Professional Documents
Culture Documents
0 0 0 0 1 0 8 4 7 6
S.E.C Registration Number
P H I L I P P I N E
S E V E N
C O R P O R A T I O N
7 t h F l r . T h e C o L u m b i a T o w e r
O r t i g a s A v e. M a N d a l u y o n g C i t y
(Business Address: No. StreetCity / Town / Province)
8724-44-41 to 53
Atty. Evelyn S. Enriquez
Corporate Secretary Company Telephone Number
Contact Person
1 2 3 1 1 7 . A 0 7 3rd Thursday
Month Day FORM TYPE Month Day
Annual Meeting
ANNUAL REPORT
STAMPS
5. Philippines
Province, Country or other jurisdiction of Incorporation or Organization
th
7. 7 Floor, The ColumbiaTower,
Ortigas Ave., MandaluyongCity 1550
Address of principal office Postal Code
8. (632) 8724-4441 to 53
Registrant’s telephone number, including area code
9. Not Applicable_____________________________________
Former name, former address, and former fiscal year, if changed since last report.
10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA
Common 756,418,283
11. Are any or all of these securities listed on the Philippine Stock Exchange.
Yes x No
2
12. Check whether the registrant:
(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder or Section 11
of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the
Philippines during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports);
(b) Has been subject to such filing requirements for the past 90 days.
Yes x No
13. The aggregate market value of the voting stock held by non- affiliates of the registrant.
The aggregate market value of 250,458,112 share of common stock is Php 35,565,051,904.00 based on the bid
price of P142.00 per share as of December 27, 2019, the last transaction date for the year under review.
(a) List of leased properties for the 7-Eleven Stores operational as Corporate and under a Franchise
Agreement (Appendix “A”);
(b) Management’s Discussion and Analysis of 2019 Operations as per Item 6 of SEC Form 17-A (Appendix “B”);
(c) Audited Consolidated Financial Statements for the year end December 31, 2019 showing the financial
condition of registrant as per Item 7 of SEC Form 17-A (Appendix “C”);
(d) 2019 Sustainability Report (Appendix “D”)
3
PART I – BUSINESS AND GENERAL INFORMATION
Item 1. Business
Philippine Seven Corporation (“PSC”) was registered with the Securities and Exchange Commission (“SEC”) on November
23, 1982. It acquired from Southland Corporation (now Seven Eleven, Inc. or “SEI”) of Dallas, Texas the license to operate 7-Eleven
stores in the Philippines in December 13, 1982. Operations commenced with the opening of its first store in February 29, 1984 at the
corner of Kamias Road and EDSA Quezon City, Metro Manila. Considering the country’s economic condition at that time, the
Company grew slowly in its first few years of existence.
In July 28, 1988, PSC transferred the Philippine area license to operate 7-Eleven stores to its affiliate, Phil-Seven Properties
Corporation (“PSPC”), together with some of its store properties. In exchange thereof, PSC received 47% of PSPC stock as payment.
Concurrent with the transfer, PSC entered into a sublicensing agreement with PSPC to operate 7-Eleven stores in Metro Manila and
suburbs. As part of PSPC’s main business, it acquired or leased commercial properties and constructed retail store buildings, leasing
the buildings to PSC on long term basis together with most of the capital equipment used for store operations. In effect, PSC
concentrated on managing its stores and effectively took the role of a pure retailer.
In May 2, 1996, the stockholders of both PSC and PSPC approved the merger of the two companies to advance PSC group’s
expansion. In October 30, 1996, SEC approved the merger and PSPC was then absorbed by PSC as the surviving entity. With the
consolidation of the respective lines of business of PSC and PSPC, PSC’s retailing strengths were complemented by PSPC’s property
and franchise holdings. Their management as a single entity enhanced operational efficiency and strengthened ability to raise
capital for growth. PSC listed its shares (SEVN) in the Philippine Stock Exchange and had its initial public offering in February 04,
1998. The shares were offered at the price of P4.40 per share from its par value of P1.00 per share. In September 17, 1998, PSC
established Convenience Distribution Inc. (“CDI”), a wholly owned subsidiary, to provide logistics planning and services to its 7-
Eleven stores.
With the effectivity of the Retail Trade Liberalization Act (R.A. 8762) on March 25, 2000, foreign entities were allowed to
invest in an existing retail company subject to the requirements of the law. President Chain Store (Labuan) Holdings, Ltd. (PCSL), a
Malaysian investment holding company, purchased 119,575,008 common shares of PSC or 50.4% of PSC’s outstanding capital stock
at the price of P8.30 per share. The purchase was made under a tender offer during October 9 to November 7, 2000. PCSL is
affiliated with President Chain Store Corporation, which is also the 7-Eleven licensee in Taiwan. This provided source for technical
support to strengthen PSC’s organizational structure and operating systems and pursue store expansion plans. A new affiliate, Store
Sites Holding, Inc., was also established on November 9, 2000, as the entity to own land properties. These land properties are leased
to PSC by SSHI.
PSC’s area license to operate 7-Eleven Stores in the Philippines was renewed in August 31, 2007 for another term of 20
years, renewable every 10 years. The Renewal Area License Agreement has been approved by and registered with the Intellectual
Property Office as of September 25, 2007.
PSC initiated the establishment of PhilSeven Foundation, Inc. (PFI) in October 2, 2007 to support its corporate social
responsibility programs. PFI was granted a certificate of registration by DSWD on August 6, 2010, after completing the 2-year
operations requirement. BIR issued a certificate of registration to PFI dated December 21, 2011 recognizing PFI as a donee
institution and said certificate of registration was re-issued by BIR last August 10, 2018 which is valid for 3 years. In October 10,
2013, PFI became a member of the League of Corporate Foundations, Inc. In July 08, 2016, DSWD issued a Certificate of Registration
to PFI allowing it to expand its operations from NCR to nationwide which was renewed last April 22, 2019 and is valid for 3 years.
As of December 31, 2019, the Company has a total of 3,434 direct hires and augments its temporary needs during peak
hours or season in the stores and the support services units with cooperative members. There is no existing labor union in the
company and collective bargaining agreement. There is a PSC Employees’ Council which communicates to management the
employees concerns. There has been no strike or threat to strike from the employees for the past three years.
The Company provides supplemental benefits or incentives to its employees such as: retirement benefit plan, health card,
group life and and accident insurance plan, various employee programs and recognition of top performing employees and service
awards among others.
Recognizing the need of employees for growth, training and development programs are regularly provided by PSC across
all levels. For Senior Management and Officers, the company conducts a Leadership Academy & Mentor’s Leadership Training
Program with the objective in line with the Company’s succession planning program. In-house trainings on leadership skills,
products, basic negotiation, change management, retailer initiative and basic operating and quality assurance procedures are also
provided by the Company to employees. These are offered periodically based on annual training calendar every month or quarterly.
In-house trainings are designed to augment and develop the employees’ skills and competencies.
4
The top risks in retail industry to which PSC belongs include increase in competition, brand reputation and business
operations/supply chain continuity. Meanwhile, the main risks arising from the Company’s financial instruments are credit risk,
liquidity risk, and interest rate risk. The Audit & Risk Committee ensures the integrity of internal control activities, develops,
oversees, checks and preapproves financial management functions and systems in the areas of credit, market, liquidity, operational,
legal and other risks and crisis management. The Internal Audit Division and the External Auditor directly report to the Audit & Risk
Committee regarding the direction, scope and coordination of audit and any related activities.
At year-end, PSC is operating 2,864 stores, 1,577 of which are franchise stores and the remaining 1,287 are company-
owned stores. The store franchise contracts have an average term of 5 years each. The stores under franchise are indicated in the
store list provided in the discussion of Leases herein.
PSC continually observes the activities of competitors in the relevant market, which operate in various retail formats, all
selling typical products and services for c-stores (branded foreign/ local or generic), mini-marts, gas marts, drugstore-marts,
groceries, supermarkets (including their express or junior or smaller formats), and other hybrid stores. As part thereof, the
Corporation estimates its market share within the sector at 28% as to store count. In terms of fast moving consumer goods offered
by the aforementioned retailers, PSC accounts for 2.7% of the value sales of the market.
Entry of foreign brand C-Stores increase in 2014 and a number of other generic or hybrid stores or grocery stores including
gas marts continue to be present. PSC has forged a non-exclusive tie-up with Chevron Philippines Inc. in August 2009 for opening of
7-Eleven stores in selected Caltex gas stations and there are 102 7-Eleven Stores as of 2019.The Company continues to sustain its
leadership by putting stores in strategic locations, carrying product assortment fit for such market.
PSC responds to emerging competition through the launch of innovative products and services. The continuous
improvement of the Corporation’s supply chain shall generate further efficiencies to effectively compete with the entry of other
players in the small retail format space. The successful franchise program is another move to achieve the expansion plans and to
sustain leadership in the CVS industry. The Company continued to expand operations of its 7-Eleven Stores in Visayas and Mindanao,
and now has a total of 410 and 274 stores, respectively. PSC will continue to expand in these regions to widen its lead from
competition and further attain economies of scale.
The average number of customers that transact in the stores is about 900 to 1000 per day per store with an average
purchase transaction of at least P64.00. The stores carry a wide range of beverages, food service items, fresh foods, hot foods,
confectioneries, personal care products, groceries and innovative services. This is in line with the Company’s mission of providing
modern convenience. Also offered in the store are proprietary product lines under the 7-Eleven trademark such as but not limited
thereto:
PSC also sells its developed or own branded products/services under the following trademarks:
5
Registered for 10 years
9. CHEF CREATIONS Affordable, Chef-quality meals 22 September 2014
(16 April 2015 to 16 April 2025)
A combo promo of BigBite hotdog Registered for 10 years
10. SIKSIK MEAL DEALS 22 September 2014
or Siopao with Gulp softdrink (19 March 2015 to 19 March 2025)
Registered for 10 years
11. SOFT BITES Bread and bakery line 22 September 2014
(26 February 2015 to 26 February 2025)
Registered for 10 years
12. CITY BLENDS On-the-go premium coffee 22 September 2014
(26 February 2015 to 26 February 2025)
Registered for 10 years
13. EVERY DAY! 7-Eleven corporate tagline 22 September 2014
(22 December 16 to 22 December 26)
Provides a fun and interactive all-
Registered for 10 years
14. CLIQQ (LOGO) in-one kiosk that caters a wide 22 September 2014
(26 February 2015 to 26 February 2025)
range of services
Represents premium line for coffee Registered for 10 years
15. CITY BLENDS PRIMA 18 February 2015
product ‘City Blends’ (09 July 2015 to 09 July 2025)
Code for virtual everyday rewards Registered for 10 years
16. QQCODE 21 April 2015
card (17 September 2015 to 17 September 2025)
Registered for 10 years
17. CLIQQ (WORD MARK ) 7-Eleven’s loyalty program 08 July 2015
(10 September 2015 to 10 September 2025)
Registered for 10 years
18. FUN INTENDED 7-Eleven corporate tagline 24 July 2015
(24 September 2015 to 24 September 2025)
19. HONEST-TO-GOODNESS 7-Eleven corporate tagline for the Registered for 10 years
24 July 2015
COFFEE coffee items (17 December 2015 to 17 December 2025)
Registered for 10 years
20. LIFE’S EASIER IN A CLICK! 7-Eleven’s loyalty program 29 July 2015
(02 October 2015 to 02 October 2025)
Registered for 10 years
21. BUTTERY SOFT Soft array of breads 6 August 2015
(03 December 2015 to 03 December2025)
22. CLIQQ Registered for 10 years
7-Eleven’s loyalty program 10 April 2017
(PLAIN WORD MARK ) (29 June 2017 to 29 June 2027)
Providing multiple user wireless Registered for 10 years
23. QCODE 27 November 2017
access to the Internet (19 April 2018 to 19 April 2028)
Registered for 10 years
24. CLIQQ EXPRESS Freight and courier services 24 May 2017
(5 April 2018 to 5 April 2028
Computer application software for
mobile devices, marketing and Registered for 10 years
25. TAPOINTS 8 February 2018
promotion of rewards and (26 July 2018 to 26 July 2028)
redemption program
Ready-to-eat meals comprised
Registered for 10 years
26. CRUNCH TIME primarily of poultry, meats, sea 11 September 2018
(16 June 2019 to 16 June 2029)
foods and vegetables
Registered for 10 years
27. FLAVORITES Food seasonings, food flavoring June 7, 2019
(15 August 2019 to 15 August 2029)
Further, the products or services carried by the stores as described above are generally categorized as General
Merchandise which accounts for 76.31%, Food Service and Cup drinks for 23.69%.
The merchandise stocks are supplied by over 300 vendors/suppliers and are mostly governed by the trading terms contract
and accreditation standards of the Company. Among the largest suppliers for the products carried by the stores are San Miguel
Brewery Inc., Unilever RFM Ice Cream Inc., Pepsi - Cola Products Philippines Inc., Absolute Sales Corporation, Universal Robina
Corporation, PMFTC Inc., Nestle Philippines Inc., Monde Nissin Corp., Jolliant Rnn Corp., and Coca Cola Beverages Philippines. These
top suppliers account for 43.45% share in the 7-Eleven business.
Item 2. Properties
The following properties are company-owned, free from any lien or encumbrances, as described below:
Condominium (Owned)
TOTAL LOTAREA
DESCRIPTION LOCATION
(in square meter)
MH del Pilar Store Unit Nos. 102 & 201, Ferguson Tower, A. Flores cor. MH del Pilar & Guerrero Sts.,
151.43
Branch Ermita, Manila
All units of 7th Floor, 4 units of 11th Floor and 1 unit of 12th Floor, The Columbia Tower
Office Space 1,954.00
Ortigas Avenue, Mandaluyong City
22 parking units G/F, Basement 2 and 3, The Columbia Tower Ortigas Avenue, Mandaluyong City 325.00
6
The Company divested its land holdings to 7 parcels of land, excluding the improvements thereon, to its affiliate, Store
Sites Holding, Inc. (SSHI) at book value. SSHI was registered with SEC last November 9, 2000, initially wholly-owned by PSC. It
eventually became 40% Company-owned with the 60% investment in SSHI by Bank of Philippine Islands as trustee for PSC Employees
Retirement Fund. Anticipating foreign ownership in PSC to exceed 40%, the divestment was made to SSHI, which is 60% owned by
Filipinos and 40% by foreigners to comply with 40% foreign ownership limit for corporations allowed to hold or own land/s in the
Philippines.
As part of the normal course of business, the Company shall continue to acquire properties under lease agreement. The
Company, on a case to case basis, may consider purchase of real property for store sites or office site if there is an opportunity or
offer at a reasonable price. However, there is no capital expenditure allocation for purchase of real properties in the next twelve (12)
months.
Leases
The Company leases land or existing building shell for its establishment of 7-Eleven stores. The lease term for these
locations ranges mostly from 5 to 10 years. The numbers of locations which shall expire within the next 5 years are as follows:
Rental rates of 7-Eleven Stores vary depending on transaction type as land or building shell transaction; size of the area
being leased; site location in relation to the trade area; and the prevailing real estate market rates. The total amount of lease
payments by the Corporation is contained in the Financial Notes on Leases of the audited financial statements attached herein. The
list of leased properties for the 7-Eleven Stores operational as Corporate and under a Franchise Agreement is attached hereto as
Appendix “A”.
The Company is a party to certain litigations involving minor issues, from time to time, before the Department of Trade and
Industry, employees suing for illegal dismissal, back wages and damage claims, claims arising from store operations and as co-
respondents with manufacturers on complaints with BFAD, actions on leases for specific performance and other civil claims. The
Company also filed criminal cases against employees and other persons arising from theft, estafa and robbery; civil claims for
collection of sum of money, specific performance and damages. All such cases are in the normal course of business and are not
deemed or considered as material legal proceeding as stated in Part I, Paragraph (C) of “Annex C” of SEC checklist 17-A.
Except for the matters taken up during the Annual Stockholders’ Meeting held last July 18, 2019, there was no other
matter submitted to a vote of security holders during the period covered by this report. No other stockholders’ meeting was held for
the period ending December 31, 2019.
7
PART II - OPERATIONAL AND FINANCIAL INFORMATION
Item 5. Market for Issuer’s Common Equity and Related Stockholder Matters
Market Information
The Company’s common shares were listed in the Philippine Stock Exchange (PSE) on February 04, 1998.
The public ownership level of the Company’s shares is 33.11 % as of December 31, 2019. This is above the minimum public
ownership requirement of 10%.
The trading record of the Company’s shares as of December 31, 2019 and 2020 are as follows:
PSC considers the benefit of its shareholders as one of its priority management policies. It aims to sustain revenue stream
and progressive growth to further enhance shareholder value. PSC shall continue to return capital to shareholders through a
sustainable dividend policy. Effective 2015, the Company intends to pay at least 20% of annual net profits by way of cash dividends.
This considers future capital requirements and potential growth opportunities. The Board regularly reviews the dividend policy,
including the frequency of distribution, taking into account all of the above.
Dividends to be paid in cash by the PSC are subject to approval by a majority of the Board of Directors and no further
approval from the PSC’s shareholders is required. Dividends to be paid in the form of stock requires both the approval of a majority
of the Board of Directors and the approval of shareholders representing not less than two-thirds of PSC’s outstanding capital stock.
All dividends to be declared are subject to the approval of the SEC. There are no known restrictions to the PSC’s ability to pay
dividends on shares.
As per SEC Rules, cash dividends declared by a stock corporation must have a record date not less than 10 or more than 30
days from the date the cash dividends are declared. With respect to stock dividends, the record date shall be not less than 10 or
more than 30 days from the date of shareholders’ approval, provided however, that the set record date is not to be less than 10
trading days from receipt by the PSE of the notice of declaration of stock dividend. In the event that a stock dividend is declared in
connection with an increase in authorized capital stock, the corresponding record date is to be fixed by the SEC.
Cash dividend of Fifty Centavos (Php0.50) per share was declared and approved during the board of directors meeting last
July 18, 2019. Stockholders of record as of August 06, 2019 were entitled to said cash dividend and the corresponding cash
payments were paid to stockholders on payment date last August 16, 2019 or within 30 days from cash dividend declaration.
Total outstanding capital stock of the Corporation is 756,418,283. Likewise, there was no sale of any unregistered
securities. There is no restriction that limits the ability of the Company to pay dividends on common equity. Below is the summary of
cash and stock dividend declaration of the Corporation.
8
YEAR CASH AMOUNT STOCK NO. OF SHARES
2019 0.50 378,209,142.00 - -
2018 0.43 325,259,862.00 - -
2017 0.65 297,982,960.00 65% 297,982,960
2016 0.55 252,139,428.00 - -
2015 0.40 183,374,129.00 - -
2014 0.30 137,530,597.00 - -
2013 0.10 39,863,941.00 15% 59,795,912
2012 0.10 34,664,297.00 15% 51,996,445
2011 0.10 30,142,867.00 15% 45,214,300
2010 0.05 14,353,746.00 5% 14,353,746
2009 - - 10% 26,097,720
2008 - - 10% 23,725,200
Holders
As of December 31, 2019, there were 603 shareholders of the Company’s outstanding common shares totaling
756,418,283 shares.
The top 20 shareholders and their corresponding shareholdings as of December 31, 2019 are as follows:
Recent Sales of Unregistered or Exempt Securities, including Recent Issuance of Securities Constituting an Exempt Transaction
PSC does not have any recent sales of enregistered or exempt securities including recent issuances of securities
constituting an exempt transaction.
9
Item 7. Financial Statements
The Company’s Audited Financial Statements for the year ending December 31, 2019 is attached hereto as Appendix “C”.
Item 8. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There are no changes or disagreements with external accountants on matters concerning adoption of generally accepted
accounting practices under the Philippine Financial Reporting Standards and the corresponding reporting and disclosure
requirements.
The following table summarizes the fees paid or accrued for services provided by our external auditors for the fiscal years
ended December 31, 2019 and 2018:
2019 2018
(in millions)
Audit Fees P5.13 P4.50
Tax Fees 0.70 1.09
All Other Fees 1.09 1.17
Total P6.92 P6.76
Audit Fees. During the years 2019 and 2018, the Company had engaged the professional services of SyCip, Gorres, Velayo
& Co. (SGV). The Company incurred and accrued an aggregate audit fee of P6.92 million in 2019 for the said engagement. This
covers the annual and quarterly examination of the Company’s financial statements in accordance with the Philippine Standards on
Auditing (PSA). The auditors also provide a discussion of findings and recommendations, which is intended to improve the
Company’s accounting and reporting practices. Further, SGV also provides discussions on recent pronouncements made by the BIR
and the SEC.
Tax Services. This category refers to the tax compliance, advisory services and assistance on BIR examination rendered by
tax lawyers and consultancy firm.
All Other Fees. This consists primarily of fees for agreed-upon procedures and accounting support in connection with the
implementation of recently issued Philippine Financial Reporting Standards (PFRS) 9, 15 and 16.
The fees presented above include out-of-pocket expenses incidental to our independent auditors’ work.
The audit committee’s approval policies and procedures for external auditors are as follows:
2. For other services other than the audit of the annual financial statements.
a) The Audit Committee evaluates the necessity of the proposed services presented by Management taking into
account the following factors:
i. The impact of new tax and accounting regulations and standards.
ii. Cost and benefit of the proposed undertaking.
b) The Audit Committee approves and ensures that other services provided by the external auditor shall not be in
conflict with the functions of the external auditor for the annual audit of its financial statements.
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PART III – CONTROL AND COMPENSATION INFORMATION
The Board of Directors is responsible for the overall management and direction of the Corporation. The Board meets at
least thrice every year or as needed to review and monitor the Corporation’s financial position and operation.
The eleven (11) directors of the Company are elected at the Annual Stockholders meeting to hold office until the next
succeeding annual meeting or until their respective successors have been elected and qualified. The Chairman of the Board and the
President are separate individuals. Mr. Jose T. Pardo serves as the Chairman of the Board and Mr. Jose Victor P. Paterno serves as
President and Chief Executive Officer (CEO). The members of the Board of Directors and corporate officers of the Company as of
December 31, 2019 are the following:
1. JOSE T. PARDO
Age: 80; Nationality: Filipino; Gender: Male;
Personal Information Current Position in PSC: Chairman of the Board & Independent Director; No. of Years in PSC: 4 yrs. & 11 mos.;
First Election to the Position: Jan. 20, 2015; Last Election: July 18, 2019
Chairman & Independent Director- Philippine Seven Corporation, Philippine Stock Exchange, Philippine
Affiliations in Publicly Listed Savings Bank
Companies (PLCs) Independent Director- Synergy Grid and Development Philippines, Inc. (non-operating)
Independent Director- JG Summit Holdings, Inc.
Chairman & Independent Director- Securities Clearing Corporation of the Philippines; Bank of Commerce
Independent Director –ZNN Radio Veritas, Monte Oro Grid Resources Corporation, Araneta Hotels, Inc.,
Affiliations in Non-PLCs National Grid Corporation of the Philippines, League One Finance and Leasing Corporation, Del Monte
Philippines, Inc.
Chairman- Philippine Business Center, Inc. (non-profit)
Doctor of Humanities, Honoris Causa, Gregoria Araneta University Foundation
Observation Grant to France on Promotion and Financing of Small and Medium Scale Enterprises
Awarded a Fellowship Grant to the United States on the Development of Small Medium Scale Industries
Masters Degree in Business Administration, First Graduate under the Harvard-DLSU Advisory Program, De
La Salle University, Manila, Philippines
Bachelor of Science in Commerce, De La Salle University, Manila Philippines
Educational Background & Awards- The Outstanding Filipino (TOFIL) Award (2012); La Sallian “Masters” Award, De La Salle University
Achievements/Awards (2010); Distinguished La Sallian, De La Salle University (2006); Man of the Year Awardee 2000, Catholic
Educators Association of the Philippines (2001); Productivity Excellence in Leadership-Industry Sector, Asian
Productivity Organization Society of the Philippines (1997); Outstanding Alumnus Awardee, De La Salle
University Graduate of School of Business (1994); Papal Knight of St. Sylvester (1983); Honorary Fellow,
Asian productivity Organization, Tokyo Japan (1981); The Outstanding Young Men (TOYM) Awardee (1972);
President Roxas Memorial Award (1972); Founding Fellow, Development Academy of the Philippines (DAP);
Citation as Monetary Board Member, Central Bank of the Philippines; Outstanding Rotarian Award, Rotary
Club District 380
2. JUI-TANG CHEN
Age: 61; Nationality: R.O.C.; Gender: Male;
Personal Information Current Position in PSC: Vice Chairman & Director; No. of Years in PSC: 7 yrs. & 1 mos.;
First Election to the Position: November 13, 2012; Last Election: July 18, 2019
Vice Chairman & Director- Philippine Seven Corporation;
Affiliations in PLCs
Director- Uni-President Enterprises Corp.; President Chain Store Corporation
Chairman & President- Ren-Hui Investment Corp.
Chairman- President Lanyang Art Corporation; President Transnet Corp.; President Collect Services Corp.;
Retail Support International Corporation; Uni-President Superior Commissary Corp.; President Chain Store
(Shanghai) Ltd.; Uni-Wonder Corporation; President (Shanghai) Health Product Trading Company Ltd.;
President Chain Store (Zhejiang) Ltd.; Beauty Wonder (Zhejiang) Trading Co., Ltd; Kai Ya Food Co., Ltd.
Affiliations in Non-PLCs Director- President Drugstore Business Corporation President Being Corp.; Uni-President Department Store
Corp.; 21 Century Enterprise Co., Ltd.; Uni-President Cold-Chain Corp.; President Chain Store (BVI) Holdings,
Ltd.; PCSC (China) Drugstore Ltd. ; President Chain Store (Labuan) Holdings, Ltd.; President Chain Store
(Hong Kong) Holdings Ltd. ; Uni-President Logistics (BVI) Holdings, Ltd.; Uni-President Development Corp.;
President International Development Corp.; Nanlien International Corporation ; President Fair
Development Corp.
Educational Background &
Bachelor’s Degree in Economics, Department of Economics, National Taiwan University
Achievements/Awards
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3. JOSE VICTOR P. PATERNO
Age: 52; Nationality: Filipino; Gender: Male;
Personal Information Current Position in PSC: President/CEO and Director; No. of Years in PSC: 14rs. & 6 mos.;
First Election to the Position: June 21, 2005; Last Election: July 18, 2019
Director & CEO- Philippine Seven Corporation
Affiliations in PLCs
Independent Director – Max’s Group, Inc.
Chairman & President – Convenience Distribution, Inc.
Chairman & President – Store Sites Holding, Inc.
Chairman and Trustee- PhilSeven Foundation, Inc.
Chairman – Supply Chain Networks, Inc.
Affiliations in Non-PLCs President – First MFI Network, Inc.
Director – The Straits Wine Company, Inc.
Board Co-Chair (Retailer), ECR Philippines
VP-National Chapter Development, Philippine Franchise Association
Member- Management Association of the Philippines; Makati Business Club; Young Presidents Organization
BS Mechanical Engineering (Magna Cum Laude), Lehigh University, Bethlehem Pennsylvania, USA
Educational Background &
Achievements/Awards Awards- CEO Excel Award, International Association of Business Communicators (IABC), 2013 CEO Excel
Awards; Master Entrepreneur Award, 2012 Ernst & Young Entrepreneur of the Year Awards
4. JORGE L. ARANETA
Age:83; Nationality:Filipino; Gender:Male;
Personal Information Current Position in PSC:Director; No. of Years in PSC: 31 yrs.;
First Election to the Position:1988; Last Election:July 18, 2019
Affiliations in PLCs Director- Philippine Seven Corporation
Consul A.H. – Embassy of the Republic of Colombia
Chairman & CEO – Araneta Group
Affiliations in Non-PLCs
Chairman of the Board - Araneta Center Inc.; Progressive Development Corporation; Uniprom, Inc.;
Philippine Pizza Inc.
Bachelor of Science in Business Administration, University of the Philippines
Awards- People Asia Magazine’s 2016 People of the Year Awardee, President’s Award as Pioneer of Retail
Entertainment, Philippine Retailers Association; UP College of Business Administration 2005 Distinguished
Educational Background & Alumni Awardee; Franchisee Awardee of the Year, 2003 and 2002, Philippine Pizza, Inc.; Top 5 Best
Achievements/Awards Employer in Asia/Philippines, 2003, Hewitt Associates/Wall Street Journal/MAP; David Novak YUM Award,
2000; Plaque of Merit from Quezon City Chamber of Commerce and Industry, Inc. as Recognized Business
Leader of Quezon City; Plaque of Appreciation for Outstanding Contribution from the Consular Corps and
Diplomatic Corps of the Philippines; Plaque of Appreciation from De La Salle University on the occasion of
the establishment of the Don J. Amado Araneta Distinguished Chair of Financial Management.
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7. MICHAEL B. ZALAMEA
Age:55; Nationality:Filipino; Gender:Male;
Current Position in PSC:Independent Director; No. of Years in PSC: 14 yrs. & 6 mos.;
Personal Information
(Based on SEC MC 19,S 2016 and SEC MC 11, S. 2011, 2012 as start of count of ID Term: 8 years)
First Election to the Position:June 21, 2005; Last Election:July 18, 2019
Affiliations in PLCs Independent Director- Philippine Seven Corporation
Director- Campden Hill Advisors, Inc; Wespac Holdings, Inc; The Straits Wine Company, Inc., Vertere Global
Affiliations in Non-PLCs Solutions, Inc., Vertere Venture Capital Inc.
Trustee- The Beacon Academy
Educational Background & BS in Finance, Fordham University USA
Achievements/Awards MBA, University of Virginia
8. LIEN-TANG HSIEH
Age:59; Nationality: R.O.C.; Gender: Male;
Personal Information Current Position in PSC: Director; No. of Years in PSC: 7 yrs. & 1 mos.;
First Election to the Position: November 13, 2012; Last Election: July 18, 2019
Director- Philippine Seven Corporation
Affiliations in PLCs
Vice President- President Chain Store Corporation
Chairman – Mister Donut Taiwan Co., Ltd.; Duskin Serve Taiwan Co., Ltd.
Director- President Chain Store Tokyo Marketing Corporation; Uni-President Superior Commissary Corp.;
Affiliations in Non-PLCs
Books.com. Co., Ltd.; President Transnet Corp; President Collect Services Corp.; Uni-President Cold-Chain
Corp.; President Chain Store Good Neighbor Foundation; Ren Hui Holding Co., Ltd.
Educational Background & Bachelor’s Degree in Business Administration, Department of Business Administration, Chinese Culture
Achievements/Awards University
9. JUI-TEN HUANG
Age: 56; Nationality: R.O.C.; Gender: Male;
Personal Information Current Position in PSC: Director; No. of Years in PSC: 2yrs.& 6 mos.;
First Election to the Position: June 16, 2017; Last Election: July 18, 2019
Director-Philippine Seven Corporation
Affiliations in PLCs
President & Director – President Chain Store Corporation
Chairman – iCASH Corp.; Capital Marketing Consultant Corp.; Tait Marketing & Distribution Co., Ltd.;
President Chain Store Tokyo Marketing Corporation
President & Director –President Pharmaceutical (Hong Kong) Holdings Limited
Director- President Information Corporation; President International Development Corp.; Retail Support
Affiliations in Non-PLCs International Corporation; Uni-President Cold-Chain Corp.; Shan Dong President Yinzuo Commercial Ltd.;
Ren Hui Holding Co., Ltd.; Books.com Co., Ltd; Uni-Wonder Corporation;
President Chain Store (Shanghai) Ltd.; President Chain Store (Zhejiang) Ltd; President Chain Store (Hong
Kong) Holdings Ltd.; PCSC (China) Drugstore Ltd.; President Nisshin Corp.; President Pharmaceutical
Corporation; President Fair Development Corp.
Educational Background & Master Degree in Marketing, National Kaohsiung First University of Science and Technology
Achievements/Awards Bachelor’s Degree in Economics, Soochow University
11. WEN-CHI WU
Age: 50; Nationality: R.O.C.; Gender: Female;
Personal Information Current Position in PSC: Director; No. of Years in PSC: 11 yrs. & 5 mos.;
First Election as Director: July 17, 2008; Last Election: July 18, 2019
Director - Philippine Seven Corporation
Affiliations in PLCs
Director & Chief Financial Officer- President Chain Store Corporation
Director- Uni-President (Singapore) Pte. Ltd.
Affiliations in Non-PLCs Supervisor – Books.com Co., Ltd.; President Collect Services Corp.; President Transnet Corp; Uni-Wonder
Corporation
Educational Background &
Bachelor’s Degree in Accountancy, School of Accountancy in University of Missouri in Columbia, USA
Achievements/Awards
13
12. JUN-YA LIU
Age:39; Nationality:R.O.C.; Gender:Male;
Personal Information Current Position in PSC:Treasurer/CFO; No. of Years in PSC: 1 yr. & 5 months;
First Election to the Position:July 19, 2018; Last Election:July 18, 2019
Treasurer/CFO - Philippine Seven Corporation
Affiliations in PLCs Head of Financial Planning (2012-2018); Specialist of Financial Planning (2010-2012), and Specialist of
Long-Term Investment Management (2006-2010) - President Chain Store Corporation
Affiliations in Non-PLCs None
Educational Background & Bachelor of International Trade, University of Shih Chien, Taipei, Taiwan
Achievements/Awards Master of Science in Finance and Management – University of Exeter, UK
The Board of Directors is expected to attend board meetings held by the Corporation which is scheduled before the start
of the fiscal year. Absence of a director in more than 50% of all the regular and special meetings during his incumbency or any 12-
month period during such incumbency is a ground for his temporary disqualification in the succeeding election unless the absence is
due to serious illness, death in the immediate family or serious accident. All directors complied with attendance requirement of at
least 50% of all board meetings for the year. Below is the list of directors of PSC and their attendance to Annual Stockholders’
Meeting (ASM) and board meetings held for the fiscal year 2019.
July 18
Apr 11 Nov 18
AM PM
Director Position (Regular Board (Regular
ASM (Regular Board (Org’l Board
Mtg) Board Mtg)
Mtg) Mtg)
Chairman/
1. Jose T. Pardo
Independent Director
2. Jui-Tang Chen Vice Chairman / Director
3. Jose Victor P. Paterno President/Director
4. Jorge L. Araneta Director x x
5. Lien-Tang Hsieh Director
6. Jui-Tien Huang Director
7. Chi-Chang Lin Director
8. Maria Cristina P. Paterno Director
9. Wen-Chi Wu Director
10. Antonio Jose U. Periquet, Jr. Independent Director
11. Michael B. Zalamea Independent Director
14
b) The Executive Officers
As of December 31, 2019, the Executive Officers and Management of the Corporation are the following:
JOSE T. PARDO
Please see profile under Directors and Corporate Officers
Chairman of the Board
JUI-TANG CHEN
Please see profile under Directors and Corporate Officers
Vice Chairman of the Board
JOSE VICTOR P. PATERNO
Please see profile under Directors and Corporate Officers
President & CEO
JUN-YA LIU
Please see profile under Directors and Corporate Officers
Treasurer/CFO
YING- JUNG LEE
Please see profile under Directors and Corporate Officers
Chief Operating Officer
EVELYN SADSAD-ENRIQUEZ
Corporate Secretary; Compliance Officer Please see profile under Directors and Corporate Officers
Legal & Corporate Services Division Head
45 years of age, Filipino. He has been with PSC since 2006. He is the Treasurer and Director of Store
Sites Holding, Inc., Treasurer and Trustee of PhilSeven Foundation, Inc. and the Treasurer of
Convenience Distribution, Inc., all are subsidiaries/affiliates of PSC. He is also a Director of the
LAWRENCE M. DE LEON
Association of Certified Public Accountants in Commerce and Industry and a member of Philippine
Finance Division Head and
Institute of Certified Public Accountants. He obtained his Masters Degree in Business Administration
Investor Relations Officer
from the Ateneo Graduate School of Business and Bachelor of Science in Commerce, Major in
Accountancy from University of Santo Tomas. He is a Certified Management Accountant and also
attended the Professional Directors Program of the Institute of Corporate Directors.
55 years of age, a national of the Republic of China. He has been with PSC since 2012. He is a
Director and Executive Vice President of Convenience Distribution, Inc., a subsidiary/affiliate of PSC.
CHAO-SHUN TSENG He was the logistic planning manager and marketing management manager of President Chain
Corporate Planning Head Store Corp. and Head of Dermo-Cosmetic Division of President Pharmaceutic Corporation. He
obtained his MBA degree from National Chiao Tung University and Management Science Bachelor
from National Cheng Kung University- Transportation and Communication Management Science.
45 years of age, a national of Republic of China. He has been with PSC since 2016. He possesses 6-
MIN-CHIEH LAI year experience as a Senior Category Manager and successfully supervised stores as a District
Marketing Director Manager in President Chain Store Corporation. He completed his education at Tunghai University
on International Trade.
65 years of age, Filipino. She has been with PSC since 1983. She is a Director in Convenience
LIWAYWAY T. FERNANDEZ Distribution, Inc. and a Trustee in PhilSeven Foundation, Inc. both are subsidiaries/affiliates of PSC
Operations Director respectively. She is a graduate of Bachelor of Science in Business Administration Major in
Accountancy (Cum Laude) at Philippine Christian University.
44 years of age, Filipino. He has been with PSC since 2001. He started as a Business Development
Specialist and then Section Manager in PSC. In 2015, he became the Regional Operations Manager
ULYSSES V. BORRAL
in Mindanao before serving as Business Development Division Head. He is also a Trustee in
Business Development Division Head
PhilSeven Foundation, Inc., a subsidiary/affiliate of PSC. He obtained his Bachelor’s Degree in
Marketing from Polytechnic University of the Philippines.
45 years of age, Filipino. He has been with PSC since 2005. He was the Business Development
Division Head in PSC before serving as Regional Operations Head-Visayas. He is the Committee
Head/member of the Philippine Franchising Association and a member of Certified Franchise
Executive Alumni Association. He obtained his Bachelor’s Degree in Commerce, Major in Marketing,
FRANCIS S. MEDINA
from San Beda College Manila. He completed the Financial Leadership Program at The Wharton
Regional Operations Head – Visayas
School, The University of Pennsylvania, Marketing Leadership Program at the Kellogs School of
Management, Northwestern University and Executive Leadership Program at the Cornell
Univeresity. He also completed the Certified Franchise Executive Program by the Phil. Franchise
Association.
GIL M. ABAD 55 years of age, Filipino. He has been with PSC since 1988. He obtained his Bachelor’s Degree in
Regional Operations Head – Mindanao Civil Engineering, from Far Eastern University.
53 years of age, Filipino. He has been with PSC since 2004. He is a Director of Philippine Consumer
JOSE C. ANG, JR. Centric Trade Association, Inc. (PCCTAI) formerly PASI. He is also a member of National Masters &
General Merchandise Division Head Senior Athletics Association of the Philippines. He is a BS Electrical Engineering graduate at
Adamson University.
ARMI A. CAGASAN 44 years of age, Filipino. She has been with PSC since 1999. She is a graduate of Bachelor of Science
Strategic Merchandise Division Head in Industrial Engineering at University of Santo Tomas.
67 years of age, Filipino. He has been with PSC since 1984. He is a Director and Vice President of
EDUARDO P. BATACLAN Convenience Distribution, Inc., a subsidiary/affiliate of PSC. He obtained his Bachelor of Science
Procurement Division Head Degree in Mass Communication Major in Broadcast Communication from the University of the
Philipines.
15
58 years of age, Filipino. She has been with PSC since 1984. She is the Chairperson of the
VIOLETA B. APOLINARIO Management Committee of PhilSeven Foundation, Inc., a subsidiary/affiliate of PSC. She is a
Human Resources and Administration Division member of People Management Association of the Philippines, HR Foodlink and Philippine Society
Head for Training and Development. She obtained her Bachelor of Arts Degree in English (Cum Laude)
from Tanauan Institute.
JASON JAN NGO 44 years of age, Filipino. He has been with PSC since 1999. He obtained his Masters in Business
Information Technology Division Head Administration (Regis Program) at the Ateneo Graduate School of Business. He also obtained his
for Digital Business degree of Bachelor of Science in Management Engineering from Ateneo de Manila University.
43 years of age, Filipino. He has been with PSC since 2019. He has previously worked with Ramcar
ARVIN S. REYES Food Group and Accenture. He is a B.S. Management Engineering graduate from the Ateneo de
Information Technology Division Head Manila University and holds a Masters degree from University of New South Wales, Sydney
Australia.
VINCENT ANGELO DELA CRUZ 46 years of age, Filipino. He has been with PSC since 2018. He was previously the Marketing Head
Marketing Communications Division Head of Lenovo Phils., Sales and Marketing Manager of Sony Phils, and Brand Marketing Head for San
Miguel Corporation. He is a BA Journalism graduate from the University of the Philippines.
56 years of age, Filipino. She has been with PSC since 2005. She was the manager of MIS Business
System of PSC before serving as Internal Audit Division Manager. She is a member of Philippine
MARIA CELINA D. DE GUZMAN
Institute of Certified Public Accountants, Institute of Internal Auditors and Association of Certified
Internal Audit Unit Manager
Fraud Examiners and Information Systems Audit and Control Association. She obtained her
Bachelor’s Degree in Accountancy (Cum Laude) at Polytechnic University of the Philippines.
c) Significant Employees
Other than aforementioned Directors and Executive Officers identified in the item on Directors and Executive Officers in
this Annual Report, there are no other employees of the Company who may have a significant influence in the Company’s major
and/or strategic planning and decision-making.
d) Family Relationships
Mr. Jose Victor P. Paterno, President & CEO of PSC is the concurrent Chairman and President of Convenience Distribution,
Inc. (CDI), a wholly owned subsidiary of PSC. He is the nephew of PSC Chairman of the Board & Independent Director, Mr. Jose T.
Pardo. Mr. Paterno is also the brother of PSC Director Ms. Maria Cristina P. Paterno.
Ms. Maria Cristina P. Paterno, a Director of PSC is the niece of PSC Chairman of the Board & Independent Director, Mr.
Jose T. Pardo. She is also the sister of PSC President & CEO, Mr. Jose Victor P. Paterno.
e) Litigation
To the knowledge and/or information of the Company, the present members of its Board of Directors, the present
members of the Board of Directors and its Corporate Officers has not been involved in or the subject of, during the past five (5) years
upto the latest date, any of the following events that is material to an evaluation of his ability or integrity to serve PSC: a) bankruptcy
petition; b) conviction by final judgment in a criminal proceeding; c) order, judgment or decree barring, suspending, or limiting
involvement in any type of business, securities, commodities, or banking activities; d) judgement for violation of a securities or
commodities law or regulation; e) violation of the Revised Corporation Code
The Company is a party to certain litigations involving minor issues, from time to time, before the Department of Trade
and Industry, employees suing for illegal dismissal, back wages and damage claims, claims arising from store operations and as co-
respondents with manufacturers on complaints with BFAD, actions on leases for specific performance and other civil claims. The
Company also filed criminal cases against employees and other persons arising from theft, estafa and robbery; civil claims for
collection of sum of money, specific performance and damages. All such cases are in the normal course of business and are not
deemed or considered as material legal proceeding as stated in Part I, Paragraph (C) of “Annex C” of SEC checklist 17-A.
g) Qualification of Directors
To the knowledge and/or information of the Company, the above-named directors have all the qualifications and none of
the disqualifications as provided in the Company’s Manual on Corporate Governancethe revised Securities Regulation Code and the
Revised Corporation Code.
The Company (or “PSC”) executed a licensing agreement with Seven Eleven, Inc. (SEI), of Texas, USA granting the exclusive
right to use the 7-Eleven System in the Philippines and the Company pays, among others, royalty fee to SEI. SEI is also a stockholder
in PSC and holds 0.39% of PSC’s outstanding stocks.
16
PSC has transactions with PhilSeven Foundation, Inc. (PFI), a foundation with common key management of the Company.
PSC has a MOU with PFI whereby the latter implements the corporate social responsibility programs of PSC in the communities
where its 7-Eleven stores are located. The MOU also provides the pledge of PSC to allocate ½ of 1% of its net income before tax to
support PFI’s programs to be released in quarterly tranches based on specific approved programs not exceeding annual limit.
The Company has a contract for logistics services with Convenience Distribution Inc. (CDI), a wholly-owned subsidiary. The
Chairman of the Board and President of CDI, Mr. Jose Victor Paterno, is also the President & CEO of PSC.
Store Sites Holdings, Inc. is a landholding company affiliated with PSC and it leases on long term basis 7 parcels of land to
PSC for its operation of 7-Eleven Stores.
The Company, from time to time, makes purchases of equipment from President Chain Store Corporation (and its
subsidiaries/affiliates), which is the parent company of President Chain Store (Labuan) Holding Ltd., holding 52.22% of PSC’s
outstanding shares. Certain products are also purchased from Uni- President Corporation, which is the parent company of President
Chain Store Corporation.
The Company have lease and/or sublease agreements with Progressive Development Corporation for commercial spaces
in excess of the requirements of the Company for its 7-Eleven stores. Mr. Jorge L. Araneta, a director of the Company, is the
Chairman and President of Progressive Development Corporation (owner of Pizza Hut Philippine Franchise).
In addition to the preceding paragraphs, the related party transactions are described in detail pursuant to the disclosure
requirements prescribed by the SEC. Related party transactions refers to a transfer or resources, services, or obligations between
the Company and a related party, regardless of whether a pice is charged. It should be interpreted broadly to include not only
transactions that are entered into with related parties, but also outstanding transactions that are entered into with an unrelated
party that subsequently becomes a related party.
On October 24, 2019, the Audit & Risk Committee (ARC) and the Executive Committee approved the Company’s Policy on
Material Related Party Transactions (MRPT) to comply with the SEC Rules on Material Party Transactions for Publicly Listed
Companies. The policy establishes the review, approval and reporting of MRPTs which may be entered into between or among PSC
or any of its subsidiaries, affiliates, directors, officers and other related parties. Under the policy, MRPTs are reviewed by the ARC
and approved by the Board. The policy also sets the materiality threshold for MRPT at 10% of the total consolidated assets of the
Company based on its latest Audited Financial Statement.
The following related party transactions are classified as normal in the ordinary course of business. The commercial terms
covering the said transactions are done on an arms length basis and are priced in such a manner similar to what independent parties
would normally agree with. The discussion on this item can be correlated with Note 25, Related Party Transactions, of the Notes to
the 2019 Audited Consolidated Financial Statements of the Company.
a. PSC and CDI have transactions with PFI, a foundation with common key management of the Group, consisting of
donations and noninterest bearing advances pertaining primarily to salaries, taxes and other operating expenses
initially paid by PSC for PFI. Donations payable to PFI is presented under “Others” in the “Other current liabilities” in
the consolidated balance sheets.
Balances arising from the foregoing transactions with related parties are as follows:
17
b. As at December 31, 2019 and 2018, the Company’s defined benefit retirement fund has investments in shares of
stock of the Parent Company with a cost of P
=122,417. The retirement benefit fund earned a gain arising from changes
in market prices amounting to P
=1,395,162 and P=3,105,240 in 2019 and 2018, respectively.
The directors of the Company are elected at the Annual Stockholders’ Meeting to hold office for one (1) year and until
their respective successors have been elected and qualified.
j) Independent Directors
The independent directors of the Company as of December 31, 2019 are Mr. Jose T. Pardo, Mr. Michael B. Zalamea and
Mr. Antonio Jose U. Periquet, Jr., they are not officers or substantial shareholders of Philippine Seven Corporation nor are they the
directors or officers of its related companies. Their shareholdings in the Corporation are less than 2% of the Corporation’s
outstanding capital stock pursuant to Section 38 of the SRC. A brief description of the business experiences of Mr. Jose T. Pardo, Mr.
Michael B. Zalamea and Mr. Antonio Jose U. Periquet, Jr. is included in Item 9 Part III of this report.
Nomination Procedure:
a) A stockholder may recommend the nomination of a director to the Corporate Governance Committee;
b) The nominating stockholder shall submit his proposed nomination in writing to the Corporate Governance
Committee, together with the acceptance and conformity of the would-be nominee;
c) The Corporate Governance Committee shall screen the nominations of directors in accordance with existing laws
and regulations and Corporation policies prior to the stockholders’ meeting and come up with the Final List of
Candidates.
d) Only nominees whose names appear in the Final List of Candidates shall be eligible for election as Independent
Director.
k) Board Committees
The Audit & Risk Committee performs its role by providing independent oversight to the Board of Directors. The purpose
of the Committee is to provide a structured, systematic oversight of the organization’s governance, risk management and internal
control practices. The Committee assists the board and management by providing advice and guidance on the adequacy of PSC’s
initiatives for:
In broad terms, the Audit & Risk Committee reviews each items noted above and provides the board with independent
advice and guidance regarding the adequacy and effectiveness of management’s practices and potential improvements to those
practices.
Further to our compliance with applicable corporate governance laws and rules, we confirm for the year 2019 that:
1. An independent director chairs the Audit & Risk Committee, three (3) out of the four members of the Committee are
independent directors.
2. The Committee had two (2) meetings during the year. The meetings of the Committee are designed to facilitate and
encourage communication among the Committee, the Company, the Company’s internal audit function and the
Company’s independent auditor. The Committee in its meetings, reviewed and approved all audit and review services
provided by external auditor, SGV & Co., to PSC, and the related fees for such services;
18
3. According to its charter, the primary purpose of the Committee is to assist the Board of Directors in fulfilling its
oversight responsibility for the financial reporting process, t h e system of internal control, t h e
m a i n t e n a n c e o f a n e f f e c t i v e audit process, and monitoring of compliance with applicable legal and
regulatory matters.
4. The Committee provides oversight over Management’s activities in managing credit, market, liquidity, operational,
legal and other risks of the Corporation. This function shall include regular receipt from Management of
information on risk exposures and risk management activities. The Committee also monitors and evaluates the
adequacy and effectiveness of the Corporation’s internal control system, including financial reporting control and
information technology security.
5. The Audit & Risk Committee oversees the Company’s financial reporting process on behalf of the Board of Directors.
The Company’s management has the primary responsibility for the financial statements, for maintaining effective
internal control over financial reporting, and for assessing the effectiveness of internal control over financial
reporting.
6. The Committee discussed with SGV & Co. all the items required to be discussed by the prevailing applicable Auditing
Standard, including the required communications to the Audit & Risk Committee on the responsibilities under
Philippine Standards in Auditing, the confirmation of independence of SGV & Co. from PSC and its subsidiaries and
PSC's management as required by the applicable Independence Standards (Statement of Independence), and fraud
inquiry which SGV & Co. confirmed that it is not aware of any matters that require communication;
7. As part of its oversight responsibilities, the Committee reviewed and discussed the audited financial statements of
PSC and the consolidated audited financial statements of PSC and its subsidiaries as of and for the year ended
December 31, 2019 with the PSC’s management and with SGV. SGV has expressed its opinion on PSC’s conformity
with Philippine Financial Reporting Standards (PFRS);
8. Based on the foregoing but subject to the limitations of the Committee’s role as encompassed in our Audit & Risk
Committee Charter, the Committee recommended for approval the audited financial statements of PSC and the
consolidated audited financial statements of PSC and its subsidiaries for the year ended December 31, 2019 to the
Executive Committee and/or the Board of Directors. The Executive Committee, having authority to act during
intervals of Board meetings, approved the same.
Meeting Attendance
Audit & Risk Committee
February 07, 2019 October 24, 2019
1. Antonio Jose U. Periquet, Jr. Chairman & Independent Director
2. Jose T. Pardo Member & Independent Director
3. Michael B. Zalamea Member & Independent Director
4. Jose Victor P. Paterno Member
Compensation Committee
The Compensation Committee consists of 3 directors as voting members, one of whom is an independent director.
It also has 2 non-voting members. The functions of the Compensation Committee are enumerated as follows:
a. Establish a formal and transparent procedure for developing a policy on remuneration of directors and officers to
ensure that their compensation is consistent with the Corporation’s culture, strategy, and the business environment
on which it operates;
b. Ensure that the levels of remuneration of the Corporation should be sufficient to be able to attract and retain the
services of qualified and competent directors and officers. A portion of the remuneration of executive directors may
be structured or be based on corporate and individual performance. The Board shall look into the alignment of
remuneration of key officers and board members with the long-term interest of the Corporation. No director shall
participate in the approval of his compensation except for uniform compensation to directors for their services as
directors. Directors shall not receive any compensation unless provided in the By-laws of the Corporation or approved
by the stockholders as may be required in its By-laws. However, the Board may, from time to time, approve a
reasonable per diem that a director may receive for attendance in Board and Board Committee meetings.
19
c. Oversee and assist the development of the corporate compensation and retirement standards for directors and
corporate officers, consistent with the Corporation’s culture, strategy and the business environment in which it
operates;
d. Review and recommends subject to approval of the Board of Directors or the Executive Committee as authorized by
the Board, the retirement benefit, gratuity grant, director’s fee and per diem for the chairman of the board,
independent directors, directors, members of board committees, corporate officers, executive officers and other
designated officers or subordinate officers, and adviser/consultant for every board or committee meeting actually
attended.
Meeting Attendance
Compensation Committee
July 18, 2019
1. Wen-Chi Wu Chairman
2. Michael B. Zalamea Member & Independent Director
3. Jose Victor P. Paterno Member & Independent Director
4. Jun-Ya Liu Non- Voting Member
5. Ying-Jung Lee Non-Voting Member
The Committee is composed of 4 directors as voting members, 3 of whom are independent directors. It also has 1 non-
voting member. The functions of the Compensation Committee are enumerated as follows:
A. Governance Functions
1. Oversee the development and implementation of corporate governance framework and periodically reviews the
same to ensure that it remains appropriate in light of material changes to the Corporation’s size, complexity and
business strategy, as well as its business and regulatory environments; Adopt corporate governance policies and
ensures that these are reviewed and updated regularly, and implemented in form and substance;
3. Oversee periodic performance evaluation of the Board, its committees, and the directors through annual self-
assessments. Discuss the results of the Board evaluation and that concrete action plans are developed and
implemented to address the identified areas for improvement.
B. Nomination Functions
1. Determine the nomination and election process for the Corporation’s directors and define the general profile of
board members that the Corporation may need in ensuring appropriate knowledge, competencies and experience
that complement the existing skills of the Board.
2. Review and evaluate the qualifications of all persons nominated to the Board and other appointments that require
Board approval, and to assess the effectiveness of the Board’s processes and procedures in the election or
replacement of directors;
To follow the nomination procedures for directors as provided by regulatory agencies.
20
Item 10. Executive Compensation
For the calendar years December 31, 2019 and 2018, the total salaries, allowances and bonuses paid to the directors and
executive officers are as follows:
(a) (b) (c) (d) (e)
Name/Position Year Salaries Bonus Others
CEO & Top 4
Jose Victor P. Paterno
President & CEO
Jose Ang, Jr.
General Merchandise Division Head
Liwayway Fernandez
Operations Director
Francis S. Medina
Regional Operations Head - Visayas
Jason Jan Ngo
Information Technology Division Head
for Digital Business
Estimated compensation of director and executive officers for the ensuing year.
Compensation of Directors
The Company has certain standard arrangements with respect to compensation and profit sharing. Per diems of
P 20,000.00 (Philippine Peso) or equivalent of USD380.00 (US Dollars) net of taxes (as may be fixed by the Compensation
Committee from time to time) are given to each of the members of the board of directors, members of board committees,
designated corporate/executive officers, members of advisory committee or adviser/consultant for every regular or special meeting
of the Board, Executive Committee, Board Committees and other related corporate meetings actually attended, either physically or
by teleconferencing/videoconferencing.
The Company has a policy on Directors Fee and Gratuity for the office of the Chairman of the Board as approved by the
Compensation Committee. A monthly director’s fee shall be provided for the position of Chairman of the Board as determined by
the Compensation Committee, from time to time, as concurred by the Board and/or the Executive Committee. Additional directors’
fee (gratuity) shall be given upon the occurrence of any of the following: a) End of term of office and not accepting reappointment
(except due to removal); b) Incapacity; c) Resignation due to any of the above; d) Death, which shall be equivalent to 1 month of the
Chairman’s prevailing monthly directors’ fee for every year or term in office.
The company updated its policy to provide guidelines for director’s fee to be provided to Independent Directors. As a
director and member of the Board, the Independent Director shall be entitled to an annual director’s fee of P 200,000.00. If he is a
Chairman of any Board Committees, the Independent Director shall be entiled to an annual director’s fee of P 200, 000.00, and if a
member of any Board Committees, the Independent Director shall be entitled to an annual director’s fee of P 100,000.00.
In addition to per diems, profit sharing is provided in the Code of By-laws in an amount not exceeding 15% of the net
profits of the Corporation (after tax), which shall be distributed to the members of the Board of Directors and Executive Committee
members and officers of the Corporation in such amounts and manner as the Board may determine. Profit share not exceeding 15%
of net profits after tax of the Corporation shall be submitted to stockholders for approval. The last profit sharing in 1996 was set at
5% of net income after tax thereon. The directors and the executive officers did not receive any profit sharing in the years after
1996. In 2009, target incentive and annual performance bonus were granted to management, the officers and support personnel
based on achievement of the target rate for pre-tax income for the year as set in the annual plan and budget. These are provided to
regular employees and executive officers of the Corporation.
There are no existing options, warrants or stock plan arrangements and none are held by the directors, executive and
corporate officers of the Corporation after the Employee Stock Purchase Plan (ESPP) granted to employees as part of the Company’s
initial public offering in 1998.
21
Item 11. Security Ownership of Certain Beneficial Owners and Management
As of December 31, 2019 the following are the record and beneficial owners of more than 5% of registrant’s voting securities:
Relationships of Percent of
Amount and
the record owner’s Outstanding
Title of Name and Address of Record/Beneficial Nature of Record/
Citizenship representative with Common
Class Owner Beneficial
the issuer and said Stock as of
Ownership
owner December 31, 2019
President Chain Store (Labuan) Holding, Ltd.1
Malaysian Stockholder 394,970,516 (R) 52.22%
Common 7(E), Main Tower, Financial Park, Labuan, Malaysia
Arisaig Asia Consumer Fund Limited4
Craigmuir Chambers, P.O. Box 71 Road Town,
Common BVI Stockholder 79,233,591 10.47%
Tortola
British Virgin Islands
Jose Victor P. Paterno3
16,472,569 (R) 2.18%
Common and siblings President/CEO/Dire
Filipino 39,484,334 (B) 5.22%
7th Floor, The Columbia Tower, Ortigas Avenue, ctor /Stockholder
55,956,903 7.40%
Mandaluyong City
Asian Holdings Corporation 2
4th Floor, Uni-Oil Bldg., Commerce Ave. cor. Acacia
Filipino Stockholder 48,933,972 (R) 6.47%
Common St., Madrigal Business Park, Ayala Alabang,
Muntinlupa City
Footnotes:
1
Mr. Jui-Tang Chen of President Chain Store (Labuan) Holding, Ltd. has the voting power in behalf of the Corporation
2
Ms. Elizabeth Orbeta or Ms. Diana Pardo-Aguilar has the voting power in behalf of Asian Holdings Corporation
3
Mr. Jose Victor P. Paterno has the power of attorney to vote the 39,484,334-shares of his siblings: Maria Cristina Paterno-13,200,074; Paz Pilar P. Benares – 8,182,368; Ma.
Elena P. Locsin- 11,488,181; Ma. Teresa P. Dickinson – 6,613,711
4
Ms. Rebecca Lewis of Arisaig Asia Consumer Fund Limited has the voting power in behalf of the Corporation
Mr. Jose Victor P. Paterno, Director and President/CEO, has the power of attorney for 39,484,334 shares or 5.22%
owned/registered in the name of his siblings: Maria Cristina Paterno – 13,200,074shares, Paz Pilar P. Benares – 8,182,368shares, Ma.
Elena P. Locsin – 11,488,181 shares, and Ma. Theresa P. Dickinson – 6,613,711 shares.
22
Item 12. Certain Relationships and Related Transactions
The Company (or “PSC”) executed a licensing agreement with Seven Eleven, Inc. (SEI), of Texas, USA granting the exclusive
right to use the 7-Eleven System in the Philippines and the Company pays, among others, royalty fee to SEI. SEI is also a stockholder
in PSC and holds 0.39% of PSC’s outstanding stocks.
PSC has transactions with PhilSeven Foundation, Inc. (PFI), a foundation with common key management of the Company.
PSC has a MOU with PFI whereby the latter implements the corporate social responsibility programs of PSC in the communities
where its 7-Eleven stores are located. The MOU also provides the pledge of PSC to allocate ½ of 1% of its net income before tax to
support PFI’s programs to be released in quarterly tranches based on specific approved programs not exceeding annual limit.
The Company has a contract for logistics services with Convenience Distribution Inc. (CDI), a wholly-owned subsidiary. The
Chairman of the Board and President of CDI, Mr. Jose Victor Paterno, is also the President & CEO of PSC.
Store Sites Holdings, Inc. is a landholding company affiliated with PSC and it leases on long term basis 7 parcels of land to
PSC for its operation of 7-Eleven Stores.
The Company, from time to time, makes purchases of equipment from President Chain Store Corporation (and its
subsidiaries/affiliates), which is the parent company of President Chain Store (Labuan) Holding Ltd., holding 52.22% of PSC’s
outstanding shares. Certain products are also purchased from Uni- President Corporation, which is the parent company of President
Chain Store Corporation.
The Company have lease and/or sublease agreements with Progressive Development Corporation for commercial spaces
in excess of the requirements of the Company for its 7-Eleven stores. Mr. Jorge L. Araneta, a director of the Company, is the
Chairman and President of Progressive Development Corporation (owner of Pizza Hut Philippine Franchise).
In addition to the preceding paragraphs, the related party transactions are described in detail pursuant to the disclosure
requirements prescribed by the SEC. Related party transactions refers to a transfer or resources, services, or obligations between
the Company and a related party, regardless of whether a pice is charged. It should be interpreted broadly to include not only
transactions that are entered into with related parties, but also outstanding transactions that are entered into with an unrelated
party that subsequently becomes a related party.
On October 24, 2019, the Audit & Risk Committee approved the Company’s Policy on Material Related Party Transactions
(MRPT) to comply with the provisions of the Rules on Material Party Transactions for Publicly Listed Companies of the SEC. The
policy establishes the review, approval and reporting of MRPTs which may be entered into between or among PSC or any of its
subsidiaries, affiliates, directors, officers and other related parties. Under the policy, MRPTs are reviewed by the ARC and approved
by the Board. The policy also sets the materiality threshold for MRPT at 10% of the total consolidated assets of the Company based
on its latest Audited Financial Statement.
The following related party transactions are classified as normal in the ordinary course of business. The commercial terms
covering the said transactions are done on an arms length basis and are priced in such a manner similar to what independent parties
would normally agree with. The discussion on this item can be correlated with Note 25, Related Party Transactions, of the Notes to
the 2019 Audited Consolidated Financial Statements of the Company.
a. PSC and CDI have transactions with PFI, a foundation with common key management of the Group, consisting of
donations and noninterest bearing advances pertaining primarily to salaries, taxes and other operating expenses
initially paid by PSC for PFI. Donations payable to PFI is presented under “Others” in the “Other current liabilities” in
the consolidated balance sheets.
