PSE said the Panlilio’s failure to submit Boulevard Holdings Inc.’s annual report (ending May 2020) and quarterly reports (ending August and November 2020) would result to the suspension of its trading by 1 February 2021.
As of 25 January 2021, PSE said Panlilio has yet to submit any of the three reports.
PSE has already granted three extensions to Panlilio to comply with the mandatory disclosure requirements.
Panlilio has blamed the lockdown to control the pandemic and his lack of backroom for staff for Boulveard Holdings’ non-compliance.
In his letter to the PSE last December, Panlilio said Boulevard Holdings had hired Alas Oplas to replace its previous auditor, SGV & Co.
“There are some required cross-checking from our previous auditor, SGV, that may affect the beginning balances subject to minimal adjustments for the current year being audited. Understandably because of Covid-19, SGV which promised submissions on the foregoing since 5 months ago, has only recently submitted their statements,” said Panlilio.
“Our accountants are rendering extra efforts and overtime to complete these pending items. We aim to submit the reportorial requirements to SEC (Securities and Exchange Commission) and PSE some time this December (2020). We know there are barely 12 business days left for the month. We also promise next year that all accounting shall be handled by outside 3rd party professional services so we shall not end up like this,” he added.
Panlilio assured that PSE that Boulevard Holdings and its subsidiaries “remain with little or no bank debt, whilst the liabilities side of the balance sheet constitute the usual suppliers accounts.”
Boulevard Holdings operates the Friday’s Beach Resorts in Puerto Galera and Boracay, both of which have been closed since March 2020 due to the pandemic.
It also has “parcel investments” in Ternate, Cavite which Panlilio claimed would increase in value with “recent developments of the Sangley International Airport and Naic-Bataan Bridge projects.”