TABLE OF CONTENTS
Page Title Page Approval Sheet Acknowledgement Executive Summary List of Figures List of Tables
i ii iii iv v vi 3
Chapter 1 – Business Concept
Business name Business offerings Unique quality Business structure Location Business feasibility Study objectives 9
Chapter 2 - Situation Analysis
Company profile Products and services Marketing plan Management plan Operational plan Financial plan Sustainable Development Plan Company expectations 46
Chapter 3 – Business Viability
Pitfalls Positives Needed Capital Entrepreneur’s Role Business Plan Licensed Potential Corporate Partners Proprietary Rights Infrastructure Members
1
54
Chapter 4 – Business Schedule
Pre-operating period Operating period Chapter 5 – Summary, Conclusion, and Recommendation
69
Related studies Industry review Key drivers and challenges Target market Competition SWOT Matrix Business viability Business schedule Conclusions Recommendations 76 77
List of Work Cited Appendix
Articles of Partnership
2
Chapter 1 Business Concept
Introduction
One of the goals of the tourism industry is to provide customer satisfaction. It means that the tourism establishments must meet the expectations of the tourists by providing them with the best experience during their travel to a specific destination. Their trip doesn't end until they go back to their own homes. It doesn't matter what activities they did along the way as long as at the end of their journey, they have the best experience and a big smile on theirfaces.
In line with this, the group has decided to put up a Bed and Breakfast Inn in Tagaytay City, in order to complement the tourists’ experience. Most tourists
are far from the destination so majority of them go home early and miss out some of the fun and the fireworks. The group wanted to put up the Bread and Breakfast establishment to provide comfort and accommodation to the tourists going to People’s Park and Picnic Groove. So through the Bed and Breakfast
establishment, the tourists will no longer worry about missing out the fun and travelling for such a long time just to get a nap or short sleep. Instead, they can stay as long as they want and just check-in at our inn afterwards, have a goodnight
sleep
and
eat
breakfast
3
in
the
morning.
Some hindrances are the ones that block in completing the tourists’
experiences. By putting up an accommodation at Tagaytay City, this will stop the hindrances and fill the missing components of the tourist’s experience. Not only
does this inhibit the blocks but it also opens up a whole new different experience to the tourists.
To identify the specific group of tourists a bread and breakfast will pursue, the group will use the Segmentation process. It is the process of segmenting a large market into smaller groups based on Demographic, Geographic, Firmographic, Behavioural, and Occasion.
Since the establishment’s purpose is to provide accommodation to
Tagaytay City goers, they are the main target market. Other than the Tagaytay City goers, we are also pursuing another target market based on geographic location is the employees working at the companies nearby. In case of the demographic aspect, our target market would be families and groups of friends so the rooms of our establishments should accommodate at least four people per room. While in terms of benefits, the quality of the amenities and facilities must be satisfying and the prices must be affordable to reach the potential target markets.
4
Antheia’s Garden Inn
The name of the business is Antheia’s Garden Inn. Antheia is the Greek
goddess of gardens, flowers, swamps, and marshes. The Inn proudly showcases the rich flora of the province of Laguna creating an ambiance of nature.
Antheia’s offerings
The Inn offers the following services:
Twenty three garden-themed bedrooms 3 Single 1 single bed 5 Double 1 queen size bed 5 Twin 2 single beds 5 Triple 1 queen + single size bed 5 Quadruple 2 queen size beds Additional mattresses are available with additional cost.
Complimentary breakfast
Restaurant
Room service
Designated smoking area
Laundry facilities
Air conditioned room
Crib available
5
Bathroom
Hot and cold shower tap Balcony
Unique Quality
The unique features of the Inn are the following:
Each room is garden themed;
At the back of the inn, overlooking the balcony, is a stunning garden filled with different trees, beautiful flowers, and a pond filled with fishes to relax the guests from the hustle and bustle of the city life;
La-Z-Boy chair in each room; and
A grand piano in the parlor
A grand piano in the lobby – keeping it classic and elegant
Mini park,
Organic mini farm
Make-your-own-salad bar
Pick-your-own-veggies
6
Antheia’s Business Structure
Antheia’s Inn is owned and operated by a corporation composed of four
people who agree to invest money, labour, and skill in the business.
Location
Antheia’s I nn is located in 445 Tagaytay-Calamba Road, Barrio Sungay
West Tagaytay City 4120 Philippines. It has a land area of 800 square meters. The location is approximately 1 to 2 km away from the popular People ’s Park and Picnic Groove.
7
Business Feasibility
Based on the initial data, Antheia’s Garden Inn is a feasible business because
there is a potential high demand from the market for an accommodation considering it is one of the most popular tourist destinations in the country, Tagaytay City. According to research, as tourist arrival averages more than 2,000,000 per annum, there is a high demand for more lodging facilities. Tourist arrival of the City increased from 915,925 in 2001 to 2,006,571 in 2006 or an increase of 119.07 percent.
Objectives of the Study
The study aims to determine the feasibility of Antheia’s Garden Inn in
Tagaytay City. Specifically, it aims to answer the following questions: 1. What is the profile of the accommodation business in Tagaytay City, in terms of the following?
Products & Services offered
Pricing
Marketing strategy
2. Is Antheia’s Garden Inn feasible? 3. What is the business plan of Antheia’s Garden Inn? 4. What are its strategies to meet its goals?
8
Chapter 2
Situational Analysis
This chapter discusses the company profile, products and services, marketing plan, management plan, operational plan, financial plan, sustainable development plan, and the store expectations.
Antheia’s Profile
. Antheia’s Garden Inn showcases the rich flora of Laguna that creates a
refreshing ambiance of nature. Itis inspired by the Greek goddess of gardens, flowers, swamps, and marshes. Figure 1 shows the logo of the Inn.
Figure 1. Logo of Antheia’s Inn
9
The logo of Antheia’s Garden Inn promises to Bring Families Together . It
also emphasizes the conservation of nature, starting with its architectural design that harmonizes with the environment.
Vision
Antheia Garden Inn aims to be a model of Filipino value anchored in strong family bonding while maintaining profitability and conserving the environment.
Mission
In order to achieve its vision, Antheia’s mission is as follows:
People: Be a great place of work where people are inspired to be efficient
and good performance are properly rewarded.
Profit: Sustain long-term return of investment.
Productivity: Be a highly effective, lean and fast-moving establishment.
Partners: Nurture a winning network of customers and suppliers and
create a mutual and enduring value.
Environment: Conserve the environment.