23
Balances arising from the foregoing transactions with related parties are as follows:
b. As at December 31, 2019 and 2018, the Company’s defined benefit retirement fund has investments in shares of
stock of the Parent Company with a cost of P
=122,417. The retirement benefit fund earned a gain arising from changes
in market prices amounting to P
=1,395,162 and P=3,105,240 in 2019 and 2018, respectively.
PSC commit themselves to the fundamental principles of sound corporate governance contained in its Revised Manual of
Corporate Governance (“Manual”) as amended as of May 31, 2017 pursuant to SEC MC.No. 19, S. 2016, and acknowledged that the
same shall guide them in the attainment of corporate goals.
The core values of teamwork, reliability, customer-focus and data driven are PSC’s guiding principles in its efforts to create
corporate governance awareness within the organization
PSC’s Board conducts and accomplishes self-rating surveys annually. The assessments are utilized as a vital tool for
maximizing their effectiveness, which will aid the company in identifying key issues necessary to facilitate the development and
monitor the performance of the company. The results of assessment are compiled by the Compliance Officer and are reported
during the Corporate Governance Committee meeting.
The Board’s performance is measured through a rating of 1- Not Performing to 5- Outstanding Performance. They are
asked to evaluate the Board’s meeting procedures, preparation for meetings, monitoring of company performance and key
issues/trends affecting the company among others. Meanwhile, Directors also assess their individual performance through
answering a self- assessment survey with 31 questions. Rating is either SA - Strongly Agree, A - Agree, N - Neither Agree Nor
Disagree, D – Disagree and SD - Strongly Disagree.
PSC’s officers are also active members of Good Governance Advocates and Practitioners of the Philippines (GGAPP) to
further promote good governance. PSC joined the GGAPP Forum with theme “Good Governance Convergences”, it was held last
October 16, 2019 at the SMX Aura.
Other details of PSC’s Corporate Governance practices can be seen in the Company website
www.7-eleven.com.ph
24
PART V – EXHIBITS AND SCHEDULES
April 11, 2019 Item 9: Annual Meeting Date and Record Date
April 11, 2019 Item 9: Results for the fourth quarter and twelve months ended December 31, 2018
May 09, 2019 Item 9: Amendment on Date of Closure of Stock & Transfer Books
May 10, 2019 Item 9: Unaudited Results for the first quarter ended March 31, 2019
August 14, 2019 Item 9: Unaudited Results for the second quarter and first half ended June 30, 2019
November 14, 2019 Item 9: Unaudited Results for the third quarter and nine-months ended September 30, 2019
25
SIGNATURES
Pursuant to the requirements of Section 17 of the SRC and Section 141 of the Corporation
Code, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Mandaluyong on February 21, 2020.
Pursuant to the requirements of the Securities Regulation Code, this annual report has
been signed by the following persons in the capabilities and on the dates indicated.
By:
NAME T.I.N.
15 32 Maypajo^^ J.P. Rizal St., cor. Ambini St., Maypajo, Caloocan City
31 60 Cainta Junction^^ A. Bonifacio St., cor. Ortigas Ave., Ext., Cainta, Rizal
1
# Store Name Address
51 91 San Pedro1^^ Maharlika St. cor. National Highway, San Pedro, Laguna
53 96 San Pedro2 A. Mabini St. cor. Garcia St. San Pedro, Laguna
59 102 Hermosa J. Abad Santos Ave., cor. Hermosa St., Tondo, Manila
60 104 Kabihasnan^^ Unang Hakbang St., cor. Luzon Ave., Galas, Q.C.
62 105 Lower Bicutan Gen. Santos Avenue cor. M.L. Quezon St., Lower Bicutan
63 106 Tamaraw Hills Mc Arthur Hi-way cor. Tamarraw Hills, Marulas, Valenzuela
67 112 San Pablo1^^ Rizal Ave., cor. A. Flores St., San Pablo City
71 118 GMA Gov. Drive nr. cor. GMA Drive, Dasmariñas, Cavite
74 121 Pulang Lupa Quirino Ave., cor. Naga Rd., Pulang Lupa, Las Piñas
2
# Store Name Address
77 125 JP Ramoy Quirino Highway cor. J.P. Ramoy, Barrio Talipapa, Novaliches, Q.C.
79 127 Tatlong Hari Rizal Blvd. nr. cor. Tatlong Hari St., Sta. Rosa, Laguna
81 128 Los Baños^^ Batong Malaki National Highway, Los Baños, Laguna
82 130 Binakayan^^ Gen. Tirona Highway cor. Bisita St., Binakayan, Kawit, Cavite
83 131 Lipa Highway G/F Big Ben Complex, Pres. Laurel Hi-way, Lipa, Batangas
84 132 Trece^^ Gov. Drive cor. Indang, Tanza Rd., Trece Martirez, Cavite
85 134 Molave Marikina^^ Bayan bayanan Ave. cor. Molave St., Concepcion, Marikina
87 136 Apalit^^ San Vicente cor. David St., Mc Arthur Hi-way, Apalit, Pampanga
88 137 San Pedro 3^^ Pacita cor. Macaria Ave., San Pedro, Laguna
89 141 Camarin Blk 1 Lot 18 & 20 Camarin cor. Susano Rd., Caloocan City
90 142 Tanza Sta. Cruz cor. San Agustine Poblacion , Tanza, Cavite
91 144 Rev. Aglipay** Boni Ave., cor. A.T. Reyes Aglipay, Mandaluyong City
92 145 Naic^^ Poblete St., cor. Nazareno St., Poblacion, Naic, Cavite
97 153 Paco 2 Pedro Gil St. cor. Main St., Paco, Manila
99 155 Onyx** A. Francisco cor. Onyx and Concha Sts., Sta. Ana, Manila
100 156 Guadalupe 2^^ Sgt. Yabut nr. cor. Anastasio St., Guadalupe, Makati
102 160 San Bartolome^^ M. Dela Cruz cor. Quirino Highway, Novaliches, Q.C.
103 162 San Fernando1 B. Mendoza cor. Tiomico St., San Fernando, Pampanga
104 165 Superlines** EDSA nr. cor. New York St., Cubao, Q.C.
106 167 Jupiter^^ Makati Ave., cor. Gil Puyat Ave., Makati
110 176 Farmers Space 1&2, 2nd Level New Farmers Plaza, Cubao, Q.C.
111 180 Batangas City P. Burgos Ave. cor. P. Panganiban St., Batangas
112 184 D.Jose Rizal Ave. cor. D. Jose, Sta. Cruz, Manila
3
# Store Name Address
114 187 Virra** P. Burgos Ave. cor. Dapo St., Makati City
117 198 Matalino Matalino St. cor. Malakas St., Diliman, Q.C.
122 199 Rizal Med Pasig Blvd. cor. Banaag, Pineda, Pasig City
127 206 Zapote Junction Alabang Zapote Road cor. F. Santos, Las Piñas
128 212 Lemery^^ Ilustre Ave., nr. cor., P. Burgos St., Lemery, Batangas
129 210 Session2^^ G/F B - 105 Lpez Bldg., Session Rd., Baguio City
130 211 Orosa MY Orosa nr. cor. TM. Kalaw, Ermita, Manila
131 208 Angeles1 Sto. Rosario cor. Sukdulan St., Angeles City
132 215 Crame Boni Serrano cor. 2nd St., Camp Crame, Q.C.
133 213 Parkview** Valero St. cor. Salcedo Village, Makati City
134 217 Nova 3 Quirino Hi-way cor. Sarmiento St., Novaliches City, Q.C.
136 216 Baclaran2 Quirino Ave., cor. Dimasalang St., Baclaran, Parañaque City
138 228 Bocaue Mc Arthur Highway cor. Gov. F, Halili Ave., Binang 2nd, Bocaue, Bulacan
140 222 Calamba 2 National Hi-way nr. cor. Halang St., Calamba, Laguna
142 229 Cityland^^ LG07 Cityland 10 Tower, Valero cor. Dela Costa St., Salcedo Village, Makati City
143 232 CBC^^ 115 G/F Corporate Business Center, Paseo de Roxas cor. Pasay Road, Makati City
144 257 Shoe Ave^^ Shoe Avenue cor. Capt. Venciong, Sta. Elena
145 241 St. Lukes E. Rodriguez cor. Victoria St., New Manila, Q.C.
146 258 Herrera Y-L Bldg., Herrera St. cor. Salcedo St., Legaspi Village, Makati City
147 244 Guadalupe 3 F. Yabut St., nr. cor. EDSA, Guadalupe Nuevo, Makati City
150 251 Nobel G/F, 110 Nobel Plaza, Valero St., Makati City
4
# Store Name Address
153 243 BetterLiving 2^^ Moreland Bldg., Merville Access Rd. cor. West Service Rd.
154 272 Merville^^ Doña Soledad Avenue cor. Peru, Better Living, Parañaque City
156 268 Fields^^ Arayat cor. Pinatubo St. nr. cor. Edsa, Cubao Q.C.
157 274 Arayat2 G/F HHH Commercial Bldg., 932 Fields Ave., Balibago, Angeles City
158 252 Talon J. Aguilar Ave. cor. Alabang-Zapote Road, Talon, Las Piñas City
160 270 Biñan3 A. Bonifacio cor. Gonzales St., Poblacion, Biñan, Laguna
161 256 Marikina Bridge^^ E. Rodrguez cor. J.P. Rizal St., Marikina
162 234 LaHuerta Quirino Avenue cor. Dandan St., La Huerta, Parañaque
164 250 Aurora^^ Aurora Blvd. cor. St. Mary, Cubao, Q.C.
165 220 Laguna BelAir^^ Sta. Rosa - Tagaytay Rd., Sta. Rosa, Laguna
166 248 Pasig Mega Mega Parking, Caruncho cor. Market Avenue
167 275 FEU^^ 913-919 Nicanor Reyes cor. Estiro de Alix, Sampaloc, Manila
169 231 Session3^^ 9033 Hormiga St., Brgy. Poblacion, Makati City
170 282 Gatchalian Dr. A. Santos Ave. cor. Palanyag St., Parañaque City
171 278 Sagittarius** G/F Sagittarius Bldg., H.V. Dela Costa St., Salcedo Village, Makati
173 236 UP Manila Pedro Gil St. nr. cor. Taft Avenue, Malate, Manila
174 214 San Pablo2** Leonor St. cor. Maharlika Hi-way, San Pablo, Laguna
176 284 Burgundy G/F One Burgundy Plaza, Katipunan Ave., Q.C.
177 288 San Fernando2** Lam Bldg., San Fernando Crossing, San Fernando, Pampanga
178 289 Karuhatan^^ Gen. T. de Leon cor. Mc Arthur Hi-way, Kahuratan, Valenzuela
179 283 RCBC** RCBC Bldg. 3rd Flr. RCBC Poduim, Ayala Avenue cor. Buendia, Makati City
180 239 Park N Ride^^ P. Burgos cor. Dr. Basa St., Ermita, Manila
181 293 Plaridel^^ Cagayan Valley Road, Banga 1st, Plaridel, Bulacan
183 294 Biñan 4** In front of Perpetual Help Hospital & College, Biñan, Laguna
184 295 King's Plaza King's Plaza, Juan Luna cor. Padre Rada St., Tondo, Manila
185 297 DFA G/F AIMS Bldg., Roxas Blvd. Service Rd. cor. Arnaiz St., Pasay City
186 299 Indang^^ San Gregorio nr. cor. Mabini St., Indang, Cavite
187 301 Annapolis^^ G/F Continental Plaza, #45 Annapolis, Greenhills, San Juan, MM
188 296 Manansala Manansala Bldg., Estrella St., Rockwell Center, Makati City
189 300 Convergy's G/F Convergys, One Ayala Ave., cor. Salcedo St., Makati City
190 304 Starwood Kisad Road nr. cor. Marcos Hi-way, Baguio City
191 311 PDCP G/F PDCP Bank Center, VA Rufino cor. San Agustin, Salcedo Vill., Makati
5
# Store Name Address
192 317 Tanauan JP Laurel Highway cor. Mabini St., Tanauan City, Batangas
193 312 US Embassy Roxas Blvd. cor. U.N. Avenue, Ermita, Manila
194 303 Asian Mansion G/F Asian Mansion 2 Dela Rosa St., Legaspi Village, Makati City
195 307 Madrigal** G/F Madrigal Building Ayala Avenue, Makati City
196 318 Pearl Drive^^ Pearl Drive corner Lourdes St., Pasig City
197 309 AIC Galleria G/F AIC-Burgundy Empire Tower, ADB Ave., cor. Garnet Rd., Ortigas
198 308 LP Cityhall Alabang-Zapote Rd., F. Ocampo Ave., Pamplona 3, Las Piñas City
199 316 Xavier Hills Xavier Hills Condo. Tower 1, Granada St. cor. N. Domingo, QC
200 321 Buendia 2** Gil Puyat Ave. cor. FB Harrison St., Pasay City
201 302 Ayala FGU^^ Ayala Ave., Salcedo Village, Makati City
202 325 Sta.Cruz** P. Guevarra Ave. Brgy 3 Poblacion Sta. Cruz Laguna
203 323 Channel 7** 131 Timog Ave. cor. Samar St., Diliman, QC
204 322 St. Scholastica 896 Vito Cruz cor. Dominga St., Malate, Manila
205 329 Dangwa^^ 1300 Laonlaan St. cor. Don Quijote St. Sampaloc Manila
206 313 Northgate** F@st bytes @North Gate cyberzone Alabang Muntinlupa
207 330 Imperial^^ Tomas Morato Ave. cor Timog Ave Diliman QC
208 328 Cabanatuan 2^^ 199 Gen. Tinio cor. Mabini St., Quezon District, Cabanatuan, Nueva Ecija
209 333 Balibago Complex Balibago Complex Balibago Sta. Rosa Laguna
212 315 Banaue^^ 426 Banaue Ave. cor Tirad Pass St. SMH QC
214 334 OWWA2 749 Victoria St. cor. Solana St. Intramuros Manila
215 342 R. Magsaysay 173 Edsa Cor. Ermin Garcia St., Cubao, Quezon City
216 346 Pedro Gil 1578 A. MABINI CORNER PEDRO GIL ST. ERMITA MANILA
218 341 Olivarez^^ 8156 Dr. A. Santos Ave., Brgy. San Dionisio, Sucat, Parañaque City
222 350 Pacific Center San Miguel Ave., Ortigas Center, Pasig
223 344 Molino 3^^ Zapote- Molino Rd. Brgy. Molino3 Bacoor Cavite
#1 Teachers Bliss,Balong bato Balintawak QC
224 349 Teachers Bliss^^
225 347 Bulihan^^ B 275 L13 AFP Housing, Old Bulihan Rd., Bulihan, Silang Cavite
226 352 Baclaran 4 Roxas Blvd. cor. Rivera St., Baclaran, Parañaque
227 355 Vito Cruz^^ Unit 102&103 Cityland Tower One, Vito Cruz, Manila
228 354 Gordon Ave. Gordon Ave. cor. 6th St. Asinan, Olongapo City
230 366 SM Clark** Bayanihan Park, SM Clark, Balibago, Angeles City, Pampanga
6
# Store Name Address
231 353 Guagua^^ One Crown Property & Development, Plaza Burgos, Guagua, Pampanga
233 362 T. Mapua^^ 1512 C.M. Recto Cor. F. Torres & T. Mapua Sta. Cruz Manila
236 360 Cabanatuan 3^^ Manson Bldg. Burgos Ave., Cabanatuan City
237 367 Riverbanks G/F ICT Bldg. 2, Riverbanks Center, Riverbank Ave., Barangka Marikina City
238 363 Lopez Drive^^ RIDC Bldg. Lopez Ave. Cor. Dr. A. Santos Ave., Paranaque City
239 371 Pascor Drive M.H. Del Pilar Cor. A.B. Fernandez Ave., Dagupan City
240 372 Dagupan 3** Sky Freight Building, Ninoy Aquino Ave., Paranaque City
241 365 McKinley Hill Unit 1 G/F One Square, Upper McKinley Rd., McKinley Hill, Taguig City
242 377 Lucena 2 Lot #2771-B along Quezon Avenue, Lucena City
243 383 Maya Arcade** G/F Maya Arcade 678 Edsa, Cubao, Quezon City
244 379 Olongapo 3** West 18th St. Corner Anonas West Bajac-Bajac, Olongapo City
245 380 Citadella^^ CAA Rd. Corner Citadella Ave. Las Pinas City
246 374 Old Sta. Mesa^^ 4456 Valenzuela St. Sta. Mesa Manila
248 387 Binangonan 2** National Road Cor. Quarry Road Pantok, Binagonan Rizal
251 381 Blumentritt 1^^ 0423 Quirino Ave. corner Dimatimbangan St. Don Galo, Parañaque City
252 378 Don Galo Rizal Ave. cor. Blumentritt Sta. Cruz, Manila
253 391 Manaoag** Felix St. Cor. Garcia St. Manaoag, Pangasinan
254 384 One E-Com Unit 4,5 & 6 Harbour Drive Cor. Palm Coast Ave. SM Central Business Park, Pasay City
255 390 One McKinley One McKinley 26th St. Fort Bonifacio Global City, Taguig City
256 404 Pacific Regency G/F Pacific Regency Bldg., P. Ocampo st.Malate, Mla.
257 398 Gordon Hospital 104 Rizal Avenue, East Tapinac, Olongapo City
258 388 Bago Bantay #131 Ilocos Sur ST. Cor. Bukidnon st. Bago Bantay Quezon City
259 396 DLSU-Lipa National Hiway, Brgy., Paninsingin, Tambo, Lipa City
260 395 Imus 2** 97-B Aguinaldo Hiway Bayan Luma Imus, Cavite
261 414 Lemery 2^^ Illustre ave. cor. Rajah Matanda st., Lemery, Batangas
263 410 Sto. Niño - Meyc.^^ L. Camino Real Rd. Sto. Nino Meycauyan Bulacan
264 368 Naguillan^^ Naguillan Rd. Cor. Bokawkan Rd. Baguio City
265 412 Don Bosco Don Bosco Road. Cor Chino Roces Ave., Makati City
266 411 Sta. Maria^^ 49 Jose Corazon De Jesus st., Sta. Maria, Bulacan
267 375 Villamor** Lot 12 B.1 12th St. Airman's Village Airbase Area, Pasay City
268 409 San Pablo 3** Maharlika Hiway, San Pablo, Laguna
269 415 Mendez Proper Market Road Corner JP Rizal Mendez, Cavite
7
# Store Name Address
271 417 Subic Proper** National Hi-way Brgy. Baraka, Subic, Zambales
273 400 FPIP No. 158 Sta. Anastacia, Sto. Tomas, Batangas
274 397 Sta. Rosa Estate^^ Sta. Rosa Highway, Sta. Rosa Estate, Sta. Rosa, Laguna
276 413 BF Homes 2 Dr. A Santos cor. President's Avenue, P'que City
277 421 AIC Gold^^ Unit 101 AIC Gold Tower F. Ortigas Cor. Garnet Road Ortigas Commercial Center, Pasig City
280 420 One San Miguel UG-01 One San Miguel Ave Condominium One San Miguel Ave, cor Shaw Blvd., Ortigas Center Pasig City
282 448 Pavillion Mall Space Nos. 143-B Bldg A G/F Pavillion Mall, Biñan, Laguna
284 422 La Union 1** Rizal Ave. cor. Gov. Ortega st., San Fernando City, La Union
285 444 Calamba 4 National Hiway cor Ipil-Ipil St., Calamba, Laguna
286 392 SM San Fernando Unit AX3 123a & AX3 123c, Building 4, SM City Pampanga, Lagundi, Mexico, Pampanga
289 439 Porta Vaga^^ Fr. Carlu st. cor. Cathedral Drive, Baguio City
290 436 Olongapo City Hall^^ #665 CRI Bldg. President E. Quirino Ave. cor. Leveriza, Malate, Manila
291 443 Leveriza 23rd st., Rizal Ave., East Bajac-Bajac, Olongapo City
292 468 SM Lucena 115-116 SM City Lucena Dalahican cor. Maharlika Hiway Nat'l Rd. Lucena City
293 440 Civic Prime** Total Corporate Ctr Bldg., Bonifacio Triangle, Bonifacio Global City, Taguig City
294 451 PWU Civic drive, Civic Prime Filinvest Corporate City, Alabang
295 450 Total Corporate 1807 G/F Nakpil St. cor. L. Guinto St. Malate, Manila
296 403 Tagaytay 2** One Tagaytay Place Calamba Rd., Tagaytay City
297 432 Dakota Mansion^^ G/F Dakota Mansion, Malvar St., Cor. Adriatico St.. Malate, Manila
298 416 AUF Mc-Arthur High-way cor. Dona Aurora St., Angeles City, Pampanga
299 447 Kimston^^ 2650 Agutaya St. cor. EDSA, Pinagkaisahan, Makati
300 425 Sunny Brooke Blk 31 Lot 6 Brooke side lane brgy. San Francisco, Gen. Trias, Cavite
301 433 Batangas 3^^ Poblacion 18, Rizal Ave., Batangas City
302 449 Eastwood 2 G/F One Orchard Condominium, Orchard Rd., Eastwood City, Bagumbayan, Quezon City
303 458 San Marcelino^^ G/F CMC Bldg. #710 San Marcelino St., Ermita, Manila
305 446 Paniqui** UCPB Building along National Highway,barangay Estacion,Paniqui Tarlac
307 429 Mendez Crossing Aguinaldo Hiway Mendez Junction East, Tagaytay City, Cavite
308 459 Palapala E.L Toledo Bldg. along National Hiway, Brgy. Sampaloc I, Palapala, Dasmariñas, Cavite
8
# Store Name Address
309 466 Sterling Centre G/F Sterling Centre, Ormaza cor. Dela Rosa Sts, Legaspi Village, Makati City
310 469 Sta. Rosa NE Maharlika Hi-Way, Sta. Rosa, Nueva Ecija
311 418 Multinational^^ J&P Bldg (Multinational) Ninoy Aquino Ave., Paranaque City
313 463 San Carlos Pangasinan^^ Virgen Milagrosa University Foundation Compd. San Carlos City, Pangasinan
314 430 Balanga Church J.P. Rizal St., Balanga City, Bataan
315 472 Nuvali** Retail Space 1 Nuvali Technopod, Sta. Rosa, Laguna
317 484 Batangas Port** Port Access Road, Brgy. Calicanto, Batangas City
319 474 Wynsum Unit G1-C Wynsum Corporate Plaza 22 F. Ortigas Jr. Rd., Ortigas Center, Pasig City
320 480 Pearl Drive 2** 610 Apelo Cruz St., Malibay, Pasay City
321 455 Philtranco G/F Unit 102, Pacific Place Condominium, Pearl Drive, Ortigas Ctr, Pasig City
322 486 Alabang Med^^ Unit 1 G/F Aurora Bldg, Alabang Zapote Rd., Mutinlupa City
323 445 NE Pacific^^ Km 111, Brgy. H. Concepcion, Maharlika Hi-way, Cabanatuan City
324 460 Telus Arcade 6 &7 G/F Telus Bldg., Araneta Center, Cubao, Quezon City
325 464 OSMAK Blk 5 Lot 18 Sampaguita cor. Escarlata, Pembo, Makati City
326 454 Cogeo^^ Marcos Hiway cor. GSIS Ave., Bagong Nayon 1, Antipolo City
327 462 Gen T. De Leon^^ Gen. T. De Leon St. , MacArthur Highway, Karuhatan, Valenzuela City
328 508 Heart Center G/F Philippine Heart Center, East Ave., Quezon City
329 452 Pio del Pilar** Chino Roces Ave. (Pasong Tamo) cor. Dela Rosa st. Makati City
330 487 Vista Verde G/F Unit 1,2,3,4 Vista Square Comm'l Center, Felix ave., Cainta, Rizal
331 496 Tordesillas 108 Tordesillas cor. Gallardo st., Salcedo Village, Makati City
332 495 Sun Plaza G/F Sun Plaza Shaw Boulevard, cor Princeton st., Mandaluyong City
333 513 Muñoz 2^^ Retail 2 G/F One Solaris Bldg, Dela Rosa St., Legaspi Village, Makati City
334 525 SM Cyber One^^ BLk 3 Lot 7 R. Magsaysay. EDSA, Munoz, Quezon City
335 498 One Solaris^^ Retail Space 4, Buendia Ave., Makati City
336 434 Malibay Plaza 2** Reance Bldg. 93 C. Jose st. cor. Malibay Ave., Pasay City
337 490 12th Ave.^^ Ten Commandments Bldg. 689 Rizal Ave, Grace Park, Caloocan City
338 481 Net Plaza^^ Unit 14 E-Square Zone, Crescent Park West, Bonifacio Global City, Taguig
339 516 NE Crossing^^ Maharlika Highway , cor. Burgos Ext., Sanigtan East Cabanatuan City
340 504 Paragon Plaza Upper G/F Paragon Plaza Condominium, EDSA cor. Reliance St., Mandaluyong City
341 510 LKG 11/F LKG Tower 6801-6803 Ayala Avenue, Makati City
342 528 BPO San Lazaro** Retail 4, Vortex 1 Bldg. Yuseco cor. Felix Huertas, San Lazaro Racetrack, Sta. Cruz, Manila
343 548 SLEX (G)** Km. 22 SLEX, San Antonio, San Pedro Laguna
344 545 Capas- Junction (G)** Nat'l Road, Sto., Domingo Junction, Capas, Tarlac
345 529 Port Area** 637 Bonifacio Drive, Port Area, Manila
346 478 JP Rizal 2^^ 347 JP Rizal Ave.,cor. Pasong Tamo Ave., Makati City
347 549 Filinvest (G)** Alabang- Zapote Rd., Filinvest, Muntinlupa City
9
# Store Name Address
349 552 Malolos Crossing E & R Building, McArthur Hi-way cor. Mabini St., Malolos Bulacan
350 512 Philam^^ 9/F Philam Life Building, Paseo de Roxas, Makati City
352 473 Balanga Kapitolyo Ramon Magsaysay Blvd. Cor. Vicente Cruz St. Sampaloc Manila
353 533 Dagupan 4^^ G/F Orient Pacific Center cor. Perez Blvd., Rizal Ext., Dagupan City, Pangasinan
355 527 Sto. Domingo** 311-313 N.S. Amoranto St. Sta Mesa Heights, Quezon City
356 501 Retiro 2 McArthur Hi-Way cor. Apo rd. Sto. Domingo, Angeles, Pampanga
357 540 Grand Hampton Grand Hampton Place, 1st Ave & 31st St., Fort Bonifacio Global City, Taguig
358 562 Daang Sarile (G)** Daang Sarile Caltex Station, Daang Sarile, Cabanatuan City
359 570 SM Cyber Two** Wilson cor. Ortigas San Juan, City
360 518 Wilson (G) cor Sen. Gil Puyat Avenue and Zodiac St, Bel-air Village, Makati City
361 582 McKinley San Juan (G)** Ortigas Ave.,McKinley, San Juan
362 560 San Fernando NLEX (G)** KM 62 NLEX North Bound Brgy. San Felipe, San Fernando Pampanga
363 561 Tarlac 2 (G)** Mc. Arthur Hi-Way, Tarlac Tarlac City.
364 576 Boni EDSA (G)** EDSA cor., Boni Ave., Mandaluyong
365 577 Sta. Rosa Paseo (G)** Tagaytay Road. Sta. Rosa Laguna
366 535 ATC Entertainment Complex, Alabang Town Center, Muntinlupa City
367 583 Harvard EDSA (G)** EDSA corner Harvard St., Makati City
368 483 Fort Legend** Blk 7 Lot 3 3rd ave. cor. 31st st. Fort Bonifacio Global City, Taguig City
369 599 Burnham (G)** Chanum cor., Otek St., Burnham Park, Baguio City
371 524 San Pascual (G) 813 R. Papa and S. H Loyola St., Sampaloc Manila
372 519 UP Los Baños Student Union Bldg. University of the Philippines Los Baños, Laguna
373 502 Rockwell Business Center Tower 2 (North) Level 1 Unit No. N-02 Rockwell Business Center
374 461 Lamuan-Manotok JP Rizal, cor. Visayas st., Filipinas Village, Malanday, Marikina City
375 505 Makati Ave. 2^^ Makati Ave. Cor. Constelllation St., Brgy. Bel-air, Makati City
376 517 New Port G/F Unit R2, Newport Office Bldg 1, Andrews St. Pasay City
377 581 DMG Center DMG Center, Libertad cor. Calbayog St., Mandaluyong City
378 493 San Pablo 5^^ Brgy. 6A Mabini St., San Pablo City, Laguna
380 594 Victoria de Manila G/F- 101, Victoria De Manila, Taft Ave., Manila
381 530 Net Square** 3rd Avenue cor., 28th St., E- Square, Crescent Park West, Bonifacio Global City, Taguig M.M.
382 534 Eastwood 3 Unit 2/F-A, Eastwood Citywalk Phase II, Eastwood City Cyber Park, 188 E. Rodriguez Jr. Ave., Bagumbayan, Q.C.
383 539 Tagaytay 3 Magallanes Square, Silang Juction West, Tagaytay City
384 586 Silver City** Brgy. Muzon San Jose del Monte Bulacan
385 580 Muzon L1-003A, Silver City, Frontera Verde, Ortigas Ave. cor C-5, Pasig City
386 482 Villa Amparo Villa Amparo Subd., Aguinaldo Highway, Imus Cavite
10
# Store Name Address
389 500 Binondo^^ Burke Plaza Sto. Cristo cor. San Fernando St. Binondo Manila
390 485 Berthaphil 4^^ Bldg 2 - Retail 1 Berthaphil 4, Clark Aviation Complex, A. Bonifacio Avenue, CFZ, Pampanga
391 541 San Miguel^^ 906 Norberto St., Brgy. San Jose, San Miguel, Bulacan
394 603 Fortune Square** McArthur Hi-way, cor. Villa Julita Subdivision, Brgy. Saguin, San Fenando, Pampanga
395 554 N. Garcia** 158 Jupiter St., corner N. Garcia St., Bel Air Village, Makati City
396 558 Welding Bldg.^^ Oppen Building, 349 Sen Gil Puyat Ave., Makati City
397 610 Olongapo Public Market Canda St., East Bajac-Bajac, Olongapo City
398 494 Los Baños 2^^ Lopez Ave. cor. Mt. Halcon St., Los Baños Subd, Batong Malake/San Antonio, Los Baños, Laguna
399 613 Baliuag Highway** Doña Remedios Hi-way, Brgy. Pinagbarilan, Baliuag Bulacan
402 621 Lifehomes^^ Lot 1-B-1-B, Ortigas Ave., Ext., cor. Alfonso St., Brgy. Rosario, Pasig City
403 587 Marvin Plaza Chino Roces cor., Herrera St., Makati City
404 615 San Pedro 5 Lot 8, A-B, National Hi-way corner Garcia St., Nueva (Poblacion), San Pedro, Laguna
406 567 San Isidro No. 35 Brgy. San Isidro , Cabuyao, Laguna
407 568 Camiling Arellano St., cor., Quezon Ave., Camiling Tarlac
408 590 Kingswood^^ U/ GF Kingswood Makati Condominium, Vito Cruz Ext., cor., Makati City
409 536 San Andres Mabini cor., San Andres St., Malate, Manila 1004 Philippines
410 503 Centris 1 G/ F Eton Cyberpod Centris EDSA, near cor. Quezon Ave.n Quezon City
411 606 Diamond Square Service Road, Mc Arthur Highway cor. Charlotte St. Balibago, Angeles Pampanga
412 648 Guadalupe 4^^ Kimston Plaza Building, P. Burgos St., Guadalupe, Makati City
413 589 Manila Executive Regency Unit 5 & 6 Ground Floor, Manila Executive Regency, Jorge Bocobo St., Ermita Manila
414 617 Grandview Angeles** Lot 19-B, Don Juico Ave., Malabanas, Angeles City
415 551 Woodridge Unit 5-6, The Woodridge Residences, Mckinley Hill, Fort Bonifacio, Taguig City
416 556 Bansalangin^^ Manuela Pastor Avenue corner Highway, Pallocan West, Batangas City
417 614 Batangas 4^^ No. 4 Bansalangin St., Project 7, Quezon City, Metro Manila
418 616 Engineers Hill^^ 101 Engineers Hill St., Jude Thaddeus Complex cor. Nevada Road and Guinto Alley, Baguio City
419 607 Enclave The Enclave, Fil-Am Friendship Hi-way, Pampanga, Angeles City
420 630 Mayfair Tower Commercial C, G/F Mayfair Tower, UN Ave., cor. Mabini St., Ermita Manila
421 649 St. Francis Towers St. Francis Drive, Ortigas Center, Pasig City
423 650 Sienna del Monte 555 Del Monte Ave., Brgy., Manresa, Quezon City
424 624 Tagaytay 4** Olivarez Plaza along E. Aguinaldo Highway, Tagaytay City
425 619 Buendia 4 No. 317 Sen Gil Puyat Ave., Pasay City
11
# Store Name Address
426 688 Cabanas Mall** Kilometer 44/45, McArthur Hi-way, Brgy. Longos Malolos Bulacan
427 628 Subic International Hotel Unit 142/ 144 & 146/148, SIH Alpha Bldg. Freeport Zone, Subic Bay, Olongapo City
428 579 Malinta 2 Unit 17, Danding Bldg., Cecilio J. Santos St., Valenzuela City
429 641 España Grand^^ España cor., Tolentino cor., Eloisa, Metro Manila
430 497 Carmelray^^ Madrigal Ave., Madrigal Business Park, Alabang Muntinlupa
431 638 Molito Complex Makiling Drive., Carmelray Industrial Park II, Calamba Laguna
435 623 Hidalgo^^ Unit 2 & 3, Isabelle de Hidalgo Bldg. Hidalgo St., cor., Cancer St., Quiapo Manila
436 604 Dewey Avenue Lot 2, Block 18, Dewey Ave., cor. Aguinaldo Highway, CBD, Subic Bay Freeport Zone
437 578 Malanday 2^^ Brgy. Malanday McArthur Highway, Valenzuela City
438 636 Betterliving 3^^ 27 Doña Solidad cor. Australia Sts. Better Living Subdivision, Don Bosco, Parañaque City
439 612 Pag-asa Imus^^ Centennial Rd, Pagasa III, Imus, Cavite
440 679 NAIA 3** MIAA, 4th Level, Unit 37, Southwing of, NAIA Terminal 3, Pasay City
441 668 V. Santos** 16 V. Santos cor., Santos St. Sto. Niño, Marikina City
442 675 Patts Dr. A. Santos Avenue, San Isidro, Parañaque City
443 620 FVR Area D (Sta. Cruz), Sapang Palay, San Jose Del Monte City, Bulacan
444 611 San Marcelino Zambales** Brgy. Central, San Marcelino, Zambales
445 632 Sixto A. Ave. Dr. Sixto Antonio Ave, Maybunga, Pasig City
446 709 Caltex Balibago** Balibago cor. San Lorenzo Rd. Sta. Rosa Laguna
447 553 Tustine Alabang Molino St., South Super Highway, Alabang, Muntinlupa City
449 669 City Oil Fairview Commonwealth Ave., cor. Pearl St., Fairview Quezon City
450 673 Burke Quintin Paredes Burke House No. 8, Quintin Paredes cor. San Vicente St., Binondo Manila
451 626 Berthaphil 5** Berthaphil V, Gil Puyat Ave., cor. Panday-Pira Rd., CFEZ, Angeles, Pampanga
452 717 Malasiqui** Montemayor St., Poblacion Malasiqui, Calasiao Rd. Pangasinan
454 605 Molino 5^^ Molino Rd., Brgy. Molino III, Bacoor Cavite
455 509 Taytay 3** G/F Pioneer Woodlands Showroom, EDSA near cor. Pioneer St., Mandaluyong City
592 Woodlands
456 Brgy. Bagong Buhay, San Jose Del Monte Bulacan
Pioneer^^
457 680 Sampol Manila East Road, corner Italia St., Brgy., Muzon Taytay, Rizal
458 713 Makati Executive Tower 3** McArthur Hi-way Brgy. Maimpis San Fernando Pampanga
459 622 Suburbia Unit 6 and 7, G/F Makati Executive Tower 3, Sen. Gil J. Puyat Ave., Makati City
460 654 Paniqui 2** M. H Del Pilar cor., Luna St., Paniqui, Tarlac
461 674 Zapanta Santa Rita St., cor., Orense St., Makati City
463 681 Friendship Highway DENR Bldg., 1515 Roxas Blvd., Manila
464 685 Angelo King - CSB Lot 15, Blk 6, Frienship Hi-way, Brgy. Anunas, Angeles City
12
# Store Name Address
466 684 Escoda Leon Guinto St. near cor. Escoda St. Ermita Manila
467 645 MCU 3^^ EDSA cor., Serrano Ave., Caloocan City
468 652 Lagro Block 91 Lot 1 Ascencion Ave., Lagro Subdivision, Novaliches Quezon City
470 670 Mercedes Ave.^^ Evergreeen 101, C. Raymundo Ave., San Miguel, Pasig City
471 682 Lucao District^^ National Rd. cor. Jose De Venecia Rd., Dagupan City, Pangasinan
473 706 Aria Real St. cor. Aria St. Las Piñas City
474 689 Burnham Park 2** Shanum St.cor. Otek St. cor. Lake Drive, Burnham Park, Baguio City
476 701 Sanrise M.H. Del Pilar** 2164 M. H. del Pilar St., Malate Manila
477 694 Pili** Maharlika Highway cor., Santiago St., Brgy. San Vicente, Pili, Camarines Sur
478 698 4th Ave. 4th Ave. cor. P. Sevilla St. Grace Park (West), Caloocan City
480 660 Scout Tobias** Cedar Executive Bldg., # 26 Timog Ave., cor., Scout Tobias., Brgy Laging Handa, Q.C.
481 456 Sariaya Gen. Luna St. National Hi-Way Sariaya, Quezon
482 721 San Mateo 103 Gen, Luna Ave., Gitnang Daan 1. San Mateo Rizal
483 692 Attivo SF G/F Unit101B and 102B , Gapan- Olongapo Rd. San Fernando, Pampanga
484 686 Mabolo Bacoor** #24 J.P. Rizal St., Sta. Cruz, Lubao, Pampanga
486 662 Lingayen 2** cor. Artacho and Alvear Sts., Lingayen, Pangasinan
488 712 Cardinal Santos Hospital Medical Arts Building Cardinal Santos Medical Canter, Wilson St. San Juan City
489 677 Tugatog Malabon 17 M.H. Del Pilar Rd., cor. Pureza St.,Tugatog Malabon City
492 723 Angono 2^^ Manila East Road cor., Col. Guido St. Angono Rizal
495 644 Citrus Brgy Minuyan, San Jose Del Monte, Bulacan
496 699 Tarlac Crossing** Burgos St. cor. Bonifacio St. Dagupan City, Pangasinan
497 661 Dagupan 5 Lot B, Plaza de Oro Arcade along McArthur Highway, Poblacion 2, Tarlac City
498 729 Anabu Kostal** Anabu Wet and Dry Market, Aguinaldo Highway, Anabu II-A, Imus Cavite
500 627 BSA Tower G-4 BSA Tower Condominium, No. 108 Legaspi St. Legaspi Village, Makati City
501 676 Rivercity Residences 2143 Carreon St., Sta. Ana Manila
502 696 Betterliving 4 Lot 18, Doña Soledad Ave. Betterliving Subd. Parañaque City
503 716 Tumana Farmers Ave., cor. J.P. Rizal St., Concepcion, Marikina
13
# Store Name Address
504 714 System Plus Diamond Service Road, Mc Arthur Hi-way, Angeles City
505 704 Mindanao Avenue** 547 Quirino Hi-way. cor. Mindanao Ave. Talipapa, Novaliches, Q.C.
506 731 Southwoods Exit^^ Rosario Complex, San Vicente, San Pedro Laguna
507 690 Net Cube Unit 9-2, 9th flr. Net One Center, 3rd Ave., cor., 26th St., E-Square, Cresent Park West, Bonifacio Global City, Taguig
509 719 Deparo^^ Deparo Rd., cor. T. Samson Ave., North Caloocan City
510 730 Washington** Unit 3, AGS Plaza, Washington St., Brgy. Pio Del Pilar, Makati City
512 703 Mckinley 1820 Unit A, McKinley Road McKinley Town Center, Fort Bonifacio, Taguig City
513 702 Naga 1** Grand Imperial Plaza cor. P. Burgos and J. Hernandez Ave. Naga City 4400
515 715 One Archer's Unit 6, G/F of One Archers Place, Taft Ave., Malate Manila
516 780 Pulang lupa 2 B5 Lot 6 Guinto Park Sudv. Naga Road cor., St. Joseph Ave., Pulang Lupa II, Las Piñas City
518 745 Antel Spa** 7829 Makati Avenue cor., Valdez St., Makati City
519 789 Caltex BSU Caltex Gas Station; McArthur Highway , BO., Guinhawa, Malolos City, Bulacan
520 750 Mabini Soldado G/F 1533 A. Mabini St., cor. Soldado St., Ermita, Manila
521 735 West Rembo^^ Lot 1 Blk. 76, Brgy. West Rembo, Makati City
523 720 El Jardin Retail Unit 1, El Jardin del Presidente, No. 41 Sgt. Esguerra St. Cor Scout Bayoran, Quezon City
525 707 Concepcion Uno Bayan Bayanan Ave. Brgy. Concepcion 1, Marikina City
526 653 Bacoor 2 141 Evangelista St. Daang Bukid, Bacoor Cavite
527 718 Towerville^^ Brgy. Minuyan Proper, San Jose Del Monte, Bulacan
528 743 Total Tarlac** National Hi-way, Brgy Pulong Buhangin, Sta. Maria Bulacan
530 772 Tanay 2 Market Road cor. F.T. Catapusan St. Brgy. Plaza-Aldea, Tanay Rizal
531 769 San Fernando 3 Gen. Hizon Avenue, San Fernando, Pampanga
532 813 Biñan Caltex** Malvar St. Brgy. San Antonio, Biñan Laguna
533 760 Comembo** Comembo Commercial Complex. JP Rizal Extension, Makati City
534 776 CBD Hotel** G/F of CBD II Hotel, Ninoy and Cory Ave., Brgy. Triangulo, Naga City
535 738 Sumulong 2^^ Sumulong Highway cor. B Soliven Ave., Antipolo City
536 758 Dalandanan^^ Brgy. Dalandanan, Lazaro St. cor. Mc Arthur Highway, Valenzuela City
537 838 Mariveles** No. 91 Lakandula St., cor., P. Burgos St., Poblacion, Mariveles, Bataan
538 643 Edsa Grand EDSA cor Corregidor St. Bago Bantay Q.C
539 808 Total Balanga** G/F Purification Building Poblacion, Binmaley, Pangasinan
541 678 Binmaley** Brgy. Tabun, Mac Arthur Highway, Mabalacat, Pampanga
542 651 Imus 4 National Rd., Calero St., Brgy., Ibayo, Balanga, Bataan
14
# Store Name Address
543 811 Xevera Pres. Laurel Highway cor., Molave St., Tanauan Batangas
544 733 Forest Hill^^ Quirino Highway and Forest Hills Drive. Forest Hills Subd., Novaliches, Quezon City
545 796 San Fernando 4 Consunji cor., Abad Santos St., Poblacion, San Fernando, Pampanga
546 795 BF Resort 2 Blk. 1 Lot 4 BF Drive BF Resort Village, Las Piñas City
547 797 Old Balara #986 Tandang Sora Ave., Brgy., Old Balara, Quezon City
550 768 Navotas^^ 635 M. Naval St., cor. C-4 Rd., Bagumbayan North, Navotas City
554 814 Supercenter** J.P Laurel St., cor., Kapitan Isko St., Lian, Batangas
555 762 Lian Batangas 00040/00041 Superstore Arcade, Araneta Center, Quezon City
556 872 Total San Pablo^^ Total Gas Station, Maharlika Highway San Pablo City Laguna
557 856 Raon** No. 16 A Salvador St., Bargain St. Guimba, Nueva Ecija
558 773 Total Cutcut G. Puyat cor., Quezon Blvd., Raon, Quiapo Manila
560 842 Naguillan Poblacion Naguillan road corner Rimando St., Naguillan La union
561 724 Manila Residences Unit 101-102 and 127-128, The Manila Residences, 2320 Taft Ave., Malate Manila
562 748 Naga 3** Space 4, Baguio Technohub Retail Plaza BPO-A, Camp John Hay, Baguio
563 757 Camp John Hay Panganiban Drive, San Francisco, Naga City
564 805 East Ave. 2 G/F NCHP Bldg. EDSA cor. East Avenue, Brgy. Pinyahan, Quezon City
565 827 Tagaytay City Market** City Market, Tagaytay Sta. Rosa Road, Brgy San Franciso , Tagaytay City.
567 889 Areza** Rizal ave. and Argonaut Highway NSD Compound, Subic Bay Freeport zone
569 790 Sta. Cruz 2 Sitio Sampaguita, Brgy. Bubukal, Sta. Cruz Laguna
571 824 St. Aquinas Sto. Tomas** General Malvar Avenue, Sto. Tomas, Batangas
573 807 Urdaneta 3** Mc Arthur Hi-way, San Vicente,Urdaneta City, Pangasinan
575 819 St. Lukes 2^^ St., Luke's Medical Bldg., E. Rodriguez Sr., Quezon City
576 846 Tanza 3** Blk 1 Lots 4 and 5, Filinvest West, Brgy. Paradahan, Tanza Cavite
579 788 SLU Baguio** A. Bonifacio St., across SLU Main Gate, Baguio City
580 866 Gumaca** Andres bonifacio Street, corner J.P Brgy Rizal, Gumaca, Quezon
15
# Store Name Address
582 852 Bucandala** Patindig araw corner alapan road, bucandala Imus Cavite
583 887 San Antonio Zambales** San Marcelino-San Antonio-San Narciso Road, Poblacion San Antonio, Zambales
584 792 Sta. Monica** Roxas Boulevard corner Sta. Monica & L.M. Guerrero St., Ermita, Manila
585 782 SeaOil Pritil^^ 1688 Juan Luna St. Brgy. 61, Zone 005, Tondo, Manila
586 784 Teresa Magsaysay Ave., Brgy., San Gabriel Teresa Rizal
587 882 Atimonan Poblacion G/F Renegado Property Rizal Street corner Quezon St., Atimonan, Quezon
588 812 Villaflor^^ Paciano Highway, Brgy. Paciano Rizal, Calamba, Laguna
589 806 Paciano** National Rd., Brgy. Poblacion, Dagupan City, Pangasinan
590 761 Bagong Ilog** No. 2, Ateneo Ave., cor. Bagumbayan St., Naga city
591 725 Cityplace Binondo G/F AVC Bldg., E. Rodriguez Ave., cor., Sta. Rosa St., Bagong Ilog Pasig
592 821 Naga 2 City Place Binondo, Sta. Elena St., Binondo, Manila
594 836 Torre Venezia Sct. Santiago, corner Timog Ave., Quezon City
595 555 Emar Suites^^ #64 Stella Mariz cor., C. Raymundo Ave., Maybunga Pasig City
597 804 Amorsolo # 146 Amorsolo St., Legaspi Village, Makati City
598 786 BF Homes 3 G/F of Omega Star Bldg. 1112 Aguirre BF Homes, Parañaque City
599 851 Lopez, Quezon** Maharlika Highway, corner San Isidro Street, Lopez, Quezon
600 783 Divine Mercy** Marilao- Muzon Rd., Brgy., Sta Rosa 1, Marilao Bulacan
601 843 Mayapa 2** Mayapa Road, Brgy. Mayapa, Calamba Laguna
602 898 San Carlos 2 33 Rizal St., San Carlos City, Pangasinan
603 817 Malinta 3^^ Mc Arthur Hi-way corner Gov. Santiago Malinta, Valenzuela City
604 746 Gen. Luna^^ Gen. Luna St. Baguio City, Benguet
605 841 United Paranaque 2 Tindalo corner E. Services Road, Paranaque City
606 896 Katipunan** 48 Esteban Abada St., corner Rosa Alvero St., Loyola Heights, Katipunan, Quezon City
607 831 Marcos Hiway Baguio City** ECC Building Brgy. Bakekang, along Marcos Highway, Baguio City
608 865 Perez Inong Building, Governor's Drive corner Hugo Perez Drive Trece Martirez, Cavite
611 802 Market Avenue** Market Ave., cor. M.H. Del Pilar Pasig City
613 835 Banawe 2^^ Banawe St. Brgy Josefa Quezon City
615 857 Dita Margarita Brgy. Dita, Sta. Rosa City, Laguna
617 763 Manhattan G/F Manhattan Parkway, Araneta Center, Quezon City
619 801 Riverbanks 2 73 A. Bonifacio cor. Chorillo St. Brgy. Barangka, Marikina City
16
# Store Name Address
621 893 Tune Hotel Manila East Road cor. Infanta Quezon Road, tunhac, Famy, Laguna
622 847 San Roque Tarlac** Teodoro Bldg., Quezon Ave., Across NEPO Mart, Alaminos City Poblacion
625 860 Asuncion (ex MS) Asunsion St., cor., Zaragosa St., Divisoria, Tondo, Manila
626 837 Tiaong Stop Over Villa Escudero, Maharlika Hi-way, Brgy Lalig, Tiaong
627 886 Libmanan G/F Dy Property, Poblacion Street, corner Bigaon St., Libmanan, Camarines Sur
629 759 CDC Clark (Our Homeplate)** E. Aguinaldo Ave., cor. E. Quirino St., Clark Freeport Zone
630 903 OYG Building G/F OYG Building B. Mendoza St., San Fernando, Pampanga
631 888 La Union 2 (DMMMSU)** McArthur Highway, Sevilla, Sam Fernando City, La Union
632 794 Bagtikan** 1180 Chino Roces cor., Bagtikan St., Brgy. San Antonio, Makati City
890 Lima Tech (Malvar Batangas)
633 Santiago, JP Laurel Highway, Malvar, Batangas
**
634 912 Calamba Science Park** Science park II, National Rd., Real Calamba Laguna
635 809 Paliparan 2** Paliparan- Molino Road, Paliparan III, Dasmariñas Caviite
636 878 Shell Diversion Roxas Ave. Triangulo, Naga City, Camarines Sur
639 942 Munoz, Nueva Ecija** D. Delos Santos St. Science City of Muñoz, Nueva Ecija
640 883 Madapdap** San Fernando Avenue corner Porac Avenue, Brgy. Dapdap, Mabalacat, Pampanga
643 869 Finman 117 Tordesillas St. Salcedo Village, Makati City, Metro Manila
645 766 Lucena 4 (Lee Property) K-Zone Bldg., NIA-PDEA cor., EDSA, Brgy. Pinyahan, Quezon City
646 897 Sotto M.L Tagarao Street, Barangay Iyam, Lucena City
647 899 Gen Trias Poblacion Unit 117 Sotto-Yuvienco Building, 910 Gonzales St., cor., Gen Luna St., Ermita, Manila
651 933 UCLM** MYFC Building, A.C. Cortez Avenue, Mandaue City
652 934 JY Square Mall Salinas Drive, corner Gorordo avenue, Lahug Cebu City
653 834 Remington Hotel Ground Floor Shop 2, Remington Hotel, Newport City
654 938 Tune Hotel Cebu** J. Pastor St. Poblcion, Ibaan, Batangas
656 754 Mines View Plaza Outlook Drive, Mines View Park, Baguio City
657 989 SM TwoE-com** Gen. Maxilom Avenue (Mango Ave.), corner Juana Osmena Street, Cebu City
658 991 Pagsawitan** Ounao Ave., North Reclamation Area, Mandaue City
659 940 Bigfoot** G/F HRC Center located at 104 Rada St. Legaspi Village Makati City
17
# Store Name Address
660 749 CPI Mango Ave. Retail 10 G/F, Two Ecom Center Ocean Drive, Mall of Asia Complex, Pasay City
662 950 Rada G/F Bigfoot Center F. Ramos St, Cogon Central Cebu City
663 937 VRP-Sierra Madre** Sierra Madre St., Brgy Highway Hills Mandaluyong City
665 990 Banilad** AS Fortuna Street, corner Gov. M. Cuenco, Banilad, Cebu City
667 850 Airport Road 2 Roxas Boulevard coner Airport Road, Baclaran, Parañaque City
669 864 Plaza 66 Rizal St., cor. Hilario St., Tarlac City
671 1007 Caltex Labogon Cebu North Road, Labogon, Mandaue City
673 656 Marquinton Cordova Tower^^ C-101 & C-102, Marquinton Cordova Tower, Sumulong Highway, Marikina City
674 930 Caltex Sto. Tomas** Maharlika Highway Brgy. San Antonio, Sto. Tomas, Batangas
676 868 Armstrong ave 160 Armstrong Ave., Cor E. Rodriguez Moonwalk Village, Brgy Moonwalk Parañaque City
677 946 Cebu Capitol Don Gil Garcia St., cor N.G. Escario St., Capitol, Cebu City
678 947 CDU Phase 2 Carvelco Canteen, North Reclamation Area, Mandaue City, Cebu
679 926 Sangley point Dra. Salamanca St. Sangley Point, Cavite City
683 870 Soho Units 12/13, Level 1, Soho Central, Green Field District, Mandaluyong City
684 922 Angono Medics Quezon Ave. Hihgway, Brgy. San Isidro, Angono Rizal
685 798 C5 Damayan** Blk. 51 Lot 8 Phase 2, Bgry., Pinagsama, Taguig City
687 849 Caltex San Simon** Mac Arthur hi-way San Simon Exit, Pampanga
688 1016 Clark County** 1st Floor of Tower B., Clark Ode County, C.M. Recto Highway, Clark Freeport Zone, Pampanga
689 952 Montalban, Burgos J.P Rizal cor. Montaña drive, Brgy. Burgos, Montalban Rizal
691 961 Tagudin** La-Paz Concepcion Road, Brgy. San Isidro, La Paz, Tarlac
693 963 Naga 4** Bayani Road cor. Diego Silang, Taguig City
694 854 Lipa Cathedral Liboton St., cor Jacob St. Naga City Camarines Sur
697 971 Pila Poblacion Rizal St., Sta. Clara Sur, Pila, Laguna
698 962 Masapang, Victoria National Highway, Brgy. Masapang, Victoria, Laguna
18
# Store Name Address
699 927 Dasma 4 B61 L1 Brgy., San Juan, Dasmariñas City, Cavite
700 941 Sariaya 2^^ Maharlika Highway, Brgy., Santo Cristo, Sariaya
702 1020 St. Louis College** McArthur Highway, San Fernando, La Union
703 976 San Vicente Lipa** Brgy. Banay-Banay, Lipa City, Batangas
706 988 Jaen 1043 Ongpin St. cor. Gonzalo Puyat, Manila City
707 1054 Grotto Vista** Sta. Maria Tungkong Mangga Road, Graceville, Tungko, SJDM, Bulacan
708 1021 Talamban Crossing** M. Cuenco Ave., cor., M.L. Quezon St. Talamban, Cebu
710 943 Daet ** Louie's Restaurant, F. Pimentel Avenue, corner, JP Rizal St., Daet, Camarines Norte
712 982 RM Olongapo RM Centerpoint Bldg. Brgy. East Tanipac, Magsaysay Drive, Olongapo City
713 951 Naic 2** Brgy San Agustine, Sto. Tomas, Batangas
716 1034 Calamba 6** Brgy. Parian cor. Lawa Road, Calamba City, Laguna
717 904 Langkaan, Dasma** Governor's Drive cor Langkaan Drive, Langkaan Dasmarinas Cavite
718 1038 Total Lucena** National Highaway, Lucena City, Quezon Province
719 1080 Siniloan** National Highway cor. Soldier Hills, Muntinlupa City
720 965 CPI Soldier's Hill L. De Leon St., Brgy. Acevida, Siniloan, Laguna
724 1037 San Sebastian College** United Avenue cor. Brixton St., Pioneer, Pasig City.
