January 24, 2023

Arell F. Bañez, CESO V

Group Manager
North Luzon Group
Small Business Corporation
Baguio City

Good Day!

Christian Greetings,

I personally & voluntarily contacted some authorized person to settle my account, and
in this letter is to request from your good office to apply my SB Corp loan for restructuring and
to ask for your kind consideration to waive my penalties for the said loan.
Since our business is WELLNESS SPA (category IV) we are one of the businesses that
much affected by the pandemic and because of this situation we thought that this kind of
industry will be no longer effective in this New Normal so we tried some other business like an
Agri related business since we believed in this New Normal this kind of business will become in
demand in the market but unfortunately the agri business (itikan) we tried was failed. And
another thing since we can no longer sustain the overhead expenses of our exisiting business
(Northern Home Spa) because the lessor of the building don’t give us consideration during the
lockdown or any discounts. Aside from that the customers/ clients at that time was very
minimal, that the income revenue wasn’t really enough to compensate the OPEX resulting to a
negative monthly net, so we decided to closed Northern Home Spa Cabanatuan City. We
experienced a lot of difficulties in our finances since I have also some other obligations and
liabilities to settle. We still tried to survive my other branch in San Jose City despite of
difficulties until 2021 and in God’s grace we are slowly recovering from our debts and one of my
obligation to settle is the SB corp help form us as SME.
I am really hoping for your very kind consideration with regarding this matter.

Sincrely Yours,

JANNEL R. VELASCO
Proprietor,
Northern Home Spa – Cabanatuan City