Project Pie Inc.

II. Company Background

A. History
James Markham was once a partner in building the Pieology in the
United States (US). But they had a conflict that resulted for James to make his
own idea of artisan pizza. He set the pizza to a higher level, making it into a
customized pizza. Out of that idea, he developed Project Pie. He established
the first branch at MGM Hotel, Las Vegas at the last quarter of 2012. On
February 2013, the Project Pie partners in the Philippines trained for one
month in US for the development of the franchised branch here in the
Philippines, in partnership with Shakeys Philippines. By August 2013, Project
Pie Philippines opened its first branch at Shaw Boulevard, Mandaluyong City.
Philippines is one of the first Asian countries that got the franchise. Manila can
now experience how it is in Project Pie US hip, slick, fun and always
welcoming. They highlight customer engagement and order.
The Project Pie concept is a customized artisanal pizza that has twentynine toppings to choose from. The overall concept of the restaurant is 98%
similar with the US branches; however, the restaurants furniture and some of
the toppings are brought locally.

pg. 1

Project Pie Inc.

B. Organizational Chart

III.

Current Market Situation

A. Market Situation

pg. 2

Project Pie Inc.

The basic market need is high quality Artisan pizza,
providing the best pizza to the middle and upper class of the
Metro Manila population. They have variety of meals that best
suits the target customers: they offer white pizza that is suitable
for customers who is currently on a diet plan and a big pizza
meal for customers who have a heavier appetite.
Project Pie Philippines was awarded the

Best

Pizza

restaurant last 2013 by the social application Looloo. Despite

being established for only less than a year in the Philippines,
they already captured the Filipinos taste and preferences.

B. Company Situation
1. Historical Company Data
Period 1
(December 2013February 2014)

Period 2
(March-May)

Period 3
(June-August)

Industry Sales

Php 208,970,650

Php 270,891,564

Php 316,030,534

Company Market
Shares

4.25%

11.73%

17.03%

Sales Revenue

8,881,253

31,775,581

53,816,839

Row 1 shows the industry sales of the whole pizza restaurant from
December 2013 to February 2014
Row 2 shows the industry sales of the whole pizza restaurant from March
2014 to May 2014
Row 3 shows the industry sales of the whole pizza restaurant from June
2014 to August 2014

pg. 3

Project Pie Inc.

Period 1

SALES

MARKET SHARE

(December 2013-February
2014)

PROJECT PIE

Php

8,881,253

4.25%

PAPA JOHNS

73,515,875

35.18%

NOLITA

8,985,737

4.30%

OTHERS
TOTAL:

117,587,785
Php

Period 2 (March-May)
PROJECT PIE

208,970,650

SALES
Php

31,775,581

56.27%
100%

MARKET SHARE
11.73%

PAPA JOHNS

106,433,295

39.29%

NOLITA

10,537,682

3.89%

OTHERS

122,145,006

TOTAL:

Php 270,891,564

100%

SALES

MARKET SHARE

Period 3 (June-August)
PROJECT PIE

45.09%

Php

53,816,839

17.03%

PAPA JOHNS

82, 894,809

38.23%

NOLITA

10,776,641

3.41%

OTHERS

168,542,245

TOTAL:

Php

316,030,534

41.33%
100%

C. Competitive Situation
pg. 4

Project Pie Inc.

Project Pie major competitors in pizza industry are Papa John's and Nolita. The
two competitors have their own uniqueness and specific strategy to gain customers
compare to the other popular pizza food-chain. Papa Johns is the fourth
largest take-out and delivery pizza restaurant chain in the United States while Nolita
is a big, authentic, New York style pizza. Though there are competitors, Project Pie
Philippines is a lot unique and different than the two said restaurants. As of now,
Papa John's have already 16 stores in Manila, Nolita have only store while Project Pie
currently have 7 stores in the Philippines and more to come.

COMPARATIVE LIST OF PAPA JOHNS, NOLITA AND

PROJECT PIES PRODUCTS AND ITS PRICES
PAPA JOHNS
PIZZAS
Super Papa
All the meats
John's Favorite
Spicy Italian Meatballs
Texas Heat
Chicken Barbeque
Chicken Bacon Ranch

REGULAR

FAMILY

PARTY

340
340
340
275
275
275
275

470
470
470
415
415
415
415

575
575
575
485
485
485
485

SALADS

PRICE

Caesar Salad

99

DESSERTS

PRICE

Sundae Triple Scoop

Sundae Single Scoop
Ice cream floats

89
39
79

DRINKS

PRICE

*Coca-cola products
Bottled Mineral Water
Coke, Coke zero, Sprite, Sarsi, Iced Tea
*Italian Sodas
*Parfaits
*Milkshakes

30
55
79
125
110

NOLITA
pg. 5

Project Pie Inc.