727 986 RCEE DORM (Cebu) Mendiola Square, 2144-46 Claro M. Recto, Manila
728 974 Splendor Place^^ G/F of Splendor Place, J. Nakpil St. cor., J.Bocobo St. Malate, Manila
983 Bonifacio Technology Center
729 G/F Bonifacio Technology Center 2nd Ave., Global City, Taguig
(BTC)
730 1022 Colon** Colon Street, corner Pelaez Street, Downtown, Cebu City
732 981 LB Square Lopez Drive, Batong Malake, Los Baños, Laguna
733 931 Gagfa I.T. Center** G/F Gagfa IT Center, F. Cabahug St. Mabolo Cebu City
735 1060 J. Center Mall** LGF-04 J. Center Mall, A.S. Fortuna, Brgy. Bakilid, Mandaue City
736 980 Legazpi 1** Lapu-Lapu St. cor. Quezon Ave. Legaspi City
737 987 Manila Cathedral** GF Ferlaw Building, Cabildo St. Intramuros, Manila
19
# Store Name Address
738 1084 San Matias** McArthur Hi-way, San Matias, Sto. Tomas, Pampanga
739 1094 Calyx** #5 of Calyx Centre, Cebu IT Park, Lahug, Cebu City
741 1062 Gerona Poblacion** McArthur Highway Brgy. Poblacion, Gerona, Tarlac
742 1048 Conchita Building** Conchita Bldg., 311 Jones Avenue, Cebu City
744 1033 San Isidro, NE** Poblacion, San Isidro, Nueva Ecija
749 1091 CPI Guagua GSO Road cor. San Matias, Guagua, Pampanga
752 969 Entec Bldg.** Doña Teresa cor. Don Juan Nepomuceno Ave. Nepo mart Complex Angeles Pampanga
755 1055 Culiat Tandang Sora Ave., cor. San Ponciano St. Brgy. Culiat Quezon City
756 1029 Caltex Tipolo Basak ** MC Briones Street, Tipolo, Mandaue City
757 932 IMEZ 2** Pueblo Verde in Mactan Economic zone II, Basak, Lapu-Lapu City
759 708 Northwalk** Unit 6A, Northwalk Clark, M.A. Roxas Highway cor. New Friendship Gate, Clark Freeport Zone, Angeles city
760 1143 Apple One Unit 105 Apple One Tower, Mindanao Ave., cor. Biliran Road, Ayala Business Park, Cebu City
761 1036 Sta Rosa 5 261 B Sampaguita St., Amihan Village I, Tagapo, Sta. Rosa, Laguna
762 1052 Canlubang Exit** National Highway, Brgy. Mayapa, Calamba, Laguna
763 1087 Legaspi 2** 1106 Rizal St., Brgy. 1, EM's Barrio, Legazpi City
764 1057 AMC Belfranlt** Belfranlt Bldg. P. Burgos St., Angeles City, Pampanga
765 1115 Sto Domingo Ilocos Sur Sto. Domingo, Bagsakan, along Maharlika Highway, Sto. Domingo, Ilocos Sur
766 1025 Vigan Landmark** Vigan Landmark building, along Jose singson Vigan City
771 1002 Antipolo 3 Circumferential Rd., cor. J. Sumulong Highway, Brgy. San Roque, Antipolo City
772 1035 Canlubang** Blk 47 Phase 1 Kapayapaan Vill. Calamba City, Laguna
773 1010 Masinloc** Mercedes cor. Kapitan Tinong Streets, North Poblacion, Masinloc Poblacion, Zambales
774 1083 New Era** Central Ave. cor. St. Mary St., New Era, Quezon City
775 1111 Two SANPARQ** San Antonio Park Square, Lacson St. Mandalagan, Bacolod City
776 984 Merge Point C-store Along National Highway, Vigan Junction - Bantay, Ilocos Sur
20
# Store Name Address
777 1107 Karangalan F.P. Felix Ave., Karangalan village Gate 2, Cainta, Rizal
778 1012 Sta. Rosa 3^^ F. Reyes St. Balibago, Sta. Rosa, Laguna
780 977 Pansol 2^^ National Highway, Bagong Kalsada, Calamba, Laguna
782 1124 Mabiga** Pineda Building, Mac Arthur Highway, Mabiga, Mabalacat, Pampanga
783 1105 Sabang** Don P. Campos Ave., Brgy. Sabang, Dasmariñas City, Cavite
786 1187 Gen.Trias Manggahan** Newhall Commercial Complex, Manggahan, Gen. Trias, Cavite
788 1067 CPI Shaw Pioneer Pioneer Shaw Blvd., Mandaluyong City
789 1120 San Luis, Batangas National Road at Brgy. Muzon, San Luis, Batangas
790 1023 Calamba 7** Along Circumferential Road,Cabanatuan Central Terminal Cabanatuan City, Nueva Ecija
791 1134 Cab Central Terminal** Brgy. Maraouy, Lipa City, Batangas
792 1053 Lipa City Hall Pabalan St. Calamba City, Laguna
793 1069 Montillano 1^^ 89 Montillano cor. Ilaya Brgy. Alabang, Muntinlupa
794 1046 Shangri-La Plaza s103-105, Level 1, Main Wing Shangri-La Plaza EDSA cor. Shaw Boulevard, Mandaluyong City
796 936 Pilar, Bataan Gov. J. Linao Road, Panilao, Pilar, Bataan
797 1059 San Mateo 2 Gen. Luna Ave. Brgy. Ampid, San Mateo, Rizal
798 1183 Bacolod Capitol G/F of VSB Building, Lacson St., Bacolod City, Negros Occidental
799 1085 USC Main University GOLS Computer Shop Jonquera St. Cebu City
800 1219 Pan-Asiatic** Carlos Hidalgo Hi-way, Bacolod City, Negros Occidental
803 1103 Bacoor 3** Km 16, Aguinaldo Highway, Niog, Bacoor, Cavite
805 1064 West Lake Med National Highway Brgy. Nueva, San Pedro Laguna
806 871 New Sacred Heart Pharmacy^^ 481 Real St., Alamanza 1, Las Piñas City (across SM Southmall)
807 1074 Almanza Uno B. Rodriguez St. Brgy. Sambag 2, Cebu City
808 1070 Sta. Rita, Guiguinto** Mc Arthur Hiway, Sta.Rita, Guiguinto, Bulacan
809 1147 St. Joseph** E-18th St., Brgy. East Bajac Bajac, Olongapo City
811 1045 Mactan Newtown** GF Retail 2- The Mactan Ocean Town, Lapu-Lapu City
812 970 Orani Rural Bank** Poblacion, Brgy. Centro 1, Orani, Bataan
814 1108 Roosevelt Roosevelt St. cor PAT Senador St., Brgy. San Del Monte Quezon City
815 1144 Laoag U-belt #40 P. Gomez St., Brgy. 5, San Pedro Laoag City, Ilocos Norte
21
# Store Name Address
816 1207 Angeles 4** ENGIE KEI BLDG. McArthur Highway, Brgy. Pulong-Bulo, Angeles City
817 1104 Daet 3^^ ML Tagarao St., cor. Abellariosa St., Lucena City
818 1155 Lucena 5** Gov. Panotes Ave., Daet, Camarines Norte
819 1135 Calauag Poblacion Jose Rizal St. cor. Arguelles St., Calauag, Quezon
820 1125 Sto. Tomas** Brgy. San Pedro, Sto. Tomas, Batangas
821 1152 SWU Brgy. Sambag II, Aznar St., Cebu City
822 1116 Biñan 5 Lot 1 Blk 2, Southville Commercial, Brgy. Sto. Tomas, Biñan City
823 1051 California Village^^ Katipunan St. California Village Brgy. San Bartolome, Quezon City
824 1210 L'Fisher** Lourdes C. Center Building 2, Lacson St. cor. 14th St., Bacolod City
825 1096 Libertad-Aurora** 135 Antonio Arnaiz cor. Aurora St. Pasay City
827 1089 Paoay Centro Marcelino Building Brgy. 9, San Pedro Paoay, Ilocos Norte
828 1073 MSI Lapu-Lapu G/F MSI Building Lopez-Jaena St., Upon, Lapu-Lapu City
829 1228 Barreto 2** #73 National Highway, Brgy. Baretto, Olongapo City
830 1013 Batac Colleges Batac College, Along Washington St., Batac City, Ilocos Norte
832 1161 La Trinidad 2** A-70 San Jose St. cor. Halsema Hi-way Poblacion, La Trinidad, Benguet
833 1113 CPI Ireneville** Caltex Station Sucat Road cor. Doña Irenea St., Parañaque City
834 1126 The Persimmon Plus M.J. Cuenco Ave., Brgy. Mabolo, Cebu City, Cebu
835 1131 New York Residences ** Brgy. San Jose, Pobalcion, Bulakan, Bulacan
836 1157 USJR Basak** Ground Floor, Plaza Borromeo IV, P. Lopez St. Cebu City
837 1043 Bulakan, Bulacan 901 Leon Guinto St., cor., Estrada St., Malate
838 1127 Plaza Borromeo Cebu South Road. Brgy. Basak-Pardo, Cebu City
840 1102 Concepcion Malabon General Luna St., Concepcion Uno, Malabon
841 1164 Bogo Poblacion** R. Fernan St. Brgy. Carbon, Bogo City, Cebu
843 1246 Shell Dolores** McArthur Highway, Dolores, San Fernando Pampanga
845 1097 CPI Aurora Blvd. Lot 4 & 5 Blk 3 Aurora Blvd. cor. J.P. Rizal St. Brgy. Marilag Quezon City
846 1132 Luxur Place** Luxur Place, Lacson st. cor., Magsaysay Ave., Bacolod City, Negros Occidental
847 1109 Cabugao National Highway, Brgy. Bonifacio Cabugao, Ilocos Sur
848 1186 Bagbag^^ 633 Quirino Highway, Brgy. Bagbag, Novaliches, Quezon City
851 1154 San Nicolas Madamba St. cor. Maharlika Highway, Brgy. 12, San Nicolas, Ilocos Norte
852 1015 Alpha Land Makati Mall 7232 Ayala Ave. Ext. cor. Malugay St. Makati City
853 1153 Transcom City** Door 8, Lopue's South Square Commercial Complex, Brgy. Alijis, Bacolod City
854 1220 Unisan Quezon^^ Carillo St. cor. San Pedro St., Brgy. Poblacion, Quezon Ave., Unisan, Quezon
22
# Store Name Address
855 1171 V. Mapa^^ Buenviaje St. cor. V. Mapa, Sta. Mesa, Manila City
857 1165 CTU G/F Cianna Residences, V. Guillas St. cor. P. Burgos St., Cebu City
858 1166 Delos Santos Hospital** Delos Santos Medical Center 201 E. Rodriguez Bouleverd Sr. Boulevard, Brgy. Kalusugan, Quezon City
860 1204 Cebu Salinas Drive** Alfonso and Sons Bldg., Salinas Drive, Lahug, Cebu City
862 997 BF Almanza Aragon Bldg. 212 CRM ave. cor. Cardinal St., BF Almanza, Las Piñas City
863 1194 Phoenix Bacoor** McArthur Highway, Brgy. Camp One, Rosario. La Union
864 979 PTT San Jose Aguinaldo Highway cor. Hawaii St. Brgy. Salinas, Bacoor, Cavite
865 1189 Rosario, La Union Abar 1st, Maharlika Highway, San Jose City, Nueva Ecija
866 1139 Villa Cristina #11 Villa Cristina Ave., Villa Cristina Subd., Pamplona Tres, Las Piñas City
869 1100 Clark Star Estrella and Macabulos Sts., South Superhighway, Makati City
870 1221 Sta Maria, Laguna Real Velasquez St. cor. Burgos St., Sta. Maria, Laguna
872 1149 Canossa, Lipa Brgy. Mataas na Lupa, Lipa City, Batangas
873 1188 San Jose 2** Brgy. Malasin,Maharlika Highway, San Jose City, Nueva Ecija
882 1176 Bustos Sta. Cruz 505 Bustos St., Sta. Cruz, Manila
883 1177 Greenfield IT** Pureza cor. Magsaysay Boulevard, Sta. Mesa, Manila
884 1123 S.H. Loyola Greenfield District, I.T. Building, GF,Unit no. CS01-03
885 1198 Pureza 3 Lacson Ave. and Loyola Street, Sampaloc, Manila
887 1190 San Jacinto** Manaoag Road-San Jacinto Road. San Jacinto, Pangasinan
888 1179 Urdaneta 4** 103 Alexander St., Urdaneta City, Pangasinan
889 1312 Dolores** McArthur Highway, Brgy. Dolores, San Fernando, Pampanga
890 1209 Guadalupe Cebu** 2211 V. Rama Avenue, Guadalupe Cebu City
891 1215 UNO-R** G/F McMetroplex B.S Aquino Drive, Bacolod City
892 1182 Bacolod Doctors Lizares St., Bacolod City, Negros Occidental
893 973 LP District Hospital^^ G/F of 387-389 Padre Diego Cera Ave., Brgy. Pulang Lupa Las Piñas City
23
# Store Name Address
894 1061 Kingspoint** Kingspoint St. cor Quirino Highway, Novaliches, Quezon City
895 1148 San Pascual 2** Poblacion Public Market,San Pascual, Batangas City
896 1252 Tayabas 2** Quezon-Sto. Domingo Road, Sto. Domingo, Nueva Ecija
897 1106 Sto. Domingo, NE Brgy. Angeles, Lucena-Tayabas Road, Tayabas City
898 1261 Sipocot Lot 1-I San Juan Ave.,North Centro, Sipocot, Camarines Sur
899 1145 Caloocan HS 33 West Macario Asisitio Ave., Grace Park, Caloocan City
900 1217 i1 Building** i1 Building GF Unit A107, Asiatown IT Park, Apas, Cebu City
901 1173 Labangon** Salvador St. cor. Katipunan St., Labangon, Cebu City
902 902 Sitio Gitna #986 Gen. Luis St. Cor P. Dela Cruz St. Brgy. Kaybiga, Caloocan City
903 1233 South of Market (SOMA) Ground Floor South of Market Condominium, Global City, Taguig
904 985 Capitol Medical Center** Scout Magbanua, Timog Quezon City
905 1142 Tambo** 0195 cor. Delos Santos St., Quirino Ave., Brgy. Tambo, Parañaque City
906 1162 LP College Blk 3 Lot 2 Rose Ave. cor. Pilar Rd., Almanza Uno, Las Piñas City
907 1367 Assumption Iloilo** Vidal Building, General Luna cor. Quezon St., Brgy Sampaguita, Iloilo City
908 1185 Uptown Center** 56-58 Madison St., Uptown Bldg., Mandaluyong City
911 1071 Saver's Plaza** Unit 1 & 2 Savers Plaza, Basak-Maragondon Road, Mactan, Lapu-Lapu
914 1216 La Salle Bacolod La Salle Ave., Bacolod Negros Occidental in front of Gate 1 University of La Salle
916 1290 Natividad Lopez** G/F of CCI Building, 1091 Natividad Lopez St., Ermita, Manila
918 1376 Caltex San Pablo** G/F La Fiesta Hotel, MH Del Pilar Iloilo R-1, Iloilo City
920 1293 La Fiesta Purisima Building, Marceilla St., Ligtong III, Rosario, Cavite
921 1248 P. Noval 1037, 1041, 1039, 1043 P. Noval St., Sampaloc, Manila
922 1255 Ocampo Barrio Poblacion, Municipality of Ocampo, Province of Camarines Sur
923 1180 Bagong Silang Langit Road, Bagong Silang, Caloocan City
924 1156 RP Gulod Marianito St., Brgy. Gulod, Novaliches, Quezon City
925 1250 Sta. Ignacia** Romulo Highway, Poblacion, Sta. Ignacia, Tarlac
926 1311 RCBC The Fort** Unit G06 RSB Corporate Center 26th St cor 5th Ave., Bonifacio South, Bonifacio Global City, Taguig City
928 1238 MPT Suites** Kalayaan Ave. cor. P. Burgos St., Bel-Air, Makati City
929 1270 Mandaue City Hall** Ground Floor, The Ellian Tower, A. Mabini St. Mandaue City
931 1237 Manggahan Industrial Park Amang Rodriguez Ave., Manggahan, Pasig City
24
# Store Name Address
933 1330 Macalelon** Magallanes St., Brgy. San Rafael, Legazpi, Albay
935 1305 Mulanay Quezon^^ San Carlos St., Brgy. 3 Poblacion, Mulanay, Quezon
936 1244 Katipunan 2** Katipunan Ave. cor. Esteban Abada, Quezon City
938 1264 Square One** G/F, Sqaure 1, Highway Mandaue cor. Singson Village, Tipolo, Mandaue City, Cebu
941 1288 Jetti Dahlia^^ Dahlia Ave. cor. Chestnut St., West Fairview, Quezon City
942 1223 Forbeswood Parklane** Unit 6, The Parklane Strip, Rizal Drive, FBGC, Taguig
943 1236 Pagbilao Poblacion** J.P. Rizal St. cor. Gloria St., Brgy. Poblacion, Pagbilao, Quezon Province
944 1320 CPI Tayuman** 1868 A.H. Lacson cor. P. Guevarra Sta. Cruz, Manila
946 1076 Fortunata^^ MTF Building located at Dr. A. Santos Ave., Sucat, Parañaque
947 1158 Camarin 2 Zapote St. Franglo Building Area D, Camarin, Caloocan City
949 1196 Sta. Rosa 6** Olympia Subd., Brgy. Labas, Sta. Rosa City, Laguna
950 1322 Royal Gold Plaza** G/F Royal Gold Plaza, AC Cortes Avenue, Guizo, Mandaue City
951 1263 Talisay Negros** Hi-way Mabini St. cor. Bonifacio St., Talisay, Negros Occidental
952 1235 11th Avenue M.H. Del Pilar St. cor. 11th Ave., Grace Park, Caloocan City
953 1260 Sta. Ana- Market Plaza 2235 M. Roxas cor. Suter Sts., Sta. Ana, Manila
955 1163 Camarin 3** Blk. 9 Lot 1, Ph-GIII, Francisco Homes, City of San Jose Del Monte, Bulacan
957 1231 Naic 3 Purok 4. San Isidro, Kiko Camarin, North Caloocan City
958 1436 Sta. Cruz, Zambales** National Road cor. Misola St., Poblacion, Santa Cruz, Zambales
959 1258 Farmers Plaza 2 0085, The New Farmers Plaza, G/F Arcade, Araneta, Cubao, Quezon City
960 1315 Escriva GF Amber Square Escriva Drive Ortigas Center, Pasig City
961 1110 Tropicana Garden Tropicana Garden City, Sumulong Highway, Marikina City
962 1112 Maceda^^ Maceda St. near cor. España, Sampaloc, Manila
963 1280 Caltex Regalado Commonwealth Ave. cor. Regalado, Fairview, Quezon City
965 1323 City Times Square** A-103 & 104, Ground Floor, City Time Square, Brgy. Subangdaku, NRA, Mandaue City, Cebu
966 1419 Malabon Poblacion** J.P. Rizal Ave., Brgy. San Agustin, Malabon City
969 1128 ETON Cyberpod 3 Edsa cor. Quezon Ave., Quezon City
970 1388 Naga Cebu** Leah's Square cor. Mejia St. & National Highway, West Poblacion, Naga City, Cebu
25
# Store Name Address
972 1366 Dapitan 2 Unit 101 at Golden Emerald Mansion, 1513 Dapitan St. Sampaloc, Manila
973 1227 WVCST- Burgos Harmony Hills Subd., Muzon, SJDM, Bulacan
976 1335 Liberty Shaw** Quirino Highway , Balong-Bato, Balintawak, Quezon City
977 1353 Baesa Unit Nos. 1 & 2, GF-Retail row, Freedom Plaza at Liberty Center, Shaw Blvd., Mandaluyong City
978 1184 Atherton Don Mariano Marcos Highway cor. Atherton, North Fairview, Quezon City
980 1343 Suntree Tower #13 Meralco Ave. #27 Sapphire Road, San Antonio, Ortigas Center, Pasig City
981 1342 BSA Twin Towers BSA Twin Tower Bank Drive, Ortigas Center, Mandaluyong City
983 1350 Zerenity Suites** Sandra Mall, Angeles-Porac-Floridablanca-Dinalupihan Road, cor. Sandra St., Angeles city
984 1387 Sandra Mall San Miguel Road, Brgy. Apas, Cebu City
Unit 102 Ground Floor, 139 Corporate Center (Antel Towr), Valero St. cor. Valero Access Road, Salcedo Village,
985 1302 139 Corporate Center^^
Makati
986 1243 Prince Plaza 2** Blk. 1 Lot 8, Marcos Alvarez Ave., Golden Acre, Talon 1, Las Piñas City
987 1338 Golden Acres G6 Prince Plaza 2 Condominium Building , Dela Rosa St., Legazpi Village, Makati City
988 1332 Navotas 2 Noval St. cor. E. Naval St., Brgy. San Jose, Navotas City
989 1339 Laoag 2 Brgy. Of No. 9, Sta. Angela, Rurban, Laoag City, Ilocos Norte
990 1328 Ternate H. Ventura cor. Sto. Niño, Brgy. Poblacion 2, Ternate, Cavite
991 1285 Eusebio Arcade Hernaez St. cor. Araneta Ave., Bacolod City, Negros Occidental
992 1303 N. Garcia 2** N. Garcia St. cor. Milagros St., Brgy. Valenzuela, Makati City
994 1321 Punta Princesa Ground Floor, Miramontes Building, F. Llamas St., Punta Princesa, Cebu City
995 1424 Maligaya Park 4 Maligaya Drive, Brgy. Pasong Putik, Quezon City
996 1284 Bacolod Regional Hospital** N & M Pharmacy, Lacson St., Bacolod City
998 1240 LSPU San Pablo** Brgy. Del Remedios, San Pablo City, Laguna
999 1368 Binangonan 4** Cor. Divrsion Road and Jaladoni St., Mandurrio, Iloilo City
1000 1371 Injap Tower** Huervana St., cor. Divinagracia District of La Paz, Iloilo City
1003 1317 Admiral G/F Citywalk Building, Admiral Road, Talon 3, Las Piñas City
1004 1287 Evangelista 2** J.P. Rizal St. cor. Valle St., Candelaria, Quezon
1005 1340 Candelaria Poblacion GF 1837 Evangelista St. cor. Dallas St., Brgy. Pio Del Pilar, Makati City
1008 1222 Adriatico Courtyard #21 Aguirre Ave., Bf Homes, Parañaque City
1010 1337 AIC Empire Sapphire Mayapyap Sur, Cabanatuan City, Nueva Ecija
26
# Store Name Address
1011 1341 Royal Plaza AIC Burgundy Empire Tower, Sapphire Road, Ortigas Center, Pasig City
1013 1351 Morong Poblacion 65 Tomas Claudio St. Brgy. San Juan, Morong, Rizal
1014 1245 Katipunan 3** Dela Rosa Loyola Heights, Balara, Quezon City
1015 1086 Solemare Space 15 Tower A Solemare Parksuites located at Brado Ave., Parañaque City
1016 1398 Mactan Doctors** G/F, JS Realty, Washington St. cor. Cagudoy St., Lapu-Lapu City
1017 1214 Adriatico Garden** Gen. Luna St., Poblacion, Bago City, Negros Occidental
1020 1314 Sta. Maria Highway** McArthur Highway, Brgy. Danuman West, Sta. Maria, Ilocos Sur
1021 1385 Marco Polo** Meralco Ave. and Sapphire Road, Ortigas Center, Pasig City
1022 1356 Lucena Diversion Brgy. Gulang Gulang, Lucena City, Quezon
1023 1375 Fuente Circle** Door 5, G/F Ybañez Bldg., Fuente Osmeña Blvd., Cebu City
1025 1331 San Juan Batangas G/F BDO Greenhills-Ortigas Building 2, Ortigas cor. Roosevelt Ave. Greenhills, San Juan City
1026 1192 Red Square Bagbaguin Road cor. P. Jacinto St., Caloocan City
1027 1257 Manhattan Parkview Space #00017, G/F Manhattan Parkview, Araneta Center, Quezon City
1028 1439 San Beda 1st Street, Dr. Concepcion Aguila, San Miguel, Manila
1029 1491 The Beacon** Unit G103, Bel-Air Soho, 45 Polaris cor. Badajos St. Brgy. Poblacion, Makati City
1030 1279 Bel-Air Soho Unit 2B The Beacon cor. Chino Roces and Armaiz Ave. San Lorenzo Village, Makati City
1031 1224 V Corporate Center^^ 125 LP Leviste, Salcedo Village, Makati City
1033 1412 Tanza Bagtas** Tanza-Trece Road, Brgy. Bagtas, Tanza, Cavite
1035 1319 Trece 3 166 Trece-Indang Road, Brgy. Luciano, Trece Martirez City
1036 1174 Danao Mitsumi** Central Nautica Highway, Sabang, Danao City, Cebu
1037 1278 ETON Greenbelt Parkview Unit B, Eton Greenbelt Parkview, Gamboa St., Legaspi Village, Makati City
1039 1380 Princeton Residences** #1 M.L Quezon St. Lower Bicutan, Taguig City
1041 1413 Lower Bicutan 2 Amaya Road, Brgy. Amaya-I, Tanza, Cavite
1045 1281 Bayfront Hotel** Kaoshiung St., North Reclamation Area, Cebu City
1046 1473 Magalang Avenue** McArthur Highway cor. Magalang Ave., Angeles City, Pampanga
1047 1347 Sangandaan^^ 369 Tandang Sora Extension, Brgy. Sangandaan, Quezon City
1049 1561 ACT Tower** J.P. Rizal St. cor. Kapitan Ponso St., Poblacion 2, Bauan, Batangas
27
# Store Name Address
1050 1168 Bauan 3 135 H.V. Dela Costa St., Makati City
1051 1447 Daang-Batang** 15303 cor. Daang Batang St., Rodriguez Ave., San Agustin, Parañaque City
1053 1272 Sacred Heart Hospital** Ground Floor, TSC Property Holdings, Inc., Urgello St., Cebu City
1055 1269 Shaw MRT Greenfield District Station, Second Floor Concourse Southbound CS-2
1057 1409 Batangas 5** G/F, Rentable 4, Cham Building, Brgy. Balagtas, Batangas City, Batangas
1059 1364 Unioil Kalayaan** Unioil Kalayaan Station, Malingap St., Quezon City
1060 1539 Baloc, N.E.** Cagayan Valley Rd., Brgy. Baloc, Nueva Ecija
1061 1611 Blue Residences Katipunan Ave. cor. Aurora Blvd., Quezon City
1062 1298 CEO Flats 27 Canopus cor. Jupiter Sts., Bel Air Village, Makati City
1063 1268 Sta. Lucia Residenze Imelda Ave. cor. Marcos Highway, Cainta, Rizal
1064 1349 WPAZ 349 JP Rizal St. Sta. Elena, Marikina City
1065 1442 CAVSU Indang^^ Cavite State University, Indang-Trece Martires Road, Indang, Cavite
1067 1397 Two Quad 2Quad Building, Cebu Business Park, Cebu City
1068 1395 A Square Anonas #2 Anonas St. cor. Aurora Blvd., Project 2, Cubao, Quezon City
1069 1515 Plaza Hotel, La Union** Brgy. Poblacion, San Fernando City, La Union
1070 1399 Argao 839 Cor. Dr. T.S. Kintanar St. & National Highway, Argao, Cebu
1071 1418 Salcedo 2 159 Salcedo St., Legazpi Village, Makati City
1074 1549 Batangas 6** Brgy. San Roque, San Pablo City, Laguna
1075 1510 Paliparan 3 The Strip along Ortigas Ave., Pasig City
1077 1467 CVSU Rosario Gen. Trias Drive, Brgy. Tejeros Convention, Rosario, Cavite
1080 1286 Sum-Ag** Araneta Ave. cor Sum-Ag Abuanan Rd., Brgy. Sum-Ag, Bacolod City, Negros Occidental
1081 1402 Talamban Proper Dr. J.B. Vizcayno Bldg., Talamban, Cebu City
1082 1513 University of Manila^^ Ventura Residences, 646-B, M.V. Delos Santos, Sampaloc, Manila
1084 1408 Kaybiga Lot 1 & 2, No. 2000 G. Tuazon St. cor. Masbate St., Balic Balic, Sampaloc, Manila
1086 1520 Sual ** Unit 3 Kornerwalk Commercial Center, Olongapo-Gapan Road, San Antonio, Guagua, Pampanga
1087 1363 Juan Luna Lot 24 Blk 32 Gen. Luis St., Kaybiga Road, Caloocan City
1088 1453 Golden Town Fly Ace Corporate Center, 13 Coral Way, Central Business Park, Pasay City
28
# Store Name Address
1089 1471 Guadalupe Church National Highway, Brgy. Poblacion, Sual, Pangasinan
1092 1486 Beata Pandacan Unit A GF, The Streamline Plaza Building, Baeta, Pandacan, Manila
1095 1428 PTT Boton** Gobstopper Area, Argonaut Highway, Subic Bay Freeport Zone, Pampanga
1096 1482 San Agustin Iloilo** Maria Clara Ave., cor., Jalandoni St., Iloilo City
1097 1310 Seaoil P. Tuazon** Seaoil Station, EDSA cor. P. Tuazon St., Cubao, Quezon City
1098 1201 PUP Teresa** Economic Garden, Timugan, Los Baños , Laguna
1099 1532 LB City Hall Aguida Building #265 Teresa St., Sta Mesa, Manila
1100 1077 E-Luxury One** 5077 P. Burgos st. Poblacion, Makati City
1101 1484 Wind Residences** Along National Highway Road, Brgy. Poblacion, Mangatarem, Pangasinan
1103 1448 CPI Congressional Congressional Ave. cor. Cagayan Ave., Brgy. R. Magsaysay, Quezon City
1104 1306 Bagong Barrio^^ 76 Malolos Ave. cor Gregorio de Jesus St., Bagong Barrio, Balintawak Subdivision, Caloocan City
1105 1516 Sacred Heart Lucena** 12 Merchan St., Brgy. 11, Lucena City, Quezon
1106 1530 Gateway Tower** Space #5002, Gateway Tower, Araneta Center, Quezon City
1107 1502 CPI E. Rod E. Rodriguez Ave. cor. Sunnyside Drive, Quezon City
1108 1452 Sauyo 32 Sauyo Road, Brgy. Sauyo, Novaliches, Quezon City
1109 1641 San Pedro 7 Brgy. San Antonio, San Pedro City, Laguna
1110 1469 Linear Makati Tower 1A-Unit No . FC1 CU007 The Linear, Mayapis, Yakal and Malugay Sts., San Antonio Village, Makati City
1111 1529 City Oil Old Sta. Mesa 4872 Old Sta. Mesa Rd.,Sampaloc, Manila
1112 1438 Taguig City Hall^^ Gen. Luna St. cor. M. Santos St., Brgy. Tuktukan, Taguig City
1114 1490 University Tower Commercial F, G/F, University Tower Malate, Pedro Gil, Malate, Manila
1115 1283 CPI Opon** Caltex Opon, ML Quezon cor. Sangi Road, lapu-Lapu City
1116 1481 Legarda-Arlegui** 504 Nepomucemo St. (Formerly Tanduay St.) cor. Arlegui St., Quiapo, Manila
1117 1518 St. Joseph San Pedro** St. Joseph Village 10, Brgy. Langgam, San Pedro City, Laguna
1118 1616 Paete Poblacion #20-5 J.P. Rizal St., Paete, Laguna
1119 1417 Sgt. Bumatay #717 Sgt. Bumatay cor., Katarungan St., Brgy. Plainview, Mandaluyong City
1121 1463 Gaisano Cordova G/F, Unit A1-A2, Gaisano Grand Mall Cordova, Cebu
1122 1508 Somerset Olympia Upper Ground Floor, Somerset Olympia Makati, Makati Ave. cor. Sto. Tomas St., Makati City
1123 1564 West Negros University G/F SMEI Bldg., Burgos Ave., Bacolod City, Negros Occidental
1124 1026 Sumacab Este** Maharlika Highway, Brgy. Sumacab Este, Cabanatuan, Nueva Ecija
1125 1625 Chimes Square** AP Housing, NRT ave cor., C-5 road, Taguig City
1126 1434 Balamban Congressional Extn. Cor. Kalaw, Mira Nila Homes, Brgy. Pasong Tamo, Quezon City
29
# Store Name Address
1128 1451 Eton Baypark Manila** 16A Capitol Hills Drive Diliman, Quezon Cty
1129 1711 Goa 2** GF & 2nd Floor of the Centerpoint Bldg., Ziga Ave., Tabaco City, Albay
1130 1416 Capitol Drive Unit 1 Eton Baypark Manila, Roxas Blvd. cor. Kalaw St., Manila
1131 1612 Tabaco Melba Bldg., San Juan Bautista St., Goa, Camarines Sur
1134 1488 Lipa San Sebastian Tambo Exit, Brgy. Tambo, Lipa City, Batangas
1136 1552 Narciso Avenue** 140 Narciso St., Josefa Subd., Malabanais, Angeles City, Pampanga
1139 1464 Bagong Silang 2** GF Antigua Bldg. cor. B. Aranas St. cor. T. Abellas St., Cebu City
1140 1578 Cebu San Nicolas** Brgy. Poblacion, San Leonardo, Nueva Ecija
1141 1500 San Leonardo, N.E. Langit Road cor. St. Joseph St., Bagong Silang, Caloocan City
1144 1433 Vicas Caloocan^^ Congressional Road Ext. Vicas, North Caloocan City
1145 1541 Badoc Highway National Highway, Brgy. 9 Paltit, Badoc, Ilocos Norte
1146 1466 Lorex Ave. 1000 Lorex St., Tañada Subd., Valenzuela
1147 1632 Malabon 3 GF of Abacon Bldg., Pampano St., Brgy. Longos, Malabon City
1148 1568 San Mateo 3** Katipunan Street, Tisa, Labangon, Cebu City
1149 1355 Tisa #22 Gen. Luna St., Brgy. Maly, San Mateo, Rizal
1150 1621 Ligas Bacoor** Jacinto Residences, 1223 General E. Jacinto St. cor. Kalayaa Ave., Makati City
1151 1534 Kalayaan** Maharlika Highway, Brgy. Bacohan, Lucena City, Quezon
1153 1605 Paco 3** National Highway Poblacion East, Sta. Maria, Pangasinan
1154 1531 Sta. Maria, Pangasinan Pako Bldg., Pedro Gil cor. A. Linao and Gen. Luna St. Manila
1155 1465 Rephil Pasay Rephil Station. F.B. Harrison cor. EDSA, Pasay City
1158 1348 Calumpang^^ Nicanor Roxas St. cor. Manuel Roxas St., Brgy. Calumpang, Marikina City
1160 1477 Alta Tierra Alta Minimart, Phase V, Alta Tierra Village, Tabuc Suba, Jaro, Iloilo
1162 1623 Francesca Tower C-1, G/F, Francesca Tower- EDSA Ave. cor. Scout Borromeo St., Quezon City
1163 1360 Santolan Malabon^^ Rodriguez St. cor E. Martin St., Brgy. Santulan, Malabon City
1164 1470 JM Basa^^ Marcos Highway cor. Felix Ave., Cainta, Rizal
1165 1372 Sta. Lucia Mall Villanueva International Bldg., J.M. Basa St. cor. Aldeguer St., Iloilo City
1166 1594 Dela Costa Homes VP Building Dela Costa Homes, Quirino Highway, Sacred Village, Caloocan City
30
# Store Name Address
1167 1487 EDSA M. Dela Cruz EDSA cor. M. Dela Cruz, Pasay City
1168 1271 UC Main G/F, Coast Pacific Downtown Center, Sanciangko St., Cebu City
1170 1167 Samson Road No. 90 & 92 A. Mabini St., Sangandaan, Caloocan City
1171 1324 CPI Sauyo** 78-A E. Rodriguez cor. Plaridel St. Quezon City
1172 1553 Bagong Silang 3 Sauyo Road, Brgy. Sauyo, Quezon City
1173 1559 Doña Aurora-E. Rod. Blk 15 Lt 12 Package 6 Phase X, Bagong Silang Project, Caloocan City
1174 1614 Dalan Ledesma** GF Gloria 168 Bldg. Dalan Ledesma St., Iloilo City
1175 1474 Kabankalan Plaza G/F Kho-Alvarez Bldg., Guanzon St. cor. Rizal St., Kabankalan City, Negros Occidental
1177 1476 Sta. Barbara Iloilo** Columba Senupe Building, National Highway cor. Roosevelt St., Sta. Barbara, Iloilo
1178 1369 USC Talamban** In front of USC TC Nasipit, Talamban, Cebu City
1180 1739 Tungkong Mangga** Nolasco Bldg., Quirino Highway, Brgy. Tungkong Mangga, SJDM, Bulacan
1181 1667 PTT Mexico** PTT Service Station, OG Road, Jose Abad Santos, Brgy. Parian Sto cristo, Mexico, Pampanga
1182 1361 Rancho^^ 41 Lilac St. Hacienda Heights, Concepcon 2, Marikina City
1183 1411 Greenwoods** Lot 1 Blk 9 Greenwoods Ave. cor. Pine St., Phase I-E Area 2,Greenwoods Executive Village, Cainta, Rizal
1184 1620 Metro Oil Roosevelt** Metro Oil Roosevelt, Roosevelt cor. Sto. Niño St., Quezon City
1185 1731 San Luis Pob., Batangas** Brgy. Poblacion, San Luis, Batangas
1186 1565 V.A. Rufino Unit G02, GF, Angelus Plaza, Makati City
1187 1658 Sta. Rita, Olongapo JP Rizal Ave., West Bajac-Bajac, Olongapo City
1188 1391 Shaw Center Mall** Unit 6 548 Shaw Blvd., Mandaluyong City
1189 1544 Mary Johnston Hospital** Unit C, Gilmore, Commercial Plaza, 10 Gilmore Ave., Brgy. Valencia, New Manila, Quezon City
1191 1607 Amethyst Drive Unit 102 Pacific Place Condominium, Pearl Drive, Ortigas Center, Pasig City
1192 1599 Ongpin 2^^ 640 Ongpin St., China Town, Binondo, Manila
1193 1666 Molino 6 Blk. 3, Lot 9, Ph. 1, Basa St. cor. Avenida Rizal St., Molino 5, Bacoor, Cavite
1194 1483 Carcar 2 ** Guerrea St., cor. YunqueSt., La Carlota City, Negros Occidental
1195 1460 LRT Pureza N. Bacalso National Highway, Poblacion, Carcar, Cebu
1196 1650 Vellagio Tower Unit A, GF, The Station Point, 3299 R. Magsaysay Blvd. cor. Maganda St., Sta. Mesa, Manila
1197 1673 Tabunok 2 Unit 102 & 103, G/F, Vallegio Tower, 2011 Pres. Quirino Ave. cor. Leon Guinto St., Manila
1199 1646 CPI Taft Brgy. 97, 2724 Taft Ave. Extn., Pasay City
1200 1475 Zerrudo Complex** Zerrudo Commercial Complex, E. Lopez St., Brgy. Montinola, District of Jaro, Iloilo City
1201 1657 Fatima Annex** Fatima Ave. cor Knight of Columbus St., Brgy. Marulas, Valenzuela City
1202 1393 Villamonte** Cebuana Lhuillier, BS Aquino Drive cor. Ylac St., Brgy. Villamonte, Bacolod City, Negros Occidental
1203 1683 Calamba 8** Chipeco Ave., Llamas Subd., Brgy. 3, Calamba City, Laguna
1204 1496 CPI Gulang Gulang** Brgy. Gulang Gulang, Lucena City, Quezon
1205 1432 Tayud Capulay Market, Bagong Daan Road, Tayud, Liloan, Cebu
31
# Store Name Address
1206 1604 San Francisco, Gen. Trias Arnaldo Highway, Brgy. San Francisco, Gen. Trias, Cavite
1207 1638 Brixxton Village Kingswood St. and Zabarte Rd., North Caloocan City
1208 1637 Sinait Poblacion National Highway cor. Rizal St., Brgy. Ballaigui sinait, Ilocos Sur
1209 1694 SM North EDSA Unit 101, G/F, Northlink Bldg., SM North EDSA, Quezon City
1211 1707 Buenavista Gen. Trias Gov. Ferrer Drive, Buenavista-III, Gen. Trias, Cavite
1213 1551 Soldiers Hill Bacoor B10 L30 Green Valley Subd., Molino, Bacoor, Cavite
1214 1570 Jones Avenue** Unit 101 455 Osmena Blvd., Cebu City
1215 1528 Riverview Mansion T. Pinpin cor. Muelle de Binondo St., Manila
1216 1555 5th Ave.** Caltex Station, C. Raymundo cor. Bernal St., Pasig City
1217 1540 CPI C. Raymundo Rizal Ave., 5th Ave., Caloocan City
1219 1659 Sta. Rosa Exit B-19 Road 1 Minuyan Proper, San Jose Del Monte, Bulacan
1220 1374 Sky Ranch Brgy. Pulong Sta. Cruz, Sta. Rosa, Laguna
1223 1389 Hillcrest Village National Road cor. Ramos St., Municipality of Himamaylan Negros Occidental
1224 1601 Kabisig Cainta Blk 13 Lot 1 Hillcrest Village, Camarin, Caloocan City
1225 1639 Coher Center Blk 18 Floodway, Kabisig, San Andres, Cainta, Rizal
1226 1708 Consolacion Cebu Coher Center, 1424 Quezon Ave., Quezon City
1228 1468 Philand Tandang Sora** Dasmariñas Commercial Complex, Governor's Complex Drive, Dasmariñas, Cavite
1229 1748 Iloilo City Hall** GF Chuang Bldg., Dr. V. Locsin, Dumaguete City
1230 1575 Lancaster Imus** Blk 20 Lot 1 MMCBuilding, Teachers Village, Brgy. San Rafael 1, San Jose Del Monte, Bulacan
1231 1193 Pala Pala 2 Sixto Antonio Avenue cor. Bernal Street Rosario Pasig City
1232 1573 Qualfon Dumaguete 337 Tandang sora Ave., Pasong Tamo, Quezon City
1233 1574 Sapang Palay Guadarrama-Jalandoni Bldg., J.M. Basa cor. Ortiz Sts., Iloilo City
1234 1489 Residencia Real GF Residencia Real, Solana St. cor. Real St., Brgy 654 Intramuros, Manila
1236 1728 San Juan, Ilocos Sur** National Highway, Brgy. Bannuar Poblacion, San Juan, Ilocos Sur
1237 1656 Maxsteel Bldg. Unit 1B, GF of Maxsteel Bldg., 266 N. Domingo St., Brgy. Pasesdena, San Juan City
1238 1626 Pasil L. Flores Street, corner Spoliarium Street, Brgy. Pasil, Cebu City
1240 1750 Cathedral Dumaguete** GF Obdulia Inn Colon St. Cor. Perdices St. Dumaguete City
1242 1745 S.B. Cabahug S.B Cabahug St, Ibabao Mandaue City
1243 1425 Canduman MCT Bldg., H. Abellana St. cor. National Highway Basak, Mandaue City
1244 1606 Makati City Hall 2 779 JP Rizal St., Poblacion, Makati City
32
# Store Name Address
1245 1782 Abreeza** Moncada Public Market, MAcArthur Highway, Poblacion 1, Moncada, Tarlac
1246 1742 Moncada Space 1013, GF, Abreeza Mall, JP Laurel Ave., Bajada, Davao City
1247 1696 Panorama Tower BGC** 75 F. Legaspi St., Pasig Greenland Village, Pasig City
1248 1554 Alabang Hills Panorama Tower, 34th St. cor. Lane A, Bonifacio Global City, Taguig City
1249 1672 F. Legaspi GF One Legacy Place Bldg., Don Jesus Blvd. cor. Kenrtucky, Alabang Hills, Brgy. Cupang, Muntinlupa City
1250 1735 LRT V. Mapa^^ 4134 R. Magsaysay Ave., Sta Mesa Manila City
1252 1493 CPI Daraga** Cor. Rizal St. and Arboleda St., Daraga Public Market, Brgy. Ilawod-1, Daraga, Albay
1254 1697 San Vicente Tarlac** Lot 1, Blk 5, Southern bypass Road, San Vicente, Tarlac City
1256 1542 Belton Place^^ Unit 4A Pasong Tamo St. cor. Yakal St., Makati City
G/F of Polytechnic University of the Philippines-Hasmin Building, Ramon Magsaysay cor Valencia St., Sta. Mesa.
1257 1700 PUP Hasmin
Manila
1258 1403 Manapla** Manapla Market Blocks, Municipality of Manapla, Negros Occidental
1259 1394 Victorias** Osmeña cor. Jover St., Victorias, Negros Occidental
1261 1609 Diamond Subdivision ** Morgang Ave., McArthur Highway, Balibago, Angeles, Pampanga
1263 1660 Sierra Madre Mandaluyong EDSA cor. Sultan St., Mandaluyong City
1264 1793 Silver City 2** McArthur Highway, Ramar Village, San Agustin, San Fernando, Pampanga
1265 1668 San Agustine Pampanga G/F Silver City Bldg. 2, Frontera Verde, Ortigas Center, Pasig City
1268 1734 Sta. Clara, Bulacan Bypass Road, Sta. Clara, Sta. Maria, Bulacan
1269 1547 Grand Harbor Hotel** #249 Waterfront Road, Subic Bay Freeport Zone, Olongapo City
1270 1567 Limay, Bataan** Brgy. Reformista, National Road, Limay, Bataan
1271 1653 PCGS** G/F Our Press Inc., Junquera St., Cebu City
1272 1582 Mandurriao Plaza** Onate De Leon St. cor. R. Mapa St., District of Mandurriao, Iloilo City
1273 1732 Enverga University** 173 Dela Cruz St., Poblacion, Guiguinto, Bulacan
1275 1718 Phoenix Amang Rodriguez Brgy. Ibabang Dupay, Lucena City
1276 1597 Escolta Twin Towers** Jordan cor. Daang Batang, Brgy. Moonwalk, Parañaque City
1278 1588 La Salle 3 cor. Tabotabo and Burgos St., Brgy. 3, Tuburan, Cebu
1279 1726 Jordan-Moonwalk Unit No. 1-A, G/F, University Mall, Taft Ave., Malate, Manila
1280 1815 San Roque Cavite City** 2nd Flr., CBTMPC Bldg., Caticlan Port, Malay, Aklan
1281 1817 Jetty Port- Caticlan** Tourist Center- Manggayad Manoc, Boracay Isaland, Malay, Aklan
1282 1721 Tourist Center- Boracay P. Burgos Ave. cor. Dra. Salamanca Extn., Brgy. 58-A, Cavite City
1283 1585 Loreta Building Bohol Ave., Cebu Business Park, Cebu City
33
# Store Name Address
1285 1755 Georgetown Cybermall Georgetown Cybermall, RN Pelaez Blvd., Cagayan de Oro City
1286 1622 N. Domingo 2** Unit 104 G/F, FORC Bldg., N. Domingo cor. F. Roman Sts., San Juan City
1287 1456 Yati Market** ABC-G Distribution and Trading Inc., Yati, Liloan, Cebu
1288 1840 Bagong Silang 4** R6 Aliw Road, CCP Complex, Pasay City
1289 1645 Star City Lot 4 Blk 41 Barrio of Bagong Silang, Caloocan City
1291 1618 USC South Campus^^ J. Alcantara St., sambag 1, Cebu City
1293 1664 Urduja Village #62 Sikatuna Ave., Urduja Village, Caloocan City
1295 1495 CPI Tagapo** National Road, Brgy. Tagapo, Sta. Rosa, Laguna
1296 1826 Davao Doctors College** 433 General Malvar Street Brgy. 006 Quirino Avenue, Davao City
1297 1478 San Carlos Negros** C.L. Ledesma Ave. cor. Locsin St., San Carlos City, Negros Occidental
1298 1633 East Rembo** 182-A 19th Ave. cor. J.P. Rizal Extension, East Rembo, Makati City
1300 1727 Fe Del Mundo Hospital** Banawe St., cor. Cadiz St., Quezon City
1301 1652 Buendia 6** Tupas St., Sawang Calero, Cebu City
1302 1855 Vigan 3** Along Polacion Road, San Antonio, Nueva Ecija
1303 1415 Cebu St. Mary's Buendia Ave. Cor. Pasong Tamo St., Makati City.
1304 1684 San Antonio, Nueva Ecija National Road cor. Annunciacion St., Bantay, Vigan City, Ilocos Sur
1305 1691 Citihomes Molino** Vallejo Wet ad Dry Market, Citihomes Subd., Molino 4, Bacoor, Cavite
1306 1769 SM Taytay^^ Unit 113-114, GF, SM Taytay IT Park, Manila East Road, Taytay, Rizal
1308 1651 East Mansion Unit CC2, G/F East Mansion Townhomes, Elisco Road, Sto. Rosario East, San Joaquin, Pateros
1309 1682 Bustillos** San Anton St. cor. Earnshaw, Sampaloc, Manila
1310 1648 Peñafrancia** Marcos Highway, Brgy. Mayamot, Antipolo City, Rizal
1311 1758 Baloy, Olongapo** #1 Baloy Beach Road cor. National Highway, Barrio Baretto, Olongapo City
1312 1294 CPI Tuy^^ Brgy. Luntal, Palico Crossing, Tuy, Batangas
1315 1630 Maria Orosa 2 1125 Maria Orosa St., Ermita, Manila
1316 1313 Hulong Duhat Malabon** 17 Women's Club St. cor. Flores St., Malabon City
1317 1580 Zarraga Iloilo** Jalandoni St. cor. Gomez St., Municipality of Zarraga, Province of Iloilo
1319 1613 Ferry Terminal Retail 1, Jetty Port, seaside Blvd., MOA Complex, Pasay City
1320 1781 CPI Sto. Domingo Mexico** Caltex Sto. Domingo, Mexico, Pampanga
1321 1546 Bagbaguin 189 General Luis St., Brgy. Bagbaguin, Valenzuela City
34
# Store Name Address
1323 1810 Mandaue Cabancalan** #9 Rizal St., Brgy. Poblacion San Pedro City, Laguna
1324 1593 San Pedro 8 M.L. Quezon St., Cabancalan, Madaue City
1325 1828 Limketkai Luxe Hotel** Mt. Apo St., Davao City
1326 1754 Malvar Davao GF, Limketkai Luxe Hotel, Limketkai Center, Cagayan De Oro
1327 1857 Pascam 2** Poblacion 4, National Highway, Calaca, Batangas City
1328 1771 GMA San Jose Arnaldo Highway, Brgy. Pasong Camachille-I, Gen. Trias, Cavite
1330 1835 UIC Bonifacio Dover Magallanes Bonifacio St., Davao City
1331 1865 Red Planet Hotel** Barrio of Sambat Ilaya, Batangas City
1332 1860 Scienceville** Blk. 3 Lot 3 Phase 2, Pinagsama Village,C-5 Road, Western Bicutan, Taguig City
1334 1856 AUF Hospital 2** Hotel Tierra , Bonifacio St., Brgy. Rafael, San Jose, Nueva Ecija
1336 1649 CPI Kumintang Tune Hotel Ayala, 99 Urban Ave., Brgy. Pio del Pilar, Makati City
1337 1703 Pinagsama Village #50 Russia St., Betterliving Subd., Parañaque City
1338 1710 Sabang Lipa Sto. Angel Sur, Sta. Cruz, Laguna
1339 1743 San Jose 4, N.E. Angeles University Foundation, Medical Center, MacArthur Highway , Angeles City, Pampanga
1340 1764 Shell Bacolor #56 Gen. Luis St., Brgy. Nagkaisang Nayon, Novaliches, Quezon City
1341 1805 Unioil West Avenue^^ Quirino Highway corner Hilton Street Brgy. Malaria North, Caloocan City
1342 1617 Malaria Highway West avenue corner Cavite St., Brgy.Paltok, Quezon City
1345 1801 Divine World College Laoag** #18 Scout Tuason cor. Sct. Castor St., Brgy. Laging Handa Quezon City
1346 1814 Scout Tuason Along National Highway Brgy. Nuestra Sra De Visiracion Laoag City, Ilocos Norte
1347 1862 Granvia Residences** G/F Unit C3 and C4, Granvia Residences, PODC Business Park, Pueblo de Oro, Cagayan de Oro City
1348 1775 Poblacion Pardo** Cebu South Rd., Poblacion Pardo, Cebu City
1349 1749 S.H. Loyola 2** GF RSI Bldg. Valencia St. Lower Bagacay Dumaguete
1351 1615 CPI T. Padilla** T. Padilla St. cor. M.J. Cuenco Ave., Cebu City
1352 1719 Penaranda, N.E.^^ Rizal St., Road, Brgy. 1, Penaranda, Nueva Ecija
1353 1790 San Simeon** Paoay Currimao Suba Balacao Road, Brgy. Gaang Currimao, Ilocos Norte
1354 1420 Chino Roces^^ Unit B GF 2310 Bldg., Chino Roces, Pio Del Pilar, Makati City
1355 1669 Escalante/ Jomabo Building National Road East Ave. Escalante City Neg. Occ
1356 1831 CPI Angono Caltex Gas Station Brgy. San Isidro Angono Rizal
1357 1760 Phoenix Anabu^^ Phoenix Gas Station, Anabu II-D, Aguinaldo Highway, Imus, Cavite
1358 1913 Gold Land Tower** Quimpo Blvd. cor. Ecowest Drive, Matina, Davao City
1359 1365 Alijis Unit 2, G/F of Gold Land Tower Condominium No. 10 Eisenhower St., Greenhills, San Juan
1360 1571 Ecoland Alijis Road Cor. Lacson Ext. Bacolod City Negros Occidental
35
# Store Name Address
1362 1768 Rosario, La Union 2 National Road, Brgy. Canlalay, Biñan City, Laguna
1363 1912 Nova Tierra** GF Units 101 to 104 Nova Tierra Square, Bo. Pampanga, Lanang, Davao City
1364 1819 Bilibid Viejo 1034 Conde cor., Bilibid Viejo, Quiapo Manila
1365 1381 Corona Bldg. G/F , U-belt Exhibit Center, 1967 C.M. Recto Ave., Manila
1367 1854 Victoria Reyes KHK Gas Station Brgy. Victoria Reyes Dasmarinas City Cavite
1368 1897 Ateneo Jacinto** Ateneo Jacinto cor. Juan Luna Davao City
1371 1923 Cabuyao City Hall** FB Bailon St., Brgy. Sala, Cabuyao City, Laguna
1372 1770 JP Rizal 3** JP Rizal cor. Legaspi Sts., Brgy Valenzuela, Makati City
1373 1881 Antipolo Circle** Claveria Plaza Circumferential Road Antipolo City Rizal
1374 1846 Equatorial Bldg. CM Recto** Jose P. Laurel Ave., Davao City
1375 1792 SPMC G/F Equatorial Development Realty Development Bldg., CM Recto Ave cor. Coromina St. Quipo, Manil
1376 1922 Elvinda Km. 30 National Highway San Pedro City Laguna
1377 1800 Dulong Bayan** Gen. Kalentong cor. Romualdez, Daang Bakal, Mandaluyong City
1381 1788 Sultan-EDSA Unit 121 & 122 Grand Central Residences Tower 1, EDSAcor. Sultan St., Brgy. Highway Hills, Mandaluyong City
1382 1706 Narvacan, Ilocos Sur** National Highway, Narvacan, Ilocos Sur
1383 1872 Potrero Malabon ^^ along McArthur Highway cor. Del Monte St.., Brgy. Potrero, Malabon City
1384 1736 SM Dasmariñas Unit E014, GF, SM Dasmariñas, Governor's Drive cor. Aguinaldo Highway, Dasmariñas, Cavite
1386 1730 Phoenix Alabang-Zapote Alabang-Zapote Road, Pamplona, Las Piñas City
1387 1992 Biñan City Hall** Gaisano Mall of Davao, J.P. Laurel Ave., Davao City
1389 1884 CPI Gusa** Purok 7, Gusa, National Highway, Cagayan de Oro
1391 1949 UM Matina** RSY Commercial Complex McArtur H-way, Brgy. Matina, Davao City
1392 1802 FLB Cebu** Bohol Ave., and Archbishop Reyes Ave., Cebu Business Park, Cebu City
1394 1685 Ususan 63 General Luna St., Brgy. Ususan, Taguig City
1395 1885 Tabing Ilog, Marilao** MacArthur Highway, Poblacion 2, Marilao, Bulacan
1396 1494 CPI Sipocot** Brgy. Gaongan-Tara, Municipality of Sipocot, Province of Camarines Sur
1398 1680 Pototan Iloilo** San Jose St. cor. Magbanua St., Pototan, Iloilo City
1399 1891 COC** Max Suniel St., Brgy. Carmen, Cagayan de Oro City
36
# Store Name Address
1401 1671 Iloilo- Ayala Technohub** Iloilo-Ayala Technohub Bldg., Brgy. San Rafael, Manduria, Iloilo City
1402 1988 Petron Xavier Estate Masterson Ave., Upper Balulang, Cagayan de Oro City
1403 1821 Tagbac Jaro^^ G/F Ragtime Hotel, Perez Blvd., Dagupan City, Pangasinan
1404 1729 Ragtime Hotel Dagupan Brgy. Balantang, Jaro, Iloilo City
1405 1602 Mansilingan Bacolod** Camalig Public Market Bldg., Poblacion, Camalig, Albay
1406 1679 Wilcon IT Hub G/F Sullesta Property, Alijis Road, Bacolod City, Negros Occidental
1407 1780 Camalig Wilcon IT Hub along Chino Roces Ave., Makati City
1408 1972 Homesite Bacolod** 575 N.S. Amoranto St. cor. Banawe Ave., La Loma, Quezon City
1409 1861 Banawe 3** JCA Bldg., 730 EDSA cor. Ermin Garcia St.,, Cubao, Quezon City
1410 1479 Nepa Q. Mart CL Montelibano Ave. cor. Carlos Hilado Highway, Homesite, Brgy. Villamonte, Bacolod City
1411 1784 Calbayog^^ Calbayog cor. Mariveles St., Highway Hills, Mandaluyong Ciy
1412 1896 Sumo Asia Hotel** Ponciano Reyes St., Davao City
1414 1960 Venus Tandang Sora GF, Sumo Asia Hotel, Mamay Road, Lanang, Davao City
1416 1841 Maria Orosa 3 1191 Maria Orosa St., Ermita, Manila
1417 1717 Cebu San Fernando Km. 29, National Road, San Fernando, Cebu
1419 1804 Peoples Park** 177 J. Camus Ilustre St., Davao City
1420 1796 CPI Lagro** Lucas Bldg. located at Bankal St., Lapu-Lapu City, Cebu
1421 1869 Bankal Lapu-Lapu 868 Quirino Highway, Novaiches, Quezon City
1425 1883 Bayan Luma** C.M. Recto Ave. cor Don Apolinar Velez St., Cagatan de Oro City
1426 1778 CDO Capitol 457 Yengco St., Bayan Luma III, Imus, Cavite
1428 1937 Villa Verde^^ Villa Verde Ave. cor. Geronimo St., Sta. Monica, Quezon City
1429 1859 Kaginhawaan Kaginhawaan St. cor. Kasikatan K.V., Mangahan, Pasig City
1432 1584 Villa Arevalo Iloilo** Yulo Drive cor. Bonifacio St., Villa Arevalo, Iloilo City
1433 1765 Arpilleda** 2960 Arpilleda St., Brgy. Carmona, Makati City
1434 1936 Oceanaire^^ Lot 7-B Coral Way Drive cor. Sunrise Drive, Central Business Park 1, Pasay City
1979 Marcos Highway 2, Baguio
1435 Marcos Highway, Baguio City
City**
1436 1820 SFLU Regional Hospital** McArthur Highway, Brgy. Sevilla, San Fernando City, La Union
1437 1959 Holy Cross College Sta. Ana Ave., LM Guerero St., JP Laureal Ave., Davao City
1439 1396 Banawa Paseo** National Road cor. Osmeña St., Municipality of Hinigaran, Negros Occidental
37
# Store Name Address
1442 1665 Sta. Ana Tulay** 3163 New Panaderos Extension, Sta. Ana, Manila
1444 1716 Cielito Homes Caloocan** Bilbao St. cor. Legaspi St., Roxas City Capiz
1445 1543 CPI Pandacan #1686 Brgy. 311, Zone 31 V. Fugoso st. cor. Felix Huertas St. Sta. Cruz, Manila
1446 1779 BGC Orion Lot 2 Sampaguita St., Area D, Camarin, Caloocan City
1447 1935 Total Gas Roxas Pres. Quirino Ave., Pandacan, Manila
1448 2003 One Corporate Plaza 11th Ave. cor. 38th St., Bonifacion Global City, Taguig
1449 1893 Buhangin Milan** Km. 6 Sta. Cruz, Buhangin, Davao City
1450 1843 Plaza Nouvelle #2 E. Benedicto cor. Rahmann St., Brgy. Zapatera, Cebu City
1451 2020 Pilar, Sorsogon Milleza St., Brgy. Binanuahan, Pilar, Sorsogon
1453 1970 Rancho 2** #1 Waco St. cor. Panorama St., Rancho Estate Phase 3, Marikina City
1454 1870 Holy Angel, San Fernando** Holy Angel Village, Telebastagan San Fernando City, Pampanga
1455 2009 Lipa T.M. Kalaw T.M. Kalaw St., Lipa City, Batangas
1456 1934 Mirabela Homes^^ 535 Ramos Compound, Bagumbong, Caloocan City
1458 1910 Sta. Barbara, Pangasinan #2 Pres. Laurel Highway, Tanauan City, Batangas
1459 1899 Kabatuhan Road- Deparo Blk 7 Lot 2, Kabatuhan Road, Sto. Tomas Ville De Paro, Caloocan City
1460 1981 El Paseo- UP Diliman El Paseo Bldg. Commonwealth Ave., Philcoa, Quezon City
1461 1952 Velez** Don Apolinar Velez St., Cagayan de Oro City
1462 1969 Carnival Park^^ #3 Carnival Park St., Talon Dos, Las Piñas City
1463 1744 Dela Paz Antipolo NHA Ave.,Brgy. Bagong Nayon, Antipolo City
1464 2098 San Pedro College** De Guzman St., Brgy. Sta. Ana, Davao City
1465 1698 Seaoil Taytay Manila East Road cor. Velasquez Road, Munoz, Taytay, Rizal
1466 1928 Banga, Meycauyan** McArthur Highway, Brgy. Banga, Meycauayan City, Bulacan
1467 2000 Micara Tanza** 310 Barangka Drive cor. Timog St., Mandaluyong City
1468 1947 Toril Sto. Rosario Micara Plaza, A. Soriano Highway, Brgy. Salud Ulan, Tanza, Cavite
1469 2010 Barangka 2 Juan Dela Cruz St., Toril, Davao City
1471 1851 Dela Salle Araneta** GF EBT Building, Unit 101, Rizal Blvd., Dumaguete City
1474 1990 Paz- Araneta G. Araneta Ave. cor. Kaliraya St., Quezon City
1475 1993 Green Banana Hotel** Green Banana Business Hotel, Pryce Business Park, J.P. Laurel Ave., Davao City
1476 2017 AMC Caldera** C5 Cabaguio Bldg, Villamor St., Cabaguio Ave., Davao City
1478 1973 Hermosa Plaza** Mabini Extn., Cabanatuan City, Nueva Ecija
38
# Store Name Address
1479 1904 Wesleyan University, N.E Gov. Fullon St., San Jose, Antique
1481 1692 Iloilo Business Park BPO Builduing B-Retail 1, Iloilo Business Park, Mandurriao, Iloilo
1484 1818 Tunasan 2^^ 155 National Road, Tunasan, Muntinlupa City
1485 1925 D. Jose 2^^ 867 Doroteo Jose St., Sta. Cruz, Manila
1486 1422 Grand Riviera Suites^^ Unit C5, Ground Floor, The Grand Riviera Suites, Roxas Blvd. cor. Padre Faura St., Ermita, Manila
1487 1877 Sigma Capiz Poblacon Sur, National Road (Iloilo- Capiz Road), Sigma, Capiz
1489 1997 Bolbok, Batangas City J.P. Rizal St., Sampaloc, Tanay, Rizal
1490 1962 Naic Grand Terminal** De Guzman St., Brgy. Sta. Ana, Davao City
1491 1458 San Pedro Pelayo** San Roque, Talisay City, Cebu
1494 1941 Shine Residences Meralco Ave., Barrio Ugong, Pasig City
1495 1783 Pasig Church 2^^ MH Del Pilar St., Brgy. San Nicolas, Pasig City
1496 1905 Palauig, Zambales** Merzci Bldg., Sofia Gonzaga St., Fortune Towne, Brgy. Estefania, Bacolod City, Negros Occidental
1498 2039 Fortune Town- Merzci National Road cor. De Guia St., Brgy. Pblacion, Magallanes, Cavite
1499 1563 Portovita** Rizal St. (National Road) cor. Blumentritt St. Ligao City, Albay
1501 1785 Manila Residences II GF G-01 Centuria Medical Makati, Century City, Kalayaan Ave., Makati City
1502 1789 The District North Point Unit 106-107, Ground Floor, Manila Residences I. Taft Avenue, Malate, Manila
1503 1808 Knightsbridge Residences Unit F126- F127, L1, The District, North Point, Lacson St., 6115 Talisay City, Negros Occidental
1504 1848 Green Heights G/F Unit KB-R22 and R23, Knightbridge Residences, Valdez St., Brgy. Poblacion, Century City, Makati City
1505 2004 Ligao Lot 8, Dr. A. Santos Ave., Brgy. San Isidro, Parañaque City
1508 1966 Tagaytay Rotonda** Brgy. Silang North Junction, Tagaytay City, Cavite
1510 2136 Ecoland Suites Lot 19-A Blk 6, Brgy. Bucana, Ecoland Subdivision, Davao City
1511 2002 Metro Lifestyle** F. Torres St., Jacinto Extn., Davao City
1512 1850 Bonifacio Road, Baguio City Honeymoon Subdivision, Baguio City
1514 2103 Citic Tower** Sta. Lucia Anac, Poblacion, Masantol, Pampanga
1515 1844 Masantol Citic Tower Unit A #88 Baawe St. cor. Don Manuel Agregado St., Sto. Dmingo, Quezon City
1517 2078 Acsie Compound** Aplaya Arcade cor. Purok Malinawon, Matina Aplaya, Davao City
39
# Store Name Address
1518 1830 Bagong Silangan Blk 22 Lot 40 San Vicente, San Pedro, Laguna
1519 1879 Maribago G/F HRDC Bldg., KM 16 South Super Highway cor. Acsie Road, Severine Industrial Estate, Parañaque City
1520 1889 Matina Aplaya Lot 2 Blk 24, Brgy. Bagong Silangan, Quezon City
1522 2001 BF Resort 3 Gloria Diaz St. cor. BF Resort Drive Ave., Las Piñas City
1523 2029 El Grande 316 El Grande Ave., BF Homes Phase 3, Parañaque City
1524 2038 CPI West Service Rd. Km 17, West Service Road, Brgy. Pasong Kawaya, Parañaque City
1525 1976 CPI Gatuslao** Gatuslao St. cor. Burgos Ave., Bacolod City, Negros Occidental
1526 2006 Maria Reyna** Unit 4 & 5, Real Marc Building, Pinikitan, Camaman-an, Cagayan de Oro City
1527 1987 Pateros 2^^ Pateros Park Plaza de Borja, B. Moracilla St., Brgy.Poblacion, Pateros, Metro Manila
1528 2095 Catalunan Grande 1** Brgy. Catalunan Grande, Davao City
1529 2007 Gateway Mall GF #GMGF026R, Gateway Mall, G. Araneta cor. G. Malvar, Araneta Center, Quezon City
1532 1836 A. Francisco 1917 A. Francisco St., San Andres Bukid, Sta. Ana, Manila
1533 2046 Toril 2** Lot 7 Blk 11 McArthur Highway, Km.3, Matina, Davao City
1537 1971 San Juan, La Union St. Francis Square Mall along Julia Vargas, Ortigas Center,Mandaluyong City
1538 1767 White Plains 92 C Katipunan Ave., White Plains Subd., Quezon City
1540 2097 Lucena Capitol Brgy. 8, Quezon Ave., Lucena City, Quezon
1543 1946 Airport Road 3 Airport Road cor. Macatan St., Baclaran, Parañaque City
1544 1816 Consolacion** M. Pepito St., National Highway, Poblacion Occidental Consolacion, Cebu
1545 2112 Bacacay Poblacion Magsaysay St. cor. Mora St., Bacacay, Albay
1546 2096 Union Square 15th Ave.** #145 GF Union Square Condominium, 15th Ave., Cubao, Quezon City
1547 1591 Bredco Port** M.H. Del Pilar S., Gun-ob, Lapu-lapu City, Cebu
1548 1208 Cadiz Negros BREDCO Pier, Reclamation Ave., Bacolod City
1549 2056 Gun-ob Villena St. cor. Herrerias St., Poblacion 3, Cadiz City, Negros Occidental
1552 2089 La Consolacion Blk 1 Lot 1 Villa Catalina 2 Subd., Sto. Tomas, Biñan, Laguna
1553 1933 Novaville Blk 1 Lot 1, Amparo Nova Ville Subd., De Paro, Caloocan City
1554 1506 San Narciso, Zambales** Brgy. Libertad, San Narciso, Zambales
2114 RMCI- Rivera Medical
1555 7302 San Francisco, Panabo City, Davao del Norte
Hospital Inc
1556 1117 Central Signal Village** Lot 1 Blk. 2, Ballecer St., Brgy. Central Signal Village, Taguig City
