Business

Danding believed COVID-tested San Miguel in ‘good shape’: Few companies will have strong balance sheet like ours

The late bilyonaryo Danding Cojuangco believed the coronavirus pandemic has made San Miguel Corp. stronger and more agile to face challenges under the new normal.

“As a company, I believe we are in good shape. We will act with the agility that’s become instinctive to us in the last few months,” said the late San Miguel chairman in a speech to stockholders he wrote before passing away last June 17.

“Much of what has dramatically changed about business and about everyday life has been deeply unsettling. Yet for San Miguel, the pandemic has also brought out the best in us and has—I am very proud to say—made us a more efficient, resilient company than ever before,” he added.

Related story: Danding awed by SMC’s massive response to pandemic: How Ramon Ang led us to collective action will be remembered for years

Cojuangco cited how management has strengthened its supply chains, cut costs and raised productivity during the world’s longest lockdown which forced millions of Filipinos to stay at home to contain the spread of the virus.

“We are working to protect our cash flow and are pro-actively managing our working capital. Once things start to get back to normal, or near normal, few companies will be armed with a balance sheet as strong as ours,” said Cojuangco.

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