PIZZAS
House Pies
Tomato, Olives and Onions
Fresh tomato and Garlic
Spinach and cheese
Broccoli and Cheese
Pesto and Fresh Tomato
Cheeseburger
Spicy Italian Sausage
Spinach and Artichoke

MEDIUM

LARGE

870
870
980
980
980
980
1140
1140
1140

1160
1160
1130
1130
1130
1130
1520
1520
1520

DESSERT

PRICE

Cannoli
Bannoli
Big chocolate Chunk Cookie
White chocolate Peanut Butter Tiramisu
Triple Chocolate Pudding Tiramisu
Funnel cake
Strawberry Jam on the side

DRINKS

100
100
95
240
240
110
20

PRICE

Soft drinks in can

Bottled water
San Miguel Light
* Imported Beers
Hefeweizen
Marzen
Oatmeal stout
Ipa big eye
Dead guy ale

60
40
70
190
190
210
220
240
240

PROJECT PIE
PIZZAS

PRICE
pg. 6

Project Pie Inc.

1.)Classic Cheese Pie
2. )Pepperoni, Italian Sausage, Crumbled Meatballs,
Mozzarella, Signature red sauce, Garlic
3.) Tomato, Artichoke, Red union, Pesto, Feta, Mozarella
4.) Sliced tomatoes, Fresh Chopped Basil, Mozarella,
Parmesan, garlic
5.) Mozarella, Ricotta, Gorgonzola, Parmesan, Cracked
Black pepper, Olive oil, Garlic,Fresh Chopped basil
6.) Grilled Chicken, Sliced Red onion, cilantro, Mozarella,
Gorgonzola, barbeque sauce
7.) Proscutio, Caramelized Unions, Mozarella, Parmesan

DESSERTS
Banana Nutella
Peanut Butter Nutella
Strawberry Mango Nutella
Cinnamon Sugar
Parmesan garlic

SALADS
Classic Caesar
Mixed Greens
Pizza Salad

DRINKS
Bottled Water
Coca-cola, China Mist Iced Tea
Domestic Beer
Sparkling Water
Imported beer

245
285
285
285
285
285
285

PRICE
145
145
195
145
145

PRICE
165
225
245

PRICE
50
65
65
100
150

D. Distributive Situation

pg. 7

Project Pie Inc.

Project Pie Philippines main office is located at Unit 303 Gateway
Center Paseo de Magallanes, Makati City. It has several stores in Quezon City,
Makati, Mandaluyong, Pasay, Taguig and Muntinlupa.
At present, the company has 7 stores strategically located in Metro
Manila, with the first branch opened last August 1, 2013. These are the Shaw
515, BlueBay Walk, Block 28 Alabang, Palazzio Eastwood, Fairview Ayala
Terraces, SM North Edsa and Park Square branches. Now, they are currently in
the process of opening two more branches before the year ends. This October
07 2014, Project Pie will open new branch in Valero and October 25 in Tomas
Morato (beside Zirkoh Comedy Bar) in Quezon City.
E. Macro environment Situation
Project Pie is currently establishing its name in the Philippines with a
fast growing market. It operates in a macro environment of forces and trends
that shape opportunities and post threats. These macro environmental forces
are political, economic, socio-cultural and technological trends.

E.1 Political Environment

Project Pie is a private owned and controlled corporation,
therefore, its ability to promote and spend depends on the company
itself. There is no total government control except for the collection of
taxes and implementations of laws affecting the business. However,
the truck ban imposed by Manila Mayor Joseph Estrada which caused
port congestion had adversely affected the business operations. Since
it severely disrupted the port operations, it affected the delivery of the
tomato sauce of Project Pie.

E.2 Economical Environment

Despite the economic threat brought by the port congestion,
Project Pies current business environment is economically growing
steady in the Philippines. The Philippines is no longer regarded as the
sick man of Asia and is currently known as the rising tiger of Asia when
pg. 8

Project Pie Inc.

it comes to economic stability. The countrys economy grew 6.4%
(GDP) this year on the second quarter, making it one of Asias fastest
growing countries and deepening expectations for further rate
increases. Since the countrys economy is doing well, people will tend
to spend more.