40
# Store Name Address
1557 2031 FCU Roxas** Lot 2 Blk 2, JP Hacermida Bldg., Roxas Ave., Roxas City, Capiz
1558 2132 Maryknoll** RVS Bldg., Poblacion, Panabo, Davao del Norte
1559 2113 C.M. Recto Davao** C.M. Recto St., Brgy. 34-D, Davao City
1560 2104 Central Park Bangkal** Km 6 McArthur Highway, Bangkal, Davao City
1562 1681 San Miguel Iloilo** Casandra Bldg., Roxas St., San Miguel, Iloilo
1565 2130 Balibago Palengke** Brgy. Balibago, Sta. Rosa City, Laguna
1567 1833 Bucal Tanza** Brgy. 28 D. Suazo St., Manuel L. Quezon Boulevard, R. Magsaysay Avenue, Davao City
1568 1853 Ponce So-Pure Multi Business Center Bldg., Cagban, Brgy. Manoc-Manoc, Boracay Island, Malay, Aklan
1569 2021 Magsingal Poblacion National Highway, Brgy. San Julian, Poblacion, Magsingal, Ilocos Sur
1570 2055 Labangon 2 A. Lopez cor. Katipunan Sts., Labangon, Cebu City
1571 2135 Tagum Doctors Hospital** Barrio of Magugpo, Tagum City, Davao Del Norte
1574 2154 Fernando Ave., Marikina** #26 Almond St. cor. Gil Fernando St., Marikina City
1579 1948 Taclobo Dumaguete #150 Susano St. cor. M.H. Del Pilar, 6th Ave., Caloocan City
1580 1955 Don Antonio 2 Boston Finance Bldg., Dr. V. Locsin St., Taclobo, Dumaguete City
1581 2138 Cogon Pardo GF Don Antonio Sports Center, Holy Spirit Drive, Brgy. Holy Spirit, Quezon City
1582 2080 D University** GF Commercial Unit, 3696 Bautista St., Brgy. Palanan, Makati City
1583 2077 Palanan GF, Commercial Unit 1, D University Place, 2427 Leon Guinto St., Malate, Manila
1584 1878 San Pedro Exit Magsaysay Road, Brgy. San Antonio, San Pedro City, Laguna
1586 2209 Tahimik Avenue Talomo, Brgy. Matina Crossing, Davao City
1587 2188 Agdao Amson Bldg., Leon Garcia St. cor. Lapu-Lapu St., Agdao, Davao City
1588 2126 Landmass Tanza Landmass Park Subd., Brgy. Biga, Tanza, Cavite
1589 2191 Mauban Q.C.** A. Bonifacio cor. Mauban St., Quezon City
1593 2274 Convergys North EDSA 6F Annex, SM City North EDSA IT Center, Brgy. Sto. Cristo, Quezon City
1594 2023 SSS Village, Marikina** Rainbow St. cor. Katipunan St., Marikina City
1595 1874 The Reef Hotel Building 532 and Adjacent Lot, Waterfront Road, Subic Bay Freeport Zone, Olongapo City, Zambales
41
# Store Name Address
1596 1916 CPI San Jose De Buenavista Tobias A. Fornier st. cor. Rep. Salazar St., San Jose De Buenavista, Antique
1597 2172 Mati Dahican Brgy. Don Martin Marundan, Mati, Davao Oriental
1598 2022 Sanchez Center G/F Unit 1, Sanchez Center, P. Ouano cor. Plaridel Sts. Alang-Alang, Mandaue City, Cebu
1599 2228 Mati Doctors College National Highway, Dahican, Mati City, Davao Oriental
1600 1930 CEU Malolos McArthur Highway, Brgy. Bulihan, Malolos, Bulacan
1601 2156 Shell Gapan, N.E.** Maharlika Highway, Brgy. Sto. Niño, Gapan City, Nueva Ecija
1602 1581 Tabuc Suba Jaro McArthur Drive cor. Villa Consolacion Tabuc Suba, District of Jaro, Iloilo City
1603 2210 FPIP 2** Brgy. Sta. Anastacia, Sto. Tomas, Batangas
1605 1943 Laoag Public Market MacArthur Highway, Brgy. Carmen East, Rosales, Pangasinan
1606 2058 Basista, Pangasinan J.P. Rizal St. cor. Abadilla St., Brgy. 17 San Francisco, Laoag, Ilocos Norte
1608 2157 Urbiztondo, Pangasinan Brgy. Carsadang Bago 2, NIA Road, Imus City, Cavite
1610 2129 A. Mabini 2** PSEC East Tower Exchange Road, Ortigas Center, Pasig City
1612 2048 CPI San Mateo Brgy. 689 Zone 075, Remedios cor. San Marcelino Sts., Malate, Manila
1613 2128 Tektite East Tower Gen. Luna St., San Mateo, Rizal
1614 2134 Rainbow Village, Caloocan** Brgy. Malabanban Sur, Candelaria, Quezon
1615 2159 The Grove Rockwell** 588 Residences, Cordillera cor Arayat Sts., Brgy. Malamig, Mandaluyong City
1617 2067 Hotel 101 Lot 26 Blk 37 Rainbow Village 5, Phase 2, Brgy. 171, Bagumbong, Caloocan City
1618 2165 Sto. Cristo Recto 2F The Grove by Rockwell, Pasig City
1621 2183 Candelaria Highway C.M. Recto Ave. cor. Sto. Cristo St., Binondo, Manila
1623 2246 Matabungkay Lian Diversion Rd., Bo. Panacan, Davao City
1624 2164 Queens Theatre** Brgy. 004, A. Bonifacio St., Camus St. C.M. Recto St. Ave., Davao City
1626 2012 Calinog Iloilo Rizal St. cor. Osmeña St., Poblacion, Calinog, Iloilo
1627 2036 St. Joseph Village 7 St. Joseph Village 7, Brgy Marinig, Cabuyao, Laguna
1628 2069 Quijano St..- San Ildefonso Quijano St., Brgy, San Juan, San Ildefonso, Bulacan
1629 2146 Saint Joseph 8 (Butong)** McArthur's Pod, Matina, Davao City
1630 2037 McPod St. Joseph Village 8 Brgy. Butong Cabuyao Laguna
1634 2225 FEU 2^^ #816 Quezon Boulevard Claro M. Recto Avenue Sampaloc Manila
42
# Store Name Address
1635 1746 Binangonan Triangle** M.C Briones St. Maguikay, Mandaue City
1637 2044 Sillas Anabu** Brgy. Anabu I, Emilio Aguinaldo, Imus Cavite
1639 2033 Libis Camarin Lot 1 Blk 18, Camia St., Brgy. Camarin, Caloocan City
1640 2282 Banate Iloilo** P. Burgos St., Lobo Poblacon, Batangas City
1641 1875 Mivesa Garden Residences National Road cor. Tarrosa St.,Poblacion, Banate, Iloilo
1642 2179 Lobo Batangas Mivesa Garden Residences Bldg. 1, Salinas Drive Ext., Lahug, Cebu City
1643 2117 Tangos Navotas** 1 Rev. Aglipay St., Brgy. Pag-asa, Mandaluyong City
1645 2238 Sabutan Silang** Sta. Ana Bldg., Sayre Highway, Malaybalay City, Bukidnon
1647 1842 Buho Silang F. Pascual St., Brgy. Tangos, Navotas City
1648 1940 Aglipay 2 Luneta Hill, Upper Session Road, Baguio City, Benguet
1649 2111 Ladislawa J.P. Rizal St., Brgy. Sabutan, Silang, Cavite
1650 2245 Malaybalay Centro Unit 101A GF, No. 15 C. Raymundo Ave., Brgy. Rosario, Pasig City
1651 2251 Pavia Highway National Road, Brgy. Buho, Silang, Cavite
1652 2177 UM Digos** Rizal St. cor. Burgos St., Sorsogon City
1653 2137 Sorsogon Capitol Poblacion, Digos City, Davao del Sur
1654 2109 Winford Hotel** Retail 4, Winford Hotel, Brgy. 35C, Consuelo St., Sta. Cruz, Manila
1655 1560 The One Grand Centre** Torre De Santo Tomas, 860 España cor. M.F. Jhocson St., Sampaloc, Manila
1656 1901 Norkis Cyberpark** A.S. Furtuna St. cor. V. Albano St., Brgy. Bakilid, Mandaue City, Cebu
1658 2150 CPI F. Cabahug** Caltex F. Cabahug St., Brgy. Kasambagan, Cebu City
1659 2168 Total Montalban M.H. Del Pilar St., San Rafael, Rodriguez, Rizal
1660 2218 F. Santos 1335 F. Santos Ave., Zapote, Las Piñas City
1661 2258 GSIS Matina** McArthur Highway cor. Libra St., GSIS Subdivision, Matina, Davao City
1662 1892 Concepcion Iloilo Salcedo- Puntales Road, Poblacion, Concepcion, Iloilo
1663 2244 Bulua Candida Masterson Ave., Upper Balulang, Cagayan de Oro City
1664 2083 Lutopan** Gerona-Pura Rd. cor. Aganon St., Pura, Tarlac
1666 2255 Pura, Tarlac 2503 Del Fiero St. cor. Juan Luna, Tondo, Manila
1667 2174 Lupao, N.E.** Cabilos St. cor. Lupao Poblacion East, Nueva Ecija
1669 2063 CUMC** Capitol University Medical Center, Gusa, Cagayan de Oro City
1670 2035 V Luna** V. Luna cor. Matapat, Brgy. Pinyahan, Quezon City
1673 2092 Canumay East** Unit 1B and 1C, Ming's Building, 608 Son Juico Ave., Malabanias, Angeles City, Pampanga
43
# Store Name Address
1674 2316 Don Juico Ave.** Barrio Dadiangas, Gen. Santos City, Mindanao
1675 1921 East Asia Royale Hotel E. Service Road No. 2 Narciso St., Brgy. Canumay East, Valenzuela City
1677 1776 Palisam Calamba Corners of Cataluna and Ladrido St., Lambunao, Iloilo
1679 2072 San Rafael Wawa Brgy .Sta. Rosa del Norte, Pasacao, Camarines Sur
1680 2151 Amberland Plaza MH Del Pilar St. cor. P. Rodriguez St., San Rafael, Rodriguez, Rizal
1681 2273 500 Shaw 2 Unit - 102, Ground Floor, Amberland Plaza, Julia Vargas Ave., Ortigas Center, Pasig City
1682 2297 San Luis, Pampanga Laurel St. cor. Shaw Blvd., Mandaluyong City
1683 2047 Global Oil Congressional Ave. cor. Shorthorn St., Bahay Toro, Quezon City
1684 1984 San Antonio 2** National Highway, Poblacion, San Manuel, Pangasinan
1685 2115 San Remegio Unit B-5 Jaka Plaza, Dr. A. Santos Ave., San Antonio, Parañaque City
1686 2193 San Manuel, Pangasinan Cebu North Hagnaya Wharf Rd. cor. Antonio de Pio Hway, Poblacion, San Remigio, Cebu
1687 2215 Bambang Bambang cor. Felix Huertas, Sta. Cruz, Manila
1689 2257 Legarda Road, Baguio City** Don Julina Rodriguez Ave., Davao City
1690 2259 NHA Maa Unit 101, 102 & 10-A of Baguio Holiday Villas, No. 10 Legarda Road, Baguio City
1691 1576 Kanto Bangad, N.E.** Poblacion Central, General Tinio, Nueva Ecija
1692 2399 Gen. Tinio, N.E.** Unit 2 Polaris, Spectrum Midway, Alabang, Muntinlupa City
1693 2155 Polaris 178 Kanto Bangad, Cabanatuan City, Nueva Ecija
1695 2317 CPI Lagao** Tiongson St., Brgy. Lagao, Gen. Santos City
1697 1989 Tabaco 2 Ziga Avenue, Brgy. Basud, Tabaco City, Albay
1699 2131 Salamanca** Salamanca St. cor. Eduque St., Poblacion, Makati City
1700 2206 Banga Aklan** Tuxedo Suites, Pelaez St., Kamagayan, Cebu City
1703 2230 SM Lanang Premier J.P. Laurel Ave., Bajada, Davao City
1704 2438 Pandayan, Meycauyan** KJC Compound, Phil.-Jap Friendship Highway, Brgy. Sasa, Davao City
1706 2375 HB1 Boulevard Quezon Blvd. cor Artiaga St., Davao City
1707 2227 Manikling Brgy. San Roque, San Isidro, Davao Oriental
1708 2303 Traders Batangas P. Burgos St. cor. Evangelista St., Batangas City
1709 1911 Pilar Hidalgo** Don Mariano Subd. Along Ortigas Ave. Extn., Brgy. San Juan, Cainta, Rizal
1710 2141 Don Mariano Brgy. Pedro Gil cor. Pilar Hidalgo Lim Sts., Malate, Manila
1711 2074 Sangi Toledo^^ Congressional Road Ext., Bagumbong, Caloocan City
1712 2102 Park Avenue** J.P. Laurel Ave./ Park Ave., Bajada, Davao City
44
# Store Name Address
1717 2309 Bugo** Epoch One Bldg., J. Victor St., Brgy. Pio del Pilar, Makati City
1718 2178 Victor Hotel G/F Park Centrale, IT Park, Lahug,Cebu City
1719 2254 Phoenix Digos** Anflocor Bldg., 411 Quirino Ave. cor NAIA Road, Tambo, Parañaque City
1722 2145 Tandang Sora** Brgy. Pasong Tamo, Tandang Sora, Quezon City
1724 2372 HB1 Mintal HB1 Mintal, Davao-Bukidnon National Highway, Davao City
1725 2261 Agoncillo Manila^^ 999 GF Stanisco Tower, Pedro Gil cor. Agoncillo St., Ermita, Manila
1726 2052 Northwing Shangri-La Unit GD 117 Northwing of Shangri-la Plaza, EDSA, Mandaluyong City
1727 2144 West Rembo 2^^ A. Mabini St. cor. JP Rizal Ave., Brgy. West Rembo, Makati City
1728 2287 Gensan Roxas** Roxas East Ave., General Santos City
1731 2256 Ususan 2** 153 Gen. Luna St. cor. Levi Mariano Ave., Brgy. Ususan, Taguig City
1732 2211 Central Bicutan** Lot 1 Blk 184 A. Bonifacio Drive, Central Bicutan, Taguig City
1733 1938 Gihon Gihon Bldg., Jose Abad Santos Ave. Clark, Pampanga
1736 2298 Medicion Imus Medicion St., Brgy. Medicion II C, Imus, Cavite
1737 2186 Grand Canal Mall** Clark International Airport, Clark Freeport Zone, Pampanga
1739 2110 Norzagaray Unit A141a Grand Canal Mall, Mckinley Hill, BGC, Taguig City
1740 2175 New Washington Aklan** Eastcom Central, Ph1, Blk 1&2, Eastwood Residences, San Isidro, Rodriguez, Rizal
1741 2196 San Isidro Montalban Roxas Ave. St., Poblacion New Washington, Aklan
1742 2299 Pinagbuklod Imus** Brgy. Pinagbuklod Luna St., Imus, Cavite
1743 2088 San Pablo Central** Poblacion, San Pablo City, Laguna
1744 2422 Sta. Elena Exit** South Point Subd., Brgy. Banay-Banay, Cabuyao City, Laguna
1746 2320 De Castro Pasig** #3 Sampaguita St., De Castro Ave., Brgy. Sta. Lucia, Pasig City
1748 2220 Langkiwa** G/F Glowmoon Bldg., Martelino St., Poblacion, Kalibo, Aklan
1750 2340 Kalibo Plaza** PTT SCTEX, Macangcung Service Area, Subic-Clark Expressway
1751 2107 Pampang, Angeles** Southkey Hub, Indo-China Drive, Northgate Cyberzone, Filinvest City Alabang, Muntinlupa City
45
# Store Name Address
1752 2283 PTT SCTEX Southville 5A, Brgy. Langkiwa, Biñan City, Laguna
1753 2163 Southkey Hub^^ #5095 sto. Rosario St., Brgy. Mapulang Lupa, Valenzuela City
1754 2057 Mapulang Lupa 526 M. Almeda St., Pateros, Metro Manila
1756 2217 Pulilan Highway 1227 A. Mabini St. cor. P. Faura St., Ermita, Manila
1758 2223 The Levels** C4 & C5 Pacific Rim Road, Commerce Ave., Filinvest City, Muntinlupa City
1812 Siliman Medical-
1759 GF Loo Building, Aldecoa St. cor. Ipil St., Dumaguete City
Dumaguete**
1760 2073 Marulas 2^^ #9 Espirito St., Marulas, Valenzuela
1761 2329 MSY Tower Lot 3 Blk 6, Pescaderos Rd., Cebu Business Park, Cebu City
1763 2262 LRT Cubao** 108 National Highway, Brgy. Pulo, Cabuyao City, Laguna
1764 2296 St. Francis Assisi GMGF010R, GF, Gateway Mall, Aurora Blvd., Araneta Center, Cubao, Quezon City
1765 2276 Regalado Highway Crownlink Center 2, Lot 1 and 3 Regalado Highway, Brgy. Greater Lagro, Novaliches, Quezon City
1767 2357 Tagaytay Prime Residences** National Road, Gulod Labac, Batangas City
1769 1537 Gulod Batangas Unit C-3B, GF, Tagaytay Prime Residences, Tagaytay Prime Rotunda, Tagaytay
1770 2260 Tiaong Poblacion F&B3 GF and LG Bldg., D Twin Lakes Shopping Village, Nasugbu, Batangas
1772 2149 Bangkal 2 GF MN1 Bldg., 1321 Apolinario St., Brgy. Bangkal, Makati City
1773 2065 Llano Road^^ Teofilo Samson Road cor. Llano Road, Llano, Caloocan
1774 2402 Ma-a Centro** Crossing Jail and Ma-a Rd., Davao City
1775 2253 San Fernando 5** McArthur Hiway, Brgy. Del Pilar, San Fernando, Pampanga
1776 2202 Betis Pampanga** San Nicolas 2nd, Betis, Guagua, Pampanga
1777 2184 Lawang Bato^^ Punturin-Lawang Bato Road, Brgy. Lawang Bato, Valenzuela City
1778 2185 The Charter House JEL Bldg. Blk 18 Lot 10 Calamansian St. cor. Ascencion St., Maligaya Park Land, Caloocan City
1779 2226 CDO City Hall** Nicolas Capistrano St., Brgy. 02, Cagayan De Oro City
1780 2105 Molo Plaza** Lopez Jeana St., Molo, Iloilo City
1781 2336 Calamansian Caloocan 114 Legazpi St., Legazpi Village, Makati City
1784 2286 Valladolid Negros Presbitero St., South Negros Highway, Valladolid, Negros Occidental
1785 1670 F. Manalo Pasig** Circumferential Road cor. C. Lawis Extension, Brgy. San Isidro, Antipolo, Rizal
1786 2380 Medellin** Cipriana Bldg., Brgy. Sulucan, Magsaysay St., Sorsogon City
1787 2167 C. Lawis, Antipolo** Brgy. San Antonio, Sto. Tomas, Batangas
1788 2100 Camp Escudero F. Malano St., Brgy. Sto. Tomas, Pasig City
1789 2330 San Antonio, Sto. Tomas Bogo-Curva-Medellin cor. Daanbantayan Rd., Poblacion Medellin, Cebu
46
# Store Name Address
1791 2332 Boat Station 1** Boracay Beach Resort, beach front, Boracay Island, Malay, Aklan
1792 1647 San Roque Naic** Governor Drive cor. Capatain Ciriaco Nazareno, Brgy. San Roque, Naic, Cavite
1793 2385 Paragon Place Paragon Place, 17 Commonwealth Ave., Batasan Hills, Quezon City
1795 1957 Navotas City Hall AMP Centrale, Andres Soriano Ave., Cebu Port Centre, CNRA, Cebu City
1801 2343 ATM Business Center ATM Business Center, GF Ledesma St. cor. Jalandoni St., Iloilo City
1803 2292 Edison Avenue** Km 14, Edison Ave., Brgy. Sun Valley, Parañaque City
1804 2437 Tagum Freedom Park** Cor. Osmeña & Arellano Sts., Magugpo Poblacion, Tagum City
1805 2277 Crossing Alijis** Brgy. San Vicente, Sta. Rita, Pampanga
1806 2269 Sta. Rita, Pampanga Lot 2 Blk 1, La Villa De Guadalupe, Circumferential Road, Brgy. Alijis, Bacolod City
1807 2213 Maria Clara Maria Clara St. cor. 7th Ave., Caloocan City
1808 2352 Sta. Rosa Heights Brgy. Putting Kahoy, Silang, Cavite
1812 2176 Umingan, Pangasinan^^ JP Rizal St., Brgy. Burgos, Rodriguez, Rizal
1814 2445 Gaisano Grand Digos** Rizal Ave., Digos City, Davao del Sur
1815 2344 Parañaque City Hall San Antonio Ave. cor. Sta. Lucia St., San Antonio, Valley, Parañaque City
1817 2252 SM Baliwag SM City Baliwag Central Terminal Unit 101-104, Doña Remedios Trinidad Hwy, Pagala, Baliuag, Bulacan
1818 2308 Jordan Heights Blk 1 Lot 19, Jordan Heights Subd., Novaliches, Quezon City
1819 2442 Hop Inn M.H. Del Pilar^^ 1850 MH Del Pilar St., Malate, Manila
1820 2408 MacArthur Highway** Chong Hua Hospital-Mandaue, Mantawi Ave., North Reclamation Area, Mandaue City, Cebu
1821 2054 Chong Hua Hospital-NRA #79 MAcArthur Highway cor. Camito St., Caloocan City
1822 2101 Maliwalo, Tarlac Tarlac- Sta. Rosa Rd., Zone 4, Maliwalo, Tarlac City
1824 2306 SM Clark Tech Hub^^ Alapan St., Brgy. Alapan I B, Imus City, Cavite
1825 2241 Tagaytay Picnic Grove** Brgy. Bagong Nayon, Baliuag, Bulacan
1826 2324 Bankerohan** Lot 1716 H. Estrada St., Brgy. Sta. Cruz, Digos City, Davao
1828 2339 Estrada Digos** 262 Santolan Road, San Juan City
47
# Store Name Address
1831 2427 Alapan Imus Unit 101 and 102 JLF Parkway Magallanes St. cor. Tomas Claudio St., Davao City
1832 2356 Citymall Parola** Cavite St. cor. Lico St., Sta. Cruz, Metro Manila
1834 1954 Masaito Imus** Lot No. 1978, Calle P. Burgos Road, Poblacion, Dumangas, Iloilo
1836 2043 Cabantian Lot 16 N2, Blk 45 Congressional Ave. cor. Laurente St., Brgy. Marcelino, Memije, GMA, Cavite
1837 2364 Dumangas Iloilo Windsor Subd., Brgy. Buhay na Tubig, Imus, Cavite
1838 2315 Lourdes Suites^^ 8429 Kalayaan Ave. cor. Makati Ave., Poblacion, Makati City
1839 2084 Centrio Ayala Corrales Ave. cor. CM Recto Ave., Cagayan de Oro
1840 2293 Digos Doctors Hospital Digos Doctors Hospital, McAthur Highway, Digos City
1841 2295 Tierra Nova Caloocan Blk 1 Lot 18 & 20 Tierra Nova Main, Bagumbong, Caloocan City
1844 2473 San Nicolas I.T. Park** Cor. Florentino Osmeña St., Brgy. Cogon, Cagayan de Oro City, Misamis Oriental
1845 2071 Osmeña Echem Valdez Center, Brgy. 1, San Nicolas, Ilocos Norte
1846 2424 Jaro Plaza Comisson Civil St., Jaro, Iloilo City
1847 2005 ACI Corp** Inigo St., J.P. Laurel Ave., Davao City
1848 2501 Cathedral Iligan** Lluch St., Brgy. Poblacion, Iligan City
1849 2502 Magsaysay San Pedro** Andres Bonifacio St., Tibanga, Iligan City
1850 2325 Msu-iit RJT Bldg., 162 Magsaysay Ave., Brgy. Magsaysay, San Pedro, Laguna
1851 2478 Mabinay Negros** GF 81 Xavier Residences, Greenhills, San Juan City
1852 2429 81 Xavier** Bauang-Baguio Rd., Brgy. Central East, Bauang, La Union
1853 2536 Bauang Crossing** Dioso St., Centro Poblacion, Culasi, Antique
1854 2076 Culasi Antique** Dela Paz, McArthur Highway, San Fernando, Pampanga
1856 2413 Dalig Antipolo^^ Blk 1 Lot 40, Brgy. San Jose, Antipolo City
1857 2094 CAPSU Roxas City** Brgy. Bangueroha, Roxas City, Capiz
1858 2409 Chatwoods Center** GF Units 1 & 2- Bldg. 2 Chatwoods Center, H. Cortes cor. AS Foruna, Mandaue City, Cebu
1861 2302 Oranbo** 4Dy Strongbond Bldg., M.J. Cuenco, Mabolo, Cebu City
1862 2392 Mabolo Church A.B Sandoval Bldg., Shaw Blvd., Brgy. Orbando, Pasig City
1863 2377 Palmera SJDM Brgy. Poblacion 1, San Jose Del Monte, Bulacan
1864 2491 City of Dreams** National Highway, Brgy. Tigbi, Tiwi, Albay
1865 2400 Tiwi LGF, Heart of House, City of Dreams Manila, Aseana Ave. cor. Roxas Blvd., Parañaque City
1866 2518 Dao Capiz** Olongapo-Gapan Rd., San Joaquin, Sta. Ana, Pampanga
1867 2294 Sta. Ana, Pampanga** Balabag Hi-way, Brgy. Balabag, Malay, Aklan
1868 2335 Venue One Boracay Dao-Maayon Rd., Poblacion Dao, Capiz
48
# Store Name Address
1872 2414 I Care Makati^^ GF Insular Health Care Bldg., 167 Dela Rosa cor. Legazpi Sts., Legazpi Village, Makati City
1873 2455 Agora Terminal** Gaabucayan St., Agora Lapasan, Cagayan de Oro City
1874 2397 Dela Rosa** 7641 Dela Rosa St., Pio Del Pilar, Makati City
1876 2431 UCC Camarin** Greenhills Garden Square Condominium, #297 Bonny Serrano Ave., Quezon City
1877 1888 Ortigas Park** 154 D.P. Housing Project, Grace Park, Caloocan City
1878 2457 Natividad, Pangasinan** Lot 3 Blk 2 DJR Village, Old Sauyo Rd. Quezon City
1879 2415 Garden Square** Unit 5 and 6, Commercial Complex 2, The Orchid Gardens, Lazatin Blvd., San Fernando, Pampanga
1880 2028 Market Place-11th Ave. Lot 14 Blk 44, Bunag St., Area B, Camarin, Caloocan City
1881 2192 Old Sauyo Road Ortigas Park, F. Ortigas Jr. Road, Ortigas Center, Pasig City
1883 2384 CPI Kamuning** 54 Kamuning Rd. cor. Judge Jimenez, Kamuning, Quezon City
1884 2466 San Roque 2, Tarlac City** McArthur Highway, Brgy. San Roque, Tarlac City
1886 2086 Jimalalud Negros** Aklan West Road, Poblacion Ibajay, Aklan
1887 2342 Ibajay Aklan F.F Sevilla Poblacion, Jimalalud, Negros Oriental
1888 2301 Granada Heights** GF Cyber Tower One, Gen. Aguinaldo St., Cubao, Quezon City
1889 2062 Burgos 2** Punturin-Lawang Bato Road, Brgy. Punturin, Valenzuela City
1890 2551 Calinan Public Market** Inigo St., Brgy. Obrero, Davao City
1891 2075 Cyber Park Tower 1 Lot 1123, Montelibano St., Brgy. Granada, Bacolod City, Negros Occidental
1893 2304 USEP Davao^^ St. Jude St. cor. Samal St, Malinta, Valenzuela City
1895 2405 LV Locsin 6752 L.V. Locsin Bldg., Ayala Ave., Makati City
1896 2398 Shell Putatan 26-27 National Rd., Brgy. Putatan, Alabang, Muntinlupa City
1898 2008 Agora Crossing** Lot 123, Murcia Road cor. Miranda St., Poblacion, Murcia, Negros Occidental
1899 2268 Antique Capitol** L1A, B4, Ph4 North Olympus Subd., Novaliches, Quezon City
1900 2272 Murcia Negros L6 A. Aurora Drive, Vergon Ville Subdivision, Las Piñas City
1901 2412 North Olympus 370 North Bay Blvd., Lapu-Lapu Ave. cor. North Bay Blvd. South, Navotas City
1902 2395 Jaro Market** Unit 1C-13, Avida Towers Centera, EDSA cor. Reliance St., Mandaluyong city
1903 2386 One Central** Caltex NAIA (Kabihasnan), Ninoy Aquino Ave., San Dionisio, Kabihasnan, Parañaque
1904 1569 One West Campus** GA Building, Pusok, Lapu-Lapu City, Cebu
1905 2447 Circuit Lane** Garcia St. (San Guillermo Ave.), Pasig City
1907 2263 CPI NAIA Kabihasnan Retail B GF, One Central Makati, Buendia, Makati City
49
# Store Name Address
1908 2387 Lapu-Lapu City Hall A106b One West Campus, McKinley West, Fort Bonifacio, Global, Taguig City
1909 2436 San Guillermo Pasig LC 127, Lower G/F, Circuit Lane, Circuit, Makati City
1911 2362 Kalibo 2** Cor. L. Barrios St., Roxas Ave., Poblacion, Kalibo, Aklan
1912 2434 Concepcion 2, Marikina** National Highway, Brgy. Poblacion, Tagoloan, Misamis Oriental
1913 2328 Tagoloan Phoenix #592 J.P. Rizal St., Concepcion Uno, Marikina City
1914 2430 Quiot Pardo** Honeyville Subd., Sabellano St., Quiot Pardo, Cebu City
1915 2481 Taytay Poblacion** No.2 Kadalagahan St., Brgy. Dolores, Taytay, Rizal
1916 2280 Maypajo 2** 217 A. Mabini St., Brgy. Kaunlaran, Caloocan City
1917 1824 Entrata G2 Level 1, Entrata, Spectrum Midway Extension, Muntinlupa City
1919 2505 Vamenta Carmen Vamenta St., Carmen, Cagayan de Oro City
1920 2124 Urdaneta City University** Brgy. San Vicente, Urdaneta City, Pangasinan
1921 2391 Gulf View** National Higjhway, Brgy. Bago Aplaya, Talomo District, Davao City
1922 2535 Almendras** Pichon St. cor. Quimpo Blvd., Davao City
1925 2358 Fajardo** No. 3 Pinatubo St., Brgy. San Martin de Porres, Cubao, Quezon City
1926 2515 Robinsons Novaliches** Km 30 Old National Highway, Brgy. Nueva, San Pedro, Laguna
1929 2451 SPCBA Fajardo St. cor. M. Dela Fuente St., Sampaloc, Manila
1930 2544 Welborne Carmona Robinsons Novaliches, Quirino Highway, Brgy. Pasong Putik, Novaliches, Quezon City
1931 2618 Lifestyle CDO** Lifestyle District, Corrales Extn., Cagayan de Oro City
1933 2199 Llano Elementary School 717 Llano Road, Novaliches Llano, Caloocan City
2479 Olongapo City National High
1934 #1543 Rizal Ave. West Tapinac, Olongapo City
School**
1935 2450 2nd Avenue #30 Lot 2-A-1 Rizal Ave. Extn. Cor. 2nd Ave., Caloocan City
1938 2453 Bignay Valenzuela** San Martin St., Poblacion, Dumalag, Capiz
1939 2327 Dumalag Capiz Bignay-Llano Road, Brgy. Bignay, Valenzuela City
1940 2608 Iba Zambales 2** Sta. Cecilia Medical Center, Palanginan, Iba, Zambales
1941 2511 HB1 Bunawan** Unit 1, 2 & 3 GF, Tomasaco St., Macasandig, Cagayan de Oro
1942 2379 Gaisano Macasandig** 1 Buenmar Ave. cor JP Rizal, Nangka, Marikina
1944 2513 CPI Pulong Sta. Cruz Sta. Rosa-Tagaytay Rd., Brgy. Pulong Sta. Cruz, Sta. Rosa, Laguna
1946 1797 Uratex-East Service Rd.** 4328-A Cadastre, Brgy. Mactan, Lapu-Lapu City, Cebu
50
# Store Name Address
1947 2361 Guihulngan City Arellano St. cor. Quezon St., Kapalong, Davao del Norte
1948 2561 Mactan Shrine Uratex Km23 East Service Rd., Brgy. Cupang, Muntinlupa City
1949 2416 Mambusao Capiz^^ Villa Remedios, Brgy. Halang, Calamba City, Laguna
1950 1996 Tibal-og** Caltex Washington Drive, Brgy. Cruzada Legazpi City, Albay
1951 2567 Bagac, Bataan** Chino Roces Ext. along Pablo de Ocampo, Makati City
1952 2374 CPI Legazpi Airport** Santiago Blvd. cor. JP Laurel Ave., Dadiangas East, Gen. Santos City
1954 2448 Shell Santiago Tibal-Og, Sto. Tomas, Davao del Norte
1955 2497 Halang Villa Remedios JJ Linao National Rd., Brgy. A Ricardo, Bagac, Bataan
1956 2463 Trinity-E. Rod** B18 L34 Woodrow Hills, Brgy. Dalig, Antipolo City
1958 2623 Morong Bataan Unit No. G-1, GF Garden Heights, 269 R. Rodriguez Sr. Ave., Brgy. Damayan Lagi, New Manila, Quezon City
1959 2475 Angelicum College** Sto. Domingo St. cor. P. Florentino St., Brgy. Matalahib, Sta. Mesa Heights, Quezon City
1960 2476 Bay Breeze** 11 Manuel L. Quezon St., Brgy. San Miguel, Taguig City
1963 2512 Sto. Domingo, Albay** National Rd., Brgy. Market Site, Sto. Domingo, Albay
1964 2528 Scape Diosdado Macapagal Ave. cor. Pearl Drive, Mall of Asia Complex, Pasay City
1965 2666 Antique Provincial Hospital** Brgy. Atabay, San Jose de Buenavista, Antique
1967 1953 Nightingale Quirino** Mactan Economic Zone, M.L. Quezon National Highway, Pusok, Lapu-Lapu City, Cebu
1968 2338 Island Mactan Central** #35 Don Gueco Ave. cor. Rina St., Mountain View, Balibago, Angeles, Pampanga
1970 2393 Pimsat Dagupan 1189 Quirino Highway, Novaliches, Quezon City
1971 2571 T.N.H.S Albay** Cabilis St., Brgy. Panal, Tabaco City, Albay
1972 2060 Calabanga National Road, Brgy. San Francisco, Calabanga, Camarines Sur
1973 2318 ADG IT Tower G/F A.D. Gothong I.T. Tower, Lopez Jaena St., Subangdaku, Mandaue City
1975 2456 Calicanto** Unit T-7 & T-8, GF, Citymall Boracay, Boracay Tambisaan, Jetty Port Rd., Boracay, Malay, Aklan
1976 2420 Citymall Boracay National Highway, Tagum City, Davao del Norte
1977 2064 Cayco** 30 Osmeña Ave., Capitol Site, Estancia, Kalibo, Aklan
1978 2563 Uptown Mall BGC Dormitorio De España, Cayco, Sampaloc, Manila
1979 2514 Aklan Capitol Unit D10, Fourth Floor, Uptown Mall, BGC, Taguig
1980 2644 Poblacion Panglao** G/F Unit 01-01 & 01-02 Arcom Center, Poblacion, Panglao, Bohol
1981 2506 Bulaong Terminal** Osmeña St. cor. Bulaong Ave., Gen. Santos City
1982 2433 Ledesco Iloilo** Javellana St. cor. MH Del Pilar St., Brgy. San Pedro, Jaro, Iloilo City
1983 2108 Pateros 3 7 B. Morcilla St., Brgy. Poblacion, Pateros, Metro Manila
1984 2539 Northpark** UN Ave. cor. Plaridel St., Brgy. Alang-alang, Mandaue City, Cebu
51
# Store Name Address
1986 2509 Gen. Mamerto Natividad** Poblacion, Gen. Mamerto Natividad, Nueva Ecija
1987 2508 La Forteza Blk 6 Lot4 La Forteza Subd., Camarin A, Caloocan City
1988 2622 Camp Olivas** McArthur Highway, Brgy. Nicolas, San Fernando, Pampanga
1989 2348 PNB Xavier University** Greenwoods Drive cor. Oakwood St., Greenwoods Executive Village, Pinagbuhatan, Pasig City
1991 2189 Lubao Municipal Hall Corrales cor. T. Chaves St., Cagayan de Oro City
1992 2483 Calumpit 2** No. 51 LKG Blgd., McArthur Highway, Calumpit, Bulacan
1996 2541 Casa de Sequoia Casa de Sequoia Condominium, Padre Diego Cera Ave., Brgy. Elias Aldana, Las Piñas City
1997 1636 Windland Tower Residences G17 GF Winland Tower Residences, Tomas Morato Ave., Kristong Hari 4, Quezon City
1998 2480 Kasa Luntian** R-02 and R-03, UG/F, The Lanai at Kasa Luntian, Tagaytay City, Cavite
2000 2452 Asingan, Pangasinan 851 A.H. Lacson Ave. cor. España Blvd., Manila
2001 2581 LPMC** H-7 Mikesell Subd. Marcos Alvarez Ave., Talon Singko, Las Piñas City
2004 2537 Tagum DRH** Apokan, Tagum City, Davao del Norte
2007 2633 Sorsogon College 670 Tandang Sora Ave., Quezon City
2011 2620 San Miguel Heights** Aparente St. cor. Salvani St., Brgy. City Heights, Gen. Santos City
2012 2198 Tagumpay Rodriguez** Villena St. cor. R. Palma St., Brgy. Poblacion, Makati City
2013 2722 Bago Gallera** National Highway, Crossing Makar, Brgy. Labangal, Gen. Santos City
2014 1998 Bolinao #5 Banahaw St., Bo. Capri, Nagkaisang Nayon, Quezon City
2015 2247 CPI Panacan GF- A19B San Lorenzo Place, Chino Roces, Makati City
2016 2351 Gensan Aparente Road 1 cor. Road 5, San Miguel Heights, Marulas, Valenzuela City
2017 2549 Makati Poblacion No. 2 Kanlauan cor. Mayon, Amity Subd., Brgy. San Jose, Rodriguez, Rizal
2019 2591 Daet Market** J. Lukban cor. J. Pimentel St., Brgy. V, Daet, Camarines Norte
2020 2587 Lite Port Center** G/F Unit 114 & 115 Life Port Center, Gallares St., Tagbilaran City, Bohol
2021 2321 Sacred Heart Pasig** #4 M. Suarez Ave., Brgy. Caniogan Maybunga, Pasig City
2022 2313 Passi Iloilo** Simeon Aguilar St., Poblacion Ilawod, Passi City, Iloilo
2023 2637 Danao Port** Cor. Central Nautical Highway, Poblacion, Danao City, Cebu
2024 2454 Padilla Antipolo Blk 37, Lot 2, Phase 1 Bagong Nayon 2, Brgy. San Isidro, Antipolo City
52
# Store Name Address
2027 2552 Marina Mall Mactan Marina Mall, MEZ 1, Ibo, Lapu-Lapu City, Cebu
2028 2500 Carles Poblacion Aexander Betita St., Poblacion Carles, Iloilo
2032 2570 Pimsat San Carlos** Rizal Ave., Poblacion, San Carlos, Pangasinan
2033 2417 Obando, Bulacan** J.P. Rizal St., Pag-asa, Obando, Bulacan
2035 2564 Citymall SCTEX** Tenant 9, Citymall SCTEX, Seaoil Megastation, Subic-Clark-Tarlac Expressway (SCTEX), Concepcion, Tarlac
2036 2533 Calamba Market Crossing JP Rizal St., Crossing, Calamba City, Laguna
2037 2572 Cuartero Capiz** Brgy. Central, Mati City, Davao Oriental
2038 2613 Pantukan Centro** Plaza Dela Rosa Bldg, Mañalac Ave., Bagong Tanyag, Taguig City
2040 2573 Mati Terminal Surigao-Davao Coastal Rd., Brgy. King-king, Pantukan, Compostela Valley
2041 2732 Tanyag Taguig Gorund Floor, Mango square, Mango Avenue, Cebu City
2043 2523 Old Sentro Calumpang Calumpang Ave., Calumpang, Gen. Santos City, South Cotabato
2047 2485 CPU Acclaim** G/F Acclaim Bldg., 112 Lopez Jeana St., Jaro, Iloilo City
2051 2590 Iligan City Plaza Barra Crossing, Zone 4, Opol, Cagayan de Oro City
2052 2672 Bagong Silang High School** Brgy. 1-Poblacion, Sipalay city, Negros Occidental
2053 2040 Sipalay Negros Lot 5 Blk 31 Package 2, Phase 3 Bagong Silang, Caloocan City
2054 2615 Ilugin Pasig** TV5 Reliance St. cor. Sheridan St., Brgy. Highway Hills, Mandaluyong City
2055 2235 TV5 Reliance 2500 Sandoval Ave. cor. San Sebastian St., Pinagbuhatan, Pasig City
2056 2582 Central Signal Village 2** Lot 8 Blk 5 MRT Ave. cor. Sto. Niño St., Zone 3B, Central Signal Village, Taguig City
2057 2490 The Rolex Place** Dahlia Ave. cor. Rolex St., West Fairview, Quezon City
2058 2677 Mindanao Ave. 2 Lot 2-B Mindanao Ave., Bahay Toro, Quezon City
Unit 14 Ground Floor, #187 EDSA South Wing Maranaw Plaza Bldg., Greenhills East, Brgy. Wack-wack, Mandaluyong
2059 2681 EDSA Ortigas
City
2060 2595 Albay Capitol 746 Rizal St., Old Albay, Legazpi City
2061 2676 Fairview Terraces** Fairview Terraces, Qirino Highway cor. Maligaya Dr. St., Novaliches, Quezon City
53
# Store Name Address
2064 2727 21st Ave.^^ 307 P. Tuazon cor. 21st Ave., Cubao, Quezon City
2066 2592 Carmona Estates Carmona Estate, Brgy. Lantic, Carmona, Cavite
2067 2507 Peseta Lot 1 Blk 215 Dollar St. cor. Peseta, Phase 8, North Fairview, Quezon City
2068 2516 Sampaguita-Malaria Blk 7 Lot 2 & 3, Brgy. 185 Zone 6, Quirino Hi-way, Caloocan City
2069 2624 Dasol, Pangasinan** F. Torres S. cor. Osmeña South Super Highway, Manila
2070 2522 Heroes Hotel Manila** Sumulong Highway, Brgy. Dela Paz, Antipolo City
2071 2503 Taktak Antipolo** Unit N-ECC Bldg., McArthur Hi-way, Telabastagan, San Fernando, Pampanga
2074 2526 Aseana Square Aseana Square, Pres D. Macapagal Blvd., Aseana City, Parañaque
2075 2565 City of Dreams 2 G-01, Upper G/F, Bldg. 2, City of Dreams Manila, Aseana Ave. cor. Roxas Blvd., Entertainment City, Parañaque City
2076 2579 Phoenix Maa Maa cor. Diversion Rd., Davao City
2077 2664 Tandang Sora 2** Maximo St. cor. Magallanes St., Poblacon, Alimodian, Iloilo
2079 2625 Manhattan Heights Space 6, GF, Manhattan Heights, General Romulo Ave. cor P. Tuazon, Araneta Center, Cubao, Quezon City
2080 2212 Cupang Antipolo Pamorama St., Brgy. Cupang, Antipolo, Rizal
2081 2381 Marigman Antipolo #11 Marigman Rd., Brgy. San Roque, Antipolo City
2082 2403 Cardona Pob Manila East Rd., Brgy. Real, Cardona, Rizal
2083 2685 Kasarinlan** 1256 EDSA cor. Howmart Rd., Apolonio Samson Balintawak, Quezon City
2084 2471 Howmart** McArthur Highway, Brgy. Poblacion, San Manuel, Tarlac
2085 2201 San Manuel, Tarlac Taksay st., Dagat-dagatan, Caloocan City
2086 2583 Southville Sta. Rosa** Kalibo International Airport, Pook, Kalibo, Aklan
2087 2656 Pasuquin Poblacion Southville, Brgy. Caingin, Sta. Rosa City, Laguna
2088 2697 Kalibo Airport National Highway, Brgy. Poblacion, Pasuquin, Ilocos Norte
2090 2584 Tejero 2** Lot 523-A-6 Tejero, Gen. Trias, Cavite
2091 1832 IT Matina Park I.T. Matina Park along McArthur Hi-way, Davao City
2092 2616 I Pacific Residences Calle Ilang-Ilang cor. Calle Lavezares St., Tondo, Manila
2094 2699 EPZA Gate 5** EPZA Diversion Rd., Soriano Highway, Bacao 2, Gen. Trias, Cavite
2096 1852 The Space** A.S. Fortuna St. cor. P. Remedio St., Banilad, Mandaue City, Cebu
2097 2645 Cartimar Pasay Cartimar Shopping Center, Taft Ave., Libertad, Pasay City
2098 2705 Southwoods Mall** Siliman University Portal East cor. Perdices and Siliman Highway, Dumaguete City
2100 2546 Maasin** G.S.I.S Rd. (Tramo St.), Sta. Lucia, Pasig City
2101 2323 HSJB A26/A27 Southwoods Mall, Southwoods City, Biñan, Laguna
2102 2465 Phoenix Panorama 267 UE Tech, University Hills Subd., Caloocan City
54
# Store Name Address
2104 2612 Sto. Cristo, Tarlac Stalls 1 and 2 of Hospicio de San Jose de Barili Commercial Bldg., N. Bacalso cor. Rama Ave., Cebu City
2106 2687 Shell Montevista Unit 5 iMet BPO, Macapagal Ave., Pasay City
2107 2688 Tramo Pasig M.H. Del Pilar St. cor. Jan Luna St., Sto. Cristo, Tarlac Cty
2108 2641 Jacinto Boulevard** Jacinto Blvd. cor Quezon Blvd., Davao City
2109 2713 Farconville Subdivision** National Highway, Sampaguita St., Poblacion, Polomolok, South Cotabato
2112 2568 CPI Castilla** National Highway, Brgy. Cumadcad, Castilla, Sorsogon
2113 2578 CPI Rizal Lacson** Lacson St. cor. Rizal St., Bacolod City, Negros Occidental
2115 2955 Epson Lima Tech** Epson New Bilding LIMA Tech, Brgy. Bugtong, Lipa City, Batangas
2118 2785 Petron Tibanga** Petron Gas Station Tibanga, Iligan City
2119 2733 Shell Cannery** Shell Gasoline Station, cor. Cannery Rd., Poblacion, Polomolok, South Cotabato
2123 2746 Dingras Poblacion** Diversion Road Balagtas, Batangas Grand Terminal, Batangas City
2124 1900 Batangas Grand Terminal** Negros South Road, Binalbagan, Negros Occidental
2125 2504 CPI Binalbagan along Ilocos Norte-Apayao Rd. cor. Dingras-Marcos Rd., Brgy. Albano Poblacion, Dingras, Ilocos Norte
2126 2804 Panorama Techno Center** #113 Centro, Brgy. Lagundi Mexico, Pampanga
2127 2345 Lagundi Pampanga Panorama Techno Center, 1029 EDSA, Quezon City
2128 1929 Gran Plains** Blk 25 Lot 18, Bulaon Resettlement, San Fernando, Pampanga
2129 2493 Bo. Obrero G/F PT Española Bldg., Gran Plains Subd., Brgy. MV Hechanova, Jaro, Iloilo City
2130 2527 Amaia Sta. Mesa Sampaguita St. cor. Everlasting St., Bo. Obrero, Lapuz, Iloilo City
2131 2542 MIT Building Amaia Skies Sta. Mesa, Sta. Mesa, Manila
2135 2695 Okada Manila** San Jose Drive cor. Rabago St., Brgy. Poblacion, Alaminos City, Pangasinan
2137 2629 Cainta Municipal Unit A-01, Back of House, Okada Manila, New Seaside Drive, Entertainment City, Brgy. Tambo, Parañaque City
2138 2810 Araneta Busport** Araneta Center Bus Port, Cubao, Quezon City
2139 2543 Amaia Steps Sucat Unit R103, Aria Bldg, Amaia Steps Sucat, Dr. A. Santos Ave., Brgy. San Antonio, Sucat, Parañaque
2140 2603 Sudipen** Brgy. Sta. Arcadia, Cabanatuan City, Nueva Ecija
55
# Store Name Address
2143 2823 Digos Terminal** Digos City Satellite Transport Terminal, Doña Aurora St., Super Highway, Brgy. Aplaya, Digos City
2144 2767 Petron Bagontaas Sayre Highway, Petron Gasoline Station, Brgy. Bagontaas, Valencia City, Bukidnon
2145 2731 LTO Tayuman** 1405 Tayuman St. cor. Ipil St., Sta. Cruz, Manila
2146 2790 Gingoog Centro** J.J Ganaba Ave., Poblacion Gingoog City, Misamis Oriental
2147 2826 Convergys MOA 9th flr., Cinvergys Mall of Asia, Tower B, Two E-com Center, Bayshore Drive, Mall of Asia Complex, Pasay Cty
2149 2482 Green Oil Balmores 2735 Gen. Luna St., Mauyo Uno, Las Piñas City
2150 2743 Hotel Lafe Green Oil Balmores, Balomores St., Koronadal City
2151 2855 Pres. Roxas Capiz** Poblacion, National Road, Pres. Roxas, Capiz
2152 2820 Galleria Luisa** Gallares St., Poblacion II, Tagbilaran City, Bohol
2157 2765 STI Regalado Regalado Hi-way, Brgy. North Fairview, Quezon City
2159 2673 Tagum Apokon** Magugpo, Tagum City, Davao del Norte
2161 2867 Lipa Highway 2 G/F JD Bldg., Brgy. Tabucan, Mandurriao, Iloilo City
2162 2864 Butuan Doctors Hospital** JC Aquino Ave., National Highway, Butuan City, Agusan Del Norte
2163 2854 Pandan Antique** Pres. C. Tayco St. cor. Justice C. Zaldivar St., Centro Sur, Poblacion, Pandan, Antique
2164 2715 Lucsuhin IMPC Bldg., Gen. Aguinaldo Highway, Brgy. Lucsuhin, Silang, Cavite
2166 2630 Maramag BPH Quezon St. cor. LGR Ave., Brgy. Central, Mati City, Davao Oriental
2167 2725 Layac Junction** Layac Junction, Brgy. Layac, Dinalupihan, Bataan
2168 2708 Dangwa Terminal, Baguio** D' Restaurant Bldg., Dangwa Terminal, Baguio City
2169 2648 Flying V SRP Flying V Gas Station, Uldog St. cor. South Road Properties, Cansojong, Talisay City, Cebu
2170 2754 Padada** National Highway Almendras district, Padada, Davao Del Sur
2171 2742 Madonna General Hospital** National Highway cor. Sudapin Rd., Kidapawan City, North Cotabato
2172 2728 T3 Arrival** Stall No. 3B, Arrival Lobby, NAIA Terminal 3, Pasay City
2173 2627 Tagum Pioneer** Sobrecary St. cor. Pioneer Ave., Magugpo Poblacion, Tagum City, Davao del Norte
2174 2872 URC Pampanga** Del Rosario Rd., Sindalan, San Fernando Pampanga
2175 2653 Brittany Square** Brittany Square, Belfast cor. Mindanao Ave., Novaliches, Quezon City
2176 2604 CPIP Batino** CPIP Industrial, Brgy. Batino, Calamba City, Laguna
2178 2407 Station 3 Beachfront** Station 3 Beachfront, Brgy. Manoc-Manoc, Boracay, Malay, Aklan
2180 2791 Balagtas Rotonda** CPI Koronadal, Gensan Drive, Koronadal City
56
# Store Name Address
2182 2724 Petron Balingasag** McArthur Highway, Brgy. Sampaloc, Apalit, Pampanaga
2185 2799 Sta. Ana, Taguig** Baylon Bldg., South Poblacion, Valencia, Negros Oriental
2186 2686 Valencia #116 Manila East Road, Brgy. Darangan, Binangonan, Rizal
2189 2771 GICC City Time Square** No. R4 and R5 Suntrust Capitol Plaza, Matalino St., Quezon City
2190 2468 Plaza Magellan Fora Mall, Brgy. Silang, Crossing East, Rotunda Junction, Emilio Aguinaldo Highway, Tagaytay City, Cavite
2191 2469 Mabini, Pangasinan R. Masa and Fenete Sts., Poblacion, Sibalom, Antique
2192 2609 Bautista, Pangasinan Iloilo City Center, Sen. Benigno S. Aquino Ave., Iloilo City
2193 2643 Hagonoy Bulacan Retail 1, Tower 1, Plaza Magellan, Mactan Newtown, Cebu
2196 2774 Tintay** Evangelista St. cor. Soler St., Recto, Manila
2197 2440 La Paz Market MH Del Pilar and Zamora Sts., Poblacion Norte, Ivisan, Capiz
2198 2638 Villa Beach Baybay Bldg., GF Unit 1-3, H. Abellana Rd., Talamban, Cebu City
2201 2886 Bilibiran Binangonan** Brgy. San Vicente, San Pedro City, Laguna
2202 2030 Naawan** Pandan Rd., Brgy. Sto. Cristo, Angeles, Pampanga
2203 2763 Centro Pacita** Andrews Ave., cor, Higgings Brgy 185 Pasay City
2207 2679 Plaza Burgos Vigan** No. 1 Mena Crisologo St., Vigan City, Ilocos Sur
2208 2741 Bansalan ** Santiago G-Station, National Highway, Poblacion Dos, Bansalan, Davao Del Sur
2209 2555 Cliffpoint Square** Cliffpoint Square, Julia Vargas Ave., Brgy. Ugong, Pasig City
2210 2789 Kidapawan Apo** Singao Rd. cor. National Highway, Kidapawan City, North Cotabato
2212 2486 Z Plaza GF Unit 1 Administrative Bldg., Saekyung Village One, Marigondon, Lapu-Lapu City, Cebu
2213 2574 San Juan Laiya City Times Sqaure Plaza Bldg., D. Jakosalem St., Cebu City
2214 2650 Bata Bacolod** R102-103, Ground Floor, Amaia steps Bicutan, West service Road, Brgy. Sun Valley, Parañaque City
2215 2833 Jetti Bulaong** Jorge Royeca St. cor. Honorio Arriola St., Bula, Gen. Santos City
2216 2831 Licab, N.E.** Malhacan Road, Brgy. Malhacan, Meycauayan City, Bulacan Province, Philippines
2217 2355 Laur Poblacion Kanlaon St. cor. Circumferential Rd., Brgy. Bata, Bacolod City, Negros Occidental
2218 2747 Amaia Bicutan National Higway cor. Bulaong Ave., Gen. Santos City
57
# Store Name Address
2221 2734 Avida Astrea** National Rd. South Poblacion, Jose Panganiban, Camarines Norte
2222 2532 Mt. Carmel Commercial 1, GF Avida Towers Astrea, Quirino Highway, Brgy. Pasong Putik, Novaliches, Quezon City
2223 2626 Nazareth CDO Brgy. Antipolo del Norte, Lipa City, Batangas
2224 2840 San Antonio Village 12th-29th Street, Nazareth, Cagayan De Oro City
2225 2866 Fatima Lagro 8836 Sampaloc St., San Antonio Village, Makati City
2226 2806 Jose Panganiban Lot 3 Blk 10 Qirino Highway Sacred Heart Village, Novaliches, Quezon City
2602 San Carlos Provincial
2227 Rizal St. Bolingit, San Carlos
Hospital**
2228 2494 Mexico, Pampanga** Brgy. Parian, Mexico, Pampanga
2230 2783 CPI San Frans** Caltex Station, Barangay 1, San Francisco, Agusan del Sur
2813 Bahay Pare, Meycauyan
2231 Bahay-Pare Road Sitio Brgy. Bahay PareMeycauayan City Bulacan
Bulacan
2232 2811 Global Enterprise** CSA Building, Alunan Avenue, Koronadal City, South Cotabato
2233 2841 Koronadal RMC GF Global Enterprise Bldg., 138 HV Dela Costa St., Makati City
2234 2720 Robinsons Azalea Place- Cebu G/F Azalea Place, Gorordo Avenue, Cebu City, 6000
2235 2738 Buildcomm Center Buildcomm Center, unit 3, Sumilon Road, Cebu Business Park, Cebu City
2236 2712 Letran 2 The Herald Bldg. Muralla St. Intramuros Manila
2238 2173 Parada, Valenzuela #94 Captain Cruz St., Parada, Valenzuela City
2239 2659 Bacarra Poblacion Brgy. Sta. Rita Bacarra Ilocos Norte
2240 2829 Ayala Malls Serin Space 47-48 1st Floor, Ayala Malls Serin, Tagaytay-Nasugbu Rd., Tagaytay City
2241 2662 Holiday Subdivison Ph1 Blk5 Lot 31 Pagsanjan St., Holiday Subd., Brgy. San Antonio, San Pedro City, Laguna
2242 2884 Santa Lucia Poblacion Along National Highway Brgy. Poblacion Sta Lucia Ilocos Sur
2243 2782 Banawa** 1st AUTOGAS Station, R. Duterte St., Banawa, Cebu City
2244 2660 Maderan GMA** Lot land 2 Blk C-2-CL Congressional Road, GMA, Cavite
2247 2858 Holy Trinity College** R.N. Pelaez Blvd., Kauswagan, Cagayan de Oro City
2248 2726 Kauswagan Bonbon Pres. Sergio Osmeña Ave., cor. Claro M. Recto, General Santos City
2249 2835 Palayan, N.E. Yakal St., Ganaderia PalayanCity, Nueva Ecija
2250 2519 Janiuay, Iloilo** Navarra Property, cor. San Jose & Salazar St., Poblacion, Municipality of Janiuay, Province of Iloilo
2251 2651 Sucat Zentrum** Nissan Sucat Zentrum, Dr. A. Santos Ave., Brgy. BF Homes, Parañaque City
2252 2827 FSUU Butuan** Corner Agusan-Misamis Oriental Rd., San Francisco St., Sayre Highway, Butuan City, Agusan del Norte
2254 2899 Camachile Site** National Highway, Carmen, Davao del Norte
2256 2888 Sabang Bay Baler** National Highway Rd., Brgy. Dila, Sta. Rosa City Laguna
2257 2860 Southdrive Village Villanueva Bldg., Santander-Barili-Toledo Rd., cor Ylaya Rd., Poblacion Ronda, Cebu
2258 2597 Pontevedra Negros** Del Rosario St., Brgy. Poblacion Norte, Balasan, Iloilo
58
# Store Name Address
2260 2770 Ayala Alabang Village** Palawan Park, Ayala Alabang Village, Muntinlupa City
2261 2729 New Caloocan City Hall** Caloocan Commercial Complex or C-Cube, 8th Ave. cor 8th St., Caloocan City
2262 2538 Empress Antipolo** Rizal St., Mati City, Davao Oriental
2263 2678 Mati Centro C. Lawis Extension, Brgy. San Isidro, Antipolo City, Rizal
2264 2908 Southpick Sinalhan Tatlong Hari St., Brgy, Sinalhan, Sta. Rosa City, Laguna
2265 2800 GSIS Village** 78 Grant St., cor., Benefit St., Project 8, Quezon Cty
2266 2861 Palm Beach Villas Unit 1-2 Palm Beach Villas, Metrobank Ave., Pasay City
2267 2917 Tagkawayan Highway Brgy. Sta. Cecilia, Andaya Highway, Tagkawayan, Quezon Province
2268 2956 Manolo Centro** Brgy. Tankulan, Sayre Highway, Poblacion, Manolo Fortich, Bukidnon
2269 2658 Felix Ave.** Marcos Highway cor. Felix Ave., Marikina City
2270 2809 Gaisano San Carlos F. Ledesma Ave. cor. Ledesma St., San Carlos City, Negros Occidental
2271 2889 Roxas Blvd.- Vito Cruz 1702 Roxas Blvd. Pasay City
2272 2636 Riavin Sailway P. Acharon cor. Cahilsot St., Brgy. Dadiangas West, Gen. Santos City
2274 2488 Gam Parklane Residences** 212 EDSA Ext., Brgy. San Rafael, Pasay City
2275 2766 Bugasong Antique Centro Pojo Poblacion Municipality of Bugasong, Province of Antique
2276 2706 Seascape** G07 Seascape Village, Atang Dela Rama, Pasay City
2277 3008 Calapan** JP Rizal St., Brgy. San Vicente South, Calapan City, Oriental Mindoro
2278 2992 Sabang Puerto Galera** Brgy. Sabang, Puerto Galera, Oriental Mindoro
2279 2640 TS Cruz, Las Piñas** B9 L27-28 Dahlia St., TS Cruz Subdivision, Almanza Dos, Las Piñas City
2281 2912 Samson Road 2 100 Samson Rd. cor. Caimito St., Univrsity Hills, Caloocan City
2282 2717 M.L. Quezon Muntinlupa 578 M.L. Quezon St., Brgy. Cupang, Muntinlupa City
2283 2887 Wilson San Juan** GF, W Mall, Diosdado Macapagal Blvd. cor. Coral Way, Bay City, Pasay City
2286 2961 Maria Aurora** 01 Rizal St., Poblacion Sur, Mayantoc, Tarlac
2287 2938 Mayantoc Town Proper 8147 Sgt. Fabian Yabut St., Brgy, Guadalupe Nuevo, Makati City
2288 2798 San Joaquin Iloilo** 58 Real St., Purok 3, Poblacion San Joaquin, Iloilo
2289 2881 City Park Hotel** 143 Mother Ignacia St., Brgy. South Triangle, Quezon City
2290 2707 Caba, La Union** High Pointe Medical Hub, Shaw Blvd. cor. M. Yulo St., Brgy. Bagong Silang, Mandaluyong City
2291 2996 Town and Country Marilao** 135 West Ave., Brgy. Bungad, Project 7, Quezon City
2292 2856 ABS-CBN 2** 54 C. Raymundo St., Brgy., Sagad Pasig City
2296 2948 San Juan 2, La Union 34 McArthur Highway, Brgy. Abangan Norte, Marilao, Bulacan
59
# Store Name Address
2298 2849 Meridian Park** GF, Double Dragon Plaza Tower 1, EDSA Extn. Cor. Macapagal, Pasay City
2299 2922 DGMC Hospital** Medical Arts Bldg., Divine Grace Medical Cener, Tejero Bypass Rd., Gen. Trias, Cavite
2300 2903 Phoenix Cannery** Brgy. Cannery Site, Polomolok, South Cotabato
2301 2895 Guimbal** Corners Gerona and Lakandula Streets, Poblacion, Guimbal, Iloilo
2302 2801 MMC Gensan Mabuhay Road, cor. Salvani st., Brgy., city Heights, General Santos City
2305 2882 CTP Alpha Tower** CTP Apha Building, Investment Drive, Madrigal Business Park, Ayala Alabang, Muntinlupa City
2309 2696 Sundance Residences** M. Paulino St., San Pablo City, Laguna
2310 2311 M. Paulino GF Space 3, 4, 5 Sundance Residences, R. Duterte St., Banawa, Cebu City
2311 2160 Clark Square Mall Claro M. Recto Ave. and J. Topacio Rd., Clark Civil Aviation Complex, Clark Freeport Zone, Pampanga
2313 2762 CPI Silangan Carmel Town Cecilia Yulo Ave. cor. Jose Yulo Sr. Ave., Silangan Canlubang, Calamba, Laguna
2314 2981 UST Quadricentennial Stall 02, Q-Pavillion, University of Santo Tomas, España, Manila
2316 3007 Altavas Poblacion G/F R&A Commercial Building, Poblacion Altavas, Aklan
2317 2780 Calape** Bohol Circumferential Rd., Brgy. Sta. Cruz, Calape, Bohol
2318 2951 Monkayo Centro** LS Sarmiento St. cor. Cervantes Rd., Monkayo, Compostela Valley
2319 2880 Village Square Mall** Rizal Ave. cor. Soler St., Sta. Cruz, Manila
2320 2347 Avenida GF A11-a One Town Square (La Fuerza), Alabang- Zapote Rd., Las Piñas City
2321 2890 La Loma Q.C. #62-64 Retiro St. cor. Baco St., La Loma, Quezon City
2323 2968 Bristol Regalado** Lot 2A Blk 51 Bristol St. Fairmont Park Subd., North Fairview, Quezon City
2324 2950 Cabanatuan Cityhall** No. 42 M. De Leon Ave., San Josef Sur, Cabanatuan City, Nueva Ecija
2325 2586 Bagong Nayon Antipolo** Road 1, Cogeo Village, Brgy. Bagong Nayon, Antipolo City
2326 2939 Dansalan** 115 Makaturing St. cor. Dansalan St., Mandaluyong City
2327 2907 Uni V South Montilla** Barrio Villa Kananga, Butuan City, Agusan del Norte
2329 2959 Sta. Fe, Nueva Vizcaya** Poblacion, Sta. Fe, Nueva Vizcaya
2330 2976 Mahabang Parang Angono Brgy. Mahabang Parang, Angono, Rizal
2331 2749 Alae Centro Sayre Highway, Upper Puerto, Alae, Cagayan de Oro City
2332 2821 Oliveros Antipolo ATC Bldg. 182 P. Oliveros St. Brgy. San Roque Antipolo
2334 2839 Townsite Twinstar Petrol, National Highway, Tupi, ,South Cotabato
60
# Store Name Address
2338 1882 CDO Plaza** R.N. Abejuela Street, Divisoria, Cagayan de Oro City
2340 2934 Mandurriao Hospital No. 1806 Dapitan St., cor. Cristobal Street, Sampaloc Manila
2341 2947 CPI Laoag** Caltex J.P. Rizal, Laoag City, Ilocos Norte
2342 2963 Ayala Malls The 30th L0059, Lower Ground Floor, Ayala Malls The 30th, 30 Meralco Ave., Pasig City
2343 2775 Ebloc 4** Stall 103, Lvl. 1, eBloc Tower 4, Jose Maria del Mar St., Apas, Cebu City
2344 2703 Caltex Magallanes** MJ Cuenco corner Magallanes St., Cebu City
2345 2883 Albergo** Purok Malakas, General Santos City, South Cotabato
2346 2778 Gensan Malakas** Benigno Aquino and Lamdagan St., Brgy. Cogon, Tagbilaran City, Bohol
2347 2960 Tagbilaran Airport EGI Albergo Di Ferroca Building, #1 Villamor St., Brgy. Lualhati, Baguio City
2348 2756 ASEANA 3 Aseana Business Park Aseana Ave., cor., D. Macapagal Boulevard, Parañaque City
2349 2930 San Frans Terminal TS Building, Zamora St. cor. Aquino St., San Francisco, Agusan del Sur
2350 2844 Monarch Parksuites G11 GF Monarch Parksuites, Bradco Ave., Parañaque City
2352 3035 GT Town Mall Ungka** McArthur Highway cor. Gerona Pura Road, Brgy. Abangon, Gerona, Tarlac
2354 2871 Pasay Rotonda** Unit No. P 01 to 05, Empire Center Mall, EDSA cor. Taft Ave., Pasay City
2357 2642 Tapaz Capiz** Marcos Highway, Brgy. Mayamot, Antipolo City
2358 2744 CPI Summerville** National Highway cor. Mati Rd., Poblacon, Lupon, Davao Oriental
2359 2807 Lupon Highway San Geronimo St., Poblacion, Tapaz, Capiz
2361 2369 Shaw Blvd 2 Luna St., Moonwalk Village, Las Piñas City
2362 2998 Hop Inn Aseana** Blk 5 Lot 9 Aseana Business Park, Brgy. Tambo, Paranaque City
2364 2759 Hibao-an Sur T. Santiago Rd., Brgy. Canumay West, Valenzuela City
2365 2999 Sto. Domingo Bay** Brgy. Sto. Domingo Bay, Laguna
2366 2669 Tagum Capitol Circumferential Rd. cor. Pagsabangan Rd., Brgy. Mankilam, Tagum City, Davao del Norte
2367 2979 Solano, Nueva Vizcaya** National Highway, Brgy. Poblacion, North Solano, Nueva Vizcaya
2368 2997 LRT Libertad** Victory Pasay Mall, Taft Ave. cor. Libertad St., Pasay City
2369 2901 Antipolo Doctors** M.L. Quezon Rd., Brgy. San Roque, Antipolo City
2370 3060 Ormoc Lopez Jaena** Lopez Jaena St., Poblacion, Ormoc City, Leyte
2371 2836 Marilao Exit** Along Duhaat Street corner Patubig Road, Marilao Bulacan
2372 2704 HNU** J.A. Clarin St., Dampas, Tagbilaran City, Bohol
2374 2898 St. Lazarus St. Lazarus Village, Brgy. San Rafael, Sto. Tomas, Batangas
61
# Store Name Address
2377 3147 Malolos Provincial Hospital** Mabini St., Majon, Malolos City, Bulacan
2378 3045 LIIP Mamplasan** LIIP Business Center Building, Blk. 10 Lot 4 LIIP Ave., Mamplasan, Biñan, Laguna
2380 2941 Gensan Fatima** Miranda St., Sto. Entierro, Angeles City, Pampanga
2382 2846 Sto. Entierro Employees Village Barangay Fatima General Santos City, South Cotabato
2383 2946 Visayas Ave Callejon 1st Street, corner Rizal Ave., Taytay, Rizal
2384 2781 C Plaza** Pajac-Maribago Rd., Brgy. Pajac, Lapu-Lapu City, Cebu
2385 3050 Calaocan, San Jose Cardenas St., Caloacan, San Jose City, Nueva Ecija
2386 3137 Clark M.A. Roxas Highway** Clark Freeport Zone, Clark Field, Pampanga
2387 3017 Julugan Tanza Florentino Joya St., Brgy. Julugan I, Tanza, Cavite
2388 3081 Dasca Center G/F Dasca Centre, Aguinaldo Highway, Brgy. Zone 1-A, Dasmariñas, Cavite
