In a statement, Antonio claimed that Revolution Precrafted was working on several projects as a supplier of designer homes to landowner-developers “when the pandemic struck, thereby affecting its sales, collections, and operations…it was unable to collect its receivables from landowners, which in turn limited its ability to pay its contractors.”
“Like many companies, we were not exempt from the market challenges brought about by the coronavirus pandemic that significantly affected our sales, collections and operations,” said the son of Century chairman Jose Antonio, the 39th richest Filipino according to Forbes.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues. In parallel, we will also work in earnest to collect what is due the company,” said Antonio.
A group of mostly small medium businessmen filed a complaint with the National Bureau of Investigation on 19 February 2020 accusing Antonio of demanding a total of P150 million from the contractors to become Revolution’s preferred suppliers.
After receiving the money, however, Antonio and Revolution company stopped dealing with the contractors.
The story was first reported by Bilyonaryo.com.ph.
Aside from Antonio, other Revolution execs charged by the furious suppliers are Precious Aceveda, corporate treasurer; Bryan Ronquillo, company director, and Michael Bilgera, corporate secretary.
In its statement, Revolution Precrafted committed to expeditiously resolve its company issues and fully cooperate with the authorities.
Bilgera said settlement discussions were now in progress with company stakeholders.
“We are fully cooperating with the authorities on this and we are committed to address these issues with our contractors and suppliers,” said Bilgera.