Fair. DFP is also coordinating with suppliers to conduct various exciting in-store promotions to entice customers to shop.

In anticipation of the influx of shoppers, a more rigid inventory control system has been implemented while a wider and updated variety of merchandise is demanded from suppliers. Kho also stressed that several cost cutting measures are being implemented, including the lowering of DFP’s store rentals.

The Department of Tourism (DOT) also reiterated its full support of DFP.

Gordon remarked that the DOT would assist in ensuring the profitability of DFP, as the remittance of DFP’s net earnings is "vital for the international promotion of the country’s tourist destinations." He thanked the bank officials for their support of DFP and the entire tourism industry.

Aside from PNB and UCPB, the meeting was attended by representatives from the Development Bank of the Philippines (DBP), PCI-Equitable Bank and Bank of Commerce.