2390 2859 Casa Bacobo** 1000 J. Bocobo St. cor. Kalaw Ave., Ermita, Manila
2391 3015 Gensan Labangal** GF, Royale Asia Bldg., Blk 2 Lot 3 & 4, CAA Road, BF Martinville, Pulang Lupa Dos, Las Piñas City
2392 2853 CAA Road** No. 1 Lopez Jaena St., Pavia, Iloilo
2393 2848 Pavia Plaza Makar Road, Brgy. Labangal, General Santos City
2395 2863 CPI Cugman** C.M. Recto, Cugman Highway, Cagayan de Oro City
2396 3071 Balanga Highway** Brgy. Bagong Silang, Balanga City, Bataan
2397 2936 CPI Upper Session** Caltex Gasoline Station, GSIS Compound, Upper Session, Marcoville, Baguio City
2399 3014 Ginatilan** #9 New York St. cor. E. Rodriguez Sr., Ave., Brgy., Pinagkaisahan, Cubao, Quezon City
2400 3087 Teresa 2** NitroFuel Gasoline Station, Tacloban-Baybay Rd., Palo, Leyte
2402 2920 Pawing, Palo Sumulong Highway cor. Pantay-Buhangin Road., Brgy. Bagumbayan, Teresa, Rizal
2403 2702 Cogeo Market** NHA Ave., Brgy. Dela Paz, Antipolo Rizal
2407 2967 Pamplona Uno** 50 Alabang-Zapote Road, Pamplona Uno, Las Piñas City
2410 2757 L&Y Plaza** L&Y Plaza, Ortigas Ave. cor. C5 Rd., Quezon City
2411 3006 Taft Ave. Extension** Baclaran Saulog- Taft Ave. Extn., Pasay City
2414 2969 Urban Deca** Urban Deca Tower, EDSA Shaw, Brgy. Highway Hills, Mandaluyong City
62
# Store Name Address
2416 2990 Alabel Poblacion Garcia St., Alabel Poblacion Sarangani Province
2418 2682 Nakpil Dormitel** Lot 10 cor. Taft Ave., Nakpil St., Manila City
2420 3131 Surallah Poblacion** Western Nautical Highway, Brgy. Poblacion, Victoria, Oriental Mindoro
2421 2614 Victoria Mindoro Mohon Rd., Brgy. Pooc, Talisay City, Cebu
2422 2919 Dulong Bayan Bacoor** Tirona Highway, Dulong Bayan, Bacoor City, Cavite
2423 3067 Multinational Village** LTG Y12 Building, KM. 9, BO., Pampanga, Sasa, Davao City
2424 2834 Dona Pilar GF, ECG Building, Multinational Ave., Multinational Village, Parañaque City
2425 2924 Eastwood Rodriguez** Medical Center Imus, Diversion Rd., Palico Imus, Cavite
2426 3056 MCI Hospital Eastwood Greenview Subd., Phase 4 San Isidro, Rodriguez, Rizal
2428 3054 Oton Highway** Quezon Ave. Extn., Palao, Iligan City
2429 3091 Concepcion Naga** Main Road, San Jose, Malino, Mexico, Pampanga
2430 2748 Alicia Cor. Mabini Roxas St., Valencia City, Bukidnon
2431 3055 Palao Iligan J.C Zulueta & Benedicto Sts., Poblacion South, Oton, Iloilo
2432 3062 San Jose Malino Pan-Philippine Highway, Brgy, Concepcion Grande, Naga City, Camarines Sur
2433 3011 Pag-asa Binangonan** Brgy. 50, Airport Road, Laoag City, Ilocos Norte
2434 2988 Laoag Airport Road Villamayor Compound, Brgy. Pag-asa, Binangonan, Rizal
2435 2931 Bayani Road 2 L21 B86 AFPOVAI Western Bicutan, Taguig City
2436 3164 Sto. Niño Cotabato Brgy. Sto. Niño, Norala, South Cotabato
2438 2843 Parkwest** Unit 108, Parkwest, Veriton Fort, FBG, Taguig City
2439 3076 Roxas Plaza Isabela** Don Mariano Marcos Ave., Rizal, Isabela
2441 2868 Tibiao Antique** A.T. Lim cor. J. Mendoza St., Poblacon, Tibiao, Antique
2442 2566 Maginhawa 129 Maginhawa St., Teachers Village East, Diliman, Quezon City
2445 3139 Quezon Isabela** National Highway, Brgy. Samonte, Quezon, Isabela
2446 3064 Sucat Muntinlupa** 630 M.L Quezon St., Purok 4, Brgy., Sucat, Muntilnlupa City
2447 2667 Alabang NB Exit 2** Etal Property, Camp Lapu-Lapu Rd. Apas, Cebu City
2448 3150 Apas Lahug 384 East Service Rd., Alabang, Muntinlupa City
2449 3034 Dapitan 3** 1345 Dapitan St. cor. Rosarito, Sampaloc, Manila
2450 3077 Canaynay 2** Borromeo St., Brgy. Washington, Surigao City, Surigao Del Norte
2451 2921 Taysan Poblacion #185 Angelina Canaynay Avenue, San Dionisio, Sucat, Parañaque City
2453 2937 Tagum Manga Purok Sampaguita, Visayan Village, Tagum City
63
# Store Name Address
2455 3031 Sta. Barbara Plaza** Jacildo Bldg. cor. Rodriguez-Taft St., Sta. Barbara, Iloilo
2457 3188 Basud Camarines Norte** Pan-Philippine Highway, Brgy. Poblacion 2, Basud, Camarines Norte
2459 3059 Ibayo, Marilao** McArthur Highway, Brgy. Ibayo, Marilao, Bulacan
2460 3024 Blumentritt Extension 2278 G. Tuazon cor. Panay St., Sampaloc Manila
2461 3033 Kidzania Manila** Rizal Blvd., Brgy. Tagapo Sta. Rosa City, Laguna
2462 3146 Hop Inn Tomas Morato** A. Bonifacio St. cor. General Valdez St., Uppper Bicutan, Taguig City
2463 3025 La Brea Sta. Rosa Kidzania Manila, Park Triangle Mall, 3245 North 11th ave., Bonifacio Global City, Taguig City
2464 3095 Upper Bicutan 2 GF Hop Inn Tomas Morato, 312 Tomas Morato Ave., Diliman, Quezon City
2465 1715 Pier 1** No. 21, Legaspi Extension, Cebu City
2466 3030 San Vicente Laguna** Brgy. San Vicente, San Pedro City, Laguna
2468 3082 Hop Inn Alabang** Lot 2 Blk 4 Madrigal Business Park, Brgy. Ayala Alabang, Muntinlupa
2469 2916 San Jose Antipolo** L. Sumulong Circle, cor., M. Santos St., Brgy. San Jose, Antipolo City
2470 3155 Tandag Plaza** Quezon St. cor. Quirino St., Brgy. Bungtod, Tandag City, Surigao Del Sur
2471 2694 Bacood** 3610 Lubiran St., Bacood, Sta. Mesa, Manila
2472 3041 Baliuag District Hospital Carpa Vill. Subd., Brgy. Sabang, Baliuag, Bulacan
2474 3185 Heritage Homes Main Road, Metrogate 2, Loma de Gato, Marilao, Bulacan
2475 2974 San Jose Patag Sta. Maria-San Jose Road, Brgy. San Jose Patag, Sta. Maria, Bulacan
2476 3144 USM Kabacan Cor. USM Ave., Kabacan, North Cotabato
2477 3020 Baltazar St.** GF, Kamias St., Signal Village, Taguig City
2478 2278 Zamora Pasay 10 Baltazar St., 6th Ave., Grace Park East Caloocan City
2483 3037 CPI Libertad** RT Building, Bon-bon St. cor. JC Aquino Ave., Brgy. Libertad, Butuan City, Agusan del Norte
2486 3036 Tumauini, Isabela Unit 8, ePerformax Center, Sacred Heart Avenue, Pueblo de Panay, Brgy. Lawaan, Roxas City, Capiz
2487 3123 Felisa Bacolod ** Unit 12 Metrobank Center, Juan Luna St., Brgy. Poblacion, Palo, Leyte
2489 2499 Sison, Pangasinan Bangga Totong, Brgy. Felisa, Bacolod City, Negros Occidental
2490 3159 Batia Bocaue** Babak-Camudmud Rd., Babak, Island Garden City, Samal, Davao del Norte
2491 3153 Saog Marilao** Brgy. Julugan 8, Dr. Solis St., Tanza, Cavite
2492 2776 Samal Babak** GF Unit 2- Alona Entertainment Bldg., Tawala, Panglao
64
# Store Name Address
2493 3210 Julugan 2** Sitio Malingin, Punta Engano, Lapu-Lapu City, Cebu
2494 3068 Alona Panglao B17, Gliserio Bautista St., Batia, Bocaue, Bulacan
2495 3084 Punta Engaño along T. Mendoza St., Brgy. Saog, Marilao, Bulacan
2496 3049 Calatrava** Uniit 74, GF, Acienda Designer Outlet, Km 48, Aguinaldo Hway cor. Balubad Rd., Brgy. Lalaan I, Silang, Cavite
2497 3161 Claver** Suburban Phase 1F, Brgy. San Jose, Rodriguez, Rizal
2498 2885 Acienda Designer Outlet National Highway, Brgy., Suba, Poblacon Calatrava, Negros Occidental
2499 3121 Suburban Rodriguez Brgy. Ladgaron, Claver, Surigao del Norte
2503 3005 Samat Unit 26, NLEX Drive and Dine, KM 17, North Luzon Expressway, Brgy. Canumay, Valenzuela City
2506 3069 Opol Genabe Lot 1 Blk 35 Rizal Ave. cor. Samat St., Tondo, Manila
2511 3207 Petron Lugait** Brgy. Washington, Surigao City, Surigao del Norte
2512 2649 Canlaon City Lot 3210-I, Brgy. Bakhaw, Mandurriao, Iloilo City
2517 2940 Bermuda Antipolo 52 Bayugo-Buliran Rd., Brgy. San Luis, Antipolo City
2518 3114 Heart Building** Unit No. 101, GF Heart Building, 7461 Bagtikan St., San Antonio Village, Makati City
2519 2870 Golden Gate #32 Topland Ave., Golden Gate Subd., Brgy. Talon 3, Las Piñas City
2520 3148 Savannah Jibao-an Pavia** Zone 3 Brgy. Jibao-an, Pavia, Iloilo
2523 3205 Village East Hombrobueno St., Glan Poblacion, Sarangani Province
2524 3080 Bayugan Rotunda Poblacion, Bayugan City, Agusan del Sur
2525 2857 Koronadal City Hall Gensan Drive, Purok Villegas Zone 3, Koronadal City, South Cotabato
2526 3116 Looc Calamba Lot No. 1D Block No. 1 Vermont Place, Brgy. Looc Calamba, Laguna
2527 2873 Rizal Capitol Circumferential Rd., Brgy. San Roque, Antipolo City
2529 2966 Casa Mira Brgy. Poblacion, Trento, Agusan del Sur
2530 3142 College Ave** College Ave. cor. Caritan Hway, Tuguegarao City, Cagayan
2531 3310 MCNP Tuguegarao** Caggay National Highway, Tuguegarao City, Cagayan
65
# Store Name Address
2533 3211 Valley Hotel** Balzain Road, Centro 11, Don Domingo St., Tuguegarao City
2534 3086 Sct. Torillo** Insular Prison Road, Southville 3 Poblacion, Muntinlupa City
2535 2735 Southville Muntinlupa** #72 Timog Ave. cor. Sct. Torillo St., Quezon City
2536 3124 Kalayaan 2** Kalayaan Road, San Sebastian, Kawit, Cavite
2537 3119 Cauayan City Hall** #105 Rizal Ave., District III, Cauayan City, Isabela
2538 3284 Tabuk City Hall** Quezon St., Brgy. Dagupan Centro, Tabuk City, Kalinga
2539 2106 Parian Cebu Mabini St. cor. Zulueta St., Cebu City
2540 3162 M. Dela Cruz Pasay M. Dela Cruz St. cor. Arnaiz Ave., Pasay City
2541 3127 Malita Public Market** Lot 1-A Blk 1, MacArthur Highway, Brgy. Ninoy Aquino, Angeles City, Pampanga
One Network Bank- Malita Branch Building, M.L. Quezon St. between Abbas and Manuya Sts. Poblacion, Malita,
2542 3065 VMMC
Davao del Sur
2543 3239 Angeles Rotonda GF, Veterans Memorial Medical Center North Avenue, Diliman, Quezon City
2545 3214 P. Noval 2 J.P. Rizal St., Brgy. Manggahan, Rodriguez, Rizal
2546 3208 Lucena 6** Barcelona St. cor. Quezon Ave., Lucena City, Quezon
2547 3225 Dau Uno** C 107 Highway, San Roque Dau 1st, Lubao, Pampanga
2548 3143 Bayugan Taglatawan PurokTaglatawan, Buyugan City, Agusan del Sur
2549 3184 Calumpang 2 JP Rizal St. cor. MH Del Pilar St., Brgy. Calumpang, Marikina City
2550 3168 Harvard Cubao 115 Harvard St., Cubao, Quezon City
2552 2270 RCC Angeles, Pampanga** Plaridel St., Angeles City, Pampanga
2553 3048 Talavera Junction Maharlika Highway, Bakal III, Talavera, Nueva Ecija
2554 3177 Bucal By-pass Road** Brgy. Bucal, Calamba City, Laguna
2555 3268 Malabañas Angeles** Zeppelin St. cor. Richthnofen St., Malabanas, Angeles City, Pampanga
2556 3130 Quintos** Tradetown (San Jose Terminal), Funda-Dalipe, san Jose de Buenavista, Antique
2557 2949 Angono Boundary #1871 EMPG España Arcade Bldg., España Blvd. cor. Quintos St., Sampaloc, Metro Manila
2558 3105 Dalipe Antique Manila East Road, Brgy. Isidro, Angono, Rizal
2560 2989 Carmen Bohol** Central Nautical Highway cor. Loay Interior Road, Poblacion Sur, Carmen, Bohol
2562 3345 Piy Margal** Purok 6 Poblacion, Prosperidad, Agusan del Sur
2563 3021 Bahbah Prosperidad #1655 Don Quijote St. cor. Piy Margal St., Sampaloc, Manila
2564 3331 Prince Hotel** South Montillana Blvd., Brgy. Diego Silang, Butuan City
2565 2777 Dusit D2 BGC** CPG North Ave., Manga District, Tagbilaran City, Bohol
2566 2824 De Ocampo Trece Dusit D2 The Fort-Manila/GF-02, Mckinley Parkway, Bonifacio Global City, Taguig City
2567 3107 Manga Brgy. De Ocampo, Tanza-Trece Rd., Trece Martires, Cavite
2568 3357 Dingalan, Aurora** Brgy. Sala, National Highway, Cabuyao City, Laguna
66
# Store Name Address
2572 2926 Sycamore Victor Buencamino St., ARO Building, Cupang, Muntinlupa City
2573 3245 Milagrosa Carmona** San Jose St., Brgy. Milagrosa, Carmona, Cavite
2578 3002 Deca Indangan** Deca Indangan, Cabantian Rd., Indangan, Davao City
2579 3135 Legarda 3** #255 Lardizabal St. cor. Sta. Teresita St., Sampaloc, Manila
2581 3004 Red Hotel Cubao Red Hotel, EDSA, Quezon City
2582 1704 NAIA Garden Residences** GF NAIA Garden Residences 412 NAIA Road, Brgy. Tambo, Parañaque City
2586 3340 Kennon Road #6 C. Raymundo Ave., Ortigas Ave. Extn., Rosario, Pasig City
2587 3459 Jones 2** Cagayan Valley Road, Unity Foo20 3010, Malipampang, San Ildefonso, Bulacan
2588 2906 Moises Padilla** Dona Leona Velez St., Apovel, Cagayan De Oro City
2589 2993 Tebag Pangasinan Osmena Blvd., Kamagayan, Cebu City, Cebu
2590 3167 CPI San Ildefonso, Bulacan Quezon St., Brgy. 5, Moises Padilla, Negros Occidental
2592 2670 Gaisano North** Gaisano Grand Mall Mandaue North, Central Nautical Highway, Brgy. Basak, Mandaue City, Cebu
2593 3170 St. Vincent School of Q.C.** 99 West Ave., Brgy. Bungad, Quezon City
2594 3213 Heneral Uno Heneral Uno, Brgy. Pasong Kawayan 2, Gen. Trias, Cavite
2435 Alaminos-San Pablo
2595 Alaminos-San Pablo Boundary, San Pablo City, Laguna
Boundary**
2596 2893 Bulan, Sorsogon** De Castro St. Brgy. Zone 4, Bulan, Sorsogon
2597 3186 Holland Park Unit A1-A4 Holland Park Residences, Southwoods City, Binan, Laguna
2598 3292 RFC Mall** Molino Rd., Brgy. Molino II, Bacoor City, Cavite
2599 2897 P. Guevarra Sta Cruz** Level 1, Avida Tower 2, Unit 9, Inez Villa St., Cebu IT Park, Cebu City
2600 3187 Avida IT Park** Nautical Highway, Brgy. Marfrancisco, Pinamalayan, Oriental Mindoro
2603 3228 Cebu Lite Port Brgy. Tejero, Cebu City, Cebu
2605 3097 Azure Urban Residences** R10 Maldives Building, The Azure Urban Residences, West Service Road, Bicutan, Parañaque City
2607 3254 Maasim** Brokenshire Hospital, Brokenshire Heights, Madapo Hills, Davao City, Davao del Sur
2609 2914 Malapatan Proper** National Road, Bacuyangan, Hinoba-an, Negros Occidental
67
# Store Name Address
2610 3051 Jasaan Centro Green Oil Maasim, Maasim Poblacion, Sarangani Province
2611 3089 Brokenshire Brgy. Tiniwisan, Butuan City, Agusan del Norte
2614 3287 Villamor 3 P19-01 cor. 10th St. & 7th St., Brgy. 183, Villamor Airbase, Pasay City
2616 3371 Fatima Antipolo Antipolo Valley Mall, Km23 Sumulong Highway cor. Ambassador F. Neri , Brgy. Sta. Cruz, Antipolo City
2618 3325 Bristol Alabang Retail 1, Bristol at Parkway Place, Filinvest City, Alabang, Muntinlupa City
2619 3417 St. Peter Cathedral** Ortiga St., Brgy. III, San Fernando, La Union
2621 3094 Malolos Central School** F. Estrella St., Sto. Rosario, Malolos, Bulacan
2624 3264 Meridian Park 2** EDSA cor. Macapagal Ave., Pasay City
2625 3176 Capitol Drive Butuan** Lot 19 Blk 19 Capitol Drive Butuan City, Agusan Del Norte
2628 3352 PITX** Level 1, Unit 142 PITX, Kennedy Ave., Brgy. Tambo, Paranaque City
2630 3439 Regal Condo 95 R. Layug St. cor. FB Harrison St., Pasay City
2632 3230 Gaisano Grand Roxas** Arnaldo Blvd., Roxas City Capiz
2635 2249 San Nicholas Dasma Brgy. San Nicholas II, Dasmariñas City
2636 3001 Makati Cinema Square Makati Cinema Square, Chino Roces Ave., Makati City
2637 3083 Bakakeng Road Baguio** Bakakeng Rd., Baguio City, Benguet
2639 3079 Shell Bislig** Cor. Montero St., Poblacion, Bislig, Surigao Del Sur
2640 2929 Real Quezon** 79 Banlat Road, Brgy. Tandang Sora, Quezon City
2641 3243 Amaia Scapes Gen Trias** Poblacion, Isabela, Negros Occidental
2642 3022 Nova 5** Mayon St., Brgy., Sta. Teresita, Sta. Mesa Heights, Quezon City
2643 2942 Teresa Poblacion MLQ Ave., Brgy. Poblacion 1, Real, Quezon
2644 3293 Hagonoy Crossing Space No. 1 & 2, Touchgold Complex, Arnold Highway, Brgy. Santiago, Gen. Trias, Cavite
2645 3351 Banlat Road 216 General Luis St., Brgy. Novaliches Proper, Novaliches, Quezon City
2646 3354 Isabela Negros Lexar Bldg., Brgy. Poblacion, Teresa, Rizal
2648 3013 Gensan NLSA Cor. Leon Llido, NLSA Rd., Brgy. Lagao, Gen. Santos City
68
# Store Name Address
2649 3274 Northview** Lot 1-A & Lot-B Block 8 Batasan-San Mateo Rd., Batasan Hills, Quezon City
2652 2639 Marcos Highway Baguio** Marcos Highway Santo Tomas, Baguio City
2653 3093 Carmen Zaragoza, N.E. Sta. Rosa-Tarlac Road, Brgy. Carmen, Zaragoza, Nueva Ecija
2655 3379 Laguna Doctors** #401 Visayas Ave., Tandang Sora, Quezon City
2656 3363 Visayas Ave. 2** Laguna Doctors Hospital, Brgy. Pagsawitan, Sta. Cruz, Laguna
2657 3414 Gapan San Lorenzo** Tinio St., Brgy. San Lorenzo, Gapan City, Nueva Ecija
2658 3280 Diego Cera** 453 Quirino Ave., Pulang Lupa Uno, Las Pinas City
2660 3515 LTI Square** Technopark Square, Laguna Technopark, Binan City, Laguna
2663 3212 Roxas Highway, Isabela Barrio Maranding, Lala, Lanao del Norte
2664 3039 Shell Mangagoy** A. Soriano Ave. cor. John Bosco Mangagoy, Bislig City, Surigao Del Sur
2665 3070 CPI Cabadbaran** Brgy. 8 Poblacion cor. Asis St., Cabadbaran City, Agusan del Norte
2666 3479 Vista de lago 44 Bagong Calzada St., Brgy. Ususan, Taguig City
2667 3241 Isulan Roundball Isulan Roundball, National Highway, Isulan, Sultan Kudarat
2668 3455 CGH Times Square Food Court Chinese General Hospital #286 Blumentritt St., Sta. Cruz, Manila
2670 3424 Kiwalan Centro** Montilla Blvd. cor. Rosales St., Butuan City, Agusan Del Norte
2671 3270 Perez Boulevard Dagupan National Highway, Brgy. Manghinao, Bauan, Batangas
2672 3389 SJIT Montilla Butuan-Cagayan-Iligan Road, Kiwalan, Iligan City, Lanao del Norte
2673 3265 Pembo** Blk 210 Lot 4 & 5 Sampaguita St., Pembo, Makati City
2674 3471 Maligaya Square Sampaguita St. cor. Ilang Ilang St., Maligaya Park Subd., Pasong Putik, Quezon City
2675 3566 Fiesta Mall Lipa** Brgy. Maraway, Lipa City, Batangas
2677 3382 Valley Golf Cainta Lot 1 Blk 1, Don Celso S. Tuazon Ave., Cainta, Rizal
2678 2808 Don Fabian Blk 1 Lot 19, Lot 14, Lot 18 and Lot 15, DFV, HOA, Brgy. Commonwealth, Quezon City
2682 3298 BF Bayanihan 293 Aguirre Ave. cor. Gov. Santos, BF Homes, Paranaque City
2683 3365 The Rise** LC Square Burgos St. cor. Rizal St., Poblacion, Ormoc City, Leyte
2685 3221 Patnongon Antique Unit 2 The Rise Makati, Malugay St., Makati City
2686 3339 Tamsui Imus Tamsui Ave., Brgy. Bayan Luma 2, Imus, Cavite
69
# Store Name Address
2688 3297 Alabang SB Exit 9006 R.P. Landrito Bldg., West Service Road, Alabang, Muntinlupa City
2689 3442 Sky 1 Tower** Sky 1 Tower, No. 68 Dasmarinas St., Binondo, Manila
2690 3189 CPI Surigao** Capitol Rd. cor Sering St., Brgy. Washington, Surigao City, Surigao del Norte
2691 3111 CTS-Mactan** Basak-Marigondon Rd., Basak, Lapu-Lapu City, Mactan Cebu
2692 3581 Victoria Sports Tower** Centro Poblacion, Ilagan City, Isabela
2693 2977 Mainit** Osmeña St. cor. Pakiad Road, Brgy. Mohon, Arevalo, Iloilo City
2694 3433 Xentro Mall Ilagan, Isabela** Blk 55 Lot 35 Floraville St., Brgy. Rizal, Makati City
2695 3226 Mohon Unit UG2 GF, Victoria Sports Tower, 799 EDSA South Triangle, Quezon City
2696 3475 Rizal Makati Mongaya Bldg., Brgy. Magpayang, Mainit, Surigao del Norte
2697 3416 Palayan City Hall** Brgy. Atate, Palayan City, Nueva Ecija
2701 3423 SCC Midsayap** Quezon Ave. Road, Poblacion, Midsayap, North Cotabato
2702 3420 Samat Mandaluyong** #4 Samat St. cor King's Road, Brgy. Highway Hills, Mandaluyong City
2703 3281 Prosperity Heights Prosperity Heights Condominium, Tandang Sora Ave., Quezon City
2704 3316 Phoenix Diversion** Brgy. Caritan, Tuguegarao City, Cagayan Valley
2706 3096 Oxford Cubao** 26th cor. 9th Ave., Bonifacio Global City, Taguig City
2707 3222 Finance Center BGC Aurora Blvd., Brgy. E. Rodriguez, Cubao, Quezon City
2708 3460 SSS Village 2 Lot 2-B Block 11, RPJ Building, Sapphire St. cor. Lilac St., Concepcion Dos, Marikina City
2709 3503 Herencia, Telabastagan** Mawing Plaza, Brgy. Telabastagan, San Fernando, Pampanga
2710 3528 Town and Country Cainta** Unit 2, Town and Country Arcade, Marcos Highway, Cainta, Rizal
2717 3138 Velasquez Taytay** Velasquez St., Brgy. San Juan, Taytay, Rizal
2718 3106 CPI Diokno Caltex Area-Diokno Blvd., Aseana City, Parañaque
2719 3413 Calzada Balayan** Cagayan de Oro-Dominorog-Camp Kibanitan Road, Brgy. 4, Talakag, Bukidnon
2721 3255 Biclatan Gen. Trias National Highway, Poblacion Pangantucan, Bukidnon
2722 3332 QualiMed Hospital Nuvali Brgy. Biclatan, Gen. Trias, Cavite
2723 3464 Bali Garden Retail 4 and 5, GF, QualiMed Hospital. Nuvali, Sta. Rosa City, Laguna
2724 3507 Shell Talakag Ground Floor, Bali Garden Residence, Zuzuarregui St., Matandang Balara, Quezon City
2725 3409 ASU Kalibo** G/F Garcia Commercial Bldg., Roxas Ave. Extn., Kalibo, Aklan
2726 3301 Golden City Sta. Rosa Golden City Subd., Brgy. Dila, Sta. Rosa City, Laguna
70
# Store Name Address
2727 3269 Bauan Port ** National Road, Brgy. Bolo, Bauan, Batangas
2729 3333 San Luis Antipolo Marcos Highway cor. Boncan Road, Brgy. San Luis, Antipolo City
2730 3604 Sta. Lucia Resettlement** Sta. Lucia Resettlement, Magalang, Pampanga
2731 3166 Loboc, Bohol** Loay Interior Road, Poblacion, Loboc, Bohol
2733 3273 Lifehomes 2** #22 Pres. Quezon, Lifehomes Subd., Rosario, Pasig City
2734 3289 Paseo Verde- Las Pinas No. 301 Real St., Quirino Ave. cor C5 Ext., Pulang Lupa Uno, Las Pinas City
2735 3010 Calapan Market Juan Luna St., San Vicente, Calapan City, Oriental Mindoro
2736 3248 Quisao Pllilla J.P. Rizal St., Brgy. Quisao, Pililla, Rizal
2737 3500 Bayanan Market 247 National Rd., M. Dolleton Bldg., Brgy. Bayanan, Muntinlupa City
2738 3369 San Jose City Hall** Brgy. Fe Marcos, San Jose, Nueva Ecija
2739 3611 Viverde Lofts Pasay** Arcaplaza #73 Maysan Road, Valenzuela City
2743 3209 San Leonardo Diversion Unit 2A-Bank of Makati Bldg., Ayala Avenida, Makati City
2746 3470 Oroquieta Highway** Lower Langcangan, Oroquieta City, Misamis Occidental
2748 3151 M. Dela Fuente 2 Esperanza Place, 903 M. Dela Fuenta St. cor. España Blve., Sampaloc, Manila
2749 3299 Countryside Lot 5 Blk 1 Countryside Ave., Countryside Village, Sta. Lucia, Pasig City
2751 3334 Floridablanca Resettlement** Brgy. Dila, Golden City Subd., Sta. Rosa City, Laguna
2752 3465 Pooc Sta. Rosa** 406 Robes, Brgy. Maharlika, San Jose Del Monte, Bulacan
2753 3399 Skyline G/F Pacific Star Bldg., Gil Puyat Ave. cor. Makati Ave., Makati City
2754 3564 Calasiao 2** 101 Petroluem MacArthur Highway, Calasiao City, Pangasinan
2755 3422 BPI Corporate Center** Poblacion, Kapatagan, Lanao del Norte
2757 3215 Sahud Ulan Tanza CPI Corporate Center Cebu, Archbishop Reyes Ave. cor. Luzon Ave., Cebu Business Park, Cebu City
2758 3327 Looc Cardona Manila East Road, Brgy. Looc, Cardona, Rizal
2759 3392 CPI San Jose Tacloban Brgy. 88, San Jose, Tacloban City, Leyte
2761 3550 8 Waves Resort Paco Arena, Apacible cor. Leroy St., Paco, Manila
2763 3552 Eugenio, San Jose** Eugenio St., Rueda, San Jose, Nueva Ecija
2764 3467 Fort Magsaysay Purok 1, Brgy. Barrio Militar, Fort Magsaysay, Palayan City, Nueva Ecija
71
# Store Name Address
2770 3277 Woodlane Imus Brgy. Malagasang 1, Malagasang Road, Imus, Cavite
2771 3374 C. Colago San Pablo** Maningcol, Ozamiz City, Misamis Occidental
2772 3362 Mhars Gen Hospital C. Colago, San Pablo City, Laguna
2773 3540 Montefaro Homes** G.S. Bldg., Cagayan Valley Rd., Sta. Rita, Guiguinto, Bulacan
2774 3529 Maysilo Malabon** GF Tejeros Market, Pasong Triad cor. Aranda St., Brgy. Tejeros, Makati City
2775 3278 U.N. Ave 2 NIA Rd., Brgy. Carsadang Bago, Imus, Cavite
2776 3441 Sta. Rita 2 205 M.H. Del Pilar St., Brgy. Maysilo, Malabon City
2777 3451 Tejeros Makati 1239 U.N. Ave. cor. Tangue St., Manila
2778 3495 Concentrix Nuvali 2/F Pantry Area, Bldg. 1, Technopod, Nuvali, Sta. Rosa-Tagaytay Rd., Sta. Rosa, Laguna
2779 3487 San Carlos 3 PNR Site, San Carlos City, Pangasinan
2780 3494 New Corella Rizal St., Brgy. Poblacion, New Corella, Davao del Norte
2782 3387 Malolos Old Cityhall** Sto. Nino Poblacion, Malolos, Bulacan
2783 3306 Bais** Rizal Ave., Brgy. Sta. Ana, Taytay, Rizal
2784 3102 Kalayaan Park Taytay National Highway (Quezon St.) cor. Aglipay St, Brgy. 1, Bais City, Negros Oriental
2785 3453 Tacurong New Isabela** Purok Yellow Bell, Brgy. New Isabela, Tacurong City, Sultan Kudarat
2786 3312 Solano 2, Nueva Vizcaya** Maharlika Highway, Solano, Nueva Vizcaya
2787 3523 Mantalongon** Corners Bermejo-Serrano Streets, Brgy. Zone 3 and Zone 10, Poblacion, Cabatuan Iloilo
2790 3098 Carrascal 954 J.P. Rizal cor. P. Gomez St., Brgy. Poblacion, Makati City
2793 3626 Park Avenue Pasay Petro Gazz Station, Purok 5, Brgy. Pasong Langka, Silang, Cavite
2794 3445 San Manuel, Isabela Park Ave. cor. Ignacio St., Pasay City
2796 3372 Golden City Taytay Space Nos. C-105 & C-106, GF, Amaia Steps Capitol Central, San Juan Street., Brgy 8 Bacolod City Negros Occidental
2797 3253 Albuera Leyte Blk 1 Lot 2 Golden City Subd., Brgy. Dolores, Taytay, Rizal
2799 2851 UNP Vigan Quirino Boulevard, Brgy. Tamag, Vigan City, Ilocos Sur
2801 3532 Central Bloc** Verde Oro Bldg., 535 Commonwealth Ave., Quezon City
2802 3408 Verde Oro Commonwealth Central Bloc, Inez Villa St., IT Park, Lahug, Cebu City
2804 3492 Lipata** Lipata Port, Montenegro Shipping Line, Surigao City
72
# Store Name Address
2805 3447 Bolbok Diversion** Bolbok Intersection, Brgy. Bolbok, Batangas City
2806 3499 Avida Prime Taft** Cabrera Rd., Brgy. Dolores, Taytay, Rizal
2807 3563 Sterling Industrial** 1075 J.P. Rizal, Guadalupe Viejo, Makati City
2808 2740 Cabrera Rd. Taytay Retail 7, GF Avida Prime Taft, Taft Ave., Pasay City
2809 3513 Guada Viejo Brgy. Iba, Guevarra St., Meycauyan, Bulacan
2811 3240 Ballesteros, Cagayan** Retail 5, Cyberpark, Tower 2, Cubao, Quezon City
2812 3634 Cyberpark Tower 2 P-3 Sto. Nino, Poblacion, Tagbina, Surigao del Sur
2813 3703 Bongabong Mindoro** Strong Republic Nautical Highway, Brgy. Poblacion, Bongabong, Oriental Mindoro
2814 3129 Barbaza Antique** National Road-Ybera St., Brgy. Poblacion, Barbaza, Antique
2815 2995 Puerto Galera Town** Manila East Rd. cor. E. Rodriguez Ave., Tanay, Rizal
2817 3504 CPI San Juan Batangas** 21 Abanao St., Shagem St., Baguio City
2821 3777 Bacong Negros** Stotsenberg, Medical Center Building, Ninoy Aquino Ave. Clark Freeport Zone, Pampanga
2822 3493 Clark Stotsenberg Brgy. Aquino, Hinatuan, Surigao Del Sur
2825 3596 Neptune Makati Diko Square, Pulong Buhangin, Sta. Maria, Bulacan
2826 3610 P. Herrera Pateros Gen. E. Topacio St., Brgy. Poblacion, Imus, Cavite
2828 3591 Anda, Pangasinan 882 P. Herrera St., Brgy. Aguho, Pateros, Manila
2829 3231 Pinagpanaan Talavera Paseo de Aklan, Mabini St., Kalibo, Aklan
2831 3575 Bacoor Coliseum** Maharlika Highway, Macanaya Rd., Aparri, Cagayan
2832 3690 Benedicto College** EDSA cor. Bernardino St., Guadalupe Veijo, Makati City
2834 3380 Aparri Junction Springville Ave., Brgy. Molino 3, Bacoor City, Cavite
2835 3592 EDSA Loyola GF Benedicto College, Don Bernardo St., Cebu City, Cebu
2836 3403 Paombong Poblacion** Caltex Gasoline Station, MCX Poblacion, Muntinlupa City
2837 3621 CPI MCX** Florante Bldg., McArthur Highway, San Juan, Balagtas, Bulacan
2840 3485 Golden City Imus** De Los Reyes Street, Brgy. Poblacion, Municipality of Sebaste, Province of Antique City
2841 3454 Kasiglahan Rodriguez JLW Bldg., Tejeron St. cor. Sampaguita St, Sta. Ana, Manila
2842 3569 Sibonga Poblacion Blk 67 Lot 39 & 40, Anabu II-F, Imus, Cavite
2843 3549 Maricavan Pasay Kasiglahan Village, San Jose, Rodriguez, Rizal
73
# Store Name Address
2844 3497 Sebaste Antique Sibonga-Dumanjug Rd. cor. Bacalso National Highway, Poblacion, Sibonga, Cebu
2847 3326 San Juan Cainta** Sagebrush St., Greenland Executive Village, San Juan, Cainta, Rizal
2849 3356 Mimosa** Montevista Village, Acacia Drvie, Mimosa Leisure Estate, CFZ, Angeles, Pampanga
2850 3449 Unioil Almanza** Manila Access Rd. cor. Alabang-Zapote Rd. Almanza Uno, Las Pinas City
2851 3632 San Dionisio Poblacion** National Highway, Naujan, Oriental Mindoro
2855 3613 Gloria Poblacion Jose Abad Santos, Sta. Ana, Pampanga
2856 3347 Tampakan Poblacion** 2 London St., Cypress Village, Imelda Ave., Cainta, Rizal
2857 3469 Madrid Surigao Pine St., Tampakan Poblacion, South Cotabato
2859 3370 Cypress Cainta Surigao-Davao Coastal Rd., Brgy. Central, Caraga, Davao Oriental
2860 3496 San Enrique Negros Brgy. Poblacion, San Enrique, Negros Occidental
2861 2932 Lopez Jaena Lopez Jaena St., La Paz, Iloilo City
2862 3580 SJDM Heights** 485 Boni Ave., Brgy. Plainview, Mandaluyong City
2863 3092 Boni- San Joaquin Zone 1 Muzon, San Jose del Monte, Bulacan
2864 3588 P. Campa 3 ** GF of KB Lepanto Building II, SH Loyola, Sampaloc, Metro Manila
** FC1
^^ FC2/FC3
74
STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS
The management of Philippine Seven Corporation is responsible for the preparation and fair
presentation of the consolidated financial statements including the schedules attached therein, for
the years ended December 31, 2019 and 2018, in accordance with the prescribed financial
reporting framework indicated therein, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process.
The Board of Directors or the Executive Committee or the Audit & Risk Committee, as authorized
by the Board, reviews and approves the financial statements including the schedules attached
therein, and submits the same to the stockholders.
SyCip Gorres Velayo & Co., the independent auditor appointed by the stockholders for the period
December 31, 2019 and 2018, respectively, has audited the consolidated financial statements of
the company in accordance with Philippine Standards on Auditing, and in its reports to the
stockholders, has expressed its opinion on the fairness of presentation upon completion of such
audit. .
JOSE T. PARDO
Chairman of the Board
TIN: 116-203-611
JUN-YA LIU
Treasurer & Chief Financial Officer
TIN: 727-653-929
LAWRENCE M. DE LEON
Head
Finance & Accounting Services Division
TIN: 198-167-019
st
Signed this 21 day of February, 2020.
Part 1: FINANCIAL INFORMATION
Financial Statements
Audited Consolidated Balance Sheets as at December 31, 2019 and 2018 viii
Audited Consolidated Statements of Comprehensive Income for the Years x
Ended December 31, 2019, 2018 and 2017
Audited Consolidated Statements of Changes in Equity for the Years xi
Ended December 31, 2019, 2018 and 2017
Audited Consolidated Statements of Cash Flow for the Years Ended xii
December 31, 2019, 2018 and 2017
Notes to Audited Consolidated Financial Statements -1-
Annexes
Schedule I: Reconciliation of retained earnings available for dividend
-74-
declaration
Schedule II: Map of the relationships of the companies within the group -75-
Schedule III: Financial soundness indicators -76-
Schedule IV: Supplementary schedules required by paragraph 6D, Part II
-77-
under SRC Rule 68, As Amended (2011)
The following discussion and analysis of financial condition and results of operations of Philippine Seven
Corporation (PSC or the Company) should be read in conjunction with the accompanying consolidated
financial statements and the related notes as of December 31, 2019 and 2018. This discussion contains
forward-looking statements that reflect our current views with respect to future events and our future
financial performance. These statements involve risks and uncertainties and our actual results may differ
materially from those anticipated in these forward-looking statements. On a periodic basis, we evaluate
our estimates, including those related to revenue recognition, capitalized assets and income taxes. We
base our estimates on historical experience and on various assumptions that are believed to be reasonable
under the circumstances.
(Forward)
As of December 31,
2019 2018 % Change
Under Under Under
2019 (A) 2019 (B)
Financial Summary PFRS 16 Previous Previous
vs. 2018 vs. 2018
(Amount in million Pesos except EPS) (A) Standard Standard (C) (C)
(B) (C)
2
OVERVIEW
We operate the largest convenience store network in the country. We acquired from Southland
Corporation (now Seven Eleven Inc.) of Dallas, Texas the area license to operate the 7-Eleven
convenience stores in the Philippines on December 1982. The area license agreement was renewed in
2007 for another twenty years.
We opened our first store on February 1984 at the corner of Kamias Road and EDSA Quezon City. This
period was characterized by slow economic activity, as the Company was only able to open few, but
profitable stores.
With the resurgence of the economy, our expansion was stepped up in 1993. In order to fund growth, the
initial public offering of our common shares was made in 1998. Two years after the IPO, the local
founders recognized the need to form a strategic alliance with a large-scale operator from a more
advanced market. This was when President Chain Store Corporation (PCSC) of Taiwan was invited to
acquire majority stake in the Company. PCSC, then the second biggest 7-Eleven operator worldwide,
brought with them their technical expertise and know-how in managing multiple chain of stores.
After a period of consolidation of organization and processes, the rate of expansion was further
accelerated in 2007. This was made through the franchise model and close collaboration with business
partners. This was backed by strong logistics system and stable head office support.
It took us more than twenty-five years, from our first store in 1984, to reach the 500th store milestone in
2010. In contrast, it required only three years to double our store base as we surpassed 1,000 stores in
2013 and achieved the 2,000th store mark on January 2017. We believe that the market is ready and the
organization is well structured to support our market development plan. We expect to surpass the 3,000th
store milestone in 2020 and add at least 1,000 new stores every three years moving forward.
At the end of 2019, we have 2,864 stores, mainly in Metro Manila and in major towns and cities in
Luzon. We penetrated Visayas thru Cebu City in the middle of 2012 and attained our goal of serving our
customers in Mindanao in 2015. There were 2,180 7-Eleven stores in Luzon, 1,007 of which are in Metro
Manila, 410 in Visayas and 274 in Mindanao. Our expansion plan shall focus in the different parts of the
country as we recognize the growing customer preference towards innovation and convenience.
We are virtually the only operator with the critical mass to build out proper supply chains in areas
logistically unreachable from the greater Metro Manila area. We strengthened our logistics capability
over the last five years. We have fourteen (14) operating distribution centers (DC) nationwide. There are
six DCs in Luzon, five in Visayas and three in Mindanao. To put such costs in perspective, operators in
contiguous territories typically serve 1,000 stores per DC. We wager that first movers, especially on
islands that cannot sustain more than one DC, will be rewarded with unusually dominant share.
Our digital efforts have led to a more data-driven approach, incorporating incrementality and elasticity to
assortment and pricing, respectively. We have spent the last year formulating and testing such initiatives,
some of which have already entered the scaling phase. We expect them to contribute to sales, as well as
to enhance our overall value proposition vis a vis the recent but fast growing minimart format.
We seek to meet the needs of our customers and maintain a leadership position in the convenience store
space by taking advantage of economies of scale, technology, people and a widely recognized brand.
Despite of emerging competition, we maintain our leadership in the industry. Our vision is to be the best
retailer of convenience for emerging markets.
3
DISCUSSION OF MATERIAL EVENTS AND UNCERTAINTIES
The emergence of the new coronavirus, known as COVID-19, has created a global pandemic. This has
affected major economies and threatened the capacity of health care systems. Clearly, the Philippines is
no exception to the adverse effect of this public health crisis.
Over the past weeks, nations have been struggling to contain the spread of the virus. This unprecedented
event of significant scale has tested the ability of governments in leading and protecting its people.
Our hearts go out to all those who are affected by the pandemic. We appreciate the efforts and sacrifices
of our medical front-liners who have risked their lives in caring for the infected individuals.
Our own front-liners are of no exception. The majority of our stores remain open to serve the public as
we are considered as providers of essential services. Our franchise partners, store managers, cashiers,
clerks and warehouse and security personnel also risk their own safety in order to continuously serve our
customers and fulfill our mission of making daily lives easier by providing modern convenience.
Our overarching priority remains to be the health and well being of our franchisees and employees. We
are supporting them by reducing their working hours and suspending operations if access to stores is not
possible. Further, we reiterated good hygiene and social distancing measures inside the premises.
Moreover, we supplied our front-liners with the necessary personal protective equipment and maintained
the availability of disinfectants, cleaning supplies and food supplements. We have also provided added
compensation in the form of meals, transportation and hazard allowances to our front-liners.
In a move to contain the COVID-19 outbreak, on March 16, 2020, Presidential Proclamation No. 929 was
issued, declaring a State of Calamity throughout the Philippines for a period of six (6) months and
imposed an enhanced community quarantine throughout the island of Luzon until April 12, 2020, which
was subsequently extended up to April 30, 2020.
These measures have caused disruptions to our supply chain as movement of goods and manpower were
hampered by the establishment of checkpoint systems in different local government units. The absence of
mass transportation also affected the ability of our employees to access our stores.
In the face of this crisis, the Company remains vigilant as it initiates mitigation efforts to help safeguard
the health and safety of its employees, franchisees and customers. We implemented our business
continuity plan that includes equipping our people to work from their homes. This is in order to support
our supply chain with the purpose of minimizing the impact of this business disruption.
The majority of our convenience stores and support systems, which consist of several warehouses, offices
and kitchens, remain operational. Out of 2,900 stores, 60 percent operate during daytime, only 10
percent remain operating for 24 hours and 30 percent are temporarily closed at the end of the first quarter.
The Company considers the events surrounding the outbreak as non-adjusting subsequent events, which
do not impact its financial position and performance as of and for the year ended December 31,
2019. However, the outbreak could have a material impact on its 2020 financial results and even periods
thereafter. Considering the evolving nature of this outbreak, the Company cannot determine at this time
the impact on its financial position, performance and cash flows. The Company will continue to monitor
the situation.
4
FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN 2019
AS COMPARED WITH 2018
A. Results of Operations
Net income in the fourth quarter went down by 6.0 percent to P748.7 million from P796.4 million
registered in the same period last year. Excluding the effect of PFRS 16, net income should have
increased decently by 10.9 percent to P882.9 million.
The solid growth in same store sales continued in 4Q by posting 10.1 percent increase year-on-year. The
year started with a 6.8 percent rise in same store sales and further increased by 13.0 percent in the second
and third quarters. This is attributable to sales enhancing initiatives such as the roll out to additional
stores of successful private brands, Crunch Time fried chicken and City Blends freshly brewed coffee.
System-wide sales, which represent sales of all corporate and franchise-operated stores, rose by 20.7
percent to P15.7 billion during the quarter. Revenue from merchandise sales, which pertains to retail
sales of corporate stores and merchandise sold to franchised stores, grew by 18.9 percent. Commission
income posted a substantial increase of 250.0 percent to P282.9 million, driven by the surge in services
transactions, as 7-Eleven remained to be the preferred channel for e-money cash in transactions.
The year ended with 2,864 stores, up by 314 stores or 12.3 percent from 2,550 stores by the end of 2018.
Net income generated for the full year 2019 declined by 5.7% to P1.44 billion owing to the
implementation of the new accounting standard on leases. Excluding this factor, net income should have
grown impressively by 29.8 percent, the highest earnings growth in six years, to P1.99 billion from P1.53
billion the previous year.
IFRS net income translated into earnings per share of P1.91, a decline of 5.7 percent compared with the
preceding year’s level of P2.03.
Revenue from merchandise sales, which represents retail sales of corporate stores and cost of
merchandise sold to franchisees, went up by 21.0 percent to P 48.0 billion. This was driven by the 10.3%
full-year increase in same store sales, the highest growth rate all time.
Sales of a new store format were also lodged under this account. Its first four branches (under the trade
name Neighborhood Wholesale) generated total sales of P501.8 million in 2019, up by 51.5 percent over
last year of P331.1 million.
The improved financial performance can be attributed to the increase in retail sales of all corporate and
franchised stores, which posted growth of 22.1 percent to P 56.3 billion in 2019.
The increase in customer count was the primary driver of sales growth. This was brought about the low
inflation environment and the improvement of net disposable income owing to the tax reform passed in
2018. These two factors strengthened the purchasing power of our customers and resulted into higher
average transaction and increase in visit frequency.
5
Product development also contributed to better sales as the Company expanded the coverage of its
successful products, namely, its freshly brewed coffee, City Blends, now in more than 2,000 stores, and
its own hot and crispy fried chicken, Crunch Time, now in more than 1,000 stores. These brands filled in
the gaps in 7-Eleven’s breakfast and lunch portfolios, respectively.
On the market development side, PSC ended the year with a nation-wide store count of 2,864 stores. New
stores added totaled to 349 against 35 closures during the year. About seventy percent of new stores were
opened in Luzon and around fifteen percent each in Visayas and Mindanao. Further, the franchised-stores
accounted for 55% of the total, while the remaining 45% are corporate-owned.
PSC continued to dominate the convenience retail sector by opening new stores all throughout the
country. It capitalized on its first-mover advantage and economies of scale in widening its lead against
formal convenience store operators. The capacity building expenditures made in the form of establishing
new distribution centers and regional headquarters are starting to produce favorable results and equips the
Company in responding to emerging competition.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 60.5 percent from P4.2
billion in 2018 to P6.8 billion at end of 2019 while EBITDA margin and operating margin (both as
percentage of revenue from merchandise sales) are pegged at 12.8 percent and 5.6 percent, respectively.
The ability of the Company to generate free cash flow significantly improved as operating cash flow
surged 84.9 percent to P8.2 billion, against cash used in investing activities of P3.6 billion. This resulted
into a free cash flow of P4.6 billion, up from P2.08 billion a year ago. This allowed PSC to trim down
outstanding debt by P691.6 million or 55.3 percent and to end the year with P558.9 million in loans.
Cash dividends paid increased by P52.7 million or 16.2 percent to P378.2 million and correspond to a
25.0 percent payout policy, which is consistent with prior years’ payout.
Stock price ranged from P 100-145 per share more than twenty million shares traded (lower compared
with 49.0 million traded shares in 2018). Price earnings increased to 50 to 70 times of current earnings
and PFRS return on equity (ROE) declined to 19.1 percent.
The Company has adopted the following new accounting pronouncements starting January 1, 2019.
Please refer to Note 2 of the Notes to the Consolidated Financial Statements for a more detailed
discussion of the adoption of the new Philippine Financial Reporting Standards (PFRS or IFRS) and to
the following explanations.
The Company adopted PFRS 16, Leases, at the start of the year. Under the new standard, lessees are
required to recognize an asset on the right to use the leased property (the right-of-use asset) and a liability
on the obligation to make lease payments (the lease liability), at the commencement date of the lease.
There is no effect on cash flow as a result of the adoption.
More than 2,600 contracts of lease covering the various 7-Eleven stores, distribution centers, kitchens and
offices were already accounted for and this represents approximately 93% of all active lease agreements.
The future lease commitments arising from the active contracts, net of short-term leases and low value
assets, amounted to P13.0 billion. This was then discounted into its present value using the incremental
borrowing rate ranging from 8.0% to 9.0%.
6
This was based from the prevailing rate quoted by the BVAL for government securities issued with
similar tenors. The tenors are commensurate with the duration of the lease agreements and a risk
premium was added to the risk-free rate.
Based on the above, the opening balance of the right-of-use (ROU) asset stood at P8.3 billion and lease
liabilities of P9.2 billion. The ROU was then depreciated individually per lease contract on a straight-line
basis. The total depreciation expense of the ROU asset at the end of the year reached P1.5 billion and
formed part of the general and administrative expenses in the statement of comprehensive income.
The incremental borrowing rate or the interest rate implicit on the lease was unusually high because the
inflation in 2018 surged brought about by the increase in food and oil prices, among other factors.
Monetary authorities attempted to taper inflation by increasing policy rates several times during that year.
The risk-free rate reflected such movements and translated into higher borrowing costs.
Upon the establishment of the ROU asset, a corresponding lease liability was also recognized. This
pertains to the obligation of the Company to make lease payments to the owner of the property or the
lessor. The cash flow lease payments previously classified as rent expense was applied as payment of the
principal balance of the lease liability. In addition, payments were also applied to the interest portion,
which arose from the accretion of the lease liability. The lease liability balance diminishes using the
effective interest method as payments for the principal and interest are applied.
As at December 31, cash flow lease payments (previously, rent) totaled to P1.7 billion. The payments
applied to interest and principal stood at P817.4 million and P898.7 million, respectively.
The right-of-use asset, net of accumulated depreciation, amounted to P7.5 billion and was classified as
non-current assets in the balance sheet. The current portion and the noncurrent portion of the lease
liability at the end of the same period stood at P2.0 billion and P6.8 billion, respectively. The deferred tax
asset was also affected due to the temporary differences that arise from the depreciation of the right-of-
use asset, accretion of interest and payment of lease liabilities.
In the cash flow statement, the cash flow lease payments (previously classified as rent) increased the
income before income tax. The depreciation of the ROU asset and interest from accretion are added back
to income before income tax to arrive at the cash flow from operating activities. In the cash flow used in
investing activities, the establishment and subsequent additions to the ROU asset shall increase the cash
outflow. The payments applied to interest and to the principal of the lease liability shall then increase the
cash flow used in financing activities. There is no effect to the overall cash position because there is no
incremental cash outflow resulting from the adoption of the new PFRS.
Set out below are the amounts by which each financial statement line item is affected as at and for the
year ended December 31, 2019 as a result of the adoption of PFRS 16. The adoption of PFRS 16 had a
material impact on the Group’s balance sheet, statement of comprehensive income and the operating,
investing, and financing cash flows (although there is no effect on the overall net cash flow since there is
no incremental cash outflow required under PFRS 16). Certain financial metrics, such as the earnings per
share (EPS), earnings before interest taxes and depreciation (EBITDA), debt to equity ratio, among
others, were also affected. The first column shows amounts prepared under PFRS 16 and the second
column shows what the amounts would have been had PFRS 16 not been adopted or in other words as if
the previous standard, PAS 17, is still in effect.
The audited consolidated balance sheet as at December 31, 2019 and income statement for the period
ended December 31, 2019.
7
Under Increase
Consolidated Balance Sheet Under PFRS 16 Previous PAS 17 (Decrease)
NET INCOME P
= 1,444.6 P
= 1,988.0 (P
= 543.4)
For the Three Months Ended December 31, For the Year Ended December 31,
2019 2018 Increase (Decrease) 2019 2018 Increase (Decrease)
Amount Percentage Amount Percentage
Revenue from
13,543.6 11,391.9 2,151.7 18.9% 48,038.0 39,709.1 8,328.9 21.0%
merchandise sales
Cost of
9,646.4 7,862.2 1,784.2 22.7% 34,368.5 27,911.2 6,457.3 23.1%
merchandise sales
Gross profit 3,897.1 3,529.7 367.5 10.4% 13,669.5 11,797.9 1,871.6 15.9%
Gross margin 28.8% 31.0% -2.2% 28.5% 29.7% -1.3%
Commission
282.9 80.8 202.1 250.0% 653.1 241.3 411.7 170.6%
income
Commission as %
of revenue from 2.1% 0.7% - 1.4% 1.4% 0.6% - 0.8%
merchandise sales
(Amount in million Pesos)
Notes:
1. Revenue from merchandise sales represents retail sales of corporate stores plus sales of merchandise to franchisees
made at cost. This also includes the retail sales of four (4) Neighborhood Wholesale branches totaling P501.8 million.
2. Cost of merchandise sales is composed of the cost of goods sold of corporate stores plus the cost of merchandise sold
to franchisees. Sales and cost of goods sold to franchisees are equal resulting into zero gross profit. The share of
PSC in the gross profit of the franchised stores is recognized under the franchise revenue account.
3. The cost of goods sold of Neighborhood Wholesale is also lodged under this account and amounted to P341.4 million.
4. As a result of the adoption of PFRS 15, Revenue from Contracts with Customers, marketing income and some
components of other income, specifically penalty income, was reclassified and in effect reduced cost of sales. This
was made because the definition of distinct performance obligation was not met. Please refer to the discussion in the
preceding section and to Note 2 of the Notes to the Financial Statements for more details.
8
The Company closed the year with total revenue from merchandise sales of P 48.0 billion, an increase of
21.0 percent compared to P 39.7 billion in 2018. Cost of merchandise sold rose by 23.1 percent to P 34.4
billion. As a result gross margin slightly declined to 28.5 percent from 29.7 percent.
In the fourth quarter, revenue from merchandise sales went up by 18.9 percent owing to the 10.1 percent
rise in same store sales. Revenue from merchandise sales is comprised of the retail sales of corporate
stores plus the sales to franchisees valued at cost price. The merchandise sales of the new retail format,
called Neighborhood Wholesale (NW) stores reached P501.8 million and also form part of revenue from
merchandise sales.
In comparison, system-wide sales pertain to retail sales and commission income of all stores regardless of
ownership. The Company does not consolidate the retail sales of franchisees because these are established
as separate and distinct entities from PSC. The sales of NW stores are excluded from system-wide sales.