10
Core Value The core values of Antheia are the following:
Leadership: The courage to shape a better future
Passion: Committed in heart and mind
Quality: What it does, it does well
Products & Services
The products & services of Antheia’s Inn are the following:
Garden-themed bedrooms
The group planned to design each room with different ambiance and atmosphere of a garden. It aims to entice guests to come back for a different experience in each room. All rooms are equipped with air-conditioning, bathrooms with the availability of hot and cold taps. Additional mattresses will be available but with additional cost. Table 1 shows the number of rooms of Antheia and their descriptions.
11
Table 1 Number of Rooms of Antheia and Their Descriptions Number of rooms
Room Type
Number of beds and size
3
Single
1 single bed
5
Double
1 queen size bed
5
Twin
2 single beds
5
Triple
1 queen + 1 single size bed
5
Quadruple
2 queen size beds
Rates Php2,360.00 Php3,430.00 Php3,180.00 Php4,260.00
Php4,500.00
# of guests 1 2
2 3
4
There will be 23 rooms that are available to all guests. It consists of three (3) single rooms, five (5) double rooms, five (5) twin rooms, five (5) triple rooms, and five (5) quadruple rooms. All room rates are inclusive of Filipino plated breakfast and are following customer-based pricing strategy. The profile of the rooms is the following:
1. A single room is recommended for a guest who is travelling alone. Figure 2 shows the interior of a single room.
Figure 2.Interior of a Single Room 12
Its amenities includes a mini bar, safety deposit box, two complimentary bottles of mineral water, laundry bag, slippers, toiletries, air-conditioned, and 24‖ flat screen television
2. A double room is recommended for married couples traveling together. Figure 3 shows the interior of a double room
Figure 3.Interior of a Double Room Its amenities includes a mini bar, safety deposit box, two complimentary bottles of mineral water, laundry bag, slippers, toiletries, air-conditioned, and 24‖ flat screen television
3. A twin room is recommended for friends traveling together or additional room for families. Figure 4 shows the interior of a twin room.
13
Figure 4.Interior of a Twin Room Its amenities includes a mini bar, safety deposit box, two complimentary bottles of mineral water, laundry bag, slippers, toiletries, air-conditioned, and 24‖ flat screen television
4. A triple room is recommended for married couples with one kid. Figure 5 shows the interior of a triple room.
Figure 5.Interior of a Triple Room Its amenities includes a mini bar, safety deposit box, two complimentary bottles of mineral water, laundry bag, slippers, toiletries, air-conditioned, and 24‖ flat screen television
5. A quadruple room is recommended for families traveling together. Figure 6 shows the interior of a quadruple room. 14
Figure 6.Interior of a Quadruple Room Its amenities includes a mini bar, safety deposit box, two complimentary bottles of mineral water, laundry bag, slippers, toiletries, air-conditioned, and 24‖ flat screen television
Restaurant
The restaurant is also managed by the Inn and has a different department. It will have a menu of the day with a pricing system based on the head chef.
Figure 7.Interior of Restaurant
15
Figure 8.Make Your Own Salad Bar
Organic Farm What sets us aside from other establishments is that our ingredients are always fresh. Our make-your-own-salad bar will boast its freshness and on the top quality.
Housekeeping
This department is responsible in maintaining the cleanliness of the whole vicinity. It provides the needs of the guests inside the rooms (including laundry services, crib for kids).
Amenities
Balcony
A balcony is provided in each room so the guests can relax and set their minds off with their problems and just be one with nature. 16
Figure 8.View from the Balcony of each Room
Mini-park
To enjoy more the nature, it encourages its guests to walk with the whole family and feel the fresh air. They also have the option to have their meals set within the park.
Figure 9.View of the Mini Park 17
Family activities
Antheia will provide its guests with various sports equipment for its various activities. Table 2 shows the different sports equipment.
Table 2 Sports Facilities and Rental Price Sports Equipment
Price
Biking
70/head (any type of bike)
Table tennis
Free for the first hour; 50/hr.
Kite flying
50/kite
Traditional Spa; whole body (for 18
500/head
and above) Pool
Free
Playground
Free
Figure 10.Playground
18
Playground equipment features swings, fitness & freestanding items and is constructed from the highest quality materials. We believe that a playground is so much more than just a playground, so it was designed specifically to promote child development through family bonding or activities.
Figure 11.Pool
Our pool was designed for both kids and adults to enjoy swimming together. It is divided into 2 parts; one is 2 feet high for the kids and the other is up to 6 ft. Also, the management value the safety of its guests; therefore we have a lifeguard on a day to day basis.
Figure 12.Spa
19
Our traditional spa provides a serene and truly unmatched experience of relaxation.
Market Segment
Antheian will use the segmentation process to identify its target market. It is the process of segmenting a large market into smaller groups based on demographic, geographic, firmographic, behavioural, and occasion type.
The market segment of Antheia is based on psychographic style. Its market is people whose lifestyle is to go out from their normal environment and relax in a private place surrounded by nature during their freetime. It will target foreign and domestic corporations, organizations, schools, families, and friends. The demographic type of the target market segment is from 4-40 years old.
The inn also targets company employees within the vicinity of the location. Some employees need to work overtime and stay out late so to ease their dilemmas of going home late and groggy; the inn is open and available for them to have a comfortable and peaceful sleep.
The products and services of Antheia’s Inn will penetrate the target market
and will be promoted through e-mails, posters, videos, flyers, cards and direct mails to companies.
20
Marketing objectives
It is forecasted that Antheia will have a balance of payment in the first year of its operation. However, a modest growth of 20% is expected in the 2nd and third year and a 30% growth is expected in the 4th and 5th year of its operation. Table 3 shows the objectives of Antheia. Table 3 Marketing Objectives of Antheia Year
1st quarter
2nd quarter
3rd quarter
2014-2015
Sales growth
Reduce
by 5%
expenses by
4th quarter
5% 2015-2016
Sales growth
Stable income
by 10%
Reduce
Target market
expenses by
share by 5%
5% 2016-2017
2017-2018
2018-2019
Sales growth
More
by 10%
incentive by
expenses by
5%
10%
Expansion
Stable income
Reduce
Target market
Sales growth
Sales growth
share by 10%
by 10%
by 5%
Reduce
Sales growth
Sales growth
More
expenses by
by 5%
by 10%
incentive by
5%
5%
21
The steady growth of Antheia could be achieved through strong advertising and promotion, keeping profitable customers loyal to Antheia.
