The operator of Fridays Boracay Beach Resort will take a hit following the “impulsive” decision of the government to close the island for rehabilitation, prompting Boulevard Holdings, Inc. (BHI) to ramp up the sales of its property in Puerto Galera.
In a disclosure, the holding firm of the Panlilio family said shutting down Boracay will negatively affect Friday’s Holdings, Inc., owner and operator of Friday’s Boracay Beach Resort, despite full compliance to laws mandated by Department of Environment and Natural Resources and the Department of Interior and Local Government.
The shutdown has resulted in almost P22 million in advanced deposit cancellations from places like China and German, with the closure coinciding with the peak season.
BHI estimates monthly foregone revenues of P6.5 million for seven months from April to October totaling P45.5 million. The company will also suffer another P35 million in losses due to fixed costs and expenses to be incurred representing utilities, maintenance, repairs, depreciation, personnel costs for engineering, housekeeping, accounting and other general expenses. — Krista Angela M. Montealegre