Moreover, the cost of merchandise sales pertains to the cost of sales of corporate stores plus the cost of
merchandise transferred to the franchisees. Hence, in the financial report, the sales to the franchisees shall
yield zero gross profit since sales matches costs. The Company then shares from the store level GP of the
franchisees, which is calculated separately. The share of PSC from the franchise GP is lodged under the
franchise revenue account.
Commission income significantly increased by 170.6 percent mainly as a result of the surge in e-money
cash in transactions. The Company partnered with the telcos for e-wallet as the 7-Eleven stores became
the most preferred channel to fund virtual wallets. The commission reported only pertains to those
coming from corporate stores, while those from franchisees were recognized under franchise revenues.
Total discounts and rebates grew in absolute terms and as percentage of revenues owing to higher volume
and due to increased supplier-supported ad and promo spending, which is driven by system innovations
that allow an increasing number of options for suppliers to build their brands in the stores.
Marketing income still continued to boost profitability, although at a slower pace compared to sales
growth, partly due to the exit in the market of a major cigarette manufacturer. The goal is to leverage the
convenience of store locations and the interconnectedness of systems to become the preferred venue for
manufacturer's brand building needs. The increased sales have also made it easier for PSC to seek a fairer
share of manufacturer’s trade spend vis-à-vis other more established channels.
All discounts and marketing income are now presented as reduction to cost of merchandise sales at the
Company level both for 2019 and 2018.
For the Three Months Ended December 31, For the Year Ended December 31,
2019 2018 Increase (Decrease) 2019 2018 Increase (Decrease)
Amount Percentage Amount Percentage
Franchise revenue 849.8 1,087.5 -238 -21.9% 4,259.9 3,820.0 439.8 11.5%
Rental income 75.4 12.1 63.3 523.0% 137.1 62.7 74.4 118.7%
Other income 46.8 -19.1 65.9 -345.0% 99.6 66.9 32.7 48.8%
Total 972.0 1,080.5 -108.5 -10.0% 4,496.6 3,949.7 546.9 13.8%
As % of revenue
from merchandise 7.2% 9.5% -2.3% 9.4% 9.9% -0.6%
sales
(Amount in million Pesos)
9
The franchise revenue account is composed of three main items, namely, the share of the Company in the
gross profit of the franchisees, operating expenses of the franchisee billed by PSC and the initial franchise
fee received at the start of the franchise agreement. The latter is now amortized over the term of the
agreement in accordance with PFRS 15.
Franchise revenue rose by 11.5 percent due to the increase in number of all franchisees by 171 or 12.2
percent. Total number of franchised stores reached 1,577, with FC1 as the most dominant franchise
format. The Company’s share in gross profit of the franchised stores went up by 28.9 % to P3.5 billion.
Moreover, rental income attributed to sub-leased spaces and ATM rent increased by 118.7 percent to
P137.1 million. There are ongoing talks with a leading Asian ATM provider, Seven Bank of Japan, to
deploy cash recycling machines in all 7-Eleven stores. This is expected to complement the growing
services business and contribute in generating additional revenues for the Company.
No significant element of income came from sources other than the result of continuing operations.
Selling, general and administrative (SG & A) expense which is comprised of store operating and selling
expenses and headquarters’ expenses went up by 15.7 percent or P2.14 billion to P15.79 billion by the end
of 2019. As percentage of revenue from merchandise sales, total expenses stood at 32.9 percent, a
decrease from 34.4 percent the prior year. The top five expense items accounted for more than 2/3 of total
expenses and are discussed as follows:
Rent expense rose 12.5 percent to P2,576.5 million and stood at 5.4 percent of revenue from merchandise
sales, slightly lower compared last year at 5.8 percent.
Average rent was stable across all stores resulting from reduced competitive activity. Rent expense is
previously accounted for under PAS 17, Leases, which requires the straight-line recognition of rent over
the term of the lease for non-cancellable contracts.
10
Starting January 1, 2019, The Company adopted PFRS 16, which requires lessees to account for all leases
under a single on-balance sheet model similar to the accounting for finance leases under PAS 17. At the
commencement date of the lease, the lessee will recognize a liability to make lease payments (i.e., the
lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the
right-of-use-asset). Lessees will be required to separately recognize the interest expense on the lease
liability and the depreciation expense on the right-of-use asset.
Rent under the previous standard amounted to P2.1 billion and were applied to payments of interest and
principal balance of the lease liability. The resulting depreciation of the right-of-use asset covering 2,600
lease contracts totaled P1.5 billion at the end of the year.
On the other hand, depreciation and amortization expense, of property and equipment rose 18.6 percent to
reach P2.3 billion.
Outside services increased by 26.5 percent to P2.6 billion, as percentage of sales stood at about
5.4 percent. This account grew as a result of continued store expansion and warehouse support.
Communication, light and water increased by 17.4 percent to P2.6 billion while as percentage of sales
slightly dipped from 5.5 percent last year to 5.3 percent this year, owing to lower power rates.
Personnel costs grew by 23.0 percent to P1.4 billion attributed to store expansion and maintenance of
regional headquarters and distribution centers.
All other expense types had grown over the preceding year’s level due to the continued opening of new
stores. The said growth is incidental and commensurate to continued growth in asset base.
There are no significant nor unusual expense incurred during the year and is considered to be in the
normal course of business.
Interest Expense
Interest incurred to service debt decreased by 19.4% to P61.7 million. Consolidated cash flows remained
to be strong aided by solid sales growth. This allowed the Company to trim down the level of outstanding
debt to around P691.6 million.
Interest expense resulting from the adoption of PFRS 16 at the start of the year amounted to
P817.4 million and significantly affected earnings. There is no cash outflow associated with the interest
from the accretion of the lease liability. The effect is that the lease expenses are front loaded at the early
stages and will decline during the middle to the latter part of the lease term.
Lastly, there was also an accretion of interest from the contract liability, as a result of the adoption of
PFRS 15. This standard requires the deferred recognition of initial franchise fees received from
franchisees since the definition of distinct performance obligation was not met. The contract liability will
be amortized over the term of the agreement and will be recognized as franchise revenue. Interest on
accretion of initial franchise fee is pegged at P18.4 million.
Net Income
The new accounting standard has an effect of front-loading the expense during the early stage of the lease
because the accretion of interest is based on the full balance of the outstanding lease liability and shall
11
diminish over time as payments are made. The sum of the depreciation of right-of-use asset and interest
expenses in the year exceeded the cash basis lease payments by about P266.8 million (after-tax). There is
no incremental cash flow resulting from the adoption of the new standard.
As a result, the net income and the EPS declined by 5.7% to P1.44 billion and P1.91 per share,
respectively, after considering the effect of the new PFRS on Leases. On a like-for-like basis or excluding
PFRS 16, net income rose by 29.8 percent to P1.99 billion and translated into an EPS of P2.63 per share.
The increase in net income was mainly driven by the 10.3 percent growth in same-store sales during the
year.
B. Financial Condition
Total assets went up significantly by P12.3 billion or 70.5 percent to P29.7 billion at the end of the year.
This is attributed to the recognition of the right-of-use asset, net of depreciation amounting to P7.5 billion
in accordance with PFRS 16, Leases. Lease receivables were also established to derecognize parts of
ROU pertaining to franchise stores. This amounted to P768.4 million.
Cash and cash equivalents increased by 45.4% to P4.6 billion owing to the increase of cash-in e-money
transactions and bills payment services.
Receivables rose 109.5% to P3.4 billion mainly from collectibles from suppliers and franchisees and
recognition of lease receivable, while total inventories went up by 17.5% to P4.2 billion.
Property and equipment was almost slightly increased as the Company opened 349 new stores and closed
35 stores during the period. Deferred tax assets grew as a result of the temporary deductible difference
arising from the adoption of PFRS 16.
Bank loans and current portion of long-term debt was trimmed down as a result of repayments caused by
stronger than expected free cash flows during the year. Accounts payable increased by 23.2%.
Stockholders’ equity at the end of the period comprises 27.1 percent of the total assets, down from 40.7
percent at the start of the year. This was caused by the increase in total assets brought about by the
recognition of the right-of-use asset. The net income of P1.44 billion for the year, and the dividend
payment of P378.2 million were the movements in the equity account during the period.
12
C. Liquidity and Capital Resources
The adoption of the new PFRS also affected the different areas of the statement of cash flows. Net cash
from operating activities increased because of the depreciation of the right-of use asset and interest
expense imputed on the outstanding balance of the lease liability. Net cash used in investing activities
went up more than 50% due to store expansion. Net cash flow from financing activities was higher as a
result of the payment of lease liabilities. The net effect of the new PFRS on cash flow is neutral because
there is no incremental cash outflow required aside from the monthly lease payments.
The Company believes that internally generated cash will provide sufficient funding in the coming years
as it continues to expand its store base. This will enable PSC to finance its capital expenditures, pay
dividends and use for other general corporate purposes. There are also available credit lines from the
various banks where the Company draw from totaling to P5.0 billion.
Management sees that this trend will be favorable in the long term, as rate of store expansion will be
entering a more rapid stage augmented by improving economic outlook and prevailing positive investor
sentiment in the country.
The following are the discussion of the sources and uses of cash in 2019.
Net cash flow from operating activities at the end of 2019 totaled to P8.2 billion, substantially higher
compared to net cash flow from operating activities of P4.4 billion in 2018. The increase in operating
cash flow can be attributed to the working capital changes and depreciation expense of the right-of-use-
asset. The improved profitability favorably affected operating cash flow.
13
Cash Flows used in Investing Activities
Net cash used in investing activities, primarily for capital expenditures, increased by 53.4 percent to
P3.61 billion. There were 349 new stores opened up to in 2019 compared to 289 stores opened over the
same period in 2018.
The substantial increase in the net cash from financing activities was primarily due to the payment of
lease liabilities amounting to P2.0 billion. Net loan repayments during the year stood at P691.6 million,
while payment of cash dividends increased to P378.2 million from P325.3 million last year.
A. Results of Operations
The net income of Philippine Seven Corporation (PSC) in the last quarter surged by 18.9 percent to
P796.4 million, from P 669.6 million registered in the same period in 2017. This was mainly driven by
the increase in sales and continued growth of commission income.
Same store sales growth accelerated by 11.7% during the fourth quarter driven by new product launches
and improved assortment. The year started with a 12.9 percent rise in same store sales owing to the
impact of the new TRAIN Law. Growth continued in the second and third quarter albeit at a slower pace
of 6.3 percent and 7.7 percent, respectively, as high inflation dampened consumer spending.
System-wide sales, which represent sales of all corporate and franchise-operated stores, rose by 25.6
percent to P 13.0 billion during the quarter. Revenue from merchandise sales, which pertains to retail
sales of corporate stores and merchandise sold to franchised stores, grew by 26.3 percent. Commission
income posted significant increase of 98.7 percent to P80.8 million, as 7-Eleven remained to be the
preferred channel for e-money cash in transactions.
The year ended with 2,550 stores, up by 11.6 percent from 2,285 stores by the end of 2017. Operating
income went up 19.3 percent and stood at 10.4 percent of revenue from merchandise sales.
PSC registered an increase of 16.2 percent in net income at the end of 2018. This surpassed the 2017
earnings growth of 12.1 percent. Net earnings increased to P 1.53 billion for the full year from P 1.32
billion the previous year. This translated into earnings per share of P 2.03, up by 16.2 percent compared
with the preceding year’s level of P 1.74.
The improved financial performance was driven by the increase in sales of all corporate and franchised
stores, which posted growth of 22.9 percent to P 46.1 billion in 2018. The higher system wide sales can
be attributed to the 8.8 percent growth in same store sales, the highest in five years.
Revenue from merchandise sales, which represents retail sales of corporate stores and cost of
merchandise sold to franchisees, went up by 23.7 percent to P 39.7 billion. Sales of a new store format
14
were also lodged under this account. Its first four branches (under the trade name Neighborhood
Wholesale) generated total sales of P331.1 million in 2018, up 82.7 percent over last year.
Total number of stores reached 2,550, a net increase of 265 stores from 2,285 stores at the end of 2017.
New stores added totaled to 290 against 25 closures during the year. About sixty one percent of new
stores were opened in Luzon and around twenty percent each in Visayas and Mindanao. The market
development plan moving forward will have a geographical mix similar with 2018. Further, fifty-five
(55%) percent of all stores are franchised and the remainder are company owned.
PSC continued to dominate the convenience retail sector by opening new stores all throughout the
country. It capitalized on its first-mover advantage and economies of scale in widening its lead against
formal convenience store operators. The capacity building expenditures made in the form of establishing
new distribution centers and regional headquarters are starting to produce favorable results and shall
allow the Company to respond to emerging competition.
Jose Victor Paterno, President and CEO stated, “The full year story is one of strong same store sales
growth driven by (1) a tax cut that most benefited the lower middle class, who overindex in our stores,
and (2) an excise tax on sugar-sweetened beverages, which narrowed relative price differences between
mass market and premium products, the latter of which are overrepresented in our stores. The resulting
effect on sales was the strongest since 2013, when we also benefited from the tobacco excise tax. Though
inflation, especially from things we don’t sell like rice and fuel, dampened growth in the third quarter, the
fourth quarter saw growth return strongly when inflation was brought under control.
These tailwinds helped our beverage business most of all, but the rest of FMCG showed strong growth as
well, as did the foodservice business (helped by the rollout of new champions like coffee and fried
products). We will continue to roll out the latter, and are taking steps to grow FMCG more sustainably.
We expanded pilots on assortment and pricing based on incrementality and elasticity data in our drive for
a more competitive offering vs groceries and minimarts, who outperform us in staple categories.
Revenue from services nearly doubled due to growth in e-wallets and bill payments on the back of
significant improvements in system infrastructure. Payments and services are an important source of
traffic and revenue in other major convenience chains, and in our case are an important part of our
CLIQQ digital ecosystem strategy, which also includes loyalty, our e-wallet, and e-commerce.
While some components of the ecosystem such as e-commerce remain in investment mode, losses were
reduced significantly in the fourth quarter due to growing ecosystem synergies. We continue to work on
partnerships with third party wallets and e-commerce companies using the infrastructure built and tested
with our own efforts, and expanding the ecosystem further.”
EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 17.9 percent from
P 3.6 billion in 2017 to P 4.2 billion at end 2018 while EBITDA margin and operating margin (both as
percentage of revenue from merchandise sales) are pegged at 10.6 percent and 5.7 percent, respectively.
The ability of the Company to generate free cash flow improved as cash from operating activities surged
28.1 percent to P4.4 billion, against cash used in investing activities of P2.4 billion. This resulted into a
free cash flow of P2.08 billion, up from P914.8 million a year ago. This allowed PSC to trim down
outstanding debt by P480.0 million or 28.0 percent and to end the year with P1.25 billion in loans
payable. Cash dividends paid also increased by P27.3 million or 9.2 percent to P325.3 million and
correspond to a 25.0 percent payout policy, which is consistent with prior years.
Stock price ranged from P 100-145 per share and reaching almost thirty million shares traded (up from
15.0 million traded shares in 2017). Price earnings ratio remained to be at 50 to 60 times of current
earnings and return on equity (ROE) was steady at 23.4 percent.
15
Lastly, the accounting policies adopted are consistent with those of the previous financial year, except
that the Company has adopted the following new accounting pronouncements starting January 1, 2018.
Adoption of these pronouncements did not have any significant impact on the Company’s financial
position or performance unless otherwise indicated. Please refer to Note 2 of the Notes to the
Consolidated Financial Statements for a more detailed discussion of the adoption of the new Philippine
Financial Reporting Standards (PFRS or IFRS) and to the following explanations.
Effective January 1, 2018, the Company adopted the new revenue recognition standard, PFRS 15,
Revenue from Contracts with Customers, under the modified retrospective approach. The
adoption of PFRS 15 resulted in significant changes in the Company’s revenue recognition
policies, process, and procedures. The Company recorded transition adjustments that decreased
the retained earnings as of January 1, 2018 by P202.7 million, net of tax.
Prior to adoption of PFRS 15, the Group recognizes revenue from initial franchise
fees upon performance of initial services required in the franchise agreement.
Under PFRS 15, initial franchise fees are deferred and recognized as revenue over
the term of the franchise agreement, with consideration for the time value of money.
Accretion of interest expense is recorded as part of “Interest expense” account in the
consolidated statements of comprehensive income over the term of the agreement.
Prior to adoption of PFRS 15, the Group allocates consideration received between
the goods sold and the points issued using residual method. Consideration allocated
to the points is equal to its redemption value.
Upon adoption of PFRS 15, transaction price is allocated between the goods sold and
the points issued using relative stand-alone selling price method. The amount of
consideration allocated to the points issued is deferred and recognized as revenue as
the points are redeemed or have expired, whichever comes earlier.
16
As at December 31, 2018, PFRS 15 increased “Current portion of contract liabilities”
account by P88.6 million. For the year ended December 31, 2018, PFRS 15
decreased “Revenue from merchandise sales” account by P7.1 million.
The Company has deferred revenues arising from gift cards and other transactions.
Upon adoption of PFRS 15, deferred revenues amounting to P31.0 million and P50.7
million, were reclassified to “Current portion of contract liabilities” account in the
consolidated balance sheet as at January 1, 2018. As at December 31, 2018, PFRS
15 increased “Current portion of contract liabilities” account by P119.0 million.
(d) Presentation of marketing support and other amounts arising from trading terms
agreements and conformes
Prior to adoption of PFRS 15, marketing support and other income arising from
trading terms agreements and conformes are presented under “Marketing income”
and “Other income” accounts in the statements of comprehensive income depending
on their nature. Upon adoption of PFRS 15, amounts billed and received arising from
trading terms agreements and conformes are presented as a deduction to “Cost of
merchandise sales” account in the statements of comprehensive income if the
services prescribed do not meet the definition of a distinct performance obligation.
For the year ended December 31, 2018, PFRS 15 decreased “Marketing income”
account, “Other income” account, and “Cost of merchandise sales” account by P1.1
million, P242.2 million, and P1.3 million, respectively.
In addition to the adjustments described above, deferred tax assets and retained
earnings were adjusted as necessary.
PFRS 9 replaces Philippine Accounting Standards (PAS) 39, Financial Instruments: Recognition
and Measurement, for annual periods beginning on or after January 1, 2018, bringing together all
three aspects of the accounting for financial instruments: classification and measurement;
impairment; and hedge accounting.
17
The Company has applied PFRS 9 using modified retrospective approach, with an initial
application date of January 1, 2018. The Company has not restated the comparative information,
which continues to be reported under PAS 39. Differences arising from the adoption of PFRS 9
have been recognized directly in retained earnings as at January 1, 2018.
The adoption of PFRS 9 has fundamentally changed the Company’s accounting for impairment
losses for financial assets by replacing PAS 39’s incurred loss approach with a forward-looking
expected credit loss (ECL) approach. PFRS 9 requires the Company to recognize an allowance
for ECLs for all debt instruments not held at fair value thru profit and loss and contract assets.
Upon adoption of PFRS 9, the Group recognized additional impairment of P11.4 million to the
Company's receivables and other noncurrent assets, which resulted in a decrease in retained
earnings of P8.0 million and increase in deferred tax assets of P3.4 million as at January 1,
The Company closed the year with total revenue from merchandise sales of P 39.7 billion, an increase of
23.7 percent compared to P 32.1 billion in 2017. Cost of merchandise sold rose by 24.9 percent to P 27.9
billion. As a result gross margin slightly declined to 29.7 percent from 30.4 percent.
In the fourth quarter, revenue from merchandise sales went up by 26.3 percent owing to the 11.7 percent
rise in same store sales. Inflation eased during the quarter and election related spending started and these
factors benefitted sales. Internally, sales enhancing initiatives such as the roll out to more stores with
fried chicken (Crunch Time) and freshly brewed coffee (City Blends) also increased sales. There are
more than 800 and close to 2,000 stores with Crunch Time and City Blends, respectively, by year-end.
Full-year same store sales growth is pegged at 8.8 percent, the highest rate in five years. This is a
significant improvement compared to the flat (+0.2 percent) growth registered in 2017. The impact of the
tax reform law or TRAIN, which lowered personal income tax and impose a new excise tax on sugar
sweetened beverages that contributes at least 25 percent of the product mix contributed positively to sales.
Moreover, commission income significantly increased by more than 90 percent mainly as a result of the
surge in e-money cash in transactions. The bulk of commissions flow directly to the bottom-line because
of the low marginal cost associated with the services category where it is derived.
Total discounts and rebates grew in absolute terms and as percentage of revenues owing to higher volume
and due to increased supplier-supported ad and promo spending, which is driven by system innovations
that allow an increasing number of options for our supplier partners to build their brands in the stores.
Marketing income still continued to boost profitability, although at a slower pace compared to sales
growth, partly due to the exit in the market of a major cigarette manufacturer. The goal is to leverage the
convenience of store locations and the interconnectedness of systems to become the preferred venue for
18
manufacturer's brand building needs. The increased sales have also made it easier for PSC to seek a fairer
share of manufacturer’s trade spend vis-à-vis other more established channels such as supermarkets.
The franchise revenue account is composed of three main items, namely, the share of the Company in the
gross profit of the franchisees, operating expenses of the franchisee billed by PSC and the initial franchise
fee received at the start of the franchise agreement. The latter is now amortized over the term of the
agreement in accordance with PFRS 15.
Franchise revenue rose by 20.3 percent due to the increase in number of franchisees by 182 or 15.0
percent. Total number of franchised stores reached 1,406, with FC1 as the most dominant franchise
format. The Company’s share in gross profit of the franchised stores went up by 21.9 % to P2.7 billion.
Moreover, rental income attributed to sub-leased spaces and ATM rent declined by 18.2 percent to P62.7
million. There are ongoing talks with a leading Asian ATM provider to deploy multi-purpose cash
machine in several 7-Eleven locations. This is expected to complement the growing services business and
contribute in generating additional revenues for the Company.
No significant element of income came from sources other than the result of continuing operations.
19
Selling, General and Administrative Expense
Selling, general and administrative (SG & A) expense which is comprised of store operating and selling
expenses and headquarters’ expenses went up by 21.6 percent or P 2.4 billion to P 13.6 billion in 2018.
As percentage of revenue from merchandise sales, total expenses stood at 34.4 percent down from 35.0
percent the prior year. The top five expense items accounted for 70 percent of total expenses and are
discussed as follows:
Rent expense rose 17.4 percent to P2.3 billion and stood at 5.8 percent of revenue from merchandise sales,
down from 6.1 percent the previous year. Average rent was stable across all stores resulting from reduced
competition. Rent expense is accounted for under PAS 17, Leases, which requires the straight-line
recognition of rent over the term of the lease for non-cancellable contracts.
Starting January 1, 2019, The Company shall be adopting PFRS 16, which requires lessees to account for
all leases under a single on-balance sheet model similar to the accounting for finance leases under PAS 17.
At the commencement date of the lease, the lessee will recognize a liability to make lease payments (i.e.,
the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e.,
the right-of-use-asset). Lessees will be required to separately recognize the interest expense on the lease
liability and the depreciation expense on the right-of-use asset.
Communication, light and water increased by 24.1 percent to P2.2 billion and remained at 5.5 percent of
sales. This was mainly due to the higher power generation rates billed by the utility companies.
Outside services went up by 19.3 percent to P2.0 billion in 2018, but declined as percentage of sales to 5.1
percent from 5.3 percent a year ago. This is commensurate with store and warehouse expansion.
Depreciation and amortization expense rose 19.9 percent to reach almost P2.0 billion. The higher
depreciation was a result of new stores, renovation of existing stores and procurement of new equipment.
Personnel costs grew by 24.2 percent to P1.1 billion attributed to expansion and establishment of regional
headquarters, and due to increase in incentives resulting from better earnings performance.
All other expense types had grown over the preceding year’s level due to the continued expansion. The
said growth is considered to be incidental and commensurate as PSC continues to grow its asset base.
There are no significant nor unusual expense incurred during the calendar year and is considered to be in
the normal course of business.
20
Repairs and maintenance 149.7 99.4 50.6% 496.5 390.4 27.2%
Royalties 129.4 103.7 24.7% 459.3 378.2 21.4%
Supplies 115.3 86.5 33.3% 373.5 293.4 27.3%
Taxes and licenses 83.5 88.4 -5.5% 310.0 278.2 11.4%
Entertainment and amusement 97.5 86.5 12.7% 123.3 94.7 30.1%
Transportation and travel 28.3 26.7 6.0% 106.3 86.8 22.5%
Others 19.3 7.7 149.5% 441.4 397.7 11.0%
Total 3,479.8 2,991.3 16.3% 13,652.6 11,226.2 21.6%
Total expenses as % of revenue from
merchandise sales
30.5% 33.2% -2.7% 34.4% 35.0% -0.6%
(Amount in million Pesos)
Interest Expense
Interest incurred to service debt rose by 7.7 percent to P60.5 million from P56.3 million in 2017. The
outstanding loan balance was reduced by P480.4 million or 28.0 percent, owing to stronger cash flows,
and ended at P 1.25 billion, 62.5 percent of which are short-term in nature. Interest in general went up in
2018 resulting from higher inflation and from the decision of the monetary authorities to increase rates.
There was also an accretion of interest from the contract liability, which resulted from the adoption of
PFRS 15. This new standard requires the deferred recognition of initial franchise fees received from
franchisees since the definition of distinct performance obligation was not met. The contract liability will
be amortized over the term of the agreement and will be recognized as franchise revenue.
Net Income
Net income has grown by P213.9 million or 16.2 percent to reach P 1.53 billion at the end of 2018. The
rate of earnings growth in 2018 surpassed that of the preceding year, which stood at 12.1 percent.
This translated into an EPS of P 2.03 per share, up by 16.2 percent from P 1.74 per share in 2017. ROE
was steady at 23.4 percent, while ROCE or return on capital employed, which includes interest bearing
debt minus cash balance, surged to 25.5 percent due to the higher level of cash.
Other comprehensive income (OCI) amounted to P51.6 million, a reversal compared to the other
comprehensive loss of P15.5 million recorded in 2017. The OCI represents the remeasurement gain on net
retirement obligations, net of tax, arising from changes in actuarial assumptions, specifically, higher
discount rate used resulting from a high interest environment.
B. Financial Condition
Total assets went up by 21.2% to P17.4 billion largely due to the 39.4% increase in current assets.
21
Cash and cash equivalents significantly increased by 61.6% to P3.2 billion attributed to higher sales and
surge in e-money cash in transactions in all stores.
Receivables went up by 39.0% to P1.6 billion owing to the rise in receivables from franchisees and
suppliers, which grew by 20.8% and 86.8%, respectively. AR from suppliers became higher despite of
the slower rate of increase in marketing income and resulted into longer AR days of 12.2 from 11.9.
Merchandise inventories grew by 28.9% to P3.5 billion translating into higher days level in inventory of
41.1 from 37.5 the preceding year. Warehouse inventory days stood at 25.2 from 22.1 while store level
inventory is pegged at 16.0 from 15.3 days. The longer warehouse inventory was caused by the higher
stock level maintained in the warehouses, particularly in the Visayas, to serve as protection to the unstable
service level of the suppliers. The longer inventory days was matched by an extended days payable
outstanding of 52.0 days from 47.8 in 2017.
Further, under non-current assets, property and equipment only increase by 4.5% due to the slower pace of
store opening brought about by delays in securing business permits and energization. New stores opened
in 2018 reached 290 from 317 the previous year. Closures totaled to 25 stores, almost the same with the
27 recorded in 2017.
Deferred tax assets substantially increased by 63.4% to end at P254.5 million caused by the establishment
of contract liabilities resulting from the application of PFRS 15 on initial franchise fees and valuation of
points for the customer loyalty programme.
On the other hand, current liabilities rose by 30.1% mainly due to the higher level of payables to suppliers.
Outstanding loans (both current and non-current) were trimmed down to P1.25 billion from P1.73 billion
the preceding year. Better operating cash flow allowed the Company to repay interest-bearing obligations.
Stockholders’ equity at the end of 2018 comprises 41.0 percent of total assets, compared to 42.0 percent
at the beginning of the year. The increase in equity account was driven by improved profitability and was
reduced by cash dividends paid to shareholders. There was a new appropriation of retained earnings
made in 2018 in the amount of P3.2 billion.
The Company increased its operating cash flow by 28.1 percent to P4.4 billion in 2018 attributed to better
profitability and net increase in payables and current liabilities. The level of free cash flow more than
doubled from P914.8 million in 2017 to P2.08 billion in 2018.
PSC obtains majority of its working capital and capital expenditure requirements from cash generated by
operations and available credit facilities extended by banks. The debt maturity profile was lengthened to
properly match sources with usage. Long-term debt as percentage of total interest bearing debt went up
from 19.0% in 2017 to 30.0% at the end of 2018.
The Company believes that operating activities and available working capital will provide sufficient
funding in the coming years as it continues to expand its store base. This will enable the Company to
finance its capital expenditures, pay dividends and other general corporate purposes.
Management sees that this trend will be favorable in the long term, as rate of store expansion will be
entering a more rapid stage augmented by improving economic outlook and prevailing positive investor
sentiment in the country.
The following are the discussion of the sources and uses of cash in 2018.
22
Three months ended
As of December 31
December 31
2018 2017 % 2018 2017 %
Income before income tax 1,160.3 990.2 17.2% 2,213.3 1,915.8 15.5%
Depreciation and amortization 497.1 434.7 14.4% 1,946.6 1,623.0 19.9%
Working capital changes 60.0 -102.9 -158.3% 269.3 -81.1 -432.2%
Net cash from operating activities 1,717.4 1,321.9 29.9% 4,429.2 3,457.7 28.1
Additions to property and equipment -608.6 -855.1 -28.8% -2,234.7 -2,400.8 -6.9%
Increase in other assets -26.6 -91.3 -70.9% -116.8 -142.2 -17.8%
Net cash used in investing activities -635.2 -946.4 -32.9% -2,351.5 -2,543.0 -7.5%
Payment of bank loan -348.9 -219.2 59.2% -480.4 -143.7 234.4%
Payment of cash dividend 0.0 0.0 -% -325.3 -298.0 9.2%
Interest paid -19.2 -14.6 32.0% -59.6 -55.1 8.0%
Net cash from financing activities -368.1 -233.7 57.5% -865.2 -496.8 74.2%
Effect of exchange rate changes on
-0.2 -0.1 66.8% 0.2 0.0 1526.2%
Cash and Cash Equivalents
Net increase in cash 713.9 141.7 403.9% 1,212.7 418.0 190.1%
Cash and cash equivalent, beginning 2,467.8 1,827.3 35.1% 1,969.0 1,551.0 26.9%
Cash and cash equivalent, ending 3,181.7 1,969.0 61.6% 3,181.7 1,969.0 61.6%
(amount in Million Pesos)
23
EBITDA Margin
The ratio of earnings before interest, taxes, depreciation and amortization over revenue from
merchandise sales. This measures the level of free cash flow generated by retail operations and is
a main indicator of profitability.
System wide sales generated by all 7-Eleven stores continued with its upward trajectory by
posting growth of 22.1 percent to P56.3 billion at the end of 2019. This was driven by the 10.3%
same-store sales growth during the year.
At the end of 2019, 7-Eleven stores in the Philippines totaled 2,864, up by 314 stores or 12.3
percent from end of 2018.
EBITDA margin stood at 12.8 percent from 9.6 percent due to the higher depreciation and
interest expense recognized under PFRS 16. Excluding PFRS 16, EBITDA margin is pegged at
9.6 percent, same as last year.
Net income after PFRS 16, declined 5.7 percent. Excluding PFRS 16 effect, net income had
grown by 29.8 percent.
24
Financial Soundness Indicator
YTD 2019
Under New Under
YTD
Formula Accounting Previous
2018
Standard Accounting
Standard
Liquidity Ratio
Current ratio Current Assets/Current Liabilities 0.93 1.03 0.97
Cash + Receivables/Current
0.59 0.66 0.52
Quick ratio Liabilities
Financial Leverage
Debt ratio Total Debt/Total Assets 0.73 0.61 0.59
Debt to equity ratio Total Debt/Total Equity 2.69 1.59 1.46
Interest coverage EBIT/Interest charges 3.32 68.17 29.92
Asset to equity ratio Total Assets/Total Equity 3.69 2.57 2.46
Profitability Ratio
Operating income/Revenue from
Operating margin 5.55% 28.46% 5.19%
contracts with customers
Net income/Revenue from
Net profit margin 2.73% 3.75% 3.50%
contracts with customers
Return on assets Net income/Total Assets 4.87% 9.02% 8.80%
Net income/Ave. total
Return on equity 19.12% 25.40% 23.38%
stockholders’ equity
25
SIGNATURES
Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to
JUN-YA LIU
Treasurer and CFO
LAWRENCE M. DE LEON
Head
Finance & Accounting Services Division
APPENDIX “C”
and
COMPANY NAME
P H I L I P P I N E S E V E N C O R P O R A T I O N A
N D S U B S I D I A R I E S
7 T H F L O O R , T H E C O L U M B I A T O W E R ,
O R T I G A S A V E N U E , M A N D A L U Y O N G C
I T Y
Form Type Department requiring the report Secondary License Type, If Applicable
A C F S S E C N / A
COMPANY INFORMATION
Group’s Email Address Group’s Telephone Number Mobile Number
No. of Stockholders Annual Meeting (Month / Day) Fiscal Year (Month / Day)
rd
602 3 Thursday of July 12/31
*SGVFS039376*
SyCip Gorres Velayo & Co. Tel: (632) 891 0307 BOA/PRC Reg. No. 0001,
6760 Ayala Avenue Fax: (632) 819 0872 October 4, 2018, valid until August 24, 2021
1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A),
Philippines November 6, 2018, valid until November 5, 2021
Opinion
We have audited the consolidated financial statements of Philippine Seven Corporation and its
subsidiaries (the Group), which comprise the consolidated statements of financial position as at
December 31, 2019 and 2018, and the consolidated statements of comprehensive income, consolidated
statements of changes in equity and consolidated statements of cash flows for each of the three years in
the period ended December 31, 2019, and notes to the consolidated financial statements, including a
summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the consolidated financial position of the Group as at December 31, 2019 and 2018, and its consolidated
financial performance and its consolidated cash flows for each of the three years in the period ended
December 31, 2019 in accordance with Philippine Financial Reporting Standards (PFRSs).
We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics)
together with the ethical requirements that are relevant to our audit of the consolidated financial
statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For the matter in the next page, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment of
the risks of material misstatement of the consolidated financial statements. The results of our audit
procedures, including the procedures performed to address the matter below, provide the basis for our
audit opinion on the accompanying consolidated financial statements.
*SGVFS039376*
A member firm of Ernst & Young Global Limited
-2-
Effective January 1, 2019, the Group adopted the new lease standard, PFRS 16, Leases, under the
modified retrospective approach which resulted to significant changes in the Group’s lease recognition
policies, processes, procedures and controls. The Group’s adoption of PFRS 16 is significant to our audit
because the Group’s nature of activities entails high volume of lease agreements covering its convenience
stores, warehouses, kitchens and office spaces, and the resulting recorded amounts are material to the
consolidated financial statements. In addition, the implementation of PFRS 16 involves application of
significant management judgement and estimation in the following areas: (1) whether the contract
contains a lease; (2) determining the lease term, including evaluating whether the Group is reasonably
certain to exercise options to extend or terminate the lease or to purchase the underlying asset;
(3) determining the incremental borrowing rate (IBR); (4) whether sublease is accounted for as
derecognition of right-of-use asset (ROU) assets and lease liability; and (5) selection and application of
accounting policy elections and practical expedients available under modified retrospective approach.
The Group recognized ROU asset and lease liability amounting to P =8,301,945,803 and P=9,194,699,647
respectively, as of January 1, 2019. In addition, the Group also recognized depreciation expense and
interest expense of P=1,523,839,225 and P
=817,382,956, respectively, for the year ended December 31,
2019.
The disclosures related to the adoption of PFRS 16 applied by the Group are included in Note 26 to the
consolidated financial statements.
Audit Response
We obtained an understanding of the Group’s process in implementing the new standard on leases,
including the determination of the population of the lease contracts covered by PFRS 16, the application
of the short-term and low-value assets exemption, the selection of the transition approach and any
election of available practical expedients. We selected sample lease agreements (i.e., lease agreements
existing prior to the adoption of PFRS 16 and new lease agreements in 2019) from the Master Lease
Schedule and identified their contractual terms and conditions. We traced the underlying lease data used
(e.g., lease payments, lease term) of these selected contracts to the lease calculation prepared by
management, which covers the calculation of financial impact of PFRS 16, including the transition
adjustments.
For selected lease contracts with renewal and/or termination option, we reviewed the management’s
assessment of whether it is reasonably certain that the Group will exercise the option to renew or not
exercise the option to terminate. We tested the parameters used in the determination of the IBR by
reference to market data. We test computed the lease calculation prepared by management, including the
transition adjustments.
We reviewed the disclosures related to leases, including the transition adjustments, based on the
requirements of PFRS 16 and PAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.
The Group’s inventories comprise 14% of its total assets as at December 31, 2019. It has 14 warehouses
and 1,345 company-owned stores as at December 31, 2019 throughout the country. We focused on this
*SGVFS039376*
A member firm of Ernst & Young Global Limited
-3-
area since inventories are material to the consolidated financial statements and are located in various sites
across the country.
The Group’s disclosures about inventories are included in Note 6 to the consolidated financial statements.
Audit Response
We updated our understanding of the inventory process and performed test of controls for selected stores
and warehouses. We observed the conduct of inventory count at selected stores and warehouses and
traced test counts to the inventory compilation to determine if the inventory compilation reflects actual
inventory count results. We performed testing on a sample basis of the rollforward and rollback
procedures on inventory quantities from the date of inventory count to reporting date. We reviewed the
reconciliation of the valued rollforward and rollback inventories with the general ledger account balances
and tested other reconciling items.
Other Information
Management is responsible for the other information. The other information comprises the information
included in the SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and Annual Report
for the year ended December 31, 2019, but does not include the consolidated financial statements and our
auditor’s report thereon. The SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and
Annual Report for the year ended December 31, 2019 are expected to be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audits of the consolidated financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audits, or otherwise appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with PFRSs, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
*SGVFS039376*
A member firm of Ernst & Young Global Limited
-4-
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with PSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with PSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
*SGVFS039376*
A member firm of Ernst & Young Global Limited
-5-
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Johnny F. Ang.
Johnny F. Ang
Partner
CPA Certificate No. 0108257
SEC Accreditation No. 1284-AR-2 (Group A),
May 16, 2019, valid until May 15, 2022
Tax Identification No. 221-717-423
BIR Accreditation No. 08-001998-101-2018,
November 6, 2018, valid until November 5, 2021
PTR No. 8131119, January 9, 2020, Makati City
*SGVFS039376*
A member firm of Ernst & Young Global Limited
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31
2019 2018
ASSETS
Current Assets
Cash and cash equivalents (Notes 4, 29 and 30) P
=4,624,655,095 =3,181,666,656
P
Short-term investment (Notes 4, 29 and 30) 11,389,621 11,286,679
Receivables (Notes 5, 26, 29 and 30) 3,430,979,113 1,637,846,048
Inventories (Notes 6 and 18) 4,164,073,340 3,543,379,449
Prepayments and other current assets (Notes 7, 29 and 30) 472,351,337 614,451,167
Total Current Assets 12,703,448,506 8,988,629,999
Noncurrent Assets
Property and equipment (Note 8) 7,023,486,002 6,750,513,961
Right-of-use asset (Note 26) 7,549,790,375 –
Goodwill and other noncurrent assets (Notes 10 and 30) 670,343,702 467,175,630
Receivables - net of current portion (Notes 5, 29 and 30) 207,766,169 4,088,979
Deposits (Notes 9, 29 and 30) 1,002,878,994 937,695,640
Deferred tax assets - net (Notes 2 and 27) 515,950,406 254,543,465
Total Noncurrent Assets 16,970,215,648 8,414,017,675
TOTAL ASSETS =29,673,664,154 P
P =17,402,647,674
(Forward)
*SGVFS039376*
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December 31
2019 2018
Equity
Common stock (Note 17) P
=757,104,533 =757,104,533
P
Additional paid-in capital 293,525,037 293,525,037
Retained earnings (Note 17)
Appropriated 6,100,000,000 5,100,000,000
Unappropriated 978,334,123 911,969,780
Other comprehensive income (loss)
Remeasurement gain (loss) on net retirement obligations - net of
tax (Note 24) (88,451,390) 15,189,219
8,040,512,303 7,077,788,569
Cost of own shares held in treasury (Notes 17 and 31) (2,923,246) (2,923,246)
Total Equity 8,037,589,057 7,074,865,323
TOTAL LIABILITIES AND EQUITY =29,673,664,154 P
P =17,402,647,674
*SGVFS039376*
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
INCOME
Revenue from contracts with customers
(Note 13) =52,950,902,607 =
P P43,770,478,130 =–
P
Revenue from merchandise sales – – 32,088,441,776
Franchise revenue (Note 32) – – 3,176,699,102
Marketing income (Note 20) – – 1,252,614,078
Commission income (Note 32) – – 126,707,492
Rental income (Note 26) 137,107,640 62,704,247 76,666,882
Interest income (Note 22) 37,582,393 17,103,612 16,403,134
Other income 62,037,334 49,843,414 270,130,224
53,187,629,974 43,900,129,403 37,007,662,688
EXPENSES
Cost of merchandise sales (Note 18) 34,368,460,873 27,911,183,499 23,776,474,291
General and administrative expenses (Note 19) 15,794,863,340 13,652,608,770 11,226,202,984
Interest expense (Note 21) 897,502,571 76,542,124 56,559,765
Other expenses 45,862,835 46,486,514 32,596,899
51,106,689,619 41,686,820,907 35,091,833,939
BASIC/DILUTED EARNINGS
PER SHARE (Note 28) P
=1.91 =2.03
P =1.74
P
*SGVFS039376*
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
Remeasurement
Gain (Loss) on
Net Retirement
Obligations- Treasury
Common Stock Additional Retained Earnings (Note 17) net of tax Stock
(Note 17) Paid-in Capital Appropriated Unappropriated (Note 24) Total (Note 17) Total
Balances at January 1, 2019 P
=757,104,533 P
=293,525,037 P
=5,100,000,000 P
=911,969,780 P
=15,189,219 P
=7,077,788,569 (P
=2,923,246) P
=7,074,865,323
Net income – – – 1,444,573,485 – 1,444,573,485 – 1,444,573,485
Remeasurement gain on net retirement obligations – – – – (103,640,609) (103,640,609) – (103,640,609)
Total comprehensive income – – – 1,444,573,485 (103,640,609) 1,340,932,876 – 1,340,932,876
Reversal of appropriations – – (900,000,000) 900,000,000 – – – –
Appropriations – – 1,900,000,000 (1,900,000,000) – – – –
Cash dividends – – (378,209,142) – (378,209,142) – (378,209,142)
Balances at December 31, 2019 P
=757,104,533 P
=293,525,037 P
=6,100,000,000 P
=978,334,123 (P
= 88,451,390) P
=8,040,512,303 (P
=2,923,246) 8,037,589,057
*SGVFS039376*
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Forward)
*SGVFS039376*
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*SGVFS039376*
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Corporate Information
Philippine Seven Corporation (the Company or PSC) was incorporated in the Philippines and
registered with the Philippine Securities and Exchange Commission (SEC) on November 24, 1982.
The Company and its subsidiaries (collectively referred to as the “Group”), are primarily engaged in
the business of retailing, merchandising, buying, selling, marketing, importing, exporting,
franchising, acquiring, holding, distributing, warehousing, trading, exchanging, collection and
acceptance of payments or otherwise dealing in all kinds of grocery items, dry goods, food or
foodstuff, beverages, drinks and all kinds of consumer needs or requirements and in connection
therewith, operating or maintaining warehouses, storages, delivery vehicles and similar or incidental
facilities. The Group is also engaged in the management, development, sale, exchange, and holding
for investment or otherwise of real estate of all kinds, including buildings, houses and apartments and
other structures.
The Company is controlled by President Chain Store (Labuan) Holdings, Ltd., an investment holding
Company incorporated in Malaysia, which owns 52.22% of the Company’s outstanding shares. The
remaining 47.78% of the shares are widely held including the public float. The ultimate parent of the
Company is Uni-President Enterprises Corporation, which is incorporated in Taiwan, Republic of
China.
The Company had its primary listing on the Philippine Stock Exchange on February 4, 1998.
The registered business address of the Company is 7th Floor, The Columbia Tower, Ortigas Avenue,
Mandaluyong City.
As at December 31, 2019, the Company is operating 2,864 stores, 1,519 of which are franchise stores
and the remaining 1,345 are company-owned stores (see Note 32).
Basis of Preparation
The consolidated financial statements are prepared under the historical cost basis. The consolidated
financial statements are presented in Philippine Peso (Peso), which is the Company’s functional
currency and all amounts are rounded to the nearest Peso except when otherwise indicated.
Statement of Compliance
The consolidated financial statements are prepared in compliance with Philippine Financial Reporting
Standards (PFRS).
*SGVFS039376*
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PFRS 16 supersedes PAS 17, Leases, Philippine Interpretation IFRIC 4, Determining whether an
Arrangement contains a Lease, Philippine Interpretation SIC-15, Operating Leases-Incentives
and Philippine Interpretation SIC-27, Evaluating the Substance of Transactions Involving the
Legal Form of a Lease. The new standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases and requires lessees to recognize most leases
in the consolidated statement of financial position.
Lessor accounting under PFRS 16 is substantially unchanged from the prescribed accounting
under PAS 17. Lessors will continue to classify all leases using the same classification principle
as in PAS 17 and distinguish between two (2) types of leases: operating and finance leases.
PFRS 16 requires lessees and lessors to make more extensive disclosures than under PAS 17.
The Group adopted PFRS 16 using the modified retrospective method of adoption, with the date
of initial application as January 1, 2019. Under this method, the standard is applied
retrospectively with the cumulative effect of initially applying the standard recognized only at the
date of initial application. The comparative information was not restated and continues to be
reported under PAS 17 and related interpretations. The Group elected to use the transition
practical expedient to not reassess whether a contract is, or contains, a lease as at January 1, 2019.
The Group will therefore not apply the standard to contracts that were not identified as containing
a lease applying PAS 17 and Philippine Interpretation IFRIC 4.
The Group has various lease contracts for its company-owned and franchised convenience stores,
office spaces, kitchens and warehouses. Prior to the adoption of PFRS 16, the Group classified
each of its leases (as lessee) at the inception date as operating leases. The Group also enters into
sublease arrangements with its franchisees, and prior to the adoption of PFRS 16 recognizes these
as operating leases.
Upon adoption of PFRS 16, the Group applied a single recognition and measurement approach
for all the leases except for short-term leases and leases of low-value assets. All existing sublease
arrangement with franchisees were assessed as of January 1, 2019 whether it will qualify as
finance lease or operating lease and accounted for accordingly.
*SGVFS039376*
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The Group recognized lease liabilities in relation to leases which had previously been recognized
as “Operating leases” under PAS 17. These liabilities were measured at present value of the
remaining lease payments, discounted using the lessee’s IBR as of January 1, 2019. The Group
used a single discount rate to a portfolio of leases with reasonably similar characteristics. The
weighted average IBR applied to the lease liabilities on January 1, 2019 is 8.67%.
Below provides the reconciliation between the operating lease commitments disclosed applying
PAS 17 as at December 31, 2018 and the ROU assets and lease liabilities recognized in the
statement of financial position at the date of initial application of PFRS 16:
*SGVFS039376*
-4-
Due to the adoption of PFRS 16, the Group’s income before tax in 2019 decreased, depreciation
and interest expenses are generally higher in the earlier part of the lease term and gradually
decrease at the latter half of the lease term.
The adoption of PFRS 16 did not have an impact on total consolidated equity as at January 1,
2019, since the Group elected to measure the ROU assets at an amount equal to the lease liability,
adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized
in the statement of financial position immediately before the date of initial application.
The Interpretation addresses the accounting for income taxes when tax treatments involve
uncertainty that affects the application of PAS 12, Income Taxes. It does not apply to taxes or
levies outside the scope of PAS 12, nor does it specifically include requirements relating to
interest
and penalties associated with uncertain tax treatments. The Interpretation specifically addresses
the following:
Whether an entity considers uncertain tax treatments separately;
The assumptions an entity makes about the examination of tax treatments by taxation
authorities;
How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates; and
How an entity considers changes in facts and circumstances.
The entity is required to determine whether to consider each certain tax treatments separately or
together with one or more other uncertain tax treatments and use the approach that better predicts
the resolution of the uncertainty. The entity shall assume that the taxation authority will examine
amounts that it has a right to examine and have full knowledge of all related information when
making those examinations. If an entity concludes that it is not probable that the taxation
authority will accept an uncertain tax treatment, it shall reflect the effect of the uncertainty for
each uncertain tax treatment using the method the entity expects to better predict the resolution of
the uncertainty.
Based on the Group’s assessment, it has no material uncertain tax treatments, accordingly, the
adoption of this Interpretation has no significant impact on the financial statements.
Under PFRS 9, a debt instrument can be measured at amortized cost or at fair value through other
comprehensive income (FVOCI), provided that the contractual cash flows are ‘solely payments of
principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument
is held within the appropriate business model for that classification. The amendments to PFRS 9
clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that
causes the early termination of the contract and irrespective of which party pays or receives
reasonable compensation for the early termination of the contract.
These amendments had no impact on the consolidated financial statements of the Group.
*SGVFS039376*
-5-
The amendments to PAS 19 address the accounting when a plan amendment, curtailment or
settlement occurs during a reporting period. The amendments specify that when a plan
amendment, curtailment or settlement occurs during the annual reporting period, an entity is
required to:
Determine current service cost for the remainder of the period after the plan amendment,
curtailment or settlement, using the actuarial assumptions used to remeasure the net defined
benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after
that event; and
Determine net interest for the remainder of the period after the plan amendment, curtailment
or settlement using: the net defined benefit liability (asset) reflecting the benefits offered
under the plan and the plan assets after that event; and the discount rate used to remeasure
that net defined benefit liability (asset).
The amendments also clarify that an entity first determines any past service cost, or a gain or loss
on settlement, without considering the effect of the asset ceiling. This amount is recognized in
profit or loss. An entity then determines the effect of the asset ceiling after the plan amendment,
curtailment or settlement. Any change in that effect, excluding amounts included in the net
interest, is recognized in other comprehensive income.
The Group considered in its actuarial valuation and computation for employee benefits its
amended retirement plan benefits during the period.
The amendments clarify that an entity applies PFRS 9 to long-term interests in an associate or
joint venture to which the equity method is not applied but that, in substance, form part of the net
investment in the associate or joint venture (long-term interests). This clarification is relevant
because it implies that the expected credit loss model in PFRS 9 applies to such long-term
interests.
The amendments also clarified that, in applying PFRS 9, an entity does not take account of any
losses of the associate or joint venture, or any impairment losses on the net investment,
recognized as adjustments to the net investment in the associate or joint venture that arise from
applying PAS 28, Investments in Associates and Joint Ventures.
These amendments had no impact on the consolidated financial statements as the Group does not
have long-term interests in its associate and joint venture.
The amendments clarify that, when an entity obtains control of a business that is a joint
operation, it applies the requirements for a business combination achieved in stages,
including remeasuring previously held interests in the assets and liabilities of the joint
operation at fair value. In doing so, the acquirer remeasures its entire previously held interest
in the joint operation.
*SGVFS039376*
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A party that participates in, but does not have joint control of, a joint operation might obtain
joint control of the joint operation in which the activity of the joint operation constitutes a
business as defined in PFRS 3. The amendments clarify that the previously held interests in
that joint operation are not remeasured.
An entity applies those amendments to business combinations for which the acquisition date
is on or after the beginning of the first annual reporting period beginning on or after
January 1, 2019 and to transactions in which it obtains joint control on or after the beginning
of the first annual reporting period beginning on or after January 1, 2019, with early
application permitted.
These amendments had no impact on the consolidated financial statements of the Group as
there is no transaction where joint control is obtained.
The amendments clarify that the income tax consequences of dividends are linked more
directly to past transactions or events that generated distributable profits than to distributions
to owners. Therefore, an entity recognizes the income tax consequences of dividends in profit
or loss, other comprehensive income or equity according to where the entity originally
recognized those past transactions or events.
An entity applies those amendments for annual reporting periods beginning on or after
January 1, 2019, with early application is permitted.
These amendments had no impact on the consolidated financial statements of the Group
because no financial instruments classified as equity.
Amendments to PAS 23, Borrowing Costs, Borrowing Costs Eligible for Capitalization
The amendments clarify that an entity treats as part of general borrowings any borrowing
originally made to develop a qualifying asset when substantially all of the activities necessary
to prepare that asset for its intended use or sale are complete.
An entity applies those amendments to borrowing costs incurred on or after the beginning of
the annual reporting period in which the entity first applies those amendments. An entity
applies those amendments for annual reporting periods beginning on or after January 1, 2019,
with early application permitted.
Since the Group’s current practice is in line with these amendments, they had no impact on
the consolidated financial statements of the Group.
*SGVFS039376*
-7-
The amendments to PFRS 3 clarify the minimum requirements to be a business, remove the
assessment of a market participant’s ability to replace missing elements, and narrow the
definition of outputs. The amendments also add guidance to assess whether an acquired process
is substantive and add illustrative examples. An optional fair value concentration test is
introduced which permits a simplified assessment of whether an acquired set of activities and
assets is not a business.
An entity applies those amendments prospectively for annual reporting periods beginning on or
after January 1, 2020, with earlier application permitted.
The amendments refine the definition of material in PAS 1 and align the definitions used across
PFRSs and other pronouncements. They are intended to improve the understanding of the
existing requirements rather than to significantly impact an entity’s materiality judgements.
An entity applies those amendments prospectively for annual reporting periods beginning on or
after January 1, 2020, with earlier application permitted.
The overall objective of PFRS 17 is to provide an accounting model for insurance contracts that
is more useful and consistent for insurers. In contrast to the requirements in PFRS 4, which are
largely based on grandfathering previous local accounting policies, PFRS 17 provides a
comprehensive model for insurance contracts, covering all relevant accounting aspects. The core
of PFRS 17 is the general model, supplemented by:
A specific adaptation for contracts with direct participation features (the variable fee
approach); and
A simplified approach (the premium allocation approach) mainly for short-duration contracts.
PFRS 17 is not applicable to the Group since it is not engaged in providing insurance nor issuing
insurance contracts.
*SGVFS039376*
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Deferred effectivity
Amendments to PFRS 10, Consolidated Financial Statements, and PAS 28, Sale or Contribution
of Assets between an Investor and its Associate or Joint Venture
The amendments address the conflict between PFRS 10 and PAS 28 in dealing with the loss of
control of a subsidiary that is sold or contributed to an associate or joint venture. The
amendments clarify that a full gain or loss is recognized when a transfer to an associate or joint
venture involves a business as defined in PFRS 3. Any gain or loss resulting from the sale or
contribution of assets that does not constitute a business, however, is recognized only to the
extent of unrelated investors’ interests in the associate or joint venture.
On January 13, 2016, the Financial Reporting Standards Council deferred the original effective
date of January 1, 2016 of the said amendments until the International Accounting Standards
Board (IASB) completes its broader review of the research project on equity accounting that may
result in the simplification of accounting for such transactions and of other aspects of accounting
for associates and joint ventures.
Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns through its power over the
investee. Specifically, the Group controls an investee if and only if the Group has:
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
Exposure, or rights, to variable returns from its involvement with the investee; and
The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group
considers all relevant facts and circumstances in assessing whether it has power over an investee,
including:
The contractual arrangement with the other vote holders of the investee;
Rights arising from other contractual arrangements; and
The Group’s voting rights and potential voting rights.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one (1) or more of the three (3) elements of control. Consolidation of a
subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated financial statements from the date the
Group gains control until the date the Group ceases to control the subsidiary.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are
eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction. If the Company loses control over a subsidiary, it:
Derecognizes the assets (including goodwill) and liabilities of the subsidiary;
Derecognizes the carrying amount of any non-controlling interests;
*SGVFS039376*
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The consolidated financial statements include the accounts of the Company and the following wholly
owned subsidiaries:
SSHI’s capital stock, which is divided into 40% common shares and 60% preferred shares, are owned
by the Company and by Philippine Seven Corporation-Employees Retirement Plan (PSC-ERP),
respectively. These preferred shares, which accrue and pay guaranteed preferred dividends and are
redeemable at the option of the holder, are recognized as a financial liability in accordance with PFRS
(see Note 16). The Company owns 100% of SSHI’s common shares, which, together with common
key management, gives the Company control over SSHI.
The financial statements of the subsidiaries are prepared for the same financial reporting period as the
Company, using uniform accounting policies. Intercompany transactions, balances and unrealized
gains and losses are eliminated in full.
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of an entity and a financial
liability or equity instrument of another entity.
Date of Recognition
The Group recognizes a financial asset or a financial liability in the consolidated financial position
when it becomes a party to the contractual provisions of the instrument. Purchases or sales of
financial assets that require delivery of assets within the time frame established by regulation or
convention in the marketplace are recognized on the settlement date.
Financial Assets
The classification at initial recognition depends on the contractual cash flow characteristics of
financial assets and the Group’s business model for managing them. The initial measurement of
*SGVFS039376*
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financial assets, except for those classified as FVPL, includes the transaction cost. With the
exception of trade receivables that do not contain a significant financing component or for which the
Group has applied the practical expedient, the Group initially measures a financial asset at its fair
value plus, in the case of a financial asset not at FVPL, transaction costs. Trade receivables that do
not contain significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under PFRS 15.
In order for a financial asset to be classified and measured at amortized cost or FVOCI, it needs to
give rise to cash flows that are SPPI on the principal amount outstanding. This assessment is referred
to as the SPPI test and is performed at instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result
from collecting contractual cash flows, selling the financial assets, or both.
Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified in four (4) categories:
Financial assets at amortized cost (debt instruments);
Financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments);
Financial assets at FVOCI with no recycling of cumulative gains and losses upon derecognition
(equity instruments); and
Financial assets at FVPL.
The Group measures financial assets at amortized cost if both of the following conditions are met:
The financial asset is held within a business model with the objective to hold financial assets in
order to collect contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortized cost are subsequently measured using effective interest rate (EIR)
method and are subject to impairment. Gains and losses are recognized in profit or loss when the
asset is derecognized, modified or impaired.
Financial assets at amortized cost are classified as current assets when the Group expects to realize
the asset within 12 months from reporting date. Otherwise, these are classified as noncurrent assets.
The Group’s financial assets at amortized cost consist of cash and cash equivalents, short-term
investment, receivables and deposits (excluding non-refundable rent deposits) (see Notes 4, 5 and 9).
The Group has no financial assets at FVOCI (debt instruments), financial assets designated at FVOCI
(equity instruments) and financial assets at FVPL.
ECLs are recognized in 2 stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit
*SGVFS039376*
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exposures for which there has been a significant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective
of the timing of the default (a lifetime ECL).
For receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs
at each reporting date. The Group establishes a provision matrix that is based on its historical credit
loss experience, adjusted for forward-looking factors specific to the debtors and the economic
environment.
The Group considers a financial asset in default when contractual payments are 360 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when
internal or external information indicates that the Group is unlikely to receive the outstanding
contractual amounts in full before taking into account any credit enhancements held by the Group. A
financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.
Financial liabilities
Subsequent Measurement
A financial liability may be designated at FVPL if it eliminates or significantly reduces a
measurement or recognition inconsistency (an accounting mismatch):
If a host contract contains 1 or more embedded derivatives; or
If a group of financial liabilities or financial assets and liabilities is managed and its
performance evaluated on a fair value basis is accordance with a documented risk
management or investment strategy.
Where a financial liability is designated at FVPL, the movement in fair value attributable to changes
in the Group’s own credit quality is calculated by determining the changes in credit spreads above
observable market interest rates and is presented separately in OCI.
The Group’s financial liabilities measured at amortized cost include bank loans, long-term debt,
accounts payable and accrued expenses, lease liabilities, deposit payables and other current liabilities
(excluding statutory liabilities), and cumulative redeemable preferred shares (see Notes 11, 12, 14,
15, 16, 26 and 30).
The Group has no financial liabilities at FVPL and derivatives designated as hedging instruments in
an effective hedge.
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Financial asset
A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar
financial assets) is derecognized (i.e., removed from the Group’s consolidated financial position)
when:
The contractual rights to the cash flows from the financial asset expire; or
The Group transfer the contractual rights to receive cash flows of the financial asset in a
transaction in which it either (i) transfers substantially all the risks and rewards of ownership of
the financial asset, or (ii) the Group neither transfers nor retains substantially all risks and
rewards of ownership of the financial asset and the Group has not retained control.
When the Group retains the contractual rights to receive the cash flows of a financial asset but
assumes a contractual obligation to pay those cash flows to 1 or more entities, the Group treats the
transaction as a transfer of a financial asset if the Group:
Has no obligation to pay amounts to the eventual recipients unless it collects equivalent amounts
from the original asset;
Is prohibited by the terms of the transfer contract from selling of pledging the original asset other
than as security to the eventual recipients for the obligation to pay them cash flows; and
Has an obligation to remit any cash flows it collects on behalf of the eventual recipients without
material delay.
Where the Group has transferred its rights to receive cash flows from an asset or has entered in to
pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all the risks and rewards of the
asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the
extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the
rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at
the lower of the original carrying amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Financial liability
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or
has expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of a
new liability, and the difference in the respective carrying amounts is recognized in profit or loss.
*SGVFS039376*
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accounted for separately, with the equity component being assigned the residual amount after
deducting from the instrument as a whole the amount separately determined as the fair value of the
liability component on the date of issue.
When the modification of a financial asset results in the derecognition of the existing financial asset
and the subsequent recognition of the modified financial asset, the modified asset is considered a
‘new’ financial asset. Accordingly, the date of the modification shall be treated as the date of initial
recognition of that financial asset when applying the impairment requirements to the modified
financial asset.
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or
has expired.
“Day 1” Difference
Where the transaction price in a non-active market is different from the fair value from other
observable current market transactions in the same instrument or based on a valuation technique
whose variables include only data from observable market, the Group recognizes the difference
between the transaction price and fair value (a “Day 1” difference) in profit or loss unless it qualifies
for recognition as some other type of asset.
In cases where use is made of data which is not observable, the difference between the transaction
price and model value is only recognized in profit or loss when the inputs become observable or when
the instrument is derecognized. For each transaction, the Group determines the appropriate method of
recognizing the “Day 1” difference.
Financial Assets
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All regular way purchases and sales of financial assets are recognized on the trade date, i.e., the date
the Group commits to purchase or sell the financial asset. Regular way purchases or sales of financial
assets require delivery of assets within the time frame generally established by regulation in the
market place.
Subsequent Measurement
The Group classifies its financial assets as financial assets at FVPL, loans and receivables, AFS
financial assets or HTM investments. The classification depends on the purpose for which the
financial assets were acquired. Management determines the classification at initial recognition and,
where allowed and appropriate, re-evaluates classification at every balance sheet date.