The objectives of Antheia are the following:
Focus on the needs of its customers and franchise partners;
Sustain profitability:
Listen, observe and learn from the market;
Possess a global perspective;
Be accountable for its actions and inactions;
Reward employees for taking risks and finding better ways to solve problems; and
Learn from our outcomes -- what works and what do not work.
Marketing strategy Strategy planning In order that Antheia will achieve its objectives, it will make sure that its customers are always satisfied. Customer satisfaction can only be ach ieved once their expectations have been met. Hence, Antheia will regularly listen to its customers’ comments and suggestions and address a ll those comments.
At this point, the role of its employees is very important. Since the employees are the front runners of Antheia, it is also important that Antheias
22
listens to their needs and address them. Only happy employees can satisfy customers. Internal environment analysis Antheia has various capabilities and weaknesses. Table 4 shows the strengths and weaknesses of Antheia.
Table 4
Antheia’s Strength and Weaknesses
Strengths
Weakness
Clear vision, mission, goals, and Capability of the employees to objectives
adjust to the vision, mission, goals, and objectives of Antheia.
Strong resources support Customer-oriented employees Program Development for employees Strong corporate partners
Table 5 shows the strengths and weakness of Antheia. It has five strengths ranging from clarity of its vision, mission, goals and objectives that will serve as guide to the direction of Antheia on what they want to be in the future 23
have already old habits which have been formed by their culture and experience. The old habits of employees do not normally appear during the six-month training period of the employee but it usually appears once they have been regularized.
External Environment Analysis
Antheia has various opportunities and threats as a start-up corporation Table 5 shows the opportunities and threat of Antheia.
Table 5
Antheia’s Opportunities and Threat
Opportunities
Threats
Big market opportunity Many competitors Stable local politics
Natural calamities
Stable inflation rate
Table 6 shows the opportunities and threats to Antheia. Its opportunities include the big market opportunity based on the big volume of foreign and domestic tourists that visit People’s Park; there is also a stable political situation in Laguna; finally, the inflate rate is stable with people having enough extra money to spare for relaxation. However, it has also to overcome various threats 24
like the big number of competitors in the area and the natural calamities that affect the behaviour of the foreign and domestic tourists.
Antheia’s Goal
Antheia’s Inn is committed to be the model of bringing families together
while at the same time maintain financial profitability and conserving nature. Table 6 shows the diagram of the Antheia’s goal in relationship to its strategies.
Table 6
Diagram of the Antheia’s Goal in Relationship to its Strategies.
Antheia’s five goals are the following
1. Maintain core family values 2. Sustain its financial profitability
25
3. Conserve the environment 4. Support the needs of its employees 5. Listen to the needs of its target market segment
The said goals must be shared by everyone in Antheia starting from the Board of Directors, Senior and Junior management, and staff so that everyone is moving towards one direction and one culture . Strategy formulation
In order to attain its goals of Antheia, the costs of its products and services will be competitive with its competitors, but it will offer more amenities and activities than others that address the needs of its target market segment.
Program formulation
The following support programs will be used to achieve the strategic plan of Antheia:
Recruitment Program
26
There are a lot of ways to recruit the right employees for Antheia. For the Inn’s program of recruitment they made a list of effective s trategies to find people
fit at the kind of work they offer. Table 7 shows the various strategies of Antheia to recruit the right employees.
Strategy
Description
Firm looks a certain percentage of employees using the Online
internet through ads, social media, and other forms of Recruiting
modern technology. Targeted
Firm looks a certain skill of a person. There are times
Recruitment
when such skills are needed. The employees themselves recruit people because of the
Word of Mouth
performance of the firm and because they are happy working at the company. The firm accepts on-the-job trainees. If the trainees are
Internships
excellent wand wants to keep on working, they can be a full-time employer. The firm can find potential employees through job fairs
Job Fairs
held at specific universities and fields. Table 7
Strategies of Antheia to recruit the right employees Training Program
27
The newly recruited employee will undergo a training program. This is to determine the skills of the employees if what they can do fits the needs of Antheia.
Fringe Benefits
The fringe benefits are given to employees who perform an extraordinary task to help build the image of Antheia. The benefits are given to employees to motivate them. Some of the fringe benefits given by Antheia are the following: Retirement plans, Life Insurance, Health Insurance, and SSS.
Implementation Based on its program formulation, Antheia will be able to retain the best employees suited for the job and needed by Antheia. It has also the needed budget to ensure the steady growth of its employees.
Feedback and control Antheia will establish a marketing information system that will enable it to monitor important information relevant to the success of the business such as the feedbacks of its customers and the actions taken by Atheian, to address the issues; profile of its customers and the things they like about Antheia; and lists of suppliers and competitors.
28
Distribution channel
Since Antheia caters to both foreign and domestic tourists, it will establish a consortium among travel & tour agencies for its foreign market segment and with the local travel agencies for its domestic tourists. Table 8 shows the relationship among Antheia, travel & tour agency, and local agencies.
Table 8
Relationship among Antheia, Travel & Tour Agency, and Local Agencies
Antheia's Garden Inn
Travel Agency
Consumer
Pricing strategy
Antheia’s pricing strategy is Customer -Based pricing. According to Jim
Riley, pricing is determined by what the firm believes the customers will be prepared to pay for the products and services. Antheia follows this type of pricing strategy, because it is a service-based business where the goal is to satisfy the customer’s wants, needs and expectations.
29
Antheia forecasts its revenue to grow by 20% each year. Table 9 shows the revenue forecast of Antheia. Table 9
Revenue Forecast 60000 50000 40000 30000
Revenue
20000 10000 0 2016
2017
2018
2019
Table 9 shows that by 2016 the net revenue of Antheia is P 20 000, in 2017 it will be at 25 000, 2018 at 35 000, and in 2019 at 45 000. The management truly believes that our business has nowhere to go but up. With the full effort of their competencies, abilities and skills of the whole management, our business will be profitable.