E.3 Socio-cultural Environment

Since Project Pie came from the United States, Filipinos are still
adapting to the newly brought Pizza Parlor. The western culture is
gradually being taken inch by inch by the Filipinos. Also, being familyoriented, we spend most of our times together with our family and we
love to enjoy each others company. Similar to what Project Pie offers,
the awesome experience and bonding with family or friends. Therefore,
the awesome experience it provides the customers by giving the best
service is what Filipinos love with Project Pie.

E.4 Technological Environment

The newly emerging technological breakthroughs gave way to
the improvement of all the businesses in all aspects. In the aspect of
operations, the developments of baking and heating ovens led to
producing more pies with less time and effort. The advent of
technology also makes it easy for their cost-efficient ways of
publicizing and advertising their products rapidly.

pg. 9

Project Pie Inc.

IV.

Opportunity and Issue Analysis

A. Opportunity Analysis
1.
2.
3.
4.
5.

Technological breakthroughs in baking and heating ovens

Social Media
Blog reviews
Television Features
Loyal Customers who invites others to try

B. Threat Analysis
1. Competitors threat
2. Customer indifference to the culture brought by Project Pie
3. Truck ban which caused port congestion
C. Main Strength
1. No discrimination among ranks thus making the bonds among staffs
2.
3.
4.
5.
6.

stronger
Unique selling proposition
Fast service
Stores have relaxing ambience
Friendly staffs
Staffs are fluent in English

D. Weakness Analysis
1.
2.
3.
4.
5.
6.

Menu is very limited

Prices are not very economic compared to other cheap fast food chains
The brand is not that famous because of lack of advertisement
No delivery
Depreciation of expensive kitchen tools
Stores have different operating hours

E. Issue Analysis
With a number of pizza restaurant making it on top, it seems like varieties of
pizza restaurants have figured out how to play off Filipinos growing affinity
towards more unusual cuisines. Project Pie Philippines, as the Best Pizza
Restaurant in 2013, must maintain their hype and consistent high ratings. By
providing our custom made artisanal pizza fresh, crust and delicious; Project Pie
PH team decided not to engage in delivery services. Though pizza having
pg. 10

Project Pie Inc.

delivered at your door step is more convenient, we still want to practice the nontraditional service and have great customer engagement. As well, Project Pie
practices non-traditional advertising, we do not want to set off with TV
commercials, banners or streamers and radio announcement. With people
twenty-four seven on the World Wide Web, it will be opportune to introduce
Project Pie at the Market through social media pages like Facebook, Twitter and
Instagram. Project Pie PH team will also launch their Philippines Website for easy
access of updates of menus and for new stores near you. With a number of
toppings Project Pie offers, and the freedom to custom built your own pizza,
Project Pie PH has still have a big room for expanding our menu that will suit
customer preferences. Food choice that is not only for weight conscious but also
for those who have heavier appetite. One of the reasons why Project Pie PH
captures the market is by their customer engagement. We only not want guests
to enjoy our pizza but at the same time for them to enjoy each others company,
surely Project Pie PH will engage in Reservation services.

V.

Objectives
A. Financial Objectives
1. To produce a net income before tax of Php 31,426,660 in
year 2014.
pg. 11

Project Pie Inc.

2. To achieve target sales of Php 215,370,000.

B. Marketing Objectives
1. To expand customer awareness of the Project Pie products
and services by allotting an advertising and sales
promotion budget of 8,631,750.
2. To expand the number of branch outlets 7 to 9 for the year
2014.

VI.

Marketing Strategy
A. Target Market
Project Pies marketing strategy is focused on young crowd, young adults to
senior citizens. Particularly those who belong in the upper class of society.

Demographics
pg. 12

Project Pie Inc.

Costumers of Project Pie are commonly male and female, of all ages.
They may be: young adults or senior citizen, from students to
employees and professionals or simply those who needs an awesome
experience. Their target markets are also young professionals who
work close to their location. Most of their markets are currently
attending schools and/or have graduated who tend to patronize highend quality restaurants.