The Group has no AFS financial assets and HTM investments, and has not designated any financial
assets at FVPL as at December 31, 2017.
Impairment
The Group assesses at each balance sheet date whether a financial asset or a group of financial assets
is impaired.
Assets that are individually assessed for impairment and for which an impairment loss is or continue
to be recognized are not included in a collective assessment of impairment. The impairment
assessment is performed at each balance sheet date. For the purpose of a collective evaluation of
impairment, financial assets are grouped on the basis of such credit risk characteristics such as
customer type, payment history, past-due status and term.
If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of impairment loss is measured as the difference between the financial asset’s carrying
amount and the present value of estimated future cash flows (excluding future expected credit losses
that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e., the
EIR computed at initial recognition). The carrying amount of the asset is reduced by the impairment
loss, which is recognized in profit or loss.
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Financial assets, together with the related allowance, are written off when there is no realistic
prospect of future recovery and all collateral has been realized. If, in a subsequent period, the amount
of the impairment loss decreases, and the decrease can be related objectively to an event occurring
after the impairment was recognized, the previously recognized impairment loss is reversed. Any
subsequent reversal of an impairment loss is recognized in profit or loss to the extent that the carrying
value of the asset does not exceed what its amortized cost would have been had the impairment not
been recognized at the date the impairment is reversed.
Financial Liabilities
The Group determines the classification of its financial liabilities at initial recognition and where
allowed and appropriate, re-evaluates such classification every financial reporting date.
The Group has no financial liabilities measured at FVPL nor derivatives as at December 31, 2017.
Subsequent Measurement
The measurement of financial liabilities depends on their classification, as described below:
After initial recognition, other financial liabilities are subsequently measured at amortized cost using
the EIR. Amortized cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. Gains and losses are recognized in profit or loss
in the consolidated statement of comprehensive income when the liabilities are derecognized as well
as through the amortization process.
Other financial liabilities are included in current liabilities if maturity is within 12 months from the
reporting date or the Group does not have an unconditional right to defer payment for at least 12
months from the reporting date. Otherwise, these are classified as noncurrent liabilities.
As at December 31, 2017, The Group’s other financial liabilities consist of bank loans, long-term
debt, accounts payable and accrued expenses, other current liabilities (excluding statutory liabilities),
and cumulative redeemable preferred shares.
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Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.
Deferred tax assets and liabilities are classified as noncurrent assets and liabilities, respectively.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial
statements are categorized within the fair value hierarchy, described, as follows, based on lowest
level of input that is significant to the fair value measurement as a whole:
Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable
For assets and liabilities that are recognized in the consolidated financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
The Group uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
*SGVFS039376*
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and minimizing the use of unobservable inputs. All assts and liabilities for which fair value is
measured and disclosed in the financial statements are categorized within the fair value hierarchy.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.
Fair value measurements disclosures are presented in Note 29 to the consolidated financial
statements.
Inventories
Inventories are stated at the lower of cost and net realizable value (NRV). Cost of inventories is
determined using the first-in, first-out method. NRV is the selling price in the ordinary course of
business, less the estimated cost of marketing and distribution.
Prepayments and Other Current Assets
Prepayments and other current assets are primarily comprised of deferred input value-added tax
(VAT), deferred lease, prepaid rent, prepaid taxes, prepaid store expenses, prepaid gift cards, prepaid
uniform, advances for expenses, supplies, and advances to suppliers. Prepayments and other current
assets that are expected to be realized for no more than 12 months after the balance sheet date are
classified as current assets; otherwise, these are classified as other noncurrent assets. These are
recorded as assets and expensed when utilized or expired.
Deferred lease assets comprised of the excess of principal amount of the deposit over the fair value of
the deposit as of receipt date. Until December 31, 2018 the amount of deferred lease assets is
amortized over the term of the lease and presented as part of rental expense. Effective January 1,
2019, Deferred lease assets is presented as part of ROU assets and depreciated accordingly over the
term of the lease.
Advances to suppliers are down payments for acquisitions of property and equipment not yet
received. Once the property and equipment are received, the amount of advances to suppliers is
reclassified to property and equipment. These are stated at cost less any impairment in value.
Property and Equipment
Property and equipment, except for land, are carried at cost less accumulated depreciation and
amortization, and any impairment in value.
The initial cost of property and equipment consists of its purchase price and any directly attributable
costs of bringing the asset to its working condition and location for its intended use. Expenditures
incurred after the assets have been put into operation, such as repairs and maintenance and overhaul
costs, are recognized in profit or loss in the period in which the costs are incurred.
In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in
the future economic benefits expected to be obtained from the use of an item of property and
equipment beyond its originally assessed standard of performance, the expenditures are capitalized as
an additional cost of the assets.
Construction in progress includes cost of construction and other direct costs and is stated at cost less
any impairment in value. Construction in progress is not depreciated until such time the relevant
assets are completed and put into operational use.
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The cost of land comprises its purchase price and directly attributable cost incurred. Land is stated at
cost less any impairment in value. Depreciation and amortization commence once the assets are
available for use. It ceases at the earlier of the date that it is classified as noncurrent asset held-for-
sale and the date the asset is derecognized.
Depreciation is computed on a straight-line method over the estimated useful lives of the assets as
follows:
Years
Buildings and improvements 10 to 12
Store furniture and equipment 5 to 10
Furniture and equipment 3 to 5
Transportation equipment 3 to 5
Computer equipment 3
Leasehold improvements are amortized over the estimated useful life of the improvements, eight (8)
years, or the term of the lease, whichever is shorter.
The assets’ estimated useful lives and depreciation and amortization method are reviewed
periodically to ensure that the period and method of depreciation and amortization are consistent with
the expected pattern of economic benefits from the items of property and equipment. When assets are
retired or otherwise disposed of, the cost and the related accumulated depreciation and amortization
and any impairment in value are removed from the accounts and any resulting gain or loss is
recognized in profit or loss.
Deposits Assets
Deposits are amounts paid as guarantee in relation to non-cancellable lease agreements entered into
by the Group. These are initially recognized at fair value. The excess of the principal amount of the
deposit over its fair value. The fair value of the deposit is determined based on the prevailing market
rate of interest implicit to the term.
The excess of the principal amount of the deposit over its fair value is accounted for by the Group as
deferred lease assets. Until December 31, 2018, the amount of deferred lease assets is amortized over
the term of the lease and presented as part of rental expense. Effective January 1, 2019, deferred lease
assets is presented as part of ROU assets and depreciated accordingly over the term of the lease.
Interest on the deposit asset is accounted for using the EIR method by both the Group and lessor.
Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization and any accumulated
impairment loss, if any. Internally-generated intangible assets, if any, excluding capitalized
development costs, are not capitalized and expenditure is reflected in profit or loss in which the
expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets
with finite lives are amortized over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired. The amortization period and
amortization method for an intangible asset with a finite useful life is reviewed at least at each
balance sheet date. Changes in the expected useful life or the expected pattern of consumption of
future economic benefits embodied in the asset is accounted for by changing the amortization period
or method, as appropriate, and treated as changes in accounting estimates. The amortization expense
*SGVFS039376*
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on intangible assets with finite lives is recognized in profit or loss in the expense category consistent
with the function of the intangible asset. Intangible assets with indefinite useful lives are tested for
impairment annually at the cash generating unit (CGU) level and are not amortized. The useful life of
an intangible asset with an indefinite life is reviewed annually to determine whether indefinite useful
life assessment continues to be supportable. If not, the change in the useful life assessment from
indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an
intangible asset are measured as the difference between the net disposal proceeds, if any, and the
carrying amount of the asset and are recognized in profit or loss when the asset is derecognized.
Goodwill
Goodwill, included in “Goodwill and other noncurrent assets” account in the consolidated financial
position, represents the excess of the cost of an acquisition over the fair value of the businesses
acquired. After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. Goodwill is tested for impairment annually at the CGU level and are not amortized.
When the carrying amount of an asset exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. In assessing value in use, the estimated
future cash flows are discounted to their present value, using a pre-tax discount rate that reflects
current market assessments of the time value of money and risks specific to the asset. Impairment
losses, if any, are recognized in statement of comprehensive income.
For non-financial assets, excluding goodwill, an assessment is made at each balance sheet date as to
whether there is any indication that previously recognized impairment losses may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss is reversed only if there has been a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the
case, the carrying amount of the asset is increased to its recoverable amount. That increased amount
cannot exceed the carrying amount that would have been determined, net of depreciation and
amortization, had no impairment loss been recognized for the asset in previous years. Such reversal
is recognized in statement of comprehensive income, unless the asset is carried at revalued amount, in
which case, the reversal is treated as a revaluation increase. After such reversal, the depreciation
charge is adjusted in the future periods to allocate the asset’s revised carrying amount, less any
residual value, on a systematic basis over its remaining useful life.
*SGVFS039376*
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Goodwill is tested for impairment, annually or more frequently if event or changes in circumstances
indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing
the recoverable amount of the CGU or group of CGUs to which the goodwill relates. Where the
recoverable amount of the CGU or group of CGUs is less than the carrying amount of the CGU or
group of CGUs to which goodwill has been allocated, an impairment loss is recognized. Impairment
losses relating to goodwill cannot be reversed in future periods.
Deposits Payable
Deposits payable are amounts received from franchisees, store operators and sublessees as guarantee
in relation to various agreements entered into by the Group. These are initially accounted for at fair
value. The fair value of the deposit is determined based on the prevailing market rate of interest
implicit to the lease.
The excess of the principal amount of the deposit over its fair value is accounted for by both the
lessee and the Group as a prepaid lease payment. The lessee includes these amounts in the costs of its
ROU asset at the lease commencement date. For the Group, if the lease is classified as an operating
lease, the prepaid lease payment is included in the total lease payments that are recognized as income
on either a straight-line basis or another systematic basis if that basis is more representative of the
pattern in which benefit from the use of the underlying asset is diminished. If the lease is classified as
a finance lease, the Group includes the prepaid lease payment in the consideration for the lease (i.e.
lease payments) and, therefore, in the determination of the gain or loss on derecognition of the
underlying asset, if any. Interest on the deposit, meanwhile, is accounted for using the EIR method
by both the lessee and the Group.
Equity
Common Stock
Common stock is measured at par value for all shares issued and outstanding.
In case the shares are issued to extinguish or settle the liability of the Group, the shares shall be
measured either at the fair value of the shares issued or fair value of the liability settled, whichever is
more reliably determinable.
Retained Earnings
Retained earnings represent the cumulative balance of net income or loss, dividend distributions,
prior period adjustments, effects of the changes in accounting policy and other capital adjustments.
Stock Dividends
Stock dividends are distribution of the earnings in the form of own shares. When stock dividends are
declared, the amount of stock dividends is transferred from retained earnings to capital stock.
*SGVFS039376*
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Treasury Stock
Treasury stock is stated at acquisition cost and is deducted from equity. No gain or loss is recognized
in profit or loss on the purchase, sale, issuance or cancellation of the Group’s own equity instruments.
OCI
OCI comprises of items of income and expenses that are not recognized in profit or loss as required or
permitted by other PFRS. The Group’s OCI pertains to actuarial gains and losses from retirement
benefits and revaluation increment on land which are recognized in full in the period in which they
occur.
Revenue from sale of goods is recognized at point in time once the performance obligation to the
customer is satisfied. Payment of the transaction price is due immediately at the point the customer
purchased the goods.
When estimating stand-alone selling price of the loyalty points, the Group considers that the customer
will redeem the points. The Group updates estimate of points that will be redeemed on a quarterly
basis.
Franchise Revenue
Initial franchise fees are recognized on a straight-line basis over the term of the franchise agreement,
which ranges from 3 to 5 years. The transaction price for franchise agreement is discounted, using
the rate that would be reflected in a separate financing transaction between the Group and its
customers at contract inception, to take into consideration the significant financing component.
Continuing franchise fees in exchange for the franchise right granted over the term of the franchise
agreement are recognized as revenue when the subsequent sale of merchandise by the franchisees
occurs.
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Contract Balances
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group
has received consideration (or an amount of consideration) from the customer. If a customer pays
consideration before the Group transfers goods or services to the customer, a contract liability is
recognized when the payment is made, or the payment is due (whichever is earlier). Contract
liabilities are recognized as revenue when the Group performs under the contract.
Franchise Revenue
Initial franchise fee is recognized upon execution of the franchise agreement and performance of
initial services required under the franchise agreement. Other franchise revenue is recognized in the
period earned.
Marketing Income
Marketing income is recognized when service is rendered. In case of marketing support funds,
revenue is recognized upon start of promotional activity for the suppliers.
Expenses are recognized in profit or loss upon utilization of the services or when they are incurred.
*SGVFS039376*
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Retirement Benefits
The net defined benefit liability or asset is the aggregate of the present value of the defined benefit
obligation at the end of the financial reporting period reduced by the fair value of plan assets (if any),
adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. The asset ceiling is
the present value of any economic benefits available in the form of refunds from the plan or
reductions in future contributions to the plan.
The cost of providing benefits under the defined benefit plans is actuarially determined using the
projected unit credit method.
Net retirement benefits cost comprises the following:
Service cost;
Net interest on the net defined benefit liability or asset; and
Remeasurements of net defined benefit liability or asset.
Service costs which include current service costs, past service costs, and gains or losses on non-
routine settlements are recognized as expense in profit or loss. Past service costs are recognized when
plan amendment or curtailment occurs. These amounts are calculated periodically by independent
qualified actuaries.
Net interest on the net defined benefit liability or asset is the change during the period in the net
defined benefit liability or asset that arises from the passage of time which is determined by applying
the discount rate based on government bonds to the net defined benefit liability or asset. Net interest
on the net defined benefit liability or asset is recognized as expense or income in profit or loss.
Remeasurements comprising actuarial gains and losses, return on plan assets and any change in the
effect of the asset ceiling (excluding net interest on defined benefit liability) are recognized
immediately in OCI in the period in which they arise. Remeasurements are not reclassified to profit
or loss in subsequent periods.
Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance
policies. Plan assets are not available to the creditors of the Group, nor can they be paid directly to
the Group. Fair value of plan assets is based on market price information. When no market price is
available, the fair value of plan assets is estimated by discounting expected future cash flows using a
discount rate that reflects both the risk associated with the plan assets and the maturity or expected
disposal date of those assets (or, if they have no maturity, the expected period until the settlement of
the related obligations). If the fair value of the plan assets is higher than the present value of the
defined benefit obligation, the measurement of the resulting defined benefit asset is limited to the
present value of economic benefits available in the form of refunds from the plan or reductions in
future contributions to the plan.
The Group’s right to be reimbursed of some or all of the expenditure required to settle a defined
benefit obligation is recognized as a separate asset at fair value when and only when reimbursement is
virtually certain.
*SGVFS039376*
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Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-
term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease
payments and ROU assets representing the right to use the underlying assets.
ROU Asset
The Group recognizes ROU assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). ROU assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The
cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received and
estimate of cost to be incurred by the lessee in dismantling and removing the underlying asset,
restoring the site on which it is located or restoring the underlying asset to the condition required by
the terms and conditions of the lease, unless those costs are incurred to produce inventories.
Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease
term, the recognized ROU assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term as follows:
Years
Warehouses 5 to 25
Convenience stores 5 to 15
Kitchen 5 to 7
Office space 3 to 7
ROU assets are presented separately in the consolidated statement of financial position and are also
subject to impairment test.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the
Group exercising the option to terminate. The variable lease payments that do not depend on an
index or a rate are recognized as expense in the period on which the event or condition that triggers
the payment occurs.
In calculating the present value of lease payments, the Group uses the IBR at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed
lease payments or a change in the assessment to purchase the underlying asset.
Lease liabilities – current and noncurrent - are presented separately in the consolidated statement of
financial position.
*SGVFS039376*
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Group as a lessor
Leases where the Group retain substantially all the risks and benefits of ownership of the asset are
classified as operating leases. Any initial direct costs incurred in negotiating an operating lease are
added to the carrying amount of the leased asset and recognized over the lease term on the same bases
as rental income. Rental income is recognized in the consolidated statement of comprehensive income
on a straight-line basis over the lease term. All other leases are classified as finance leases. At the
inception of the finance lease, the underlying is derecognized and lease receivable is recognized.
Interest income is accrued over the lease term using the EIR and lease amortization is accounted for
as reduction to lease receivable.
Sublease arrangements
The Group determines if the sublease arrangement qualifies as a finance or operating lease. The
Group assess and classify a sublease as finance lease if it transferred substantially all the risk and
rewards incidental to the ownership of the leased asset. The Group compares the sublease term,
which is the franchise term, with the head lease term. If the franchise term accounts for the majority
or 75% of the head lease term, same is classified as a finance lease, otherwise it is classified as an
operating lease.
At the inception date, if the sublease qualifies as finance lease, the Group derecognizes the right-of-
use asset on the head lease and continues to account for the original lease liability. The Group as a
sublessor, recognizes a net investment in sublease and evaluate it for impairment. If classified as
operating lease, the Group continues to account for the lease liability and right-of-use asset on the
head lease like any other lease
Group as a Lessee
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are
classified as operating leases. Operating lease payments are recognized as an expense in the profit or
loss on a straight-line basis over the lease term.
Group as a Lessor
Leases where the Group does not transfer substantially all the risks and rewards of ownership of the
asset is classified as operating leases. Rental income is recognized on a straight-line basis over the
term of the lease.
Finance leases which transfer to the lessee substantially all the risks and benefits incidental to
ownership of the leased items is recorded as finance lease receivable measured at present value of the
minimum lease payments. Lease payments from the lessee are apportioned between interest income
and reduction of the lease receivable so as to achieve a constant rate of interest on the remaining
balance of the receivable.
*SGVFS039376*
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Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as
part of the cost of the respective assets. All other borrowing costs are expensed in the period they
occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the
borrowing of funds.
Taxes
Current income tax relating to items recognized directly in equity is recognized in equity and not in
the consolidated statement of comprehensive income.
Deferred Tax
Deferred tax is provided, using the liability method, on all temporary differences at balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; and
In respect of taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, where the timing of the reversal of the temporary differences can
be controlled and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognized for all deductible temporary differences and carry forward benefits
of unused tax credits from excess minimum corporate income tax (MCIT) over regular corporate
income tax (RCIT), and unused net operating loss carry over (NOLCO), to the extent that it is
probable that sufficient future taxable profit will be available against which the deductible temporary
differences, and the carry forward benefits of MCIT over RCIT and NOLCO can be utilized, except:
Where the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
*SGVFS039376*
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The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient future taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are
reassessed at the end of each reporting period and are recognized to the extent that it has become
probable that sufficient future taxable profit will allow the deferred tax assets to be recovered.
Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the year when
the asset is realized, or the liability is settled, based on tax rates and tax laws that have been enacted
or substantively enacted as at the end of the reporting period.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss.
Deferred tax items are recognized in correlation to the underlying transaction either in other
comprehensive income or directly in equity.
Deferred tax assets and liabilities are offset, if a legally enforceable right exists to offset current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the
same taxation authority.
Transaction involving the initial recognition of an asset and liability, the Group recognized deferred
tax on initial recognition considering the asset and liability as in-substance linked to each other. The
Group considered any temporary difference on a net basis and recognize deferred tax on net amount.
VAT
Input VAT is the 12% indirect tax paid by the Group in the course of the Group’s trade or business on
local purchase of goods or services, including lease or use of property, from a VAT-registered entity.
For acquisition of capital goods over P=1,000,000, the related input taxes are deferred and amortized
over the useful life of the asset or 60 months, whichever is shorter, commencing on the date of
acquisition. Deferred input VAT which is expected to be utilized for more than 12 months after the
balance sheet date is included under “Goodwill and other noncurrent assets” account in the
consolidated financial position.
Output VAT pertains to the 12% tax due on the sale of merchandise and lease or exchange of taxable
goods or properties or services by the Group.
If at the end of any taxable month the output VAT exceeds the input VAT, the excess shall be paid by
the Group. Any outstanding balance is included under “Other current liabilities” account in the
consolidated financial position. If the input VAT exceeds the output VAT, the excess shall be carried
over to the succeeding month. Excess input VAT is included under “Prepayments and other current
assets” account in the consolidated financial position. Input VAT on capital goods may, at the option
of the Group, be refunded or credited against other internal revenue taxes, subject to certain tax laws.
Revenue, expenses and assets are recognized net of the amount of VAT.
Segment Reporting
Operating segments are components of an entity for which separate financial information is available
and evaluated regularly by management in deciding how to allocate resources and assessing
performance. The Group considers the store operation as its primary activity and its only business
*SGVFS039376*
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segment. Franchising, renting of properties and commissioning on bills payment services are
considered an integral part of the store operations.
Diluted earnings per share is calculated by dividing the net income for the year attributable to
common shareholders by the weighted average number of shares outstanding during the year,
excluding treasury shares and adjusted for the effects of all potential dilutive common shares, if any.
In determining both the basic and diluted earnings per share, the effect of stock dividends, if any, is
accounted for retrospectively.
Provisions
Provisions are recognized when: (a) the Group has a present obligation (legal or constructive) as a
result of a past event; (b) it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the
obligation. If the effect of the time value of money is material, provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability. Where discounting
is used, the increase in the provision due to the passage of time is recognized as interest expense.
When the Group expects a provision or loss to be reimbursed, the reimbursement is recognized as a
separate asset only when the reimbursement is virtually certain and its amount is estimable. The
expense relating to any provision is presented in profit or loss, net of any reimbursement.
Contingencies
Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent
assets are not recognized in the consolidated financial statements but disclosed when an inflow of
economic benefit is probable. Contingent assets are assessed continually to ensure that developments
are appropriately reflected in the consolidated financial statements. If it has become virtually certain
that an inflow of economic benefits will arise, the asset and the related income are recognized in the
consolidated financial statements.
The preparation of the consolidated financial statements in accordance with PFRS requires
management to make judgments, estimates and assumptions that affect the amounts reported in the
consolidated financial statements and notes. The judgments, estimates and assumptions used in the
consolidated financial statements are based upon management’s evaluation of relevant facts and
circumstances as at balance sheet date. Future events may occur which can cause the assumptions
used in arriving at those judgments, estimates and assumptions to change. The effects of any changes
*SGVFS039376*
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will be reflected in the consolidated financial statements of the Group as they become reasonably
determinable.
Judgments
In the process of applying the Group’s accounting policies, management has made the following
judgments, apart from those involving estimations, which have the most significant effect on amounts
recognized in the consolidated financial statements:
Presentation of Marketing Support and Other Amounts Arising from Trading Terms Agreements and
Conformes
The Group receives amounts for marketing support and other activities from its suppliers. The Group
determines whether these amounts are in exchange for distinct goods and/or services it transfers to its
suppliers. In its determination, the Group considers whether the marketing support and other
activities it performs are separable from the existing purchase agreements it has with its suppliers.
Marketing support and other amounts arising from trading terms agreements and conformes that do
not qualify as distinct performance obligation are presented as deduction to cost of merchandise sales
beginning January 1, 2018. Prior to January 1, 2018, these amounts are presented as part of
“Marketing income” account and “Other income” account in the consolidated statement of
comprehensive income depending on their nature.
Right to Access - Performance Obligation Satisfied Over Time
The Group determines whether it provides a franchisee with either:
A right to access the Group’s intellectual property (i.e., franchise license) throughout the term of
the franchise agreement for which revenue is recognized over the term of the franchise
agreement; or
A right to use the Group’s intellectual property (i.e., franchise license) as it exists at the point in
time the franchise license is granted for which revenue is recognized at the point in time the
franchisee can first use and benefit from the franchise license.
In assessing whether the nature of the Group’s promise in granting a franchise license is to provide a
right to access the Group’s intellectual property (i.e., franchise license), the Group considers whether
all of the following criteria are met:
The franchise agreement requires, or the franchisee reasonably expects that the Group will
undertake activities that will significantly affect the franchise license to which the franchisee has
rights (e.g., advertisements, promotions, campaigns, etc.);
The rights granted by the franchise license directly expose the franchisee to any positive or
negative effects of the Group’s activities; and
Those activities do not result in the transfer of a good or service to the franchisee as those
activities occur.
The Group determined that it has met the all of the criteria mentioned above and concluded that it
provides its franchisees with a right to access the Group’s franchise license throughout the term of the
franchise agreement. Accordingly, revenue from granting franchise license is recognized over the
term of the franchise agreement.
*SGVFS039376*
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Whether Activities Performed Prior to Franchise Store Opening are Distinct Performance
Obligations
The Group undertakes activities prior to store opening (e.g., employee training, business plan
consultation, store layout decoration, etc.) as indicated in the franchise agreement. The Group
determines whether these activities are capable of being distinct (i.e., whether the franchisee can
benefit on each of these activities on a standalone basis) and whether these activities are distinct
within the context of the franchise agreement (i.e., whether these activities can be separated from the
franchise license granted to the franchisee).
The Group determined that activities undertaken prior to store opening do not provide benefits to the
franchisees without the underlying franchise license. Accordingly, initial franchisee fees are deferred
and recognized as revenue over the term of the franchise agreement.
The Group classifies the cumulative redeemable preferred shares as liability in accordance with the
redemption features contained in the shareholders agreement (see Note 16). The cumulative
redeemable preferred shares are redeemable at the option of the holder.
The Group determines the classification at initial recognition and, where allowed and appropriate, re-
evaluates this classification at every balance sheet date.
Determining taxable profit (tax loss), tax bases, unused tax credits and tax rates (effective
January 1, 2019)
Upon adoption of the Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments,
the Group has assessed whether it has any uncertain tax position. The Group applies significant
judgement in identifying uncertainties over its income tax treatments. The Group determined, based
on its tax compliance assessment, in consultation with its tax team, that it is probable that its income
tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities.
Accordingly, the interpretation did not have an impact on the consolidated financial statements of the
Group.
Determining the lease term of contracts with renewal options – Group as a lessee (effective
January 1, 2019)
The Group has several lease contracts that include extension and termination options. The Group
applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option
to renew or terminate the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise either the renewal or termination option. After the commencement date,
the Group reassesses the lease term if there is a significant event or change in circumstances that is
within its control and affects its ability to exercise or not to exercise the option to renew or to
terminate.
The Group did not include the extension options as part of the lease term as these are not reasonably
certain to be exercised since it is subject to mutual agreement of both parties and is considered as
unenforceable.
*SGVFS039376*
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*SGVFS039376*
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Determination of IBR
The Group cannot readily determine the interest rate implicit in the lease at lease commencement
date, therefore, it uses its IBR to measure lease liabilities. IBR is the rate of interest that a lessee
would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an
asset of a similar value to the ROU asset in a similar economic environment. The IBR reflects what
the Group ‘would have to pay’, which requires estimation when no observable rates are available or
when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates
the IBR using observable inputs such as interest rates from partner banks based on the term of its loan
borrowings and make certain-specific estimates based on the Group credit worthiness.
The Group identifies and documents key drivers of credit risks and credit losses of each portfolio of
financial instruments and, using an analysis of historical data has estimated relationships between
macro-economic variables and credit risk and credit losses.
Predicted relationships between the key macro-economic indicators and default loss rates on various
portfolios of financial assets have been developed based on analyzing historical data over the past 3
years. The methodologies and assumptions including any forecasts of future economic conditions are
reviewed regularly.
*SGVFS039376*
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Estimates of NRV are based on the most reliable evidence at the time the estimate are made on the
amount the inventories are expected to be realized. These estimates take into consideration
fluctuations of price or cost directly relating to events occurring after reporting date to the extent that
such events confirm conditions existing at reporting date. The NRV is reviewed periodically to
reflect the accurate valuation in the financial records.
No provision for impairment losses on merchandise inventories was recognized in 2019 and 2018.
The factors that the Group considers important which could trigger an impairment review include the
following:
Significant underperformance relative to expected historical or projected future operating results;
Significant changes in the manner of use of the acquired assets or the strategy for overall
business; and
Significant negative industry or economic trends; and decline in appraised value.
Determining the net recoverable amount of assets required the estimation of cash flows expected to
be generated from the continues use and ultimate disposition of such assets. While it is believed that
the assumptions used in the estimation of fair value reflected in the separate financial statements are
appropriate and reasonable, significant changes in these assumptions may materially affect the
assessment of recoverable amount and any resulting impairment loss could have a material adverse
impact on the results of operations.
As at December 31, 2019 and 2018, the Group has not identified any indicators or circumstances that
would indicate that the Group’s ROU asset, property and equipment, rent deposits and software and
program cost are impaired. Thus, no impairment losses on these non-financial assets were recognized
in 2019, 2018 and 2017.
2019 2018
ROU asset (Note 26) P
=7,549,790,375 =–
P
Property and equipment (Note 8) 7,023,486,002 6,750,513,961
Software and program cost (Note 10) 34,883,643 1,315,860
*SGVFS039376*
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In 2018, the Group reassessed and determined that the CGU to be used in assessing the impairment of
goodwill from the purchase of the leasehold rights and store assets of Jollimart Philippines
Corporation (Jollimart) is the Company itself. This assessment reflects how the Group is currently
managing its chain of stores as a single unit, where key decisions (e.g., pricing, inventory level
determination, inventory composition, etc.) are centrally managed and applied across the entire store
network.
Based on the assessment made by the Group, there is no impairment of goodwill as the recoverable
amount of the CGU exceeds the carrying amount of the unit, including goodwill as at
December 31, 2019 and 2018. The carrying value of goodwill amounted to P =65,567,524 as at
December 31, 2019 and 2018 (see Note 10). No impairment loss was recognized in 2019, 2018 and
2017.
In determining the appropriate discount rate, management considers the interest rates of government
bonds that are denominated in the currency in which the benefits will be paid, with extrapolated
maturities corresponding to the expected duration of the defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Future salary increases, and
pension increases are based on expected future inflation rates.
Further details about the assumptions used are provided in Note 24.
*SGVFS039376*
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As at December 31, 2019 and 2018, the Group has provisions amounting to P =10,638,296 and
=10,594,993, respectively, and is reported as part of “Others” under “Accounts payable and accrued
P
expenses” account in the consolidated financial position (see Note 12). Provisions and contingencies
are further explained in Note 34.
2019 2018
Cash on hand P
=1,136,469,362 P726,162,740
=
Cash in banks 2,283,552,147 1,995,503,916
Cash equivalents 1,204,633,586 460,000,000
P
=4,624,655,095 =3,181,666,656
P
Cash in banks earn interest at the respective bank deposit rates. Cash equivalents are made for
varying periods up to 3 months depending on the immediate cash requirements of the Group and earn
interest at the respective cash equivalent deposit rates that ranges from 0.38% to 3.75% and 3.00% to
5.00%, in 2019 and 2018, respectively.
Short-term Investment
As at December 31, 2019 and 2018, short-term investment amounting to P =11,389,621 and
=11,286,679, respectively, pertains to time deposit which has a maturity date of more than 90 days
P
with interest rate of 1.13% in 2019 and 2018.
Interest income from cash and cash equivalents amounted to P =23,253,334, P =7,402,902 and
=5,403,654 in 2019, 2018 and 2017, respectively. Interest income from short-term investment, on the
P
other hand, amounted to P
=128,589, P=127,780, and P =126,971 in 2019, 2018 and 2017, respectively
(see Note 22).
5. Receivables
2019 2018
Franchisees (Note 32) =2,405,990,634 =
P P1,017,010,601
Suppliers 647,288,011 607,406,844
Leases (Note 26) 573,127,284 –
Employees 28,578,861 27,956,512
(Forward)
*SGVFS039376*
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2019 2018
Store operators P
=23,500,274 =21,408,121
P
Insurance receivable 7,315,951 1,835,899
Rent 5,984,282 5,138,327
Due from PhilSeven Foundation, Inc. (PFI) (Note 25) 320,378 148,497
Others 9,526,130 11,839,945
3,701,631,805 1,692,744,746
Less allowance for impairment (Note 30) 62,886,523 50,809,719
3,638,745,282 1,641,935,027
Less noncurrent portion of
Lease receivable (Notes 10 and 26) 195,286,078 –
Receivables from franchisees (Note 10) 12,480,091 4,088,979
207,766,169 4,088,979
P
=3,430,979,113 =
P 1,637,846,048
2019 2018
Balance at beginning of year P
=50,809,719 =37,624,786
P
Additional provisions for impairment losses (Note 19) 12,076,804 13,184,933
Balance at end of year P
=62,886,523 =50,809,719
P
Franchisees – pertains to receivables for the inventory loans obtained by the franchisees at the
start of their store operations and charges for various expenses such as rent and utilities. Interest
earned on receivable from franchisees amounted to P =329,094, P
=16,937 and P =665,279 in 2019,
2018 and 2017, respectively (see Note 22).
Suppliers – pertains to receivables from the Group’s suppliers for display allowances, annual
volume discount, support for promotions and commission income from different service
providers.
Lease receivable – pertains to finance lease receivables from sublease agreements with
franchisees (see Note 26).
Employees – includes car loans, salary loans, personal advances and cash shortages from stores
which are charged to employees. Interest earned on receivable from employees amounted to
=803,467, P
P =819,444 and P
=1,127,567 in 2019, 2018 and 2017, respectively (see Note 22).
Store operators – pertains to the advances given to third party store operators under service
agreements (see Note 32).
Rent – pertains to rent deposits receivable from third parties, which are based on an agreed fixed
monthly rate or as agreed upon by the parties.
Receivables are noninterest-bearing and are generally on 30 to 90-day terms except for loans to
employees, receivable from franchisees and lease receivable.
*SGVFS039376*
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6. Inventories
2019 2018
At cost:
Warehouse merchandise P
=2,589,476,932 =2,226,423,939
P
Store merchandise 1,574,596,408 1,316,955,510
P
=4,164,073,340 =3,543,379,449
P
The cost of merchandise inventories charged to the consolidated statements of comprehensive income
amounted to P=34,368,460,873, P
=27,911,183,499 and P =23,776,474,291 as at December 31, 2019, 2018
and 2017 respectively.
There are no inventories whose net realizable values are below cost.
No inventories are pledged nor treated as security to outstanding liabilities as at December 31, 2019
and 2018.
2019 2018
Current portion of:
Deferred input VAT P
=86,296,117 =250,999,757
P
Deferred lease (Note 26) – 14,905,149
Prepaid:
Rent for short-term leases 75,123,592 83,317,741
Taxes 43,285,327 29,577,097
Store expenses 11,579,559 11,776,885
Gift cards 4,669,401 7,418,417
Uniform 4,040,716 3,823,978
Others 13,330,239 12,072,708
Advances for expenses 96,355,252 88,151,927
Supplies 82,185,936 60,762,476
Advances to suppliers 43,117,032 37,217,390
Others 12,368,166 14,427,642
P
=472,351,337 =614,451,167
P
Deferred input VAT pertains to the input VAT on the acquisition of capital goods over P
=1,000,000
which are being amortized over the useful life or 60 months, whichever is shorter, commencing on
the date of acquisition.
Deferred lease assets comprised of the excess of principal over the fair value of the deposit as of
receipt date. Until December 31, 2018, the amount of deferred lease assets is amortized over the term
of the lease and presented as part of rental expense. Effective January 1, 2019, deferred lease assets is
presented as part of ROU assets and depreciated accordingly over the term of the lease. Noncurrent
portion of deferred lease is presented under “Goodwill and other noncurrent assets” account in the
consolidated financial position (Note 10).
*SGVFS039376*
- 38 -
2019 2018
Beginning balance P
=33,587,888 =34,768,039
P
Effect of adoption of PFRS 16 (33,587,888) –
Additions – 7,526,168
Amortization – (8,706,319)
Ending balance – 33,587,888
Less noncurrent portion – 18,682,739
Current portion =–
P =14,905,149
P
*SGVFS039376*
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2019
Buildings and Store Furniture Furniture and Transportation Computer Leasehold Construction
Land Improvements and Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost
Beginning balances P
=39,866,864 P
=155,481,144 P
=6,316,816,768 P
=2,101,119,653 P
=67,281,096 P
=633,089,650 P
=3,519,184,341 P
=380,638,144 P=13,213,477,660
Additions – 19,643 1,654,250,832 447,664,972 22,176,299 129,469,176 153,299,002 179,817,479 2,586,697,403
Retirements – – (163,261,608) (33,643,504) (12,506,786) (30,237,891) (96,002,302) – (335,652,091)
Reclassifications – (19,643) – – – – 410,498,258 (410,478,615) –
Ending balances 39,866,864 155,481,144 7,807,805,992 2,515,141,121 76,950,609 732,320,935 3,986,979,299 149,977,008 15,464,522,972
Accumulated Depreciation
and Amortization
Beginning balances – 106,528,557 3,477,005,548 1,119,249,883 42,421,848 361,649,336 1,356,108,527 – 6,462,963,699
Depreciation and amortization (Note 19) – 8,348,004 1,133,045,384 376,483,460 10,827,287 140,717,645 639,768,579 – 2,309,190,359
Retirements – – (163,261,608) (29,170,793) (12,444,494) (30,237,891) (96,002,302) – (331,117,088)
Reclassifications – (269) (64,583) 64,583 – – 269 – –
Ending balances – 114,876,292 4,446,724,741 1,466,627,133 40,804,641 472,129,090 1,899,875,073 – 8,441,036,970
Net Book Values P
=39,866,864 P
=40,604,852 P
=3,361,081,251 P
=1,048,513,988 P
=36,145,968 P
=260,191,845 P
=2,087,104,226 P
=149,977,008 P
=7,023,486,002
2018
Buildings and Store Furniture Furniture and Transportation Computer Leasehold Construction
Land Improvements and Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost
Beginning balances =39,866,864
P =157,877,887
P P
=6,189,391,281 P
=1,921,922,346 =92,515,312
P P547,015,247
= =3,389,129,832
P P162,383,682 =
= P12,500,102,451
Additions – – 827,005,005 414,838,950 6,523,287 213,241,260 393,275,762 379,772,629 2,234,656,893
Retirements – (2,396,743) (699,579,518) (235,641,643) (31,757,503) (127,166,857) (424,739,420) – (1,521,281,684)
Reclassifications – – – – – – 161,518,167 (161,518,167) –
Ending balances 39,866,864 155,481,144 6,316,816,768 2,101,119,653 67,281,096 633,089,650 3,519,184,341 380,638,144 13,213,477,660
Accumulated Depreciation
and Amortization
Beginning balances – 96,804,433 3,134,438,292 1,021,918,586 63,180,624 373,137,462 1,348,148,734 – 6,037,628,131
Depreciation and amortization (Note 19) – 12,120,867 1,042,146,774 332,972,940 10,998,727 115,678,731 432,699,213 – 1,946,617,252
Retirements – (2,396,743) (699,579,518) (235,641,643) (31,757,503) (127,166,857) (424,739,420) – (1,521,281,684)
Ending balances – 106,528,557 3,477,005,548 1,119,249,883 42,421,848 361,649,336 1,356,108,527 – 6,462,963,699
Net Book Values =39,866,864
P P
=48,952,587 P
=2,839,811,220 P
=981,869,770 P
=24,859,248 P
=271,440,314 P
=2,163,075,814 P
=380,638,144 P
=6,750,513,961
*SGVFS039376*
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Construction in progress pertains to costs of constructing new stores and renovation of old stores.
Completion of construction and renovation is expected within 3 months to 1 year from construction
date. The costs of constructed stores are accumulated until such time the relevant assets are
completed and put into operational use.
On March 31, 2019, the Company sold a certain transportation equipment at book value amounting to
=62,292 for cash payment.
P
On May 28, 2019, the Company write-off furniture and equipment with a book value amounting to
=4,472,711 as casualty loss due to the Pampanga earthquake on April 22, 2019.
P
No property and equipment are pledged nor treated as security to the outstanding liabilities as at
December 31, 2019 and 2018.
9. Deposits
2019 2018
Refundable deposits (Notes 29 and 30) P
=904,909,861 =813,874,193
P
Utilities 76,706,448 104,998,914
Others 21,262,685 18,822,533
P
=1,002,878,994 =937,695,640
P
Refundable Deposits
Refundable deposits on rent are computed at amortized cost as follows:
2019 2018
Face value of security deposits P
=950,682,522 =855,582,864
P
Refunded (2,533,106) (3,455,261)
Unamortized discount (43,239,555) (38,253,410)
P
=904,909,861 =813,874,193
P
2019 2018
Beginning balance P
=38,253,411 =39,463,791
P
Additions (Note 7) 18,054,053 7,526,168
Accretion (Note 22) (13,067,909) (8,736,549)
Ending balance P
=43,239,555 =38,253,410
P
*SGVFS039376*
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2019 2018
Noncurrent portion of:
Deferred input VAT P
=505,832,011 =311,268,713
P
Prepaid rent 91,019,459 68,678,512
Deferred lease (Notes 7 and 26) – 18,682,739
Intangible assets:
Goodwill 65,567,524 65,567,524
Software and program cost 6,039,926 1,315,860
Garnished accounts 1,884,782 1,407,917
Others – 254,365
P
=670,343,702 =467,175,630
P
Goodwill
On March 22, 2004, the Group purchased the leasehold rights and store assets of Jollimart Philippines
Corporation (Jollimart) for a total consideration of P
=130,000,000. The excess of the acquisition cost
over the fair value of the assets acquired was recorded as goodwill amounting to P =70,178,892. In
2008, the Group recognized an impairment loss in goodwill amounting to P=4,611,368.
In 2018, the Group reassessed and determined that the CGU to be used in assessing the impairment of
goodwill is the Company itself. This assessment reflects how the Group is currently managing its
chain of stores as a single unit, where key decisions (e.g., pricing, inventory level determination,
inventory composition, etc.) are centrally managed and applied across the entire store network. Prior
to 2018, CGU used in assessing the impairment of goodwill was the chain of Jollimart stores
acquired.
The recoverable amount of the goodwill was estimated based on the value in use calculation using
cash flow projections from financial budgets approved by senior management covering a 5-year
explicit period, with a continuing value into perpetuity estimated using a constant-growth model.
*SGVFS039376*
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Management assessed that no reasonably possible change in pre-tax discount rates, future cash
inflows and fair values would cause the carrying value of goodwill in 2019 and 2018 to materially
exceed its recoverable amount.
2019 2018
Cost:
Beginning balance P
=20,920,609 =20,920,609
P
Additions 13,963,034 –
Ending balance 34,883,643 20,920,609
Accumulated amortization:
Beginning balance 19,604,749 18,658,360
Amortization (Note 19) 9,238,968 946,389
Ending balance 28,843,717 19,604,749
Net book value P
=6,039,926 =1,315,860
P
Garnished Accounts
Garnished accounts pertain to the amount set aside by the Group, as required by the courts, in order to
answer for litigation claims should the results be unfavorable to the Group (see Note 34).
Bank Loans
Bank loans in 2019 and 2018 represent unsecured Philippine Peso-denominated short-term
borrowings of PSC and CDI from various local banks, payable in lump-sum in 2019 and 2018,
respectively, with annual interest rates ranging from 4.92% to 6% in 2019 and 3% to 5.75% in 2018,
which are repriced quarterly based on market rates.
2019 2018
Beginning balance P
=410,000,000 =660,000,000
P
Availments 230,000,000 720,000,000
Payments (575,000,000) (970,000,000)
Ending balance P
=65,000,000 =410,000,000
P
Interest expense from these bank loans amounted to P =11,450,279, P=22,438,885 and P=34,558,957 in
2019, 2018 and 2017, respectively (see Note 21). Interest payable amounted to P
=143,750 and nil as at
December 31, 2019 and 2018, respectively (see Note 12).
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Long-term Debt
Long-term debt availed in 2019 and 2018 represent unsecured Philippine Peso-denominated
borrowings of the Group from various local banks, payable as follows:
The interest rates of the long-term debt are subject to quarterly and monthly repricing based on
market rates.
Movements in long-term debt are as follows:
2019 2018
Beginning balance =840,416,667 =
P P1,070,833,333
Availments 200,000,000 75,000,000
Payments (546,561,404) (305,416,666)
493,855,263 840,416,667
Less current portion 160,440,058 371,666,667
Noncurrent portion P
=333,415,205 =468,750,000
P
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The long-term debts of the Group is not covered with any loan covenants.
2019 2018
Trade payable P
=5,599,575,622 =4,637,212,058
P
Employee benefits 214,720,903 162,116,146
Outsourced services 175,688,056 108,239,357
Utilities 129,785,185 132,136,706
Rent for short-term leases (Note 26) 78,436,729 174,551,467
Security services 53,045,495 45,175,073
Bank charges 14,188,340 23,114,916
Advertising and promotion 8,545,920 23,336,087
Interest (Notes 11 and 16) 3,965,742 8,066,765
Others (Note 34) 507,820,206 193,432,483
P
=6,785,772,198 =5,507,381,058
P
The trade suppliers generally provide 15 or 30-day credit terms to the Group. Prompt payment
discounts ranging from 1.0% to 3.0% are given by a number of trade suppliers. All other payables
are due within 3 months.
2019 2018
Bank loans P
=143,750 =–
P
Long-term debt 3,333,532 7,808,015
Cumulative redeemable preferred shares 488,460 258,750
P
=3,965,742 =8,066,765
P
Others include provisions and accruals of various expenses incurred in the stores’ operations.
Set out below is the disaggregation of the Group’s revenue from contracts with customers:
2019 2018
Revenue source:
Revenue from merchandise sales =48,037,977,624 =
P P39,709,088,663
Franchise revenue (Note 32) 4,259,859,659 3,820,040,455
Commission income (Note 32) 653,065,324 241,349,012
=52,950,902,607 P
P =43,770,478,130
Timing of recognition:
Goods transferred at a point in time =48,037,977,624 =
P P39,709,088,663
Services transferred over time 4,912,924,983 4,061,389,467
=52,950,902,607 P
P =43,770,478,130
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Contract Liabilities
2019 2018
Initial franchise fees P
=358,545,446 =289,716,596
P
Gift cards and other contract liabilities 214,870,104 118,869,582
Customer loyalty programme 37,002,649 88,561,580
610,418,199 497,147,758
Less current portion 418,715,881 303,602,274
Noncurrent portion P
=191,702,318 =193,545,484
P
Movements of contract liability arising from initial franchise fees are as follows:
2019 2018
Beginning balance P
=289,716,596 =275,687,309
P
Initial franchise fees received 180,880,616 108,853,445
Amortization of initial franchise fees (130,444,008) (110,591,081)
Accretion of interest expense (Note 20) 18,392,242 15,766,923
Ending balance P
=358,545,446 =289,716,596
P
The amount of initial franchise fees allocated to remaining performance obligations, the amount of
accretion of interest expense in the succeeding years, and the amount of contract liability arising from
initial franchise fees are as follows:
2019
Unamortized Contract liability
interest from initial
Principal expense franchise fees
Within 1 year P
=181,909,546 P
=15,066,418 P
=166,843,128
More than 1 year 208,697,670 16,995,352 191,702,318
P
=390,607,216 P
=32,061,770 P
=358,545,446
2018
Contract liability
Unamortized from initial
Principal interest expense franchise fees
Within 1 year P111,198,306
= =15,027,194
P =96,171,112
P
More than 1 year 211,140,771 17,595,287 193,545,484
=322,339,077
P =32,622,481
P =289,716,596
P
2019 2018
Non-trade accounts payable P
=2,668,315,436 =1,230,852,671
P
Due to franchisees (Note 32) 634,594,603 391,964,723
Output VAT payable 239,925,918 273,809,973
Retention payable 168,325,844 159,530,136
(Forward)
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2019 2018
Withholding taxes P
=114,244,218 =82,625,460
P
Royalty (Note 32) 51,835,888 43,834,510
Unearned revenue (Note 2) 45,579,486 50,892,394
Service fees payable 9,311,900 4,240,018
Others (Note 25) 119,827,258 94,823,650
P
=4,051,960,551 =2,332,573,535
P
Non-trade accounts payable pertains to payable to suppliers of services or supplies that forms part of
general and administrative expenses. These are noninterest-bearing and are due within 1 year.
Due to franchisees pertain to the share of the franchisees to the gross profit of the franchise stores.
These are due within 3 months.
Output VAT payable and withholding taxes are payables to the government and are normally settled
within a month.
Retention payable pertains to the 10% of progress billings related to the construction of stores to be
paid upon completion of the construction.
Service fees payable pertains to management fee to be paid to store operators for managing the stores
under service agreement. This is computed based on a graduated percentage multiplied to stores’
gross profit and is payable the following month.
2019 2018
Franchisees (Note 32) P
=199,908,216 =173,850,156
P
Service agreements (Note 32) 95,105,259 96,991,148
Rent 18,315,239 18,215,374
P
=313,328,714 =289,056,678
P
Number of Shares
2019 2018
Authorized - P
=100 par value per share 60,000 60,000
The cumulative redeemable preferred shares are redeemable at the option of the holder. The holder is
entitled to annual “Guaranteed Preferred Dividend” at a floating rate of 6.64%, 4.35%, and 2.28% in
2019, 2018 and 2017, respectively, plus spread rate of 1.50% in the earnings of SSHI starting
April 5, 2002, the date when the 25% of the subscription on preferred shares have been paid, in
accordance with the Corporation Code.
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The guaranteed annual dividends shall be calculated and paid in accordance with the Shareholders’
Agreement dated November 16, 2000 which provides that the dividend shall be determined by the
BOD of SSHI using the prevailing market conditions and other relevant factors. Further, the
preferred shareholder shall not participate in the earnings of SSHI except to the extent of guaranteed
dividends and whatever is left of the retained earnings will be declared as dividends in favor of
common shareholders. Guaranteed preferred dividends included under “Interest expense” account in
the consolidated statements of comprehensive income amounted to P =718,170, P =260,940, and
=226,560 in 2019, 2018 and 2017, respectively (see Note 21). Interest payable amounted to P
P =488,460
and P
=258,750 as at December 31, 2019 and 2018, respectively (see Note 12).
17. Equity
Common Stock
Number of Shares
2019 2018
Authorized - P
=1 par value per share 1,600,000,000 1,600,000,000
The Company was listed with the Philippine Stock Exchange on February 4, 1998 with total listed
shares of 71,382,000 common shares consisting of 47,000,000 shares for public offering and
24,382,000 shares for private placement. The Company offered the share at a price of P
=4.40.
On July 24, 2012, the BOD and at least 2/3 of the Company’s stockholders approved the increase of
the Company’s authorized common stock from P =400,000,000, divided into 400,000,000 common
shares with par value of P =1 per share, to P
=600,000,000, divided into 600,000,000 common shares
with a par value of P
=1 per share.
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The Philippine SEC approved the Company’s application for the increase in its authorized capital
stock on October 19, 2012.
On June 16, 2017, the BOD and at least 2/3 of the Company’s stockholders approved the increase of
the Company’s authorized common stock from P =600,000,000, divided into 600,000,000 common
shares with par value of P
=1 per share, to P
=1,600,000,000, divided into 1,600,000,000 common shares
with a par value of P
=1 per share.
The Philippine SEC approved the Company’s application for the increase in its authorized capital
stock on October 18, 2017.
On November 6, 2017, the Philippine SEC approved the issuance of 297,982,960 shares as stock
dividends to stockholders on record as at November 28, 2017. The stock dividends were issued on
December 14, 2017.
As at December 31, 2019 and 2018, the Company is compliant with the minimum public float as
required by the Philippine Stock Exchange.
Retained Earnings
The Group’s retained earnings is restricted to the extent of P
=235,554,173 and P
=213,438,505 as at
December 31, 2019 and 2018, respectively, for the undistributed earnings of subsidiaries and
=2,923,246 as at December 31, 2019 and 2018 for the cost of treasury shares.
P
On November 18, 2015, the BOD approved the appropriation of retained earnings amounting to
=2,450,000,000 intended for store and warehouse expansion. These projects are expected to be
P
completed in 2018.
On November 7, 2016, the BOD approved additional appropriation of retained earnings amounting to
=900,000,000 intended for store and warehouse expansion. These projects are expected to be
P
completed in 2019.
On November 27, 2017, the BOD approved additional appropriation of retained earnings amounting
to P
=1,000,000,000 intended for store and warehouse expansion. These projects are expected to be
completed in 2020.
On November 6, 2018, the BOD approved the reversal of previous appropriated retained earnings last
November 18, 2015 amounting to P =2,450,000,000. Further, the BOD approved appropriation of
retained earnings amounting to P=3,200,000,000 intended for store and warehouse expansion. These
projects are expected to be completed in 2021.
On November 18, 2019, the BOD approved the reversal of previous appropriated retained earnings
last November 7, 2016 amounting to P =900,000,000. Further, the BOD approved appropriation of
retained earnings amounting to P=1,900,000,000 intended for store and warehouse expansion. These
projects are expected to be completed in 2022.
As at December 31, 2019, retained earnings available for dividend declaration amounted to
=232,765,468.
P
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Cash Dividends
Details of the Company’s cash dividends declaration for the years ended December 31, 2019, 2018
and 2017 are shown below:
Outstanding no. of
Dividend common shares as Total cash
Declaration date Record date Payment date per share of declaration date dividends
July 18, 2019 August 6, 2019 August 16, 2019 P
=0.50 756,418,283 P =378,209,142
July 19, 2018 August 7, 2018 August 17, 2018 0.43 458,435,323 325,259,861
June 16, 2017 July 4, 2017 July 14, 2017 0.65 458,435,323 297,982,960
The Company’s BOD approved all the cash dividends presented above.
Treasury Shares
There are 686,250 shares that are in treasury amounting to P
=2,923,246 as at December 31, 2019 and
2019. There is no movement in the Company’s treasury shares in 2019 and 2018.
(Forward)
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Marketing support and other amounts arising from trading terms agreements and conformes are
presented as deduction to cost of merchandise sales beginning January 1, 2018 (see Note 2).
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The Group maintains a trustee, non-contributory defined benefit retirement plan covering all qualified
employees administered by a trustee bank under the supervision of the Board of Trustees (BOT) of
the plan. The BOT is responsible for investment of the assets. It defines the investment strategy as
often as necessary, at least annually, especially in the case of significant market developments or
changes to the structure of the plan participants. When defining the investment strategy, it takes
account of the plans’ objectives, benefit obligations and risk capacity. The investment strategy is
defined in the form of a long-term target structure (investment policy). The BOT delegates the
implementation of the investment policy in accordance with the investment strategy as well as various
principles and objectives to an Investment Committee, which also consists of members of the BOT, a
Director and a Controller. The Controller of the fund is the one who oversees the entire investment
process.
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The fair value of plan assets by each class as at the end of each balance sheet date are as follows:
PSC CDI
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
Government securities P
=84,584,528 =80,630,658
P =–
P =–
P
Corporate bonds 7,278,484 7,101,032 – –
Investments in equity securities:
PSC - listed shares -
77,508 as at
December 31, 2019
and 2018, respectively 11,006,278 9,611,116 – –
SSHI - unlisted shares 6,000,000 6,000,000 – –
BPI short-term fund:
Unit investment trust fund 2,166,734 5,590,867 242,061 494,492
BPI ALFM mutual fund – – 2,317,776 1,972,966
Accrued interest receivable 736,600 379,304 – –
Fair value of plan assets P
=111,772,624 =109,312,977
P P
=2,559,837 =2,467,458
P
The trustee exercises voting rights over the PSC and SSHI shares held by the retirement fund.
The retirement benefits cost and the present value of the retirement obligations are determined using
actuarial valuations. The actuarial valuation involves making various assumptions.
The principal assumptions used in determining the net retirement obligations are shown below:
PSC CDI
2019 2018 2019 2018
Discount rates 5.16% 7.53% 5.16% 7.53%
Salary increase rates 5.50% 5.50% 5.50% 5.50%
Turnover rates:
Age 17-24 5.00% 5.00% 5.00% 5.00%
25-29 3.00% 3.00% 3.00% 3.00%
30-49 1.00% 1.00% 1.00% 1.00%
50-59 0.00% 0.00% 0.00% 0.00%
The Group has an amended retirement benefits plan pertaining to retirement attainment age, death
and permanent disability benefit effective starting January 1, 2019. The Group has appropriately
considered changes which resulted to the recognition of past service cost amounting to P
=45,356,384
in 2019.
The sensitivity analysis below has been determined based on reasonably possible changes of each
significant assumption on the defined benefit obligation as at December 31, 2019 and 2018, assuming
if all other assumptions were held constant:
2019
Increase
(Decrease) PSC CDI
Discount rates +0.5% (P
=29,393,747) (P
=991,861)
-0.5% 33,094,782 1,119,522
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2018
Increase
(Decrease) PSC CDI
Discount rates +0.5% (P
=8,044,635) (P
=275,045)
-0.5% 10,829,979 319,755
The Group does not currently employ any asset-liability matching. The average expected future
service in years of the employees of PSC and CDI is 24 for both entities.
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Shown below is the maturity analysis and weighted average duration of the retirement benefits
obligations:
Benefits Payments
PSC CDI
Not exceeding 1 year =23,979,843
P =–
P
More than 1 year to 5 years 42,748,405 1,278,324
More than 5 to 10 years 166,970,910 6,536,334
More than 10 to 15 years 382,782,586 8,901,554
More than 15 years to 20 years 371,152,163 15,431,729
More than 20 years 10,567,397,320 509,562,060
Related party relationships exist when one party has the ability to control, directly or indirectly
through one or more intermediaries, the other party or exercise significant influence over the other
party in making financial and operating decisions. Such relationships also exist between and/or
among entities which are under common control with the reporting enterprise, or between and/or
among the reporting enterprises and their key management personnel, directors or its stockholders.
Outstanding balances are settled through cash.
b. PSC and CDI have transactions with PFI, a foundation with common key management of the
Group, consisting of donations and noninterest-bearing advances pertaining primarily to salaries,
taxes and other operating expenses initially paid by PSC for PFI. Other current labilities
disclosed in the foregoing table include an outstanding balance of donations to its affiliate PFI
amounting to P=17,298,142 (Note 14).
Balances arising from the foregoing transactions with related parties are as follows:
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c. As at December 31, 2019 and 2018, the Group’s defined benefit retirement fund has investments
in shares of stock of PSC with a cost of P
=122,417. The retirement benefit fund earned a gain
arising from changes in market prices amounting to P=1,395,162 and P =3,105,240 in 2019 and
2018, respectively.
26. Leases
Group as a lessee
The Group has various lease agreements for company-owned and franchised convenience stores,
office spaces, kitchens and warehouses. Leases agreement of the Group generally have lease terms
between 3 to 25 years (Note 2). The Group’s obligations under its leases are secured by the lessor’s
title to the lease assets. There are several lease contracts that include extension and termination
options and variable lease payments.
ROU asset represents store, warehouse, kitchen and office spaces leased by the Group which are
amortized over the remaining lease term:
Changes in the ROU assets for the year ended December 31, 2019 are as follows:
2019
Store Warehouse Office Kitchen Total
Cost
At January 1, as previously reported =–
P =–
P =–
P =–
P =–
P
Effect of adoption of PFRS 16 (Note 2) 6,796,246,114 1,434,105,051 60,963,277 10,631,361 8,301,945,803
At January 1, as restated 6,796,246,114 1,434,105,051 60,963,277 10,631,361 8,301,945,803
Additions 726,241,407 3,919,147 41,250,078 273,165 771,683,797
At December 31 7,522,487,521 1,438,024,198 102,213,355 10,904,526 9,073,629,600
Accumulated depreciation and
amortization
At January 1 – – – – –
Depreciation (1,370,844,921) (134,815,345) (16,591,942) (1,587,017) (1,523,839,225)
Net book value as at
December 31, 2019 P6,151,642,600 =
= P1,303,208,852 P=85,621,413 =9,317,510 P
P =7,549,790,375
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2019
Depreciation expense of ROU assets (Note 19) =1,523,839,225
P
Interest expense on lease liabilities 817,382,956
Expense relating to short-term leases 342,117,385
Variable lease payments 107,427,776
Expense relating to low-value assets 15,809,324
=2,806,576,666
P
Lease liabilities represents payments to be made over the remaining lease term. Movement of the
lease liabilities during the period are as follows:
2019
As at January 1, 2019, as previously reported =–
P
Effect of adoption of PFRS 16 (see Note 2) 9,194,699,647
At January 1, 2019, as restated 9,194,699,647
Additions during the period 752,825,455
Interest expense 817,382,956
Payments (2,005,362,761)
Balance at end of the period 8,759,545,297
Current lease liabilities 2,006,019,727
Noncurrent lease liabilities =6,753,525,570
P
Most of the contracts covering property leased by PSC have stipulations stating that the right on the
renewal of lease is on the hand of the lessee, although rates, terms and conditions are still to be agreed
in the future. As such, it is not reasonably certain that the PSC will exercise the option to extend the
lease since the extension is considered unenforceable.
The Company has various short-term lease agreements relating to its store operations. Certain
agreements provide for the payment of rentals based on various schemes such as an agreed
percentage of net sales for the month and fixed monthly rate. As at December 31, 2019, rent expense
related to short-term leases, variable lease payments and low-value assets amounting to
=342,117,385, P
P =15,809,324 and P =107,427,776, respectively.
The approximate annual future minimum rent payable of the Group under its existing non-cancellable
lease agreements as a lessor as at December 31 are as follows:
2019 2018
1 year =2,193,655,776 P
P =2,128,373,742
more than 1 year to 2 years 1,957,157,900 2,075,260,878
more than 2 years to 3 years 1,752,188,253 1,844,958,651
more than 3 years to 4 years 1,500,439,070 1,637,756,044
more than 4 years to 5 years 1,195,402,958 1,386,208,773
more than 5 years 3,318,225,219 3,955,380,164
=11,917,069,176 =
P P13,027,938,252
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Group as a lessor
The Group has various sublease agreements which provide for lease rentals based on an agreed fixed
monthly rate or as agreed upon by the parties. Rental income related to these sublease agreements
amounted to P
=137,107,640, P=62,704,247 and P=63,764,574 in 2019, 2018 and 2017, respectively.
The Group enters into a transaction for which the underlying asset is re-leased to the franchisees, and
original lease contract between 3rd party and the Group remains in effect. Currently, franchisees have
two different leasing scenarios, (a) 3-party lease contract where the Group acts as the intermediate
lessee to the third-party lessor while the franchisee acts as the sublessee and (b) 2-party lease contract
where the franchisee, similar with the scenario, (a) acts as the sublessee at the same time the lessor or
owner of the leased property.
Lease receivable represents receipts to be received over the remaining lease term. Movement of the
lease receivables during the period are as follows:
Lease receivable and lease liabilities from 2-party sublease arrangement are offset in presenting the
balances at the consolidated financial position, as these contains offsetting arrangements.