Table 10
Sales Quota per Quarter for the Years 2016-2017
30
Sales Quota (Volume-
Objectives
based) 1stQuarter – 15 families
Making sure that every service or product
Year 2016 Sales growth rate
becomes profitable 2n Quarter – 20 families
Cultivate bloggers and Get published online
3rd Quarter – 20 families
Distribute flyers all throughout Metro Manila
4 Quarter – 20 families
Maintaining a healthy relationship with suppliers
1st Quarter – 30 families
Expansion
2nd Quarter – 30 families Decreasing the expenses Year 2017
without harming the
Sales growth rate
quality of a certain service or product 3rd Quarter - 35 families
Maintaining a healthy relationship with suppliers
4 Quarter – 40 families
Join conventions
Based on its revenue forecast, Antheia will set the quota for each quarter. Table 10 shows the sale quota for the years 2016-2017. 31
Marketing Budget
The management would invest approximately P100,000 for the marketing budget of Antheia. A mix of marketing strategy will be designed to create awareness to its target market segment. The media to be top for the job are the following:
o
Print media - local newspapers, magazines, flyers
Broadcast media – local commercials, radio advertisements
Online media – Advertisement through social web pages such as Facebook, twitter, YouTube, blogs and as well as our own website
Direct mail - subscriber lists, offices for delivery
Partnership—partnership with other establishments such as travel agencies, hotels, motels and inns, the local government unit
Summary
32
Antheia’s Garden Inn proudly showcases the rich flora of Laguna that
creates a refreshing ambiance of nature. As a start-up corporation, it will be owned and managed by its Incorporators.
Antheia’s Garden Inn offers the following services: Seven garden themed
bedrooms, Air-condition room, Bathroom with hot and cold shower, 24-hour room service, Free Wi-fi in each room, Garden balcony, Restaurant, Complimentary buffet breakfast, Laundry facilities, and Parking area. Some of the unique qualities of are the following: Garden themed room, Garden balcony, La-Z-Boy chair in each room, Playground for children (Free for in-house guests).
It will target foreign and domestic corporations, organizations, schools, families, and friends. The demographic type of the target market segment is from 4-40 years old.
The media it will top for the job are the following: Print media, broadcast media, online media, and direct mail.
Management Plan
33
A management plan is our guide for the organization to run, both day-today and over the long term. Antheia’s Garden Inn exists to fulfil its commitment in Bringing Families Together while emphasizing the conservation of nature.
The management consists of different departments with their own sets of responsibilities, however we practice Collaborative management. A Collaborative management is where the whole group -- which usually includes all staff and may include participants as well -- takes part in major decisions, and everyone takes part in decisions which affect her directly. At the same time, everyone has enough authority to fulfil her own responsibility and do her job effectively. This practice allows everyone to feel a sense of ownership in the organization.
Operational Plan Table 11
34
Organizational Chart General Manager
Accounting Head
Human Resource Manager
Front Office Head
House Keeping Head
Food & Beverage Head
Sales and Marketing Head
Security and Maintenance
The organization consists of 1 general manager to oversee the day-to-day business operations, 1 accounting head and 1 staff to handle all finances of the organization, 1 Human Resource Head to handle the attraction, selection, training, assessment, and rewarding of employees and 5 departments to attend the needs of the guests. Financial Plan
The initial capital requirement of Antheia is twenty million pesos (P20, 000, 000).
Table 12
Start-up Costs
35
Item
Cost
Php
Land
Expected Life
1,840,000.00
30 yrs
Building
5,000,000.00
25 yrs
Mattresses, sheets,
1,500,000.00
3 yrs
10,000.00
5 yrs
500,000.00
10 yrs
3,000.00
2 yrs
blankets, etc. Smoke detectors Kitchen Equipments Entrance signs
100,000.00
Decorations
200,000.00
Garden
First Year Costs
3,000.00
Legal fees
80,000.00
Promotions, Advertising Supplies Security
Total
Php
Php
15,000.00
9,251,000.00
Table 12 shows the start-up capital of Antheia.
36
Table 11 shows the start-up expense is Php 9,251,000. The start-up expenses includes the following: Land, building, mattresses, sheets, blankets, smoke detectors, kitchen equipment, entrance signs, decorations, garden landscape, legal fees, promotions and advertising, office supplies, and security. If it is deducted from the initial capital, what will be left isPhp10, 749,000.
The balance sheet presents the financial position of Antheia. It shows what the Antheia owns and what it owes to other parties. Table 12 shows the projected balance sheet of Antheia’s Garden Inn.
Table 13
Antheia’s Balance Sheet Current assets Cash Short-term Investments Accounts Receivables Prepaid Rent Total Current Assets Property, plant and Equipment Land and Building
Php 30,000.00 10,000.00 6,000.00 Php
10,795,000.00
Php
2,328,000.00
6,840,000.00
Property and equipment
Php
Long-term Investments
60,000.00
37
10,749,000.00
9,168,000.00
15,000.00
Other Assets Total Assets
Php
20,038,000.00
Note Payable
Php
1,500,000.00
Liabilities Current liabilities
Accounts Payable 2,000,000.00 Accrued wages 2,470,000.00
50,000.00
Taxes payable Total Current liabilities
Php
6,020,000.00
Long-term debt
Php
4,000,000.00
Total owner’s equity
Php
10,018,000.00
Total Liabilities and owner’s equity
Php
20,038,000.00
Owner’s Equity
The balance sheet consists of three parts: The first part is the assets where it identifies what Antheia owns. It includes the resources of the company that has been obtained through transactions and the costs paid in advance that have not yet reached its expiration; the second part is the liabilities where it shows the amounts owed by Antheia to its creditors. It is the obligation of the company made through past transactions and deals with the other parties;the
38
last part is the equity. It is the source of the company’s assets. It is the amount
contributed by the owners and the retained earnings.
Antheia’s income statement shows the projected income statement of the
business. It measures the financial performance of Antheia over a year. Table 13shows the Income statement of Antheia.
Table 14
Income Statement Sales
Php
15 ,000,000.00
Php
1,200,000.00
Php
13 ,800,000.00
Wages
Php
100,000.00
Utilities
Php
1,000,000.00
Rent
Php
72,000.00
Equipment
Php
1,800,000.00
Php
2,972,000.00
Cost of Good Sold Gross Profit
Operating Expense
Total Expenses Nonrecurring events Discontinued Operations
N/A
Extraordinary Items
N/A
39
Effect of Accounting changes
N/A
Other Items
N/A
Net Income
Php
1,828,000.00
It is divided into two parts. The first part is the Operating section where it identifies the regular business operation expenses of the Inn. The second part is the non-operating section. It shows the expenses of the activities that are not tied directly to a company’s regular bu siness operations. Cash flows statement provides Inn’s cash receipts and cash payments. It
is the movement of money into and out of the company.Table 15 shows the projected cash flow statement of the Inn.
