BigPat Founder and CEO Alfonso Bigeriego Pateno told Business Bulletin in an email interview they are investing P200 million this year and P500 million next year with financing coming from private investors and a bank loan.
Pateno said their investment is in anticipation of strong growth of the domestic economy. “I think Covid has been super tough for the whole world. The rebouncing effect in the Philippines should be pretty strong in the upcoming years,” he said. According to Pateno, many of the young professionals, who once sought their units as their homes while working in Metro Manila went back to the provinces during the pandemic.
“We turned our units into points for people who needed to quarantine before traveling abroad or when they arrived in Manila. We had to follow certain safety protocols and train the staff for this but eventually we’re able to continue business albeit not at full capacity,” he said. Their focus on the middle income individuals and families would also provide them enough economic scale, believing this target market would account for a bigger portion of the population in the next years.
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