Psychographics
Project Pie targets class A, B, and C. These groups of people are at the
higher class level. They are also the kind of costumers who are looking
for the speed of fast food chain and the urbanity of fine dining. Their
markets enjoy a high quality meal with the pleasure of making the
pizzas themselves. They also value the appearance or presentation of
the food. Project Pie aims to meet their maximum satisfactory level by
by giving them awesome experience.

Geographic
Project Pie caters the costumers from the high-end of Metro Manila
places such as Mandaluyong, Quezon City, Pasay, Makati, Muntinlupa
to Taguig.

B. Positioning

Positioning involves designing a product that benefits the target

segment. It is very critical to every company to position their products and
services in the market. According to Project Pie's operations manager, they
actually identified what is being lost in the customers' minds. As they came up
with the idea of "Artisan pizza," it means that customers can apply arts in
pg. 13

Project Pie Inc.

making their own pizza. It truly became a big hit in the market. As we can see,
Mr. James Markham successfully formulated a different or unique kind of pizza.
It is an evidence that Project Pie is globally competitive. Consumers say that
they experienced "awesome," "cool," "fresh," and "hipster" type of pizza. These
are what Project Pie instills in their customers so with that, many have truly
want to experience also what Project Pie can do and feel the awesome
experience. Not only that, Project Pie's marketing team continues to excavate
various places that aren't being established yet because they believe that
positioning their products must be everywhere, especially to those hard to
reach areas.
C. Pricing Strategy
Project Pie uses the PENETRATION PRICING STRATEGY where they initially
price their product lower than the eventual market price. This is usually done
by starting businesses. They do this to attract new customers. And because,
Project Pie started only a year ago, this would be a good pricing strategy to
use. This strategys objective is to increase market share or sales volume
rather than to make profit in a short term. After gaining the market share, they
could eventually raise the price with the objective to increase their profit.

D. Service

Project Pie will be adding a new line of services for their

customers to enjoy their awesome experience. Besides providing the
Build Your Own pizza, they will be accommodating party reservations for
the first 100 customers to reserve. With the said reservations, they will
give free cakes for the celebrator, they will be provide a divider to
seclude their party area and they will also provide key chains with the
logo of Project Pie as party giveaways. Also in the list of new services is
having a website exclusively for Philippine setting. We will also add a
new form of entertainment for our customers by providing some board
pg. 14

Project Pie Inc.

games, UNO cards and also books while enjoying their food. This will
increase the customers bond and will flare-up their awesome
experience.

E.

Sales Force
Project Pie will select their employees not just based on their

qualifications of the job they are applying for but also by their attitudes,
commitment,

energy

level

and

of

course

good

in

building

customer

relationship. Employees will be interviewed not just by the HR employees but

also by the other persons who held a higher position to choose an applicant
who has a great personality and values, since Project pie is concerned about
the satisfaction of the customers. They will pick the employees that will uphold
the company's image with great integrity. Employees will not only be trained
about their functions as a worker but also be train in terms of values and
culture of the Project Pie family in order to provide customers the "awesome
experience". They will make sure that the employees will not only develop their
skills but also develop themselves as a person.
Building a good relationship from the owner up to the lowest position of
the employees will be given importance to motivate workers not only in terms
of compensation but as an individual. They will give awards, gift certificates for
those employees who would perform well; they will also conduct events like
bringing the families of the workers and enjoying the foods in Project Pie for
free. Performance is also to be checked and observed. Project Pie will go
beyond ordinary to increase sales with the help of their valued employees.
F. Distribution Channel
Considering having only opened for only a year now, Project Pie has already
opened seven branches- Shaw 515, BlueBay Walk, Block 28 Alabang, Palazzio
Eastwood, Fairview Ayala Terraces, SM North Edsa and Park Square- in total as
of August 2014. Now, they are currently in the process of opening two more
branches before the year ends. They will be expanding in the locations of
pg. 15

Project Pie Inc.

Tomas Morato and Valero. They target to have 25 branches in total for the year
2018.

G. Advertising

Project Pie is a non-traditional pizza restaurant. They dont do

commercials,

they

advertise

through

social

networking

sites

like

Facebook or Instagram. The advertising can be done by doing contests

for the own recipe of the pizza. They will submit the ingredients of their
own customized pizza and if the management loved it, it will be included
to the Project Pies menu. There will be one winner every month for all
the seven stores. There will also be loyalty cards with earned points.
Another is the collection of wooden nickels from September to December
in exchange of a planner or a mini wallet. And last is the Color Your Pizza,
support your team with the designated color of the UAAP team you
support in basketball. Volleyball and cheer dance.

pg. 16

Project Pie Inc.