Table 15
Cash Flow statement Operating Activities
Cash receipts from customers
Php
4,000,000.00
Inventory purchases
Php
(1,000,000.00)
Wage Expenses
Php
(100,000.00)
Interests
Php
(150,000.00)
Income Taxes
Php
(200,000.00)
Cash paid for
Net Cash flow from Operations
Php
Investing activities
40
2,550,000.00
Cash receipts from
Php
600,000.00
Purchase of property and Equipment
Php
(200,000.00)
Loans to other Entities
Php
(100,000.00)
Net Cash flow from Investing activities
Php
300,000.00
Repayment of loans
Php
75,000.00
Net Cash flow from Financing
Php
(75,000.00)
Net Increase in Cash
Php
2,325,000.00
Sales of property and Equipment Cash paid for
Financing Activities Cash receipts from Issuance of stocks Borrowing Cash paid for
There are three components of a cash flow statement. The first component is the Operating activities where it shows the cash generated from the daily operations of the business. The second component is the investing activities where it shows the buying and selling of noncurrent assets that is used in generating revenues. And the third component is the financing activities where the borrowing and repaying of money is shown.
41
Financial Ratios
Gross Profit Margin 13000000
=
15000000
0.92
The gross profit margin indicates the business’ financial health. It is
computed by dividing Gross margin profit to sales. The projected margin for the venture is 80%. This means that the higher percentage the more the business retains its sales.
Current Ratio 10795000 = 1.79318936877076 6020000
The current ratio provides the company’s abilit y to pay its short-term
liabilities. It is computed by dividing current assets to current liabilities. The higher the ratio, the more capable the company is of paying its obligations.
Fixed Asset Turn-over 15000000 = 9168000
1.636125654
42
The Fixed Asset turnover measures the ability of the company to generate sales from the fixed assets. It is computed by dividing sales to total fixed assets. The higher the ratio the more effective are the equipment
Total Assets Turnover. 15000000 = 0.748577702 20038000
The Total Assets Turnover measures the efficiency of the company to use its assets to generate sales. It is computed by dividing sales to total assets.
Sustainable Development Plan
Environmental
For the next few years the Inn plans to sustain the beauty of its environment through planning the strategies for the environmental sustainability. According to Smallbiz connect, environmental sustainability is the action by which natural resources are protected, preserved and nurture in order to increase its capability to support human life. It concerns decision making on matters that will decrease the negative impacts of the inn to its nature.
43
In order to protect and increase positive response from nature, Antheia’s
Garden Inn will practice environmental sustainability by taking care of the garden, using organic food for guests, powering facilities with renewable energy sources, conserving water, recycling, waste reduction, and more a ctions that could help in preserving and protecting nature.
Economic
According to WiseGeek, Economic sustainability is the plan where the resources of a company are used to the very best of its advantage. It means the resources are used responsibly and efficiently to generate profit consistently.
Now that Economic sustainability is defined, the Antheia’s Garden Inn plans to pursue this through taking advantage with modern technology, use of wood and forestry products, distribution of locally produced foods, taking care of the facilities, collaborating with a good company and a lot more practices that can help in generating more income for the venture.
Equity
To Sharon Beder, Equity sustainability talks about fairness. It means being fair, equal and just to all aspects of the venture. It talks about people having
44
equal access to the resources and opportunities ahead of them. Sharon Beder emphasized that no individual should be greater than the other.
True Equity can be maintained by being fair, just, and equal with people. No discrimination should be permitted in every organization. Having dedication is also one practice on how to maintain equity, partnership, stewardship, and many more that can lead to better, harmonized and united organization.
Antheia’s Expectations
Antheia’s Garden Inn expects that in its firs t year of operation, it will have
a balance of payment. It means that its revenue is equal to its expenses. However, in the succeeding years, in the next two years, it will create a revenue of 10-15%, and in the succeeding three years, it will grow by 30% as it gain loyal and profitable customers from its target market segment and new customers.
The management also considers an expansion after all quotas and target sales growth is achieved. By 2017, an evaluation will be done and re-assess the planning.
45
Chapter 3
Business Viability
The chapter discusses the pitfalls, positives, needed capital, entrepreneur’s role, corporate partners, proprietary rights, and infrastructure
members of the study.
Pitfalls
Some of the possible drawbacks of the business are the following:
Sustaining the motivation of the employees
One of the drawbacks of Antheia is on sustaining the capability of its employees to adjust to the vision, mission, goals, and objectives of Antheia. Antheia will address this drawback by support the Employees Development Program in order to build a culture of service in the company.
Many competitors
There are many competitors in Sta. Rosa, Laguna. Antheia will address this issue by lowering the cost of its products and services by 5% against its lead competitors during the first year of its operation in order to attract its tssegment
46
and change their buying behaviour once they have experienced the products and services of Antheia.
Natural calamities
Philippines has over 25 typhoons every year. This means that the occupancy rate of Antheia will drop during every typhoon. Antheia will address this challenge by offering promo rates and man-made activities that suit its loyal customers such as a concert by a popular artist or band.
Positive
Some of the strengths of Antheia internally are the following:Clear vision, mission, goals, and objectives;Strong resources support;Customer-oriented employees;Program Development for employees;and Strong corporate partners.
Externally, some of the strength of Antheia are the following: Big market opportunity; Stable local politics; and Stable inflation rate.
Needed Capital In order for Antheia to start its business, it needs its capital of twenty million pesos (P20, 000, 000). Its capital comes from the following sources:
47
investment from its Incorporators, loans from banks, community lenders and online lenders. Table 16 shows the start-up capital of Antheia.
Table 16
Start-up Costs Item
Cost
Php
Land
1,840,000.00
Expected Life
30 yrs
Building
5,000,000.00
25 yrs
Mattresses, sheets, blankets, etc.
1,500,000.00
3 yrs
Smoke detectors
10,000.00
5 yrs
Kitchen Equipments
500,000.00
10 yrs
3,000.00
2 yrs
Entrance signs
100,000.00
Decorations
200,000.00
Garden
First Year Costs
3,000.00
Legal fees
80,000.00
Promotions, Advertising Supplies Security
Php
15,000.00
Total
Php
9,251,000.00
Table 16 shows the start-up expense is Php 9,251,000. The start-up expenses include the following: Land, building, mattresses,sheets,blankets, 48
smoke detectors, kitchen equipment, entrance signs, decorations, garden landscape, legal fees, promotions and advertising, office supplies, and security. If it is deducted from the initial capital, what will be left is Php10, 749,000.
Entrepreneurs Role The role of the entrepreneur is very significant in the success of Antheia. Table 16 shows the different role of the entrepreneur.
Table 17
Entrepreneur Role
Position
Job Description
She is the direct overall manager of the various departments. She manages stakeholder relations, General Manager manages community relations, and ensures that the Camille Castillo
strategic goals and objectives of the business are realized. She does the overall implementation of the business plan The HR head takes care of all the employees. This
HR Head Akimi Ferrera
includes hiring, firing, giving out salaries and making sure that the employees are working hard and are doing a great job.
49
In this position, the head takes care of everything on the reception. The person assigned must maintain the
Reception /Front Office Head
organization of keeping the records and making sure that
Isabella Diaz
everything is under control in bookings, reservations, checking in/out, inquiries and guests payments She ensures that accommodation is clean, well
Housekeeping
maintained and attractively presented. She controls a Head
budget, manages stock and orders supplies Arvee Pacag
General
Accounting
Human Resource
Front Office
House Keeping
Food & Beverage
50
Sales and Marketing Head
Security and Maintenance Head
According to Tim Berry, ― A business plan is any plan that works for a
business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities.‖
This helps the new venture to look ahead and guides the business to stay on track and lead them to the future the owners want it to be. The key points that should be further discussed in the business plan are the products, services, marketing, and branding. There should be a more detailed outlook on what the business wants to happen with their products and services in the near future. Furthermore, the new venture should have plans for the future on how to improve their marketing strategies and branding to be flexible on the changes that may occur for the next few years.
Licenses from: Securities & Exchange Commission Department of Trade & Industry Bureau of Internal Revenue Business Permit Accreditation from the Department of Tourism
Corporate Partners
51
Corporate Partners: Department of Tourism Philippine Tour Operators Philippine Travel & Tour Association Guide’s Incorporated
Travel & Tour Agency Local & Domestic Travel and Tour Agency DOT Accredited Hotels DOT Accredited Restaurants DOT Accredited Transport Groups Philippine Tourist Transport Operators
Table 18
Corporate Partners of Antheia
Contact Company Name
Address No. (02) 638
The Linden Suites
37 San Miguel Avenue, Ortigas Centre, Pasig 1600 7878
CVCLAW Center 11th Avenue, Ccorner 39th Street
(63 2)
Bonifacio Triangle, Bonifacio Global City
988-6088
Villaraza & Angangco Law Offices Metro Manila Makati City
52
1.
The CEO of Linden Suites is a relative of one of the owners of Antheia’s Inn. They made an agreement that they will support and help one another in promoting and creating accommodation.
2.
Villaraza & Angangco Law Offices helped Antheia’s Inn by assisting in certain government papers and mainly building up the inn.
Infrastructure Members
The infrastructure members of Antheia includes: Lawyers who will help it on legal matters; Architect and engineers who will help it in the design and decoration of the Inn; Accounts who will help it in managing its financial operations; and a professional hotel consultant who will guide the owners in matters pertaining to the operations of the Inn.
53
Chapter 4 Business Schedule
Timetable of the project
I.
Operating Period Table 19
Departments
Person in charge
Number of staff
General Manager
Camille Angeline Castillo
Human Resource Dept.
AkimiFerrera
3
(Human Resource Manager) Front Office Dept.
Isabella Diaz
3
(Front Office Head) House Keeping Dept.
ArveePacag
8
(House Keeping Head) Food and Beverage Dept.
Stephanie Kim Apo
8
(Food and Beverage Head) Sales and Marketing Dept.
Erika Louise Fernandez
3
(Sales and Marketing Head) Accounting Dept
Jenny Jane Ramayan (Accounting Head)
54
2
Security and Maintenance
DennAldrinCruzado
Dept.
(Security and Maintenance
4
Head)
Organizational Chart
General Manager
Accounting Head
Human Resource Manager
Front Office Head
House Keeping Head
Food & Beverage Head
55
Sales and Marketing Head
Security and Maintenance
Duties of each Unit Management Personnel Table 20
Position
General Manager
Roles and Responsibilities
Direct overall management of the various departments
Manage stakeholder relations
Manage community relations
Ensure that the strategic goals and objectives of the business are realized
Manage the brand of the Bed & Breakfast
Report to concerned stakeholders on the performance of the business
Human
Brand affiliation management
Attract new business to the Bed & Breakfast
Provide input regarding local business community needs
Charity events and fund raising at the Bed & Breakfast
Overall implementation of the business plan
Working closely with departments, increasingly in a
Resources
consultancy role, assisting line managers to understand and
Manager
implement policies and procedures
Recruiting staff: this includes developing job descriptions, preparing advertisements, checking application forms, short listing, interviewing and selecting candidates
Promoting equality and diversity as part of the culture of the
56
organization
Liaising with a wide range of organizations involved in areas such as race relations, disability, gender, age, religion, and health and safety
Developing policies on issues such as working conditions, performance management, equal opportunities, disciplinary procedures and absence management
Advising on pay and other remuneration issues, including promotion and benefits
Undertaking regular salary reviews
Negotiating with staff and their representatives on issues relating to pay and conditions
Administering payroll and maintaining records relating to staff
Interpreting and advising on employment legislation and implementing disciplinary procedures
Developing, with line managers, HR planning strategies, which consider immediate and long-term staff requirements in terms of numbers and skill levels
Planning and delivering training, including inductions for new staff
Analyzing training needs in conjunction with departmental managers
57
Front Office
Manager
To ensure that guests are greeted, checked in and allocated rooms promptly and courteously
To ensure that check-in procedures are strictly adhered to and that the correct address and charge out details are obtained from each guest
To be readily available at all times to deal with problems or complaints
To ensure that rooms are serviced and maintained to the standards laid down by Extravagant Luxury Bed & Breakfast
To ensure maximum room occupancy within agreed overbooking policy
To ensure that reservations are taken correctly and courteously
To ensure effective liaison between reservations and front office staff with other departments (e.g. housekeeping)
To ensure that all charges are correctly entered on the guest's bill and that this is up to date at all times
To ensure that credit control procedures are strictly adhered to, that no bills exceed the stipulated limit without prior approval and that written confirmation, purchase orders, or order numbers are on file
To ensure that accounts are balanced daily
To ensure effective and speedy check-out facilities
To ensure that luggage is delivered to and collected from rooms
58
speedily
To ensure that enquiries, messages, conference bookings are dealt with courteously and efficiently
To ensure that all front office staff are correctly and smartly dressed at all times
To ensure that all Front Office areas are clean and tidy at all times
To ensure that newspapers and parcels are delivered to rooms without delay
To ensure that incoming and outgoing telephone calls are handled promptly and courteously
To ensure maximum security of all items left in safety deposit boxes
To carry out systematic checks of all Front areas for maintenance requirements, repairs or refurbishing, ensuring that these are done without delay
To ensure that the Bed & Breakfast entrance is easily accessible to cars and taxis at all times
To hold regular performance appraisals with all senior staff, identifying areas for development and training needs and ensuring that this training is effected
To carry out or ensure that regular On-the-Job training is taking place to agreed standards
To hold regular meetings with all senior staff. To ensure that
59
manning levels are correct and that these are not exceeded without permission
To ensure that the most suitably qualified person is appointed in the event of a vacancy - wherever possible this should be an internal promotion
To ensure maximum security in all areas
To act as Duty Manager when required
To attend Management Meetings as required
To circulate regularly throughout all front areas, maintaining a high profile with guests and staff
To ensure accurate and timely submission of all reports as well as administrative work
To monitor trends within the industry and make suggestions how these could be implemented
To be familiar with all local rules and regulations
To ensure that staff under his/her control are trained in safety and security measures
House
Keeping Manager
Ensuring that accommodation is clean, well maintained and attractively presented
Controlling a budget, managing stock and ordering supplies
Liaising with reception services to co-ordinate the allocation of accommodation
Liaising with other departments, e.g. the kitchen, to arrange room
60
service;
Arranging laundry and linen supplies
Planning staff rotas
Arranging repairs and maintenance
Recruiting, training and supervising teams of room attendants
Inspecting to ensure that all aspects of the accommodation meet hygiene and health and safety regulations
Food and
Organize, direct and evaluate food and beverage service
Beverages
Assisting with the recruitment and training of staff in the Food
Manager
and Beverages section
Shift scheduling
Performance management; monitor staff performance and provide feedback
Purchase and control of inventory
Monitor revenues and expenses
Ensure practice of health and safety regulations
Negotiate supplier arrangements for food and beverage products
Negotiate with clients for use of facilities for catering, parties, banquets, etc
Sales and Marketing
To follow up leads by visiting prospective clients regularly, often enough to maintain their interest but not too often to
61
Manager
alienate them
To achieve budgeted sales targets
To identify prospective clients' exact needs, by questioning, observation and the completion of a full sales survey
To entertain prospective clients, where possible combining this with visits to existing satisfied customers
To liaise closely with operational staff on all details for a prospective new contract and gain their agreement on all details
To maintain communication with the clients once the contracts are opened and show an ongoing interest in the operation
To complete a daily/weekly log of all activities
To analyze statistics so as to identify key sales areas, problems and success rate
To research prospective client details, finding out as much as possible about the company to ensure a professional approach
To constantly monitor and be aware of competitor activity
To present a realistic proposal to a prospective client, having thoroughly researched cost factors, and ensure that the proposal is achievable
To constantly be aware of new business opportunities and take action on these
62
Accounting Officer
To accurately complete the daily, weekly and monthly returns, submitting these timely on the prescribed format in accordance with the Bed & Breakfast’s standards
To reconcile and balance cash, floats and dockets ensuring that these tally with daily income and expenditure
To notify management immediately of any variances in the above
To make payments from petty cash against vouchers or invoices
To ensure that all documentation for the receipt and issuing of commodities is accurately completed
To inform management of any shortages, surpluses or irregularities in connection with the above item and ensure that queries are handled immediately
To assist with stocktaking at prescribed intervals
To extend and process stocktaking figures accurately and timely
To ensure that cash and relevant vouchers are securely and systematically kept
To ensure that control systems are operating effectively within agreed parameters
To ensure that all administration is handled efficiently,
63
systematically and filed or sent to the appropriate department without delay
To leave all desks and office in a clean and neat manner when going off-duty
To ensure that all lockable areas are secure before leaving the premises
To bank all monies in accordance with laid-down procedures
To ensure that all documentation is kept securely against fire, theft and espionage
To carry out on-the-job training at prescribed intervals
To attend meetings and training courses as required
To take part in fire drills and evacuation drills at required intervals
Security and
Maintenance Officer
Protection of guests and workers physical well being and health
Protection of guests properties
Employ safety training
Reduction of employee theft from rooms
Monitor activities outside the entrance of the Bed & Breakfast
Protect storage areas
In charge of the Bed & Breakfast’s surveillance systems
64
Drafting emergency plans for the Bed & Breakfast
Prepare security check list and procedures
Unit Management
Time to be devoted
Personnel
to the project and
Qualifications
Compensation
duties Camille Angeline
8 hours per day
Miriam College
Castillo
Php30,000.00
graduate, BS Leisure and Tourism Management, General Manager of Antheia’s Garden
Inn AkimiFerrera
8 hours per day
Miriam College graduate, BS Leisure and Tourism Management, Human Resource
65
Php25,000.00
Manager of Antheia’s Garden Inn Isabella Diaz
8 hours per day
Miriam College
Php20,000.00
graduate, BS Leisure and Tourism Management, Front Office Head of Antheia’s Garden
Inn ArveePacag
8 hours per day
Miriam College
Php20,000.00
graduate, BS Leisure and Tourism Management, Housekeeping Head of Antheia’s Garden
Inn Stephanie Kim Apo
8 hours per day
Miriam College graduate, BS
66
Php20,000.00
Leisure and Tourism Management, Food and Beverage Head of Antheia’s Garden Inn Erika Louise
8 hours per day
Miriam College
Fernandez
Php20,000.00
graduate, BS Leisure and Tourism Management, Sales and Marketing Head of Antheia’s Garden Inn
Jenny Jane
8 hours per day
Miriam College
Ramayan
graduate, BS Leisure and Tourism Management, Accounting Manager of
67
Php20,000.00
Antheia’s Garden
Inn DennAldrinCruzado 8 hours per day
Philippine College of Criminology graduate, BS Criminology, Security and Maintenance Head of Antheia’s Garden
Inn
68
Php18,000.00
Chapter 5 Summary, Conclusions and Recommendations
The chapter discusses the SWOT, Related studies, Business Viability, Business Schedule, Target market, Conclusions and Recommendations of the Study.
SWOT Matrix
Strengths • • • • •
Weaknesses
Multi-lingual and well trained staff 24 hours operation Free Wi-Fi Cheaper Quality Service
•
Opportunities •
New establishment
Threats
Internet/Media
• • •
69
Off-Season time Criticisms Competitors
Industry Review A Bed and Breakfast is a small lodging establishment that offers an overnight stay and a breakfast to its customers. It has an estimated worth of 3.4 Billion dollars. In USA, 17,000 inns were estimated to provide products and services to be the desired destinations for millions of travellers around the world. There are four forces that impacts the B&B industry. These are the economic forces, where it changes rapidly and could have a direct correlation to the ability of the innkeepers to operate; Technological forces, where the growth of the digital information world helps the innkeepers to think of tactics and strategies to gain more customers through the internet; Social forces, where the aging population requires special attention with their accommodations and lastly the Political forces, where taxes, labor laws and such affects the industry. Bed and Breakfast Statistics (based on PAII Industry Study Data) Order the Industry Study of Inn keeping Operations and Finance today!
Performance (in medians) · Occupancy Rate
43.7%
· Average Daily Rate · Revenue per Available Room
$150 $58
About The Inns · Typical B&B has between 4 and 11 rooms, with 6 being the average
70
· 29% were in rural locations, 23% were urban, 5% suburban, and 43% were village · 94% of rooms have private baths · 36% have achieved an "historical designation" by a local, state or national historic preservation organization · 5,700 square feet is the average size for a B&B · 93% offer free high speed wireless internet · Most inns provide the following in common areas: internet, magazines, hot/cold beverages, board games, fireplace, refrigerator, newspapers, telephone, cookies/cakes/candies/fruit, fresh flowers and televisions. · Most inns provide the following in guest rooms: internet, television, luxury bed/linens, premium branded toiletries, robes, fireplaces, magazines and jetted tubs.
About the Inn Owners · 72% of inn owners are couples, 18% are individual females, 5% are individual males, 5% are non-couple partnerships · 79% of owners live on premises
Related Studies According to Peter C. Morales, Bed and Breakfast is niche segment of the travel industry. It is identified as a private residence that offers an overnight
71
accommodation and a breakfast. While B&B’s and Inns are often used interchangeably, the Professional Association of Innkeepers International differentiates the two. They said that B&B only offers breakfast while Inns may also offer lunch and dinner. The important factors of B&B are its uniqueness and sense of social environment. They say, that B&B owners usually loves people and hanging out with others. According to Highlights of the Eighth Biennial Bed-and-Breakfast & Country Inns PAII Industry Study of Operations, Marketing, and Finance for 2002,
Average number of rooms for a bed and breakfast is 8.5, up from 8 rooms in 2000
95% of respondents offer rooms with private baths
93% – 94% of inns/bed and breakfasts are non-smoking
Responding inns employ 4.6 people
42% of bed and breakfasts have meeting rooms Most Bed and Breakfast doesn’t have any employees because it is
operated by a family. According to the US Census Bureau County Business Patterns, there were 3,042 bed & breakfast inns with paid employees (721191). As seen in these data, not only does the Bed and breakfast help the travellers but it also helps other people to have a job.
72
As B&B shifts their attention to business traveller, they also focus their their advertising online. Ray Coll, President of the Pittsburgh Bed & Breakfast Association
Business Schedule
Antheia’s Bed and Breakfast Breakfast Inn will will be open ed this year in the month of
March and will be very much positive pos itive in offering a lot of services to satisfy customer’s needs. Why March? As the business entrepreneurs believe that this
season will be the perfect time for higher market demand and market profitability as people go out for inns with their respective families to take a vacation and unwind after stressful months of working. For guests Check-in
2:00PM
Check-out
12:00PM
Operating hours Front office
24 hours
Room service
Cleaning & Laundry – 8:00 AM to 6:00PM Food service – 24 hours
Staff
8 hrs. shifting basis
73
Target Market
Since the establishment’s purpose is to provide accommodation to
Tagaytay City goers, they are the main target market. Other than the Tagaytay City goers, we are also pursuing another target market based on geographic location is the employees working at the companies nearby. In case of the demographic aspect, our target market would be families and groups of friends so the rooms of our establishments should accommodate at least four people per room. While in terms of benefits, the quality of the amenities and facilities must be satisfying and the prices must be affordable to reach the potential target markets.
Competition
One of the threats that our business will face is the number of competitors around the area. However, after surveying, we discovered that there may be a lot of hotels and breakfast and inn in Tagaytay but only few were located near or across the Picnic grove where large number of tourists go. The top three establishments below are all located at Calamba Road, Tagaytay Ta gaytay City.
Belize Tagaytay Bed and Breakfast
One tagaytay place Hotel
The Windy Ridge Hotel
74
Recommendation
Antheia should add more rooms to make the generous number of facilities of the inn useful to more guests. Antheia should should incorpora incorporate te Laguna’s Laguna’s local delicacie delicacies s to the menu menu of their
restaurant. Other than the playground, the Inn should make an area for kids where they can have cupcakes or fresh fruit shake stand.
Conclusion
Antheia’s Bed and Breakfast Breakfast Inn project project proposal proposal is feasible as there is
potential market demand and market profitability, and therefore, should start the business and keep it running until it is established. Its location, unique services and products will only be some of the factors for it to succeed for the next couple of years. Also, based on the projections as depicted by the financial statements, the proposed project is a profitable kind of business.
75
References Suzanne G. Dane, National Trust Guide to Historic Bed & Breakfasts, Inns, and Small Hotels, 2013 Retrieved
http://www.innspireconference.com/res/docs/CABBI_Survey-
PAII2002.pdf, 2013 Updated City Development Strategy Report for Tagaytay City. In (2008). City Development Strategies in the Philippines: An Enabling Platform for Good Governance and Improving Service Delivery (p. 13). Tagaytay City: Cities Alliance.
76
Articles of Partnership Of _______________________________ KNOWN ALL MEN BY THESE PRESENTS:
That, we the undersigned, all of legal age and residents of the Republic of the Philippines has agreed to amend a general partnership under the terms and conditions herein after set forth and subject to the provisions of existing laws of the Republic of the Philippines. AND WE HEREBY CERTIFY: ARTICLE I. That the name of the partnership shall be Antheia Bed and Breakfast and Garden Inn ARTICLE II. That the principal office of the partnership shall be located at 445 Tagaytay-Calamba Road, Barrio Sungay West Tagaytay City 4120, Philippines. ARTICLE III. That the names, citizenship and residence of the partners of the said partnership are as follows. Name Akimi Ferrera Camille Castillo Maria Isabella Diaz Arvee Pacag
Citizenship Filipino Filipino Filipino Filipino
Residence Philippines Philippines Philippines Philippines
ARTICLE IV. That the term for which said partnership is to exist is 25 years from the original recording of the said partnership by the Securities and Exchange Commission. ARTICLE V. That the capital of this partnership shall be ten million pesos, Philippine Currency contributed in cash by the p artners as follows:
77