The approximate annual future minimum rent receivables of the Company under its existing
non-cancellable lease agreements as a lessor as at December 31 are as follows:
2019 2018
1 year P
=340,813,783 =352,566,630
P
more than 1 year to 2 years 258,978,768 334,353,912
more than 2 years to 3 years 183,642,498 252,223,171
more than 3 years to 4 years 87,719,144 176,300,031
more than 4 years to 5 years 10,056,227 80,380,114
more than 5 years 11,804,186 2,266,555
P
=893,014,606 =1,198,090,413
P
a. The components of the Group’s provision for income tax are as follows:
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b. The components of the Group’s net deferred income tax assets are as follows:
2019 2018
Deferred tax assets:
Leases P
=193,392,440 =–
P
Contract liability on initial franchise fees 107,563,634 86,914,979
Net retirement obligations 99,403,070 35,327,537
Unearned gift check 30,036,642 5,445,872
Accrued rent 22,791,343 52,365,440
Deferred revenue on customer loyalty
programme 23,434,381 37,722,576
Allowance for impairment on receivables 18,865,957 15,242,915
Unamortized discount on refundable deposits 12,971,867 11,476,023
Provision for litigation losses 3,191,489 3,178,498
Unamortized past service cost 2,928,445 4,008,305
Unearned rent income 1,358,384 4,113,616
Unrealized foreign exchange loss 51,012 –
Accrued incentives – 8,961,895
515,988,664 264,757,656
Deferred tax liabilities:
Unrealized foreign exchange gain – 61,411
Unamortized premium on refundable deposits 38,258 76,413
Deferred lease – 10,076,367
38,258 10,214,191
Net deferred tax assets P
=515,950,406 =254,543,465
P
c. The reconciliation of the provision for income tax computed at the statutory income tax rate to
provision for income tax shown in the consolidated statements of comprehensive income follow:
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The following table presents information necessary to calculate earnings per share (EPS) on net
income attributable to equity holders of the Group:
The Group does not have potentially dilutive common shares as at December 31, 2019, 2018 and
2017. Thus, the basic earnings per share is equal to the diluted earnings per share as at those dates.
The comparison of the carrying value and fair value of all of the Group’s financial instruments (those
with carrying amounts that are not equal to their fair values) as at December 31 are as follows:
2019 2018
Carrying Value Fair Value Carrying Value Fair Value
Financial Assets
Financial Assets at Amortized Cost
Deposits -
Refundable (Notes 7, 9 and 30) P
=904,909,861 P
=882,095,556 =813,874,193
P =784,404,204
P
*Current portion amounting to =
P 2,565,824 and =
P 1,913,641 as at December 31, 2019 and 2018, respectively, are presented as part of
“Others” under “Prepayments and other current assets” account.
Refundable deposits are categorized under level 3 in the fair value hierarchy.
Cash and Cash Equivalents, Short-term Investment, Receivables, Accounts Payable and Accrued
Expenses and Other Current Liabilities
Due to the short-term nature of the related transactions, the fair values of cash and cash equivalents,
short-term investment, receivables, accounts payable and accrued expenses and other current
liabilities approximate their carrying values as at balance sheet dates.
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Refundable Deposits
The fair value of refundable deposits is determined by discounting the sum of future cash flows using
the prevailing market rates for instruments with similar maturities as at December 31, 2019 and 2018
ranging from 1.51% to 5.91% and 2.10% to 6.20%, respectively.
As at December 31, 2019 and 2018, the Group has no financial instruments measured at fair value.
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk and
interest rate risk. The BOD reviews and approves policies for managing each of these risks. The
BOD also created a separate board-level entity, which is the Audit Committee, with explicit authority
and responsibility in managing and monitoring risks. The Audit Committee, which ensures the
integrity of internal control activities throughout the Group, develops, oversees, checks and pre-
approves financial management functions and systems in the areas of credit, market, liquidity,
operational, legal and other risks of the Group, and crisis management.
Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other
party by failing to discharge an obligation. The receivable balances are monitored on an ongoing
basis with the result that the Group’s exposure to impairment is managed to a not significant level.
The Group deals only with counterparty duly approved by the BOD.
The following tables provide information regarding the maximum credit risk exposure of the Group
as at December 31:
2019 2018
Cash and cash equivalents:
Cash in banks P
=2,283,552,147 =1,995,503,916
P
Cash equivalents 1,204,633,586 460,000,000
3,488,185,733 2,455,503,916
Short-term investment 11,389,621 11,286,679
Receivables:
Franchisees 2,386,144,706 1,005,638,071
Suppliers 624,382,665 592,916,000
Leases 377,841,206 –
Employees 21,888,906 21,514,760
Insurance receivable 7,143,021 1,835,899
(Forward)
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2019 2018
Store operators P
=4,271,564 =3,755,478
P
Rent 3,198,031 2,352,076
Due from PFI 320,378 148,497
Others 5,788,636 9,685,267
3,430,979,113 1,637,846,048
Deposits:
Refundable* 907,475,685 815,787,834
Utilities 76,706,448 104,998,914
Others 21,262,685 18,822,533
1,005,444,818 936,609,281
Other noncurrent assets -
Noncurrent portion of receivable
from leases 195,286,078 –
from franchisees 12,480,091 4,088,979
P
=8,143,765,454 =5,048,334,903
P
*Current portion amounting to =P 2,565,824 and =
P 1,913,641 as at December 31, 2019 and 2018, respectively,
are presented as part of “Others” under “Prepayments and other current assets” account.
The following tables provide information regarding the credit risk exposure of the Group by
classifying assets according to the Group’s credit ratings of debtors:
2019
Neither Past Due nor Impaired
Standard Past Due but Past Due and
High Grade Grade not Impaired Impaired Total
Cash and cash equivalents
Cash in banks P
= 2,283,552,147 =–
P =–
P =– P
P =2,283,552,147
Cash equivalents 1,204,633,586 – – – 1,204,633,586
3,488,185,733 – – – 3,488,185,733
Short-term investment 11,389,621 – – – 11,389,621
Receivables
Franchisees – 2,385,733,240 411,466 1,108,330 2,387,253,036
Suppliers – 545,121,172 79,261,493 22,905,346 647,288,011
Leases – 377,841,206 – – 377,841,206
Employees – 21,384,350 504,556 6,689,955 28,578,861
Store operators – 4,271,564 – 19,228,710 23,500,274
Insurance receivable – 7,143,021 – 172,930 7,315,951
Rent – 2,385,371 812,660 2,786,251 5,984,282
Due from PFI – 320,378 – – 320,378
Others – 5,133,628 655,008 3,737,494 9,526,130
– 3,349,333,930 81,645,183 56,629,016 3,487,608,129
Deposits
Refundable* – 907,475,685 – – 907,475,685
Utilities – 76,706,448 – – 76,706,448
Others – 21,262,685 – – 21,262,685
– 1,005,444,818 – – 1,005,444,818
Other noncurrent assets
Noncurrent portion of
Lease receivable – 195,286,078 – – 195,286,078
Receivable from franchisees – 12,480,091 – 6,257,507 18,737,598
– 207,766,169 – 6,257,507 214,023,676
P
= 3,499,575,354 P
=4,562,544,917 P
= 81,645,183 P
=62,886,523 P
=8,206,651,977
P 2,565,824 as at December 31, 2019 is presented as part of “Others” under “Prepayments and other
*Current portion amounting to =
current assets” account.
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2018
Neither Past Due nor Impaired
Standard Past Due but Past Due and
High Grade Grade not Impaired Impaired Total
Cash and cash equivalents
Cash in banks P
=1,995,503,916 =–
P =–
P =–
P P
=1,995,503,916
Cash equivalents 460,000,000 – – – 460,000,000
2,455,503,916 – – – 2,455,503,916
Short-term investment 11,286,679 – – – 11,286,679
Receivables
Franchisees – 1,005,632,258 5,813 1,026,044 1,006,664,115
Suppliers – 498,593,995 94,322,005 14,490,844 607,406,844
Employees – 20,432,073 1,082,687 6,441,752 27,956,512
Store operators – 1,014,327 2,741,151 17,652,643 21,408,121
Insurance receivable – 1,835,899 – – 1,835,899
Rent – 223,433 2,128,643 2,786,251 5,138,327
Due from PFI – 148,497 – – 148,497
Others – 7,586,243 2,099,024 2,154,678 11,839,945
– 1,535,466,725 102,379,323 44,552,212 1,682,398,260
Deposits
Refundable* – 815,787,834 – – 815,787,834
Utilities – 104,998,914 – – 104,998,914
Others – 18,822,533 – – 18,822,533
– 939,609,281 – – 939,609,281
Other noncurrent assets
Noncurrent portion of
receivable from
franchisees – 4,088,979 – 6,257,507 10,346,486
=2,466,790,595
P =2,479,164,985
P =102,379,323
P =50,809,719
P =5,099,144,622
P
P 1,913,641 as at December 31, 2018 is presented as part of “Others” under “Prepayments and other
*Current portion amounting to =
current assets” account.
Class Description
High Grade Financial assets that have a recognized foreign or local third-party
rating or instruments which carry guaranty/collateral.
Standard Grade Financial assets of companies that have the apparent ability to satisfy
its obligations in full.
*SGVFS039376*
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The following tables provide the analysis of financial assets that are past due but not impaired and
past due and impaired:
2019
Aging analysis of financial assets past due but not impaired Past Due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees* P
= 151,211 =–
P P
=260,255 P
=411,466 P
=1,108,330 P
=1,519,796
Suppliers 30,012,726 9,378,701 39,870,066 79,261,493 22,905,346 102,166,839
Employees 152,007 37,500 315,049 504,556 6,689,955 7,194,511
Store operators – – – – 19,228,710 19,228,710
Insurance receivable – – – – 172,930 172,930
Rent 244,972 256,454 311,234 812,660 2,786,251 3,598,911
Others 411,908 243,100 - 655,008 3,737,494 4,392,502
P
= 30,972,824 P
=9,915,755 P
=40,756,604 P
=81,645,183 P
=56,629,016 P
=138,274,199
*Noncurrent portion amounting to = P6,257,507, is presented under “Other noncurrent assets”
P12,480,091, net of allowance amounting to =
account.
2018
Aging analysis of financial assets past due but not impaired Past Due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees* =3,875
P =1,938
P – =5,813
P P1,026,044
= =1,031,857
P
Suppliers 46,778,692 2,216,515 45,326,798 94,322,005 14,490,844 108,812,849
Employees 155,018 90,622 837,047 1,082,687 6,441,752 7,524,439
Store operators – – 2,741,151 2,741,151 17,652,643 20,393,794
Insurance receivable – – – – – –
Rent 636,299 579,634 912,710 2,128,643 2,786,251 4,914,894
Others 438,849 495,142 1,165,033 2,099,024 2,154,678 4,253,702
=48,012,733
P =3,383,851
P =50,982,739
P =102,379,323
P = 44,552,212
P =146,931,535
P
Set out below is the information about the credit risk exposure analysis on the Group’s receivables as
at December 31, 2019 using a provision matrix:
Days past due
31 to 61 to 91 to 181 to More
Current 60 days 90 days 180 days 360 days than 360 days Total
Expected credit loss rate <0.01% 0.02% 0.88% 0.81% 12.35% 100.00%
Estimated total gross
carrying amount at
default =
P466,723,479 =115,804,523
P =33,369,923
P =10,745,009
P P42,117,158
= P30,976,069
= =
P699,736,161
Expected credit loss =192,012
P =14,451
P =11,664
P 76,401 =3,705,676
P =58,886,320
P =62,886,523
P
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with
financial instruments. The Group seeks to manage its liquidity profile to be able to finance its capital
expenditures and service its maturing debts. To cover for its financing requirements, the Group
intends to use internally generated funds and sales of certain assets.
As part of its liquidity risk management program, the Group regularly evaluates projected and actual
cash flow information and continuously assesses conditions in the financial markets for opportunities
to pursue fund raising initiatives. The Group uses historical figures and experiences and forecasts of
collections and disbursements. These initiatives may include drawing of loans from the approved
credit line intended for working capital and capital expenditures purposes and equity market issues.
The Group arranged additional credit lines to boost its ability to meet short-term liquidity needs. The
Group has credit-lines amounting to P=5,573,179,950 and P =4,649,440,000 as at December 31, 2019
and 2018, respectively, and cash and cash equivalents amounting to P =4,624,655,095 and
=3,181,666,656 as at December 31, 2019 and 2018, respectively, that are allocated to meet the
P
Group’s short-term liquidity needs.
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The tables below summarize the maturity profile of the financial assets of the Group:
2019
More than More than
Three months three months one year More than
or less to one year to five years five years Total
Cash and cash equivalents
Cash on hand and in banks P
=3,420,021,509 =–
P =–
P =– P
P =3,420,021,509
Cash equivalents 1,204,633,586 – – – P
=1,204,633,586
4,624,655,095 – – – 4,624,655,095
Short-term investment – 11,389,621 – – 11,389,621
Receivables
Franchisees 2,385,733,240 411,466 – – 2,386,144,706
Suppliers 545,121,172 79,261,493 – – 624,382,665
Employees 21,065,334 823,572 – – 21,888,906
Store operators 4,271,564 – – – 4,271,564
Rent 2,385,371 812,660 – – 3,198,031
Insurance receivable 7,143,021 – – – 7,143,021
Due from PFI 320,378 – – – 320,378
Leases 377,841,206 – – – 377,841,206
Others 956,327 4,803,124 29,185 – 5,788,636
3,344,837,613 86,112,315 29,185 – 3,430,979,113
Deposits
Refundable* – 2,438,784 905,036,901 – 907,475,685
Utilities – – 76,706,448 – 76,706,448
Others – – 21,262,685 – 21,262,685
– 2,438,784 1,003,006,034 – 1,005,444,818
Noncurrent portion of lease receivable – – 195,286,078 – 195,286,078
Noncurrent portion of receivable
from franchisees – – 12,480,091 – 12,480,091
P
=7,969,492,708 P
=99,940,720 P =1,210,801,388 =– P
P =9,280,234,816
P 2,565,824 as at December 31, 2019 is presented as part of “Others” under “Prepayments and other
*Current portion amounting to =
current assets” account.
2018
More than More than
Three months three months one year More than
or less to one year to five years five years Total
Cash and cash equivalents
Cash on hand and in banks =2,721,666,656
P =–
P =–
P =– =
P P2,721,666,656
Cash equivalents 460,000,000 – – – 460,000,000
3,181,666,656 – – – 3,181,666,656
Short-term investment – 11,286,679 – – 11,286,679
Receivables
Franchisees 1,005,632,258 5,813 – – 1,055,638,071
Suppliers 498,593,995 94,322,005 – – 592,916,000
Employees 20,432,073 1,082,687 – – 21,514,760
Store operators 1,014,327 2,741,151 – – 3,755,478
Rent 223,433 2,128,643 – – 2,352,076
Insurance receivable – 1,835,899 – – 1,835,899
Due from PFI 148,497 – – – 148,497
Others 7,586,243 2,099,024 – – 9,685,267
1,533,630,826 104,215,222 – – 1,637,846,048
Deposits
Refundable* – 1,913,641 813,874,193 – 815,787,834
Utilities – – 104,998,914 – 104,998,914
Others – – 18,822,533 – 18,822,533
– 1,913,641 937,695,640 – 939,609,281
Other noncurrent assets
Noncurrent portion of receivable
from franchisees – – 4,088,979 – 4,088,979
P4,715,297,482
= =117,415,542
P P941,784,619
= =– P
P =5,774,497,643
P 1,913,641 as at December 31, 2018 is presented as part of “Others” under “Prepayments and other
*Current portion amounting to =
current assets” account.
*SGVFS039376*
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The tables below summarize the maturity profile of the financial liabilities of the Group based on
remaining undiscounted contractual obligations:
2019
More than
three
Three months months More than
or less to one year one year Total
Bank loans P
=54,653,765 P
=10,346,235 =–
P P
=65,000,000
Accounts payable and accrued expenses
Trade payable 5,599,575,622 – – 5,599,575,622
Employee benefits 214,720,903 – – 214,720,903
Outsourced services 175,688,056 – – 175,688,056
Utilities 129,785,185 – – 129,785,185
Rent 78,436,729 – – 78,436,729
Security services 53,045,495 – – 53,045,495
Advertising and promotion 14,188,340 – – 14,188,340
Bank charges 8,545,920 – – 8,545,920
Interest 3,965,742 – – 3,965,742
Others 507,820,206 – – 507,820,206
6,785,772,198 – – 6,785,772,198
Other current liabilities
Non-trade accounts payable 853,606,764 1,814,708,672 – 2,668,315,436
Due to franchisees 634,594,603 – – 634,594,603
Retention payable – 168,325,844 – 168,325,844
Royalty 51,835,888 – – 51,835,888
Service fees payable – 9,311,900 – 9,311,900
Others – 119,827,258 – 119,827,258
1,540,037,255 2,112,173,674 – 3,652,210,929
Long-term debt – 160,440,058 333,415,205 493,855,263
Lease liabilities 548,413,944 1,645,241,832 9,723,413,400 11,917,069,176
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
P
=8,934,877,162 P
=3,928,201,799 P
=10,056,828,605 P
=22,919,907,566
2018
More than
Three months three months More than
or less to one year one year Total
Bank loans =325,000,000
P =85,000,000
P =–
P =410,000,000
P
Accounts payable and accrued expenses
Trade payable 4,637,212,058 – – 4,637,212,058
Rent 174,551,467 – – 174,551,467
Employee benefits 162,116,146 – – 162,116,146
Utilities 132,136,706 – – 132,136,706
Outsourced services 108,239,357 – – 108,239,357
Security services 45,175,073 – – 45,175,073
Advertising and promotion 23,336,087 – – 23,336,087
Bank charges 23,114,916 – – 23,114,916
Interest 8,066,765 – – 8,066,765
Others 193,432,483 – – 193,432,483
5,507,381,058 – – 5,507,381,058
Other current liabilities
Non-trade accounts payable 610,581,009 620,271,662 – 1,230,852,671
Due to franchisees 391,964,723 – – 391,964,723
Retention payable – 159,530,136 – 159,530,136
Royalty 43,834,510 – – 43,834,510
Service fees payable – 4,240,018 – 4,240,018
Others – 94,823,650 – 94,823,650
1,046,380,242 878,865,466 – 1,925,245,708
Long-term debt 101,666,667 270,000,000 468,750,000 840,416,667
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
=6,986,427,967
P =1,233,865,466
P =468,750,000
P =8,689,043,433
P
*SGVFS039376*
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The maturity profile of financial instruments that are exposed to interest rate risk are as follows:
2019 2018
Due in less than 1 year P
=231,440,058 =787,666,667
P
Due in more than 1 year 333,415,205 468,750,000
Rate (Note 11) 4.92%-6.04% 2.86%-4.30%
Interest of financial instruments classified as floating rate is repriced at intervals of 30 days and
90 days. The other financial instruments of the Group that are not included in the above tables are
noninterest-bearing and are therefore not subject to interest rate risk.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with
all other variables held constant, of the Group’s income before income tax (through the impact on
floating rate borrowings):
2019 2018
Increase/ Effect on Increase/ Effect on
Decrease in Income Before Decrease in Income Before
Basis Points Income Tax Basis Points Income Tax
Bank loans and long-term debt -
floating interest rate +100 (P
=5,648,553) +100 (P
=12,564,167)
-100 5,648,553 -100 12,564,167
Cumulative redeemable preferred
shares - floating interest rate +100 (60,000) +100 (60,000)
-100 60,000 -100 60,000
There is no other impact on the Group’s equity other than those already affecting profit or loss.
2019 2018
U.S. Dollar Peso U.S. Dollar Peso
Cash in banks $84,337 P
=4,284,470 $103,324 =5,432,776
P
As at December 31, 2019 and 2018, the closing functional currency exchange rate is P
=50.80 and
=52.58 to U.S. $1, respectively.
P
*SGVFS039376*
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The primary objective of the Group’s capital management is to ensure that it maintains a strong credit
rating and healthy capital ratios in order to support its business and maximize shareholder value.
In the light of changes in economic conditions, the Group manages dividend payments to
shareholders, pay-off existing debts, return capital to shareholders or issue new shares. The Group
mainly uses financing from local banks. The Group considers equity attributable to shareholders as
capital. The Group manages its capital structure by keeping a net worth of between 30% to 50% in
relation to its total assets. The Group’s net worth ratio is 27% and 41% as at December 31, 2019 and
2018, respectively. No changes were made in the objectives, policies and processes during the year.
2019 2018
Common stock P
=757,104,533 =757,104,533
P
Additional paid-in capital 293,525,037 293,525,037
Retained earnings 7,078,334,123 6,011,969,780
8,128,963,693 7,062,599,350
Less cost of shares held in treasury 2,923,246 2,923,246
P
=8,126,040,447 =7,059,676,104
P
Total assets =29,673,664,154 P
P =17,402,647,674
Net worth 27% 41%
As at December 31, 2019 and 2018, the Group was able to meet its objective.
a. Franchise Agreements
The Group has various store franchise agreements with third party franchisee for the operation of
certain stores. The agreement includes a one-time franchise fee payment and an annual 7-Eleven
charge for the franchisee, which is equal to a certain percentage of the franchised store’s gross
profit. The agreement also includes charging of various expenses such as rent and utilities which
are recorded by the Group as part of its franchise revenue.
Receivable from franchisees as at December 31, 2019 and 2018 amounted to P =2,405,990,634 and
=1,017,010,601, respectively (see Notes 5 and 10). Due to franchisees as at December 31, 2019
P
and 2018 amounted to P=634,594,603 and P =391,964,723, respectively (see Note 14). The Group
also has outstanding deposits payable to franchisees amounting to P =199,908,216 and
=173,850,156 as at December 31, 2019 and 2018, respectively (see Note 15).
P
*SGVFS039376*
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Franchise fee is deferred and recognized over 3 or 5 years depending on the franchise type, with
consideration for the time value of money. Prior to 2018, the Group recognizes revenue from
franchise fees upon performance of initial services required in the franchise agreement.
Other components of franchise revenue, on the other hand, is recognized at point in time.
b. Service Agreements
The Group has service agreements with third party contractors for the operation of certain stores.
In consideration thereof, the store operator is entitled to a service fee based on a certain
percentage of the store’s gross profit and operating expenses as stipulated in the service
agreement. Service fees included in “Outside services” under “General and administrative
expenses” account amounted to P =207,755,250, P
=148,013,965 and P =138,449,819 in 2019, 2018
and 2017, respectively (see Note 19). The Group also has outstanding deposits payable to third
parties in relation to service agreements amounting to P =95,105,259 and P =96,991,148 as at
December 31, 2019 and 2018, respectively (see Note 15).
c. Commission Income
The Group has entered into agreements with a phone card supplier and various third parties.
Under the arrangements, the Group earns commission on the sale of phone cards, electronic
loads, consigned goods and collection of bills payments based on a certain percentage of net sales
and collections for the month and a fixed monthly rate. Commission income amounted to
=653,065,324, P
P =241,349,012, and P
=126,707,492, in 2019, 2018 and 2017, respectively.
In 2014, the Group has entered into a 3-year exclusivity contract with a third-party ice cream
distributor in the Philippines effective January 2014 to December 2016. The contract indicates
that the third-party ice cream distributor will exclusively supply all ice cream products of 7-
Eleven stores.
In 2016, the exclusivity contract was renewed for another 5 years effective December 2016 to
December 2021.
The Group has entered into MOA with CPI on August 6, 2009, wherein CPI has granted the
Group as authorized co-locator for a full term of 3-years to establish operate and/or franchise its
7-Eleven stores in CPI service stations. Both parties have identified 10 CPI service stations,
wherein the Group will give the retailers of these service stations a Letter Offer to Franchise
(LOF) 7-Eleven stores. Upon acceptance of the retailers of the LOF, the retailers will sign a
Store Franchise Agreement (SFA) with the Group. If LOF is not accepted by one of the 10
original service stations identified, that service station will be replaced with another mutually
acceptable service station site.
Upon signing of the MOA, CPI executed a Caltex Retail Agreement with each of the 10 service
station retailers, which shall have a full term of 3 years and which will be co-terminus with the
SFA.
As at December 31, 2019 and 2018, the Group has opened 102 and 100 franchised service
stations, respectively.
*SGVFS039376*
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The Group considers the store operations as its only business segment based on its primary business
activity. Franchising, renting of properties and commissioning on bills payment services are
considered an integral part of the store operations. The Group’s identified operating segments below
are consistent with the segments reported to the BOD, which is the Chief Operating Decision Maker
of the Group.
The products and services from which the store operations derive its revenues from are as follows:
Merchandise sales
Franchise revenue
Commission income
Rental income
Interest income
The Group is a party to various litigations and claims. All cases are in the normal course of business
and are not deemed to be considered as material legal proceedings. Further, the cases are either
pending in courts or under protest, the outcome of which are not presently determinable.
Management and its legal counsel believe that the liability, if any, that may result from the outcome
of these litigations and claims will not materially affect the Group’s financial position or financial
performance.
As at December 31, 2019 and 2018, the Group has provisions amounting to P =10,638,296 and
=10,594,993, respectively, and is reported as part of “Others” under “Accounts payable and accrued
P
expenses” account in the consolidated financial position (see Note 12). Movements in provisions are
as follows:
2019 2018
Beginning balance P
=10,594,993 =9,791,719
P
Additions 43,303 803,274
Ending balance P
=10,638,296 =10,594,993
P
*SGVFS039376*
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2019
Cash Flows
Balance as at Balance at the
beginning of year Availments Payments Others end of the year
Lease liabilities (Note 26) P
=9,194,699,647 P
=752,825,455 (P
=2,005,362,761) P
=817,382,956 P
=8,759,545,297
Cumulative Redeemable
Preference Shares (Note 16) 6,000,000,000 – – – 6,000,000,000
Long-term Debt (Note 11) 840,416,667 200,000,000 (546,561,404) – 493,855,263
Bank Loans (Note 11) 410,000,000 230,000,000 (575,000,000) – 65,000,000
Interest Payable (Note 11) 8,066,765 – (60,496,617) 56,395,594 3,965,742
Dividends Payable (Note 17) – 414,209,142 (414,209,142) – –
P
=16,453,183,079 P
=1,597,034,597 (P
=3,601,629,924) P
=873,778,550 P
=15,322,366,302
2018
Cash Flows
Balance as at Balance at the end
beginning of year Availments Payments Others of the year
Cumulative Redeemable
Preference Shares (Note 16) =6,000,000,000
P =–
P =–
P =–
P =6,000,000,000
P
Long-term Debt (Note 11) 1,070,833,333 75,000,000 (305,416,666) – 840,416,667
Bank Loans (Note 11) 660,000,000 720,000,000 (970,000,000) – 410,000,000
Interest Payable (Note 11) 6,844,709 – (59,553,145) 60,775,201 8,066,765
Dividends Payable (Note 17) – 297,982,960 (297,982,960) – –
=7,737,678,042
P =497,017,040
P (P
=1,036,986,851) =60,775,201
P =7,258,483,432
P
Others included the effect of accretion of long-term borrowings, effect of recognition and accretion of
lease liabilities and effect of accrued but not yet paid interest.
The Group engaged in the following significant non-cash activities during the year:
2019
Due to adoption of PFRS 16, Leases
Lease liability (P
=9,947,525,102)
ROU asset 9,073,629,600
Receivable 865,854,466
Accounts payable and accrued expenses 69,417,878
Prepayments (23,835,761)
Deposits (18,858,342)
Goodwill and other noncurrent assets (18,682,739)
Software additions for the year 13,963,034
Write-off of furniture and equipment (4,472,711)
=9,490,323
P
*SGVFS039376*
SyCip Gorres Velayo & Co. Tel: (632) 891 0307 BOA/PRC Reg. No. 0001,
6760 Ayala Avenue Fax: (632) 819 0872 October 4, 2018, valid until August 24, 2021
1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A),
Philippines November 6, 2018, valid until November 5, 2021
We have audited in accordance with Philippine Standards on Auditing, the consolidated financial
statements of Philippine Seven Corporation and Subsidiaries (the Group) as at December 31, 2019 and
2018 and for each of the three years in the period ended December 31, 2019 and have issued our report
thereon dated February 21, 2020. Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The schedules listed in the Index to the Consolidated
Financial Statements and Supplementary Schedules are the responsibility of the Group’s management.
These schedules are presented for purposes of complying with Revised Securities Regulation Code
Rule 68 and are not part of the basic financial statements. These schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, fairly state,
in all material respects, the information required to be set forth therein in relation to the basic financial
statements taken as a whole.
Johnny F. Ang
Partner
CPA Certificate No. 0108257
SEC Accreditation No. 1284-AR-2 (Group A),
May 16, 2019, valid until May 15, 2022
Tax Identification No. 221-717-423
BIR Accreditation No. 08-001998-101-2018,
November 6, 2018, valid until November 5, 2021
PTR No. 8131119, January 9, 2020, Makati City
Schedule II: Map of the relationships of the companies within the group
Schedule IV. Supplementary schedules required by paragraph 6D, Part II under Revised SRC
Rule 68
SCHEDULE I
Earnings before
Interest rate interest and tax expenses 2,978,442,926
coverage ratio Interest expense 897,502,571 3.32 29.92
*SGVFS039376*
SCHEDULE IV
Schedule B. Amounts Receivable from Directors, Officers, Employees, Related Parties and Principal Stockholders (Other than Related Parties)
*SGVFS039376*
SCHEDULE IV
Schedule C. Amounts Receivable from Related Parties which are Eliminated During the
Consolidation of Financial Statements
Balance of
Name and Designation beginning of Amounts Amounts Balance at end of
of Debtor period Additions collected written off Current Non current period
CONVENIENCE
DISTRIBUTION, INC. -
Subsidiary
=2,986,012
P =5,164,314
P =5,892,801
P =-
P =2,257,524
P =-
P =2,257,524
P
STORE SITES
HOLDINGS, INC. -
Subsidiary 46,532 1,189,464 386,021 - 849,975 - 849,975
Other charges
Beginning Charged to cost Charged to other additions
Description balance Additions at cost and expenses accounts (deductions) Ending balance
Software & Program
Cost
=1,315,859
P =13,963,036
P =9,238,968
P =1,315,859
P =–
P =6,039,927
P
Goodwill 65,567,524 – – – – 65,567,524
Name of issuing
entity of securities
guaranteed by the Title of issue of
Group for which each class of Total amount Amount owned by
this statement is securities guaranteed and person for which Nature of
filed guaranteed outstanding statement is filed Guarantee
NONE – – – –
Number of
shares issued
and outstanding Number of
as shown under shares reserved
related for options,
consolidated warrants, Number of Directors,
Number of Shares financial conversion and shares held by officers and
Title of Issue authorized position caption other rights related parties employees Others
COMMON
STOCK 1,600,000,000 756,418,283 – 394,970,516 31,756,064 329,691,703
APPENDIX “D”
1
2019 Sustainability Report
Philippine Seven Corporation
Contextual Information
Company Details
Name of Organization PHILIPPINE SEVEN CORPORATION
TH
7 Floor, The Columbia Tower
Location of Headquarters
Ortigas Avenue, Mandaluyong City, 1550
Location of Operations Philippines
Report Boundary: Legal CONVENIENCE DISTRIBUTION, INC. (CDI)
entities (e.g. subsidiaries) STORE SITES HOLDING, INC. (SSHI)
included in this report* PHILSEVEN FOUNDATION, INC. (PFI)
Philippine Seven Corporation (the “Corporation” or “PSC”) was registered with the Securities and
Exchange Commission (“SEC”) on November 23, 1982. It acquired from Southland Corporation (now
Seven Eleven, Inc. or “SEI”) of Dallas, Texas the license to operate 7-Eleven stores in the Philippines in
December 13, 1982.
PSC’s area license to operate 7-Eleven Stores in the Philippines was renewed in August 31, 2007 for
another term of 20 years, renewable every 10 years.
The primary activity of PSC is to operate 7-Eleven Stores in the Philippines. The stores offer a variety of
products and services, which generally include groceries, take-out foods and beverages, dairy products,
non-food merchandise, specialty and proprietary items and incidental services, emphasizing
convenience to the consumer under the 7-Eleven System, which is being continually refined and
modified to meet and serve the changing preferences of the consumers.
PSC sells its developed or own branded products or services under the following trademarks:
Also offered in the store are proprietary product lines under the 7-Eleven trademark such as but not
limited thereto:
1. 1. Slurpee®
2. 2. Super Big Bite®
3. 3. Big Gulp®
2
Materiality Process
1
Explain how you applied the materiality principle (or the materiality process) in identifying your material topics.
Overview
Philippine Seven Corporation (“PSC” or the “Corporation”) began its journey towards a more competitive and
sustainable business on March 28, 2019 when it became a signatory to the Sustainable Development Pledge
together with other licensed 7-Eleven operators and brand stewards during the 7-Eleven 2019 International
Summit - “Good for Life, Great for the Planet” held at Tokyo, Japan.
As a license holder to operate 7-Eleven Stores in the Philippines, the Corporation pledged to continue operating as
a socially responsible brand in support of the 2030 Sustainability Development Goals (SDGs) of the Seven Eleven
global family of licensees. This pledge is aligned with its own Corporate Governance (CG) Manual, which includes
as part of corporate governance, social responsibility in all its dealings with the communities where it operates.
Guided by the GRI Standards and the UN SDGs, PSC commenced its documentation and reporting process of
sustainability practices, through a workshop facilitated by a GRI representative with key officers/employees from
its business units, subsidiaries and affiliate.
Through the workshop, the economic, social and environmental impact of its business activities and the baseline
metrics to determine such impact were identified and validated. Important stakeholders and the Corporation’s
policies to respond to their concerns were also determined.
Material topics significant to its operations were also identified during the workshop. These topics were further
validated through several engagement sessions with key officers/employees of relevant business units who deal
directly with its external stakeholders, after the workshop.
Upon determination of the material topics, the Corporation set its sustainability projects for the succeeding years,
starting with solid waste reduction as its initial focus for 2020-2021.
1
See GRI 102-46 (2016) for more guidance.
3
A. UN SDGs supported by PSC
Following the materiality procedure above, the Corporation determined the SDGs it supports.
B. Stakeholder Engagement
The Corporation recognizes the importance of understanding stakeholder expectations and getting their feedback
in assessing which material topics it should focus on. The Corporation identified its important stakeholders and
determine its primary engagement methods and policy/activities to address stakeholder concerns, as follows:
Main Engagement
Stakeholders Main Policy/Activities
Method
Carry an optimized assortment of
beverages, food service items, fresh foods,
a) Customers - The average number of hot foods, confectioneries, personal care
Daily store operations
customers that transact in the stores is products, groceries.
Customer care hotline
about 900 to 1000 per day per store Convenience in digital transactions such as
and e-mail for
with an average purchase transaction online shopping, bills/merchant payment,
customer concerns
of at least P64.00. use of e-money through its CLiQQ Shop, 7-
Connect/CLIQQ App and CLiQQ pay
services, respectively.
Provide the local community access to an
b) Local Communities - As of Year-End (YE)
alternative education facility through the
2019, PSC is operating 2,864 stores
GNK, community playground through
nationwide. By providing products and Participation in
Everyday Play Project.
services to different local communities community activities
Support environmental initiatives in local
where it operates and promoting through its CSR arm
communities such as tree planting
projects that benefit them, the Philseven Foundation
Distribute products as support and relief to
Corporation contributes to the local Inc. (PFI).
affected areas after natural disasters
community development.
City Blends "Thank you cup" Promo for
Farmer: PSC gives back to the farmers that
4
harvest the beans by donating a portion of
sales from every City Blends cup sold.
7-Eleven Run and 7-Eleven Trail
c) Suppliers/Business Partners -The
Corporation’s merchandise stocks are
supplied by over 300
vendors/suppliers and are mostly
governed by the trading terms Product development
Development of products and services
contract and accreditation standards Meetings
through its General/Strategic Merchandise
of the Corporation. The top suppliers Quality improvement
Divisions.
account for 43.45% share in the 7- meetings
Eleven business. Considering their
contribution, PSC values its
relationship to its suppliers/business
partners.
Strengthening of store operation
d) Franchise Store Owners – Out of the Franchise briefings and
capabilities
operating 2,864 stores, 1,577 are trainings
Construction and ongoing improvement of
franchise stores and the remaining Trade shows
a highly competitive franchise system
1,287 are corporate-owned stores. The Annual Franchise Day
Recognition and sharing of best practices
store franchise contracts have an Franchise Advisory
among franchisees
average term of 5 years each. Council
Annual Stockholders’
e) Shareholders & Investors - PSC Meeting
considers the benefit of its Meetings/Briefings
Return capital to shareholders through a
shareholders as one of its priority with investors
sustainable dividend policy
management policies. It aims to Investor relations
Compliance with accounting procedures
sustain revenue stream and materials in the
and timely disclosure of information
progressive growth to further website for
enhance shareholder value. information for
investors
Workforce diversity
Transparent performance appraisal process
Compliance with general labor standards &
Employees’ Council Occupational health and safety
f) Employees - As of YE2019, the
Policy briefings requirements
Corporation has a total of 3,434 direct
Employee opinion Health and wellness activities
hires for support offices and stores
survey Support for development of employee
including those who augment the
Employee training abilities through training
temporary needs during peak hours or
Performance Appraisal Supplemental benefits or incentives to its
season in the stores and the support
Tool linked to employees such as: retirement benefit
services units with cooperative
incentive programs plan, health card, group life and accident
members.
Employee wellness insurance plan, various employee
program programs and recognition of top
performing employees and service awards
among others.
Annual Performance Bonus for employees
based on performance appraisal rating.
As provided in PSC’s CG Manual, the Corporation shall be socially responsible in all its dealings with the communities
where it operates. It should ensure that its interaction serves its environment and stakeholder in a positive and
progressive manner that is fully supportive of its comprehensive and balanced development. The Corporation shall
recognize the importance on the interdependence between business and promote a mutually beneficial relationship
that allows the Corporation to grow its business, while contributing to the advancement of the society where it
operates.
5
PSC is exploring opportunities for progress that come with adopting a sustainable business mindset. PSC integrates
governance policies to fulfill their duties and responsibilities to their stakeholders.
Upon identification of its stakeholders, the Corporation identified the following material topics significant to its
operations and determined the management approach:
1. Procurement Practices PSC takes into consideration the qualifications of its suppliers and other trading counterparts in
accordance to the policy guidelines of the Corporation under its accreditation process and trading
terms agreements. All contracts with suppliers provide a clause for observance of no conflict of
2. Marketing & Labeling interest.
Moreover, PSC’s policy on rendering customer service requires all store employees to provide
customer service based on the standards set in the store operations manual. The policy provides
for sanction and disciplinary actions in case an employee does not comply with the requirements
in the manual.
PSC complies with applicable laws on product and service information labeling.
Social Operating the largest convenience store network in the country, PSC has the capability to help in
sustaining communities in the Philippines.
1. Local Communities
a) Supporting communities through PFI
As early as 1989, when the Corporation has extended support to communities served by 7-Eleven
stores. Initially, it responded mainly to requests from the barangays (community) to extend its
stores’ light to dark spots and tanod (guard) outposts. It also donated cleaning supplies such as
brooms, garbage bags, waste cans, to different barangays and supplied medicines for medical
missions, and similar initiatives to improve environment and health in different barangays near 7-
Eleven stores.
In the 1990s, donation cans were placed at the counters for customers to drop their spare coins in
the can intended for charitable institutions. During calamities, some 7-Eleven stores in Metro
Manila served as drop-off points for donations of relief goods. PSC Employees were encouraged to
join in groups for their volunteer work for Gawad Kalinga (program to assist in home building or
cleaning), and tree planting activities.
To organize and spearhead the Corporation’s corporate social responsibility initiatives and support
to the local communities, PhilSeven Foundation, Inc. (PFI) was established on October 2007. Its
main goals are as follows:
1. Focus activities on cities, major towns and provinces served by 7-Eleven stores.
2. Seek to cooperate with the social thrusts of their local governments.
3. Prioritize education, nutrition and health care of children from poor families.
4. Utilize the staff’s social welfare orientation to organize PSC relief operations, in
coordination with DSWD and Local Governments of the affected areas.
5. Avail of PSC’s corporate relationships to solicit assistance and cooperation on PFI projects.
Through PFI, PSC continues to give back to the communities where 7-Eleven stores are located.
Its current projects are:
1. “Gulong ng Karunungan” (GNK) - PFI’s GNK Project is a learning facility on wheels which
provides an alternative venue to access education for local communities by bringing GNK
services to the barangays and streets. It directly provides its beneficiaries with:
a. Non-formal education through Department of Education (Dep-Ed) Alternative
Learning System (ALS) and/or Early Childhood Care and Development (ECCD Council)
b. Values formation and promotion of good hygiene
c. Health and nutrition services through medical check-ups and supplementary feeding
d. Responsible parenting sessions and learning
6
2. “Everyday Play” (EP) – EP program provides access to safe and accessible, green and
public spaces to promote child-friendly and healthy community by construction and
development of a community playground park.
3. Environment Reforestation (Tree Planting) - Partnership with the Philippine Business for
Social Progress (PBSP) on “Go Green” Campaign, a tree planting activity at the La Mesa
Dam watershed, since 2016. The campaign aims to contribute in the promotion of
sustainable management of forests and reversal of loss of environmental resources
particularly in identified critical watersheds in the country.
PSC, through PFI, shall continue to support local communities as it moves from projects on
corporate social responsibility to creating shared value with local communities.
In partnership with the Foundation for Sustainable Coffee Excellence (FSCE), PSC gave back to
farmers who harvest the beans by donating a portion of its sales from every City Blends cup sold.
The campaign aimed to work with its stakeholders to elevate the coffee industry and the lives of
the Filipino farmers.
PSC is active in hosting events that promotes health and wellness such as 7-Eleven Run and 7-
Eleven Trail. Also, the prizes that are won by the top participants are matched with donations to
their selected advocacies or charitable institutions.
Environment 1. Waste Segregation and Management
1. Waste & Effluents PSC practice various measures in minimizing its solid waste output which will be discussed further
2. Materials under Focus for 2020 onwards: Solid Waste Reduction.
PSC also has a non-smoking policy and posted No Smoking signs inside its stores to ensure air
quality within its premises. PSC also fully complied with the requirements of Executive Order 26
and extended its non-smoking policy to the area outside its premises as defined by the EO and
posted “No Smoking” signs outside the store. Stores have also removed all cigarette receptacles
from its trash bins located outside the stores.
With waste & effluents as one of the material topics identified by the Corporation to be included in its
sustainability reporting, PSC shall strengthen its solid waste reduction efforts through the following programs
starting 2020:
7
Aside from seeking ways to improve operational waste minimization, sustainable practices shall also effected in
PSC offices and regional business units such as:
To have a complete grasp of the impact of its daily operational solid waste output, the Corporation has begun its
Waste Analysis and Characterization Study (WACS) of the actual volume of waste it generate in the selected pilot
stores. The results would allow the Corporation to make a comprehensive action plans for the succeeding years
and to guide the Corporation on what path to take for its long term commitment on solid waste reduction.
As part of its long-term action plans, PSC shall initiatives on utilizing both renewable & non-renewable materials
and extend the life of the materials by recycling or reusing them in its operations, an example is the polyethylene
terephthalate (PET) bottles to be transformed into new form of plastics.
PSC is currently eyeing collaboration with recycling facilities, local government units (LGUs) and other non-
governmental organizations (NGOs) for the reduction of the amount of solid waste that ends up in landfills and
bodies of water.
PSC, together with its subsidiaries/affiliates aim to reduce waste and to feasibly generate savings and profit
through reducing, reusing and recycling of solid waste.
ECONOMIC
Economic Performance
Direct Economic Value Generated and Distributed
Disclosure Amount Units
Direct economic value generated (revenue) 53,187,629,974.00 PhP
Direct economic value distributed:
a) Operating costs 50,163,324,213.00 PhP
b) Employee wages and benefits 1,352,212,429.00 PhP
c) Payments to suppliers, other operating costs 45,862,835.00 Php
Dividends: PhP
378,209,142.00
d) Dividends given to stockholders and interest payments to loan providers
Interest paid:
65,828,396.00
e) Taxes given to government 3,267,325,660.00 PhP
f) Investments to community (e.g. donations, CSR) 11,823,514.00 PhP
8
What is the impact and where does it
Which stakeholders are
occur? What is the organization’s Management Approach
affected?
involvement in the impact?
a) Customers PSC contributes to the economic growth of the
The impact of direct economic value b) Suppliers (goods, locality where its stores operate by providing
generated and distributed occurs in the services, capital), employment and business opportunities for local
primary business operation of the c) Stockholders’ enterprises and individuals. PSC also recognizes the
Corporation. d) Employees, growing customer preference towards innovation
e) Government and convenience and focuses its market
Which stakeholders are development plan on opening new stores in
What are the Risk/s Identified?
affected? different parts of the country, diversifying its sales
a. The risks identified are the following: channels and service offerings, technology
a) Suppliers, and innovation, and expanding its digital relationship
b. Market presence, and
b) Employees with its current and new customers.
c. Procurement practices
Which stakeholders are
What are the Opportunity/ies Identified? PSC prioritizes management policies that aim to
affected?
sustain revenue stream and progressive growth to
further increase shareholder value. PSC has adopted
The opportunities identified are the a sustainable dividend policy for its shareholders to
following: ensure return on capital of at least 20% of annual
a) Investors net profits by way of cash dividend while
Investments, and considering future capital requirements and
Economic growth potential growth opportunities.
2
Climate-related risks and opportunities
Governance Strategy Risk Management Metrics and Targets
Climate risks identified and how they
are managed are as follows:
1. Risks in store sales during wet
seasons – addressed through
monitoring rainfall impact to bring
up sales with promotions.
2
Adopted from the Recommendations of the Task Force on Climate-Related Financial Disclosures. The TCFD Recommendations apply to non-
financial companies and financial-sector organizations, including banks, insurance companies, asset managers and asset owners.
9
demands for seasonal/essential
products for projected climate
impact risk based on advisories.
10
Procurement Practices
Proportion of spending on local suppliers
Disclosure Quantity Units
Percentage of procurement budget used for significant locations of operations
100 %
that is spent on local suppliers
Anti-corruption
Training on Anti-corruption Policies and Procedures
11
What is the impact and where does it
Which stakeholders are
occur? What is the organization’s Management Approach
affected?
involvement in the impact?
The impact would occur across the PSC’s Code of Business Conduct and Ethics was
Corporation’s different business units drafted to strengthen its commitment towards
as to their transactions with external corporate governance and to provide thorough
parties for business operations. Hence, guidelines for employees. In this regard, it developed
part of PSC’s core values are reliability policies on the following to uphold ethics in business
and integrity. Suppliers may be dealings and transactions: 1) Limitations on
Employees, Suppliers,
affected in terms of pricing and quality Participation in the Corporation Sales Promotions, 2)
Customers, Franchisees
and prompt payment. Conflict of Interest, 3) Employment, Placement, and
Transfer of Relatives, 4) Foreign and Local Business
Customers may be affected in terms of Travel, 5) Employee Promotion for Section Managers
price, quality, pleasant experience and and Above, and 6) Whistle-blowing. With these
enjoyment of promotions. Franchisees policies set in place, employees are informed and
may be affected when there is collusion. required to follow the rules and regulations, both
Which stakeholders are from the government and from the Corporation, and
What are the Risk/s Identified?
affected? to steer clear from any covert or overt acts of bribery.
They are also advised to avoid solicitation and
acceptance of gifts of high value (usually PHP 2000 up)
No risk can be identified given that from business partners and/or suppliers.
policies of the Corporation are set in
place, employees are informed and Rules and guidelines in granting travel allowance
required to follow. Please refer to the Not applicable. and/or reimbursement of expenses incurred for
discussion on Management Approach. official business trips made locally or abroad are also
provided. Promotion of employees to Section
Managers and above is also standardized. In addition,
a Whistle-blowing Policy was set up to provide
channels for reporting of violations of the Code of
What are the Opportunity/ies Which stakeholders are Conduct and Business Ethics and the mechanism for
Identified? affected? its investigation and appropriate action. PSC is also a
signatory for the Integrity Pact and a participant in
Integrity Summit Fora.
Incidents of Corruption
12
What is the impact and where does it
Which stakeholders are
occur? What is the organization’s Management Approach
affected?
involvement in the impact?
The impact would occur across the To uphold and promote ethical behavior and sound
Corporation’s different business units as business practices, PSC directors, officers,
to their transactions with external Employees, Suppliers, employees, and suppliers can report any perceived
parties for business operations. Hence, Customers, Franchisees illegal activities through a whistle-blowing
part of PSC’s core values are reliability mechanism. All whistle-blowing reports received by
and integrity. PSC will be reviewed for appropriate action,
Which stakeholders are determining whether the Code of Conduct and
What are the Risk/s Identified? Business Ethics and other related policies and
affected?
procedures were violated. An independent
committee, known as the Committee on Conduct, is
tasked to handle reports of such violations.
Influencing sound business decisions
and Corporation direction due to The policy assures that the whistle-blowers are
personal interest. There can be a loss of accorded protection, respecting the confidentiality of
opportunity due to leakage of resources the information and their identities. Thus,
as well as possible tarnish of image due illegal/unethical conduct shall be reported in writing,
to corrupt practices. either anonymously or otherwise, depending on the
a) Investors, and
whistle-blower’s discretion. Modes of reporting may
b) Employees
Official negotiations that can be tainted be through a letter, e-mail, or other means
with outside deals between employees established by the Corporation. All reports are
and business partners as well as the treated with utmost confidentiality. To report an
employment of dummy corporations by incident, any person may access the PSC Website
the employees to engage with the and accomplish the form through this link:
Corporation. https://www.7-eleven.com.ph/corporate/corporate-
governance-head/whistle-blowing/. Reports may
also be submitted to
whistleblowing@7eleven.com.ph. The Committee on
What are the Opportunity/ies Which stakeholders are Conduct shall review the report of the whistle-
Identified? affected? blower and shall evaluate the merits of the
complaint according to circumstances, time of
reporting, evidence, and violation of procedures and
policies. The whistle blower shall be informed of the
decision of the Committee. Appropriate action shall
No opportunity can be identified. Not applicable. be taken against the persons found to have
committed any illegal/unethical conduct. PSC
provides appropriate protection from retaliation as
provided in this policy and in PSC’s Employee’s
Handbook
13
ENVIRONMENT
Resource Management
Energy consumption within the organization:
Disclosure Quantity Units
on-going data
Energy consumption (renewable sources) GJ
collation
on-going data
Energy consumption (gasoline) GJ
collation
on-going data
Energy consumption (LPG) GJ
collation
on-going data
Energy consumption (diesel) GJ
collation
Energy consumption (electricity) 61,714,270 kWh
14
Water consumption within the organization
Disclosure Quantity Units
Water withdrawal N/A Cubic meters
Water consumption on-going data collation Cubic meters
Water recycled and reused N/A Cubic meters
a) Renewable kg
7,074.54
b) non-renewable kg
886,320
Percentage of recycled input materials used to manufacture the
N/A %
organization’s primary products and services
15
Ecosystems and biodiversity (whether in upland/watershed or coastal/marine)
Disclosure Quantity Units
Operational sites owned, leased, managed in, or adjacent to, protected
N/A #
areas and areas of high biodiversity value outside protected areas
Habitats protected or restored N/A ha
3
IUCN Red List species and national conservation list species with habitats
N/A
in areas affected by operations
3
International Union for Conservation of Nature
16
What is the impact and where does it
Which stakeholders are
occur? What is the organization’s Management Approach
affected?
involvement in the impact?
The impact occurs in the primary PSC has taken steps to minimize its
business operations of the Corporation. environmental footprint through employment
of materials and equipment contributing to
What are the Risk/s Identified? energy and water conservation and waste
disposal management. 7-Eleven stores use T5
With the increase of number of stores, and T8 LED lights and inverter air-conditioning
a) customers;
there will be potential increase of units that are pre-set at 24-25 degrees Celsius
b) suppliers;
consumption and emission of stores and only 1 of the 2 units are used during the
c) employees; and
not yet employed with materials and graveyard shift. The stores turn off its signages
d) other stakeholders: electric
equipment contributing to energy at 6:00 AM and PSC has likewise piloted a
power distribution company;
conservation. sensor that will automatically turn on signages
service providers
at 6:00 PM.
Air pollutants
Disclosure Quantity Units
NOx N/A kg
SOx N/A kg
Persistent organic pollutants (POPs) N/A kg
Volatile organic compounds (VOCs) N/A kg
Hazardous air pollutants (HAPs) N/A kg
Particulate matter (PM) N/A kg
17
What is the impact and where does it Which
occur? What is the organization’s stakeholders are Management Approach
involvement in the impact? affected?
The Corporation through its Operations Division gather
needed information and partnered with LGUs for the
PET bottles that can be recycled to reduce waste going
Solid wastes generated from store are
to the landfilled.
waste that can be decomposed and waste
that can be recycled or reuse such as
Partnered with PBSP to conduct Waste Analysis and
shrink wrap, carton and core tape.
Characterization Study (WACS) that will start January
Decomposed waste is food waste that
2020.
reaches expiry date or whose been
damaged due to handling or rat bites.
By identifying what waste the store produce,
operations can formulate what projects should be
implemented.
What are the Risk/s Identified? a) Local Management Approach
communities & The Corporation identified areas where store
vulnerable operations can reduce plastic usage.
groups; Projects target to start in 2020:
b) suppliers; a) Below 2 items purchase
c) employees; and b) Skip that straw
Decomposed materials can attract pest c) Plastic Ban
d) government
and can produce a bad smell that may d) Combine Spoon and Fork
affect over immune system.
Install proper storage and outsource accredited waste
collector by DENR.
Hazardous Waste
Disclosure Quantity Units
Total weight of hazardous waste generated N/A kg
Total weight of hazardous waste transported N/A kg
18
Effluents
Disclosure Quantity Units
Total volume of water discharges 29,109.85 Cubic meters
Percent of wastewater recycled N/A %
Environmental Compliance
Non-compliance with Environmental Laws and Regulations
Disclosure Quantity Units
Total amount of monetary fines for non-compliance with environmental
0 PhP
laws and/or regulations
No. of non-monetary sanctions for non-compliance with environmental
0 #
laws and/or regulations
No. of cases resolved through dispute resolution mechanism 0 #
What is the impact and where does it occur? What Which stakeholders are
Management Approach
is the organization’s involvement in the impact? affected?
The potential impact would occur on a per location
basis since the stores are all over the country. The Corporation through its Operations
What are the Risk/s Identified? Division assigned a Managing Head to
attend the DENR seminar. Also, the Area
Country-wide operations could mean different a) Local communities;
Managers are tasked to attend the PCO
environmental ordinances and regulatory b) employees; and
(Pollution Control Officer) Training Course
compliance set forth by the LGUs where the stores c) government
to make sure that PSC is compliant with all
are located that the Corporation needs to monitor environmental laws and regulations.
and track.
What are the Opportunity/ies Identified?
No opportunity can be identified.
19
SOCIAL
Employee Management
Employee Hiring and Benefits
Employee data
Disclosure Quantity Units
4
Total number of employees 4,781
a. Number of female employees 2,382 #
b. Number of male employees 2,399 #
5
Attrition rate 10% rate
Ratio of lowest paid employee against minimum wage 1:1 Ratio
Employee benefits
% of female employees who % of male employees who
List of Benefits Y/N
availed for the year availed for the year
SSS Y 20.24% 16.97%
PhilHealth Y 25.18% 22.19%
Pag-ibig Y 15.03% 16.80%
Parental leaves Y 0.76% 0.17%
Vacation leaves Y 53.27% 54.42%
Sick leaves Y 17.46% 14.05%
Medical benefits (aside from PhilHealth)) Y 62.82% 63.11%
Housing assistance (aside from Pag-ibig) N 00% 00%
Retirement fund (aside from SSS) Y 0.42% 0.21%
on-going data
Further education support on-going data collation on-going data collation
collation
Company stock options N 00% 00%
Telecommuting N 00% 00%
on-going data
Flexible-working Hours on-going data collation on-going data collation
collation
(Others) N/A N/A N/A
4
Employees are individuals who are in an employment relationship with the organization, according to national law or its application (GRI
Standards 2016 Glossary)
5
Attrition are = (no. of new hires – no. of turnover)/(average of total no. of employees of previous year and total no. of employees of current
year)
20
Employee Training and Development
Disclosure Quantity Units
Total training hours provided to employees
a) Female employees 33,592 Hours
b) Male employees 26,752 Hours
Average training hours provided to employees
a) Female employees 23 hours/employee
b) Male employees 22 hours/employee
Labor-Management Relations
Disclosure Quantity Units
% of employees covered with Collective Bargaining Agreements N/A %
on-going data
Number of consultations conducted with employees concerning employee-related policies #
collection
21
Diversity and Equal Opportunity
Disclosure Quantity Units
% of female workers in the workforce 49.82 %
% of male workers in the workforce 50.18 %
Number of employees from indigenous communities and/or vulnerable sector* 14 #
*Vulnerable sector includes, elderly, persons with disabilities, vulnerable women, refugees, migrants, internally displaced persons, people
living with HIV and other diseases, solo parents, and the poor or the base of the pyramid (BOP; Class D and E).
Expanding support to employees with new laws on health and Negotiation with healthcare providers to cover new provision
safety such as Mental Health. on health and safety by including it in the coverage.
22
Do you have policies that explicitly disallows violations of labor laws and human rights (e.g. harassment, bullying)
in the workplace?
23
inspections and certification of PSC of suppliers’ production
process and facilities with the quality assurance guidelines set
Accredit more local and sustainable suppliers to present PSC by the Food and Drug Administration of the Philippines. Its
as a Corporation that supports local sustainable suppliers commissaries comply with the Good Manufacturing Practices
Raise general awareness of fundamental right and best (GMP) standards, while some are even ISO certified.
practices
https://www.7-eleven.com.ph/corporate/corporate-
governance-head/companys-policies/
*Vulnerable sector includes children and youth, elderly, persons with disabilities, vulnerable women, refugees, migrants, internally displaced
persons, people living with HIV and other diseases, solo parents, and the poor or the base of the pyramid (BOP; Class D and E)
For operations that are affecting IPs, indicate the total number of Free and Prior Informed Consent (FPIC)
undergoing consultations and Certification Preconditions (CPs) secured and still operational and provide a copy or
link to the certificates if available: _____________
Certificates Quantity Units
FPIC process is still undergoing N/A #
CP secured N/A #
24
Customer Management
Customer Satisfaction
Did a third party conduct the customer
Disclosure Score
satisfaction study (Y/N)?
Customer satisfaction on-going data collation Y
25
Marketing and labelling
Disclosure Quantity Units
No. of substantiated complaints on marketing and
1710 Tickets
labelling*
No. of complaints addressed 1710 #
*Substantiated complaints include complaints from customers that went through the organization’s formal communication channels and
grievance mechanisms as well as complaints that were lodged to and acted upon by government agencies.
Customer privacy
Disclosure Quantity Units
No. of substantiated complaints on customer privacy* 0 #
No. of complaints addressed 0 #
No. of customers, users and account holders whose information is used for secondary purposes 0 #
*Substantiated complaints include complaints from customers that went through the organization’s formal communication channels and
grievance mechanisms as well as complaints that were lodged to and acted upon by government agencies.
However, with the rapid development of technology and the It also formed a Data Privacy Committee (DPCom) to assist the
internet-of-things, data is also subjected to increasing privacy DPO in implementing appropriate organizational, technical
risks such as unauthorized access, loss of data, and and physical security measures. The DPCom is composed of
unauthorized disclosure of information. the DPO, Compliance Officers for Privacy (Technical,
Organizational and Physical) and Data Controllers per division.
As the National Privacy Commission states in its article Things
to Watch for as a DPO, “commercial or fraud oriented actors It also created a Data Breach Response Team (DBRT) to
are highly equipped and knowledgeable threat actors handle personal data breach issues.
primarily interested in money. They include identity thieves
and personal data marketers.” Hence, “practice of To guide its employees in the implementation of security
information security becomes essential in ensuring personal measures, PSC follows its Data Privacy Manual (“Manual”)
data protection.” which contains PSC’s general data privacy policies on:
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To improve products and customer service, PSC may collect a) Processing of Personal Data
personal data its customers upon their consent. b) Organizational Security Measures
c) Physical Security Measures
Recognizing the privacy risks that may, PSC has in place d) Technical Security Measures
appropriate organizational, technical and physical security e) Breach and Security Incidents
measures to protect customer privacy. It complies with the f) Exercise of the Rights of the Data Subject
requirements of the Data Privacy Act (DPA) of 2012 and the g) Third Party Data Sharing and Data Processing Agreement
Implementing Rules & Regulations (IRR).
The Manual is supplemented by other policies such as the
Privacy Notices & Data Subject Consent Policy, Organizational
Security Measures Policy, Privacy Notices & Data Subject
Consent Policy, Privacy Impact Assessment Policy, Inventory &
Registration of Personal Data Processing Systems & Security
Incident and Data Breach Response Policy.
What are the Risk/s Identified?
PSC also observes the data privacy principle of transparency,
Based on the latest Privacy Impact Assessment (PIA) legitimate purpose and proportionality.
conducted by PSC, the top risk identified in connection with
customer privacy is unauthorized access/disclosure. Prior to processing of personal data, a customer is informed
when their personal data is processed and requested to give
consent through ticking the box in a secured online form. For
What are the Opportunity/ies Identified?
customers who call the customer service hotline, they are
asked for their consent to the processing of their personal
data through a voice recording informing them that they may
In assessing the privacy practices of PSC, it was able to
choose to press 1 if they consent to the processing of their
summarize the baseline personal data it processes. It also
personal data or end the call if they don’t.
allowed management of its risks.
In addition, PSC has privacy notices posted in its stores, and its
An opportunity identified during the PIA is the process
website in order to inform its customers what data is being
improvement for answering customer queries & complaints
processed, the purpose for processing, to whom the data may
to increase customer satisfaction ratings.
be shared, their rights as data subjects, and the contact
information of its DPO.
Stricter monitoring to ensure that all complaints are timely
addressed and stricter implementation of controls over
In case there are changes in its processes which may affect
customer care email and hotlines are among the identified
customer privacy, PSC’s data controllers conduct a privacy
improvements to be made by the Corporation.
impact assessment (PIA) with the stakeholders involved to
determine the risks and privacy controls that they need to
implement.
Data Security
Disclosure Quantity Units
No. of data breaches, including leaks, thefts and losses of data 0 Data Breach
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share of payments from fintech players, most notably e-
wallets. This contributed to a more than doubling of It also created a Data Breach Response Team (DBRT) to handle
commission income versus last year.” personal data breach issues.
Given the importance of data in PSC’s business, data security
becomes one of the more important concerns of the In addition to the above, PSC also has the following policies on
Corporation. the following to address data security issues:
PSC consider cyber security issues such as data breaches, 1. User ID, Password, Access Rights and Electronic Mail
including leaks, thefts and losses of data as important issues2. Remote Access
to be addressed because it can impact the Corporation’s 3. Back-up
operations significantly. 4. Physical & Logical Access
5. Maintenance & Incident Response Plan
6. Application Software Testing and Deployment
7. Communication & Internet Services
It also conducts annual 3rd Party Security Tests for applications
and network & internal security tests for new/modified server
applications. It also implemented 2-factor security authentication
for emails of its employees.
What are the Risk/s Identified? Management Approach
To address this risk, PSC is improving its access control policy. Its IT
Based on the latest Privacy Impact Assessment (PIA) security team also conducts internal regular system and security
conducted by PSC, the top risk identified is unauthorized review. To augment the internal review of potential security
access/disclosure. incidents, it also acquired the services of a 3rd party security
service provider.
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UN SUSTAINABLE DEVELOPMENT GOALS
Product or Service Contribution to UN SDGs
Key products and services and its contribution to sustainable development.
* None/Not Applicable is not an acceptable answer. For holding companies, the services and products of its subsidiaries may be
disclosed.
29