VII. ACTION PROGRAM

ACTION PROGRAM

A. SERVICE

PERIOD

ACTIVITIES

May
Onwards
January Onwards
March
-Onwards

Reservation
Ph Website
Entertainment

B. SALESFORCE

Team Building
Recognition

C. DISTRIBUTION
CHANNEL

Branch Out

SALES PROMOTION
AND ADVERTISING

January Onwards
July Onwards
August March
September
- December

Pizza
Acknowledge
ment
Loyalty Cards
Color Your
Pizza
Promo Freebie:
Wooden Nickel

DEPARTMEN BUDGET
T
RESPONSIB
LE
Operation
Php
Manageme
1,001,500
nt

Store
Managers /
Team
Leader
Operation
Manageme
nt
Marketing
Department
and Sales
Department

Php 451,
980

Php
29,000,00
0
Php
8,631,760

A. Service
Reservation for parties:
Reservation for parties will consist of 20-30 persons in line to the main goal of the
company is to have an engagement between their customers. It will involve people
under the reservation to put all their toppings they want on their pizza personally so
they can have an awesome experience. They will also have the privilege to have a
special merchandise especially from Project Pie. The allotted budget for this project
is Php 826,000.

pg. 17

Project Pie Inc.

Website:
Project Pie should create a website that is exclusively or the Philippines. Through
this, Filipinos can easily identify the branches near their location. They can also see
the ingredients that are

available in the country. They can also easily access the

reservations because the contact numbers per branch will be posted there and they
wouldn't be mistaken the other branch as part of the Philippine branches. This
website will cost Php 67,000 but can make things more organize for the company.
Entertainment:
To add a cozy feeling in the restaurant while waiting for your pizza, we have board
games available for you. You can have a friendly game with your family and friends
that will also strengthen your bond. If you happen to eat alone we have available
novels for you or if you brought kids ages 9 below we also have story books
available in our restaurant. This is to provide customers comfort and awesome
experience which will cost them Php 108,500.
Adding all the costs, the total cost that will be incurred for the action program for
service is Php 1,001, 500.
B. Salesforce
Team Building:
Project Pie will increase their sales force in terms of boosting their employees confidence and motivation
by administering team buildings yearly that will worth Php 355,920 as allotted budget.
Recognition:
Not only that' Project Pie can express their appreciation to their hardworking, deserving "partners"
through awards night at the end of every year. At the same time, all of them can demonstrate love and
affection to each other since this event goes with the Christmas season. The said program will cost them
Php 96,060.
Totaling the costs of the said projects, it will add up to Php 451, 980.
C. Distribution Channel
Branching out:

pg. 18

Project Pie Inc.

Project Pie will is branching out to reach their target - 25 stores in 5 years and they
currently have 7 open branches. This year they will be opening two new branches to
attain that goal. They will be branching out in Tomas Morato which will be incurring
a cost worth Php 14,000,000 and also in Valero which will cost them Php
15,000,000.
The total cost they will incur for branching out is Php 29,000,000.
D. Advertising and Sales Promotion
Contests:

Project Pie will announce the contest via official Facebook page. Contestant will be
asked to submit original pizza recipe to the management on any branch. Only ONE
winner will be selected each month. The prize is: 1 whole meal for 2: pizza, dessert
pie, salad, drinks with Php 18,960 allotted budget.
Colour Your Pizza:

In line with UAAP season, dessert pizzas in the universities' colours will be made,
e.g., strawberry for maroon (UP) and red (UE), mango for yellow (UST), avocado for
green (La Salle and FEU), and blue coconut (ADMU and AdU). Pizzas will be available
only from 2-5PM, on Fridays, Saturdays, and Sundays, with only 30 pizzas produced
each day. This project will cost them Php 235,200
Loyalty Cards:

Membership may be availed through any of the following: single-receipt purchases

worth Php 1,000 or membership fee of Php300.00. The card will accumulate points.
Purchases worth Php15.00 is equivalent to1 point. Loyalty card points may be used
to purchase items. The allotted budget for this project is Php 805,000
pg. 19

Project Pie Inc.

Wooden Nickel:
This will be effective on Christmas season, starting September. 1 nickel will be
given for every Php 1,000 worth of purchases. With 10 nickels, the customer may
choose to exchange his/her points for any of the following: planner of design of
choice (available in 3 designs) or wallet. This project will cost them Php 7,572,600.

Adding up all the costs, it totals to Php 8,631,760.

BREAKDOWN OF EXPENSES FOR THE ACTION PROGRAM

ACTION PRAOGRAM
1. SERVICE

ACTIVITIES

BREAKDOWN OF EXPENSES

Reservation

Ph Website

Php 8,000 x 7 stores = Php 56,000

Php 500 x 100pcs x 7 = Php
350,000
Php 20 x 300 pcs x 7 stores = Php
420, 000

Entertainment

Php 55,000
Php 12,00
Php 4,000
000
Php 2,000
Php 6,000
Php 1,000
Php 2,500

2. SALES FORE

Team Building

TOTAL

Php 826,000

Php 67, 000

x 7 stores = Php 28,

x
x
x
x

7
7
7
7

stores
stores
stores
stores

= Php 14, 000

=Php 42, 000
= Php 7, 000
= Php 17, 500

Php 10, 000 x 3 = Php 30,000

Php 1, 680 x 174 employees = Php
292, 320

Php 108, 500

Php 1,001,
500

Php 355, 920

pg. 20

Project Pie Inc.

Php 33, 600
Recognition

3. DISTRIBUTIO
N CHANNEL

Php 300 x 174 employee = Php

52,200
Php 1,020 x 43 = Php 43,860

Php 96, 060

Tomas Morato

Php 14,000,000

Php
14,000,000

Valero

Php 15,000,000

Php 451, 980

Branch Out

Php
15,000,000
Php
29,000,000

4. SALES
PROMOTION
AND
ADVERTSING

Pizza
Acknowledge
ment

Php 720 x 2 x 12 = Php 18, 960

Php 18,960

Php 23 x 5,000 pcs x 7 stores =

Php 805,000

Php 805,000

Color Your
Pizza

Php 200 x 96 x 7 stores = Php

134,400
Php150 x 96 x7 = Php 100,800

Php 235,200

Promo Freebie:
Wooden Nickel

Php 4 x 18,000 pcs x 7 stores =

Php 504,000
Php924 x 450 pcs x 7 stores =
Php2,910,600
Php1,320 x 450 pcs x 7 stores =
Php4,158,000

Loyalty Cards

Php 7,572,600
Php8,631,76
0

pg. 21

Project Pie Inc.

IX. Budget Control

A. Efficiency Control
1. Sales Efficiency
Our company will monitor the following:
a.
Performance of the stores in terms of sales
b.
Franchisees attending the conference
2. Advertising Efficiency
Our company will keep track of the following:
a. Effective and efficient execution of advertisement
b. Percentage of audience who noted, saw, heard, associated, and read
the about Project Pie.
3. Distribution Efficiency
Our Company will keep track of the following:
a. Observe the time of serving of the products
b. Freshness of the products when it reach the stores and customers
B. Budget Control

pg. 22

Project Pie Inc.

4. Monthly monitoring of expense rate so as not to exceed with the
forecasted budget
5. The company will check the financial reports every quarter of the year.

VIII. Projected Profit and Loss Statement

Project Pie
Projected Profit and Loss Statement
for the year ended December 2014
Income
Net Sales
Total Sales
Cost of Sales
Inventory, January 1
Purchases
Total available for sales
Inventory, December 31
Total Cost of Goods Sold

P 215,370,000
P
215,370,000
P

10,520,504
83,498,992
94,019,496
12,036,010
P
106,055,506

pg. 23

Project Pie Inc.

Operating Expenses
Salaries and Wages
Sales Promotion and
Advertising
Rent Expense
Light and Water
Telephone and
Communication
Licenses and Fees
SSS/HDMF Premium
Depreciation and
Amortization
Service
Sales Force
Repair and Maintenance
Insurance
Amortization and Preoperating exp.
Representation
Miscellaneous
Total Operating Expenses

P 18,230,500
8,631,760
12,400,000
6,825,600
4,389,900
9,680,000
2,791,135
2,979,879
1,001,500
451,980
251,950
9,896,560
120,560
154,980
98,650
P
77,887,834
31,426,660

Net Income from Operation

before taxes

pg. 24