Annual

Report
2019
TABLE
OF CONTENTS
01 Statement of Management’s Responsibility for Financial Statements

02 Independent Auditor’s Report

06 Consolidated Statements of Financial Position

07 Consolidated Statements of Comprehensive Income

08 Consolidated Statements of Changes in Equity

09 Consolidated Statements of Cash Flows

10 Notes to Consolidated Financial Statements

62 Store Directory

Bearing Fruit: Reaping Innovation’s Rewards

 1

STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The management of Philippine Seven Corporation is responsible for the preparation and fair
presentation of the consolidated financial statements including the schedules attached therein, for
the years ended December 31, 2019 and 2018, in accordance with the prescribed financial
reporting framework indicated therein, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company’s financial reporting process.

The Board of Directors or the Executive Committee or the Audit & Risk Committee, as authorized
by the Board, reviews and approves the financial statements including the schedules attached
therein, and submits the same to the stockholders.

SyCip Gorres Velayo & Co., the independent auditor appointed by the stockholders for the period
December 31, 2019 and 2018, respectively, has audited the consolidated financial statements of
the company in accordance with Philippine Standards on Auditing, and in its reports to the
stockholders, has expressed its opinion on the fairness of presentation upon completion of such
audit. .

JOSE T. PARDO
Chairman of the Board

JOSE VICTOR P. PATERNO

Chief Executive Officer

JUN-YA LIU
Treasurer & Chief Financial Officer
TIN: 727-653-929

LAWRENCE M. DE LEON
Head
Finance & Accounting Services Division

Signed this 21st day of February, 2020.

Annual Report 2019

 SyCip Gorres Velayo & Co. Tel: (632) 891 0307 BOA/PRC Reg. No. 0001,
2 6760 Ayala Avenue Fax: (632) 819 0872 October 4, 2018, valid until August 24, 2021
1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A),
Philippines November 6, 2018, valid until November 5, 2021

INDEPENDENT AUDITOR’S REPORT

The Board of Directors and Stockholders

Philippine Seven Corporation

Opinion

We have audited the consolidated financial statements of Philippine Seven Corporation and its subsidiaries (theGroup), which
comprise the consolidated statements of financial position as at December31,2019 and 2018, and the consolidated statements
of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for each
of the three years in the period ended December31,2019, and notes to the consolidated financial statements, including a
summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
statements of financial position of the Group as at December31,2019 and 2018, and its consolidated financial performance and
its consolidated cash flows for each of the three years in the period ended December31,2019 in accordance with Philippine
Financial Reporting Standards (PFRSs).

Basis for Opinion

We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of
our report. We are independent of the Group in accordance with the Code of Ethics for Professional Accountants in the
Philippines (Code of Ethics) together with the ethical requirements that are relevant to our audit of the consolidated financ ial
statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For the matter in the next page, our description of how our audit addressed the matter is provided in that
context.

We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material mis statements of the consolidated financial
statements. The results of our audit procedures, including the procedures performed to address the matter below, provide
the basis for our audit opinion on the accompanying consolidated financial statements.

Adoption of PFRS 16, Leases

Effective January 1, 2019, the Group adopted the new lease standard, PFRS 16, Leases, under the modified retrospective
approach which resulted to significant changes in the Group’s lease recognition policies, processes, procedures and controls.
The Group’s adoption of PFRS 16 is significant to our audit because the Group’s nature of activities entails high volume of lease
agreements covering its convenience stores, warehouses, kitchens and office spaces, and the resulting recorded amounts are
material to the consolidated financial statements. In addition, the implementation of PFRS 16 involves application of significant
management judgement and estimation in the following areas: (1) whether the contract contains a lease; (2)determining the
lease term, including evaluating whether the Group is reasonably certain to exercise options to extend or terminate the lease
or to purchase the underlying asset; (3) determining the incremental borrowing rate (IBR); (4) whether sublease is accounted
for as derecognition of right-of-use asset (ROU) assets and lease liability; and (5) selection and application of accounting policy
elections and practical expedients available under modified retrospective approach.

Bearing Fruit: Reaping Innovation’s Rewards

 3

The Group recognized ROU asset and lease liability amounting to = P8,301,945,803 and =
P9,194,699,647 respectively, as of
January1, 2019. In addition, the Group also recognized depreciation expense and interest expense of =P1,523,839,225 and
=
P817,382,956, respectively, for the year ended December 31, 2019.

The disclosures related to the adoption of PFRS 16 applied by the Group, are included in Note 26 to the consolidated financial
statements.

Audit Response

We obtained an understanding of the Group’s process in implementing the new standard on leases, including the
determination of the population of the lease contracts covered by PFRS 16, the application of the short-term and low-value
assets exemption, the selection of the transition approach and any election of available practical expedients. We selected
sample lease agreements (i.e., lease agreements existing prior to the adoption of PFRS 16 and new lease agreements in 2019)
from the Master Lease Schedule and identified their contractual terms and conditions. We traced the underlying lease data
used (e.g., lease payments, lease term) of these selected contracts to the lease calculation prepared by management, which
covers the calculation of financial impact of PFRS 16, including the transition adjustments.

For selected lease contracts with renewal and/or termination option, we reviewed the management’s assessment of whether it
is reasonably certain that the Group will exercise the option to renew or not exercise the option to terminate. We tested the
parameters used in the determination of the IBR by reference to market data. We test computed the lease calculation
prepared by management, including the transition adjustments.

We reviewed the disclosures related to leases, including the transition adjustments, based on the requirements of PFRS 16 and
PAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.

Existence and Completeness of Inventories

The Group’s inventories comprise 14% of its total assets as at December31, 2019. It has 14 warehouses and 1,345 company-
owned stores as at December 31, 2019 throughout the country. We focused on this area since inventories are material to the
consolidated financial statements and are located in various sites across the country.

The Group’s disclosures about inventories are included in Note 6 to the consolidated financial statements.

Audit Response

We updated our understanding of the inventory process and performed test of controls for selected stores and warehouses.
We observed the conduct of inventory count at selected stores and warehouses and traced test counts to the inventory
compilation to determine if the inventory compilation reflects actual inventory count results. We performed testing on a
sample basis of the rollforward and rollback procedures on inventory quantities from the date of inventory count to reporting
date. We reviewed the reconciliation of the valued rollforward and rollback inventories with the general ledger account
balances and tested other reconciling items.

Other Information

Management is responsible for the other information. The other information comprises the information included in the
SECForm20-IS (Definitive Information Statement), SECForm17-A and Annual Report for the year ended December31,2019 but
does not include the consolidated financial statements and our auditor’s report thereon. The SECForm20-IS (Definitive
Information Statement), SECForm17-A and Annual Report for the year ended December31,2019 are expected to be made
available to us after the date of this auditor’s report.

Our opinion on the consolidated financial statements does not cover the other information and we will not express any form
of assurance conclusion thereon.

In connection with our audits of the consolidated financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audits, or otherwise appears to be materially
misstated.

Annual Report 2019

4

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with PFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with PSAs will
always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.

As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.

Bearing Fruit: Reaping Innovation’s Rewards

 5

Annual Report 2019

6 PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 31
2019 2018

ASSETS
Current Assets
Cash and cash equivalents (Notes 4, 29 and 30) =
P 4,624,655,095 =
P3,181,666,656
Short-term investment (Notes 4, 29 and 30) 11,389,621 11,286,679
Receivables (Notes 5, 26, 29 and 30) 3,430,979,113 1,637,846,048
Inventories (Notes 6 and 18) 4,164,073,340 3,543,379,449
Prepayments and other current assets (Notes 7, 29 and 30) 472,351,337 614,451,167
Total Current Assets 12,703,448,506 8,988,629,999

Noncurrent Assets
Property and equipment (Note 8) 7,023,486,002 6,750,513,961
Right-of-use asset (Note 26) 7,549,790,375 –
Goodwill and other noncurrent assets (Notes 10 and 30) 670,343,702 467,175,630
Receivables - net of current portion (Notes 5, 29 and 30) 207,766,169 4,088,979
Deposits (Notes 9, 29 and 30) 1,002,878,994 937,695,640
Deferred tax assets - net (Notes 2 and 27) 515,950,406 254,543,465
Total Noncurrent Assets 16,970,215,648 8,414,017,675

TOTAL ASSETS =
P 29,673,664,154 =
P17,402,647,674

LIABILITIES AND EQUITY

Current Liabilities
Bank loans (Notes 11, 29 and 30) =
P 65,000,000 =
P410,000,000
Current portion of long-term debt (Notes 11, 29 and 30) 160,440,058 371,666,667
Accounts payable and accrued expenses (Notes 12, 29 and 30) 6,785,772,198 5,507,381,058
Lease liabilities - current (Note 26) 2,006,019,727 –
Current portion of contract liabilities (Note 13) 418,715,881 303,602,274
Income tax payable 218,851,309 327,448,200
Other current liabilities (Notes 14, 25, 29 and 30) 4,051,960,551 2,332,573,535
Total Current Liabilities 13,706,759,724 9,252,671,734

Noncurrent Liabilities
Long-term debt - net of current portion (Notes 11, 29 and 30) 333,415,205 468,750,000
Lease liabilities - net of current portion (Note 26) 6,753,525,570 –
Deposits payable (Note 15) 313,328,714 289,056,678
Contract liabilities - net of current portion (Note 13) 191,702,318 193,545,484
Net retirement obligations (Note 24) 331,343,566 117,758,455
Cumulative redeemable preferred shares (Notes 16, 29 and 30) 6,000,000 6,000,000
Total Noncurrent Liabilities 7,929,315,373 1,075,110,617
Total Liabilities 21,636,075,097 10,327,782,351

Equity
Common stock (Note 17) 757,104,533 757,104,533
Additional paid-in capital 293,525,037 293,525,037
Retained earnings (Note 17)
Appropriated 6,100,000,000 5,100,000,000
Unappropriated 978,334,123 911,969,780
Other comprehensive income (loss)
Remeasurement gain (loss) on net retirement obligations -
net of tax (Note 24) (88,451,390) 15,189,219
8,040,512,303 7,077,788,569
Cost of own shares held in treasury (Notes 17 and 31) (2,923,246) (2,923,246)
Total Equity 8,037,589,057 7,074,865,323

TOTAL LIABILITIES AND EQUITY =P 29,673,664,154 =

P17,402,647,674

See accompanying Notes to Consolidated Financial Statements.

Bearing Fruit: Reaping Innovation’s Rewards

PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES 7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended December 31

2019 2018 2017

INCOME
Revenue from contracts with customers (Note 13) =
P 52,950,902,607 =
P43,770,478,130 =
P–
Revenue from merchandise sales – – 32,088,441,776
Franchise revenue (Note 32) – – 3,176,699,102
Marketing income (Note 20) – – 1,252,614,078
Commission income (Note 32) – – 126,707,492
Rental income (Note 26) 137,107,640 62,704,247 76,666,882
Interest income (Note 22) 37,582,393 17,103,612 16,403,134
Other income 62,037,334 49,843,414 270,130,224
53,187,629,974 43,900,129,403 37,007,662,688

EXPENSES
Cost of merchandise sales (Note 18) 34,368,460,873 27,911,183,499 23,776,474,291
General and administrative expenses (Note 19) 15,794,863,340 13,652,608,770 11,226,202,984
Interest expense (Note 21) 897,502,571 76,542,124 56,559,765
Other expenses 45,862,835 46,486,514 32,596,899
51,106,689,619 41,686,820,907 35,091,833,939

INCOME BEFORE INCOME TAX 2,080,940,355 2,213,308,496 1,915,828,749

PROVISION FOR INCOME TAX (Note 27) 636,366,870 681,552,230 597,958,290

NET INCOME 1,444,573,485 1,531,756,266 1,317,870,459

OTHER COMPREHENSIVE INCOME (LOSS) NOT TO BE

RECLASSIFIED TO PROFIT AND LOSS IN SUBSEQUENT
PERIODS
Remeasurement gain (loss) on net retirement
obligations (Note 24) (148,058,013) 73,699,282 (22,143,945)
Income tax effect 44,417,404 (22,109,783) 6,643,183

OTHER COMPREHENSIVE INCOME – NET OF TAX 103,640,609 51,589,499 15,500,762

TOTAL COMPREHENSIVE INCOME =

P 1,340,932,876 =
P1,583,345,765 =
P1,302,369,697

BASIC/DILUTED EARNINGS PER SHARE (Note 28) =

P 1.91 =
P2.03 =
P1.74

See accompanying Notes to Consolidated Financial Statements.

Annual Report 2019

8 PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

Remeasurement
Gain (Loss) on
Net Retirement
Obligations- Treasury
Common Stock Additional Retained Earnings (Note 17) net of tax Stock
(Note 17) Paid-in Capital Appropriated Unappropriated (Note 24) Total (Note 17) Total
Balances at January 1, 2019 =
P757,104,533 =
P293,525,037 =
P5,100,000,000 =P911,969,780 =
P15,189,219 =
P7,077,788,569 (P
=2,923,246) =
P7,074,865,323
Net income – – – 1,444,573,485 – 1,444,573,485 – 1,444,573,485
Remeasurement gain on net retirement obligations – – – – (103,640,609) (103,640,609) – (103,640,609)
Total comprehensive income – – – 1,444,573,485 (103,640,609) 1,340,932,876 – 1,340,932,876
Reversal of appropriations – – (900,000,000) 900,000,000 – – – –
Appropriations – – 1,900,000,000 (1,900,000,000) – – – –
Cash dividends – – (378,209,142) – (378,209,142) – (378,209,142)
Balances at December 31, 2019 =
P757,104,533 =
P293,525,037 =
P6,100,000,000 =
P978,334,123 (P
=88,451,390) =
P8,040,512,303 (P
=2,923,246) =
P8,037,589,057

Balances as at January 1, 2018 =

P757,104,533 =P293,525,037 =
P4,350,000,000 =
P666,193,426 (P
=36,400,280) =
P6,030,422,716 (P
=2,923,246) =
P6,027,499,470
Effect of change in accounting policy (Note 2) – – – (210,720,051) – (210,720,051) – (210,720,051)
As restated 757,104,533 293,525,037 4,350,000,000 455,473,375 (36,400,280) 5,819,702,665 (2,923,246) 5,816,779,419
Net income – – – 1,531,756,266 – 1,531,756,266 – 1,531,756,266
Remeasurement gain on net retirement obligations – – – – 51,589,499 51,589,499 – 51,589,499
Total comprehensive income – – – 1,531,756,266 51,589,499 1,583,345,765 – 1,583,345,765
Reversal of appropriations – – (2,450,000,000) 2,450,000,000 – – – –
Appropriations – – 3,200,000,000 (3,200,000,000) – – – –
Cash dividends – – – (325,259,861) – (325,259,861) – (325,259,861)
Balances at December 31, 2018 =
P757,104,533 =
P293,525,037 =
P5,100,000,000 =
P911,969,780 =P15,189,219 =
P7,077,788,569 (P
=2,923,246) =
P7,074,865,323

Balances at January 1, 2017 =

P459,121,573 =
P293,525,037 =
P3,350,000,000 =P944,288,887 (P
=20,899,518) =
P5,026,035,979 (P
=2,923,246) =
P5,023,112,733
Net income – – – 1,317,870,459 – 1,317,870,459 – 1,317,870,459
Remeasurement loss on net retirement obligations – – – – (15,500,762) (15,500,762) – (15,500,762)
Total comprehensive income – – – 1,317,870,459 (15,500,762) 1,302,369,697 – 1,302,369,697
Appropriations – – 1,000,000,000 (1,000,000,000) – – – –
Stock dividend 297,982,960 – – (297,982,960) – – – –
Cash dividends – – – (297,982,960) – (297,982,960) – (297,982,960)
Balances at December 31, 2017 =
P757,104,533 =
P293,525,037 =
P4,350,000,000 =
P666,193,426 (P
=36,400,280) =
P6,030,422,716 (P
=2,923,246) =
P6,027,499,470

See accompanying Notes to Consolidated Financial Statements.

Bearing Fruit: Reaping Innovation’s Rewards

PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES 9
CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31

2019 2018 2017

CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax =
P2,080,940,355 =
P2,213,308,496 =
P1,915,828,749
Adjustments for:
Depreciation and amortization (Notes 8, 19, and 26) 3,833,029,584 1,946,617,252 1,622,990,458
Interest expense (Note 21) 897,502,571 76,542,124 56,559,765
Amortization of:
Deferred lease (Notes 7 and 26) – 8,706,319 9,551,304
Software and other program costs (Notes 10 and 19) 9,238,968 946,389 1,237,857
Net retirement benefits cost (Notes 23 and 24) 90,158,015 44,888,237 32,386,593
Write-off of property and equipment (Note 8) 4,472,711 – –
Interest income (Note 22) (37,582,393) (17,103,612) (16,403,134)
Unrealized foreign exchange loss (gain) 170,037 (195,410) (12,016)
Loss on sale of property and equipment – – 243,599
Operating income before working capital changes 6,877,929,848 4,273,709,795 3,622,383,175
Decrease (increase) in:
Receivables (395,551,729) (470,881,692) (26,566,019)
Inventories (620,693,891) (795,467,273) (616,470,888)
Prepayments and other current assets 100,210,016 (72,448,706) (15,133,414)
Increase in:
Accounts payable and accrued expenses 1,351,910,041 1,324,974,586 712,937,917
Other current liabilities 1,719,387,016 809,314,545 283,307,432
Contract liabilities 94,878,199 32,071,821 –
Deposits payable 24,272,036 27,306,851 22,309,870
Deferred revenue – – 43,413,670
Retirement benefits paid (Note 24) (1,630,917) – –
Retirement benefits contributions (Note 24) (23,000,000) (11,000,000) (14,000,000)
Net cash generated from operations 9,127,710,619 5,117,579,927 4,012,181,743
Income taxes paid (961,953,298) (696,726,174) (561,757,577)
Interest received 24,514,484 8,370,792 7,323,471
Net cash provided by operating activities 8,190,271,805 4,429,224,545 3,457,747,637

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to:
Property and equipment (Note 8) (3,118,424,273) (2,234,656,893) (2,400,793,097)
Software and other program costs (Note 10) (13,963,034) – (263,147)
Increase in:
Deposits (52,919,734) (95,206,528) (135,656,843)
Goodwill and other noncurrent assets (420,803,935) (21,517,179) (6,459,686)
Short-term investments (102,942) (102,012) (101,090)
Proceeds from sale of property and equipment 62,292 – 300,000
Net cash used in investing activities (3,606,151,626) (2,351,482,612) (2,542,973,863)

CASH FLOWS FROM FINANCING ACTIVITIES

Availments of:
Bank loans (Note 11) 230,000,000 720,000,000 425,000,000
Long-term debt (Note 11) 200,000,000 75,000,000 600,000,000
Payments of:
Bank loans (Note 11) (575,000,000) (970,000,000) (985,000,000)
Long-term debt (Note 11) (546,561,404) (305,416,666) (183,666,667)
Leases (Note 26) (2,005,362,761) – –
Cash dividends paid (Note 17) (378,209,142) (325,259,861) (297,982,960)
Interest paid (65,828,396) (59,553,145) (55,149,851)
Net cash provided by financing activities (3,140,961,703) (865,229,672) (496,799,478)

NET INCREASE IN CASH AND CASH EQUIVALENTS 1,443,158,476 1,212,512,261 417,974,296

EFFECT OF EXCHANGE RATE CHANGES ON CASH (170,037) 195,410 12,016

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,181,666,656 1,968,958,985 1,550,972,673

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 4) =

P4,624,655,095 =
P3,181,666,656 =
P1,968,958,985

See accompanying Notes to Consolidated Financial Statements.

Annual Report 2019

10 PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Corporate Information and Authorization for Issuance of the Consolidated Financial Statements

Corporate Information
Philippine Seven Corporation (the Company or PSC) was incorporated in the Philippines and registered with the Philippine
Securities and Exchange Commission (SEC) on November 24, 1982. The Company and its subsidiaries (collectively referred
to as the “Group”), are primarily engaged in the business of retailing, merchandising, buying, selling, marketing, importing,
exporting, franchising, acquiring, holding, distributing, warehousing, trading, exchanging, collection and acceptance of
payments or otherwise dealing in all kinds of grocery items, dry goods, food or foodstuff, beverages, drinks and all kinds of
consumer needs or requirements and in connection therewith, operating or maintaining warehouses, storages, delivery
vehicles and similar or incidental facilities. The Group is also engaged in the management, development, sale, exchange,
and holding for investment or otherwise of real estate of all kinds, including buildings, houses and apartments and other
structures.

The Company is controlled by President Chain Store (Labuan) Holdings, Ltd., an investment holding Company incorporated
in Malaysia, which owns 52.22% of the Company’s outstanding shares. The remaining 47.78% of the shares are widely held
including the public float. The ultimate parent of the Company is Uni-President Enterprises Corporation, which is
incorporated in Taiwan, Republic of China.

The Company had its primary listing on the Philippine Stock Exchange on February 4, 1998.

The registered business address of the Company is 7th Floor, The Columbia Tower, Ortigas Avenue, Mandaluyong City.

As at December 31, 2019, the Company is operating 2,864 stores, 1,519 of which are franchise stores and the remaining 1,345
are company-owned stores (see Note 32).

Authorization for Issuance of the Consolidated Financial Statements

The consolidated financial statements were authorized for issue by the Board of Directors (BOD) on February 21, 2020.

2. Summary of Significant Accounting Policies and Financial Reporting Practices

Basis of Preparation
The consolidated financial statements are prepared under the historical cost basis. The consolidated financial statements
are presented in Philippine Peso (Peso), which is the Company’s functional currency and all amounts are rounded to the
nearest Peso except when otherwise indicated.

Statement of Compliance
The consolidated financial statements are prepared in compliance with Philippine Financial Reporting Standards (PFRS).

Changes in Accounting Policies

The accounting policies adopted are consistent with those of the previous financial year, except that the Group has adopted
the following new accounting pronouncements starting January 1, 2019:

▪ PFRS 16, Leases

PFRS 16 supersedes PAS 17, Leases, Philippine Interpretation IFRIC 4, Determining whether an Arrangement contains a
Lease, Philippine Interpretation SIC-15, Operating Leases-Incentives and Philippine Interpretation SIC-27, Evaluating the
Substance of Transactions Involving the Legal Form of a Lease. The new standard sets out the principles for the
recognition, measurement, presentation and disclosure of leases and requires lessees to recognize most leases in the
consolidated statements of financial position.

Lessor accounting under PFRS 16 is substantially unchanged from the prescribed accounting under PAS 17. Lessors will
continue to classify all leases using the same classification principle as in PAS 17 and distinguish between two (2) types
of leases: operating and finance leases. PFRS 16 requires lessees and lessors to make more extensive disclosures than
under PAS 17.

The Group adopted PFRS 16 using the modified retrospective method of adoption, with the date of initial application
as January 1, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially
applying the standard recognized only at the date of initial application. The comparative information was not restated
and continues to be reported under PAS 17 and related interpretations. The Group elected to use the transition practical
expedient to not reassess whethera contract is, or contains, a lease as at January 1, 2019. The Group will therefore not

Bearing Fruit: Reaping Innovation’s Rewards

apply the standard to contracts that were not identified as containing a lease applying PAS 17 and Philippine 11
Interpretation IFRIC 4.

The effect of adoption of PFRS 16 at January 1, 2019 is, as follows:

Increase (decrease)
Consolidated statements of financial position
ASSETS
Lease receivable =
P865,854,466
Right-of-use (ROU) assets 8,301,945,803
Prepayments and other current assets (42,518,500)
Net impact in total assets =
P9,125,281,769

LIABILITIES
Lease liabilities =
P9,194,699,647
Accounts payable and accrued expenses (69,417,878)
Net impact in total liabilities =
P9,125,281,769

The Group has various lease contracts for its company-owned and franchised convenience stores, office spaces,
kitchens and warehouses. Prior to the adoption of PFRS 16, the Group classified each of its leases (as lessee) at the
inception date as operating leases. The Group also enters into sublease arrangements with its franchisees, and prior
to the adoption of PFRS 16 recognizes these as operating leases.

Upon adoption of PFRS 16, the Group applied a single recognition and measurement approach for all the leases except
for short-term leases and leases of low-value assets. All existing sublease arrangement with franchisees were assessed
as of January 1, 2019 whether it will qualify as finance lease or operating lease and accounted for accordingly.

Leases previously accounted for as operating leases

The Group recognized right-of-use (ROU) assets and lease liabilities for those leases previously classified as operating
leases, except for short-term leases and leases of low-value assets. The ROU assets for most leases were recognized
based on the carrying amount as if the standard had always been applied, apart from the use of incremental borrowing
rate (IBR) at the date of initial application. In some leases, the ROU assets were recognized based on the amount equal
to the lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognized. Lease
liabilities were recognized based on the present value of the remaining lease payments, discounted using the IBR at
the date of initial application.

The Group also applied the following available practical expedients:

• Use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
• Application of the short-term lease exemptions to lease contracts with lease term that ends within 12 months of
the date of initial application; and
• Exclusion of initial direct costs from measuring the ROU asset at the date of initial application.

Based on the above, as at January 1, 2019:

• ROU asset of = P8,301,945,803, after accounting for sublease arrangements, and lease liabilities of =
P9,194,699,647,
net of lease receivable of =P398,156,502,were recognized and presented separately in the consolidated statements
of financial position, representing the amount set up at the date of initial application.
• Lease receivable of =P865,854,466, recognized and presented under “Receivables”, resulting from derecognition
of ROU assets amounting to =P1,264,010,968 to account for the sublease arrangement of the Group that qualify as
finance lease (see Note 26).
• Prepayments and other current assets and accounts payable and accrued expenses amounting to = P42,518,500
and
=
P69,417,878, respectively, relating to previous operating lease were derecognized and closed to ROU assets (see
Note 26).
• Deferred tax asset for PAS 17 previously setup prior to adoption were derecognized amounting to =P10,748,997 and
subsequently recognized to account for transition to PFRS 16 for the same amount.

The Group recognized lease liabilities in relation to leases which had previously been recognized as “Operating leases”
under PAS 17. These liabilities were measured at present value of the remaining lease payments, discounted using the
lessee’s IBR as of January 1, 2019. The Group used a single discount rate to a portfolio of leases with reasonably similar
characteristics. The weighted average IBR applied to the lease liabilities on January 1, 2019 is 8.67%.

Annual Report 2019

12 Below provides the reconciliation between the operating lease commitments disclosed applying PAS 17 as at
December 31, 2018 and the ROU assets and lease liabilities recognized in the statements of financial position at the date
of initial application of PFRS 16:

Operating lease commitments as of December 31, 2018 =

P13,385,864,961
Less:
Short-term leases 342,117,385
Low-value assets 15,809,324
Operating lease commitments scoped-in under PFRS 16 13,027,938,252
Less present value discount using the Group’s IBR 3,435,082,103
Lease liabilities recognized as of January 1, 2019 =P9,592,856,149

Due to the adoption of PFRS 16, the Group’s income before tax in 2019 decreased, depreciation and interest expenses
are generally higher in the earlier part of the lease term and gradually decrease at the latter half of the lease term.

The adoption of PFRS 16 did not have an impact on total consolidated equity as at January 1, 2019, since the Group
elected to measure the ROU assets at an amount equal to the lease liability, adjusted by the amount of any prepaid or
accrued lease payments relating to that lease recognized in the statements of financial position immediately before
the date of initial application.

▪ Philippine Interpretation IFRIC-23, Uncertainty over Income Tax Treatments

The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the
application of PAS 12, Income Taxes. It does not apply to taxes or levies outside the scope of PAS 12, nor does it
specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The
Interpretation specifically addresses the following:
• Whether an entity considers uncertain tax treatments separately;
• The assumptions an entity makes about the examination of tax treatments by taxation authorities;
• How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates;
and
• How an entity considers changes in facts and circumstances.

The entity is required to determine whether to consider each certain tax treatments separately or together with one
or more other uncertain tax treatments and use the approach that better predicts the resolution of the uncertainty. The
entity shall assume that the taxation authority will examine amounts that it has a right to examine and have full
knowledge of all related information when making those examinations. If an entity concludes that it is not probable
that the taxation authority will accept an uncertain tax treatment, it shall reflect the effect of the uncertainty for each
uncertain tax treatment using the method the entity expects to better predict the resolution of the uncertainty.

Based on the Group’s assessment, it has no material uncertain tax treatments, accordingly, the adoption of this
Interpretation has no significant impact on the financial statements.

▪ Amendments to PFRS 9, Prepayment Features with Negative Compensation

Under PFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive
income (FVOCI), provided that the contractual cash flows are ‘solely payments of principal and interest on the principal
amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that
classification. The amendments to PFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event
or circumstance that causes the early termination of the contract and irrespective of which party pays or receives
reasonable compensation for the early termination of the contract.

These amendments had no impact on the consolidated financial statements of the Group.

▪ Amendments to PAS 19, Employee Benefits, Plan Amendment, Curtailment or Settlement

The amendments to PAS 19 address the accounting when a plan amendment, curtailment or settlement occurs during
a reporting period. The amendments specify that when a plan amendment, curtailment or settlement occurs during
the annual reporting period, an entity is required to:
• Determine current service cost for the remainder of the period after the plan amendment, curtailment or
settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the
benefits offered under the plan and the plan assets after that event; and
• Determine net interest for the remainder of the period after the plan amendment, curtailment or settlement using:
the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that
event; and the discount rate used to remeasure that net defined benefit liability (asset).

Bearing Fruit: Reaping Innovation’s Rewards

 The amendments also clarify that an entity first determines any past service cost, or a gain or loss on settlement, without 13
considering the effect of the asset ceiling. This amount is recognized in profit or loss. An entity then determines the
effect of the asset ceiling after the plan amendment, curtailment or settlement. Any change in that effect, excluding
amounts included in the net interest, is recognized in other comprehensive income.

The Group considered in its actuarial valuation and computation for employee benefits its amended retirement plan
benefits during the period.

▪ Amendments to PAS 28, Long-term Interests in Associates and Joint Ventures

The amendments clarify that an entity applies PFRS 9 to long-term interests in an associate or joint venture to which the
equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture
(long-term interests). This clarification is relevant because it implies that the expected credit loss model in PFRS 9 applies
to such long-term interests.

The amendments also clarified that, in applying PFRS 9, an entity does not take account of any losses of the associate
or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in
the associate or joint venture that arise from applying PAS 28, Investments in Associates and Joint Ventures.

These amendments had no impact on the consolidated financial statements as the Group does not have long-term
interests in its associate and joint venture.

▪ Annual Improvements to PFRSs 2015-2017 Cycle

• Amendments to PFRS 3, Business Combinations, and PFRS 11, Joint Arrangements, Previously Held Interest in a Joint
Operation

The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the
requirements for a business combination achieved in stages, including remeasuring previously held interests in
the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously
held interest in the joint operation.

A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the
joint operation in which the activity of the joint operation constitutes a business as defined in PFRS 3. The
amendments clarify that the previously held interests in that joint operation are not remeasured.

An entity applies those amendments to business combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after January1, 2019 and to transactions in which it
obtains joint control on or after the beginning of the first annual reporting period beginning on or after January 1,
2019, with early application permitted.

These amendments had no impact on the consolidated financial statements of the Group as there is no transaction
where joint control is obtained.

• Amendments to PAS 12, Income Tax Consequences of Payments on Financial Instruments Classified as Equity

The amendments clarify that the income tax consequences of dividends are linked more directly to past
transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity
recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity
according to where the entity originally recognized those past transactions or events.

An entity applies those amendments for annual reporting periods beginning on or after January 1, 2019, with early
application is permitted.

These amendments had no impact on the consolidated financial statements of the Group because no financial
instruments classified as equity.

• Amendments to PAS 23, Borrowing Costs, Borrowing Costs Eligible for Capitalization

The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to
develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended
use or sale are complete.

An entity applies those amendments to borrowing costs incurred on or after the beginning of the annual reporting
period in which the entity first applies those amendments. An entity applies those amendments for annual
reporting periods beginning on or after January 1, 2019, with early application permitted.

Annual Report 2019

14 Since the Group’s current practice is in line with these amendments, they had no impact on the consolidated
financial statements of the Group.

Standards Issued but not yet Effective

Pronouncements issued but not yet effective are listed below. Unless otherwise indicated, the Group does not expect that
the future adoption of the said pronouncements will have a significant impact on its consolidated financial statements. The
Group intends to adopt the following pronouncements when they become effective.

Effective beginning on or after January 1, 2020

▪ Amendments to PFRS 3, Definition of a Business

The amendments to PFRS 3 clarify the minimum requirements to be a business, remove the assessment of a market
participant’s ability to replace missing elements, and narrow the definition of outputs. The amendments also add
guidance to assess whether an acquired process is substantive and add illustrative examples. An optional fair value
concentration test is introduced which permits a simplified assessment of whether an acquired set of activities and
assets is not a business.

An entity applies those amendments prospectively for annual reporting periods beginning on or after January 1, 2020,
with earlier application permitted.

These amendments will apply on future business combinations of the Group.

▪ Amendments to PAS 1, Presentation of Financial Statements, and PAS 8, Accounting Policies, Changes in Accounting
Estimates and Errors, Definition of Material

The amendments refine the definition of material in PAS 1 and align the definitions used across PFRSs and other
pronouncements. They are intended to improve the understanding of the existing requirements rather than to
significantly impact an entity’s materiality judgements.

An entity applies those amendments prospectively for annual reporting periods beginning on or after January 1, 2020,
with earlier application permitted.

Effective beginning on or after January 1, 2021

▪ PFRS 17, Insurance Contracts

PFRS 17 is a comprehensive new accounting standard for insurance contracts covering recognition and measurement,
presentation and disclosure. Once effective, PFRS 17 will replace PFRS4, Insurance Contracts. This new standard on
insurance contracts applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance),
regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with
discretionary participation features. A few scope exceptions will apply.

The overall objective of PFRS 17 is to provide an accounting model for insurance contracts that is more useful and
consistent for insurers. In contrast to the requirements in PFRS 4, which are largely based on grandfathering previous
local accounting policies, PFRS 17 provides a comprehensive model for insurance contracts, covering all relevant
accounting aspects. The core of PFRS 17 is the general model, supplemented by:
• A specific adaptation for contracts with direct participation features (the variable fee approach); and
• A simplified approach (the premium allocation approach) mainly for short-duration contracts.

PFRS 17 is not applicable to the Group since it is not engaged in providing insurance nor issuing insurance contracts.

Deferred effectivity

▪ Amendments to PFRS 10, Consolidated Financial Statements, and PAS 28, Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture

The amendments address the conflict between PFRS 10 and PAS 28 in dealing with the loss of control of a subsidiary
that is sold or contributed to an associate or joint venture. The amendments clarify that a full gain or loss is recognized
when a transfer to an associate or joint venture involves a business as defined in PFRS 3. Any gain or loss resulting from
the sale or contribution of assets that does not constitute a business, however, is recognized only to the extent of
unrelated investors’ interests in the associate or joint venture.

On January 13, 2016, the Financial Reporting Standards Council deferred the original effective date of January 1, 2016 of
the said amendments until the International Accounting Standards Board (IASB) completes its broader review of the
research project on equity accounting that may result in the simplification of accounting for such transactions and of
other aspects of accounting for associates and joint ventures.

Bearing Fruit: Reaping Innovation’s Rewards

Basis of Consolidation 15
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is
achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if
the Group has:
• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);
• Exposure, or rights, to variable returns from its involvement with the investee; and
• The ability to use its power over the investee to affect its returns.

When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts
and circumstances in assessing whether it has power over an investee, including:
• The contractual arrangement with the other vote holders of the investee;
• Rights arising from other contractual arrangements; and
• The Group’s voting rights and potential voting rights.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
one (1) or more of the three (3) elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of
a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the
Group gains control until the date the Group ceases to control the subsidiary.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line
with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating
to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the
Company loses control over a subsidiary, it:
• Derecognizes the assets (including goodwill) and liabilities of the subsidiary;
• Derecognizes the carrying amount of any non-controlling interests;
• Derecognizes the cumulative translation differences recorded in equity;
• Recognizes the fair value of the consideration received;
• Recognizes the fair value of any investment retained;
• Recognizes any surplus or deficit in profit or loss; and
• Reclassifies the Company’s share of components previously recognized in other comprehensive income (OCI) to
profit or loss or retained earnings, as appropriate, as would be required if the Company had directly disposed of the
related assets or liabilities.

The consolidated financial statements include the accounts of the Company and the following wholly owned subsidiaries:

Country of Percentage
Incorporation Principal Activity of Ownership
Warehousing, Distribution
Convenience Distribution, Inc. (CDI) Philippines and Retailing 100%
Store Sites Holding, Inc. (SSHI) Philippines Holding 100%

SSHI’s capital stock, which is divided into 40% common shares and 60% preferred shares, are owned by the Company and
by Philippine Seven Corporation-Employees Retirement Plan (PSC-ERP), respectively. These preferred shares, which accrue
and pay guaranteed preferred dividends and are redeemable at the option of the holder, are recognized as a financial
liability in accordance with PFRS (see Note 16). The Company owns 100% of SSHI’s common shares, which, together with
common key management, gives the Company control over SSHI.

The financial statements of the subsidiaries are prepared for the same financial reporting period as the Company, using
uniform accounting policies. Intercompany transactions, balances and unrealized gains and losses are eliminated in full.

Cash and Cash Equivalents

Cash includes cash on hand and cash in banks. Cash in banks earn interest at the prevailing bank deposit rates. Cash
equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original
maturities of 3 months or less from the date of acquisition and are subject to insignificant risk of change in value.

Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of an entity and a financial liability or equity instrument
of another entity.

Annual Report 2019

16 Date of Recognition
The Group recognizes a financial asset or a financial liability in the consolidated statements of financial position when it
becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require deliver y
of assets within the time frame established by regulation or convention in the marketplace are recognized on the settlement
date.

Financial Assets

Initial Recognition and Measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, FVOCI, and fair value
through profit or loss (FVPL).

The classification at initial recognition depends on the contractual cash flow characteristics of financial assets and the Group’s
business model for managing them. The initial measurement of financial assets, except for those classified as FVPL, includes
the transaction cost. With the exception of trade receivables that do not contain a significant financing component or for
which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at FVPL, transaction costs. Trade receivables that do not contain significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined under PFRS
15.

In order for a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows
that are SPPI on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at
instrument level.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate
cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling
the financial assets, or both.

Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified in four (4) categories:
• Financial assets at amortized cost (debt instruments);
• Financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments);
• Financial assets at FVOCI with no recycling of cumulative gains and losses upon derecognition (equity instruments);
and
• Financial assets at FVPL.

The Group measures financial assets at amortized cost if both of the following conditions are met:
• The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.

Financial assets at amortized cost are subsequently measured using effective interest rate (EIR) method and are subject to
impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

Financial assets at amortized cost are classified as current assets when the Group expects to realize the asset within 12
months from reporting date. Otherwise, these are classified as noncurrent assets.

The Group’s financial assets at amortized cost consist of cash and cash equivalents, short-term investment, receivables and
deposits (excluding non-refundable rent deposits) (see Notes 4, 5 and 9). The Group has no financial assets at FVOCI (debt
instruments), financial assets designated at FVOCI (equity instruments) and financial assets at FVPL.

Impairment of Financial Assets

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are
integral to the contractual terms.

ECLs are recognized in 2 stages. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-
months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial
recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of
the timing of the default (a lifetime ECL).

Bearing Fruit: Reaping Innovation’s Rewards

For receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes 17
in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group establishes
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment.

The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain
cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the
Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements
held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.

Financial liabilities

Initial Recognition and Measurement

Financial liabilities are measured at amortized cost, except for the following:
• Financial liabilities measured at FVPL;
• Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition of when the
Group retains continuing involvement;
• Financial guarantee contracts;
• Commitments to provide a loan at a below-market interest rate; and
• Contingent consideration recognized by an acquirer in accordance with PFRS 3.

Subsequent Measurement
A financial liability may be designated at FVPL if it eliminates or significantly reduces a measurement or recognition
inconsistency (an accounting mismatch):
• If a host contract contains 1 or more embedded derivatives; or
• If a group of financial liabilities or financial assets and liabilities is managed and its performance evaluated on a fair
value basis is accordance with a documented risk management or investment strategy.

Where a financial liability is designated at FVPL, the movement in fair value attributable to changes in the Group’s own credit
quality is calculated by determining the changes in credit spreads above observable market interest rates and is presented
separately in OCI.

The Group’s financial liabilities measured at amortized cost include bank loans, long-term debt, accounts payable and
accrued expenses, lease liabilities, deposit payables and other current liabilities (excluding statutory liabilities), and
cumulative redeemable preferred shares (see Notes 11, 12, 14, 15, 16, 26 and 30).

The Group has no financial liabilities at FVPL, and derivatives designated as hedging instruments in an effective hedge.

Derecognition of Financial Assets and Liabilities

Financial asset
A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognized
(i.e., removed from the Group’s consolidated statements of financial position) when:
• The contractual rights to the cash flows from the financial asset expire; or
• The Group transfer the contractual rights to receive cash flows of the financial asset in a transaction in which it either
(i) transfers substantially all the risks and rewards of ownership of the financial asset, or (ii) the Group neither transfers
nor retains substantially all risks and rewards of ownership of the financial asset and the Group has not retained control.

When the Group retains the contractual rights to receive the cash flows of a financial asset but assumes a contractual
obligation to pay those cash flows to 1 or more entities, the Group treats the transaction as a transfer of a financial asset if
the Group:
• Has no obligation to pay amounts to the eventual recipients unless it collects equivalent amounts from the original
asset;
• Is prohibited by the terms of the transfer contract from selling of pledging the original asset other than as security to
the eventual recipients for the obligation to pay them cash flows; and
• Has an obligation to remit any cash flows it collects on behalf of the eventual recipients without material delay.

Where the Group has transferred its rights to receive cash flows from an asset or has entered into pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor
retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to
recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.

Annual Report 2019

18 Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Financial liability
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or has expired. Where
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original
liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in profit
or loss.

Classification of Financial Instruments Between Liability and Equity

A financial instrument is classified as liability if it provides for a contractual obligation to:
• Deliver cash or another financial asset to another entity;
• Exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to
the Group; or
• Satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed
number of own equity shares.

If the Group does not have an unconditional right to avoid delivering cash or another financial asset to settle its contractual
obligation, the obligation meets the definition of a financial liability. The components of issued financial instruments that
contain both liability and equity elements are accounted for separately, with the equity component being assigned the
residual amount after deducting from the instrument as a whole the amount separately determined as the fair value of the
liability component on the date of issue.

Modification of contractual cash flows

When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or
modification does not result in the derecognition of that financial asset, the Group recalculates the gross carrying amount
of the financial assets as the present value of the renegotiated or modified contractual cash flows discounted at the original
EIR (of credit-adjusted EIR for purchased or original credit-impaired financial assets) and recognizes a modification gain or
loss in the consolidated statements of comprehensive income.

When the modification of a financial asset results in the derecognition of the existing financial asset and the subsequent
recognition of the modified financial asset, the modified asset is considered a ‘new’ financial asset. Accordingly, the date
of the modification shall be treated as the date of initial recognition of that financial asset when applying the impairment
requirements to the modified financial asset.

A financial liability is derecognized when the obligation under the liability is discharged, cancelled or has expired.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statements of financial
position if there is a currently enforceable legal right to offset the recognized amounts and there is intention to settle on a
net basis, or to realize the asset and settle the liability simultaneously.

The Group assesses that it has a currently enforceable right of offset if the right is not contingent on a future event and is
legally enforceable in the normal course of business, event of default, and event of insolvency or bankruptcy of the Group
and all of the counterparties.

“Day 1” Difference
Where the transaction price in a non-active market is different from the fair value from other observable current market
transactions in the same instrument or based on a valuation technique whose variables include only data from observable
market, the Group recognizes the difference between the transaction price and fair value (a “Day 1” difference) in profit or
loss unless it qualifies for recognition as some other type of asset.

In cases where use is made of data which is not observable, the difference between the transaction price and model value
is only recognized in profit or loss when the inputs become observable or when the instrument is derecognized. For each
transaction, the Group determines the appropriate method of recognizing the “Day 1” difference.

Financial Instruments (effective prior to January 1, 2018)

Financial Assets

Initial Recognition and Measurement

The Group recognizes financial assets in the consolidated balance sheet when it becomes a party to the contractual
provisions of the instrument. Financial assets are classified as financial assets at FVPL, loans and receivables, held-to-maturity
(HTM) investments, available-for-sale (AFS) financial assets or as derivatives designated as hedging instruments in an effective
hedge, as appropriate. The Group determines the classification of its financial assets at initial recognition and where allowed
and appropriate, re-evaluates such classification every financial reporting date.

Bearing Fruit: Reaping Innovation’s Rewards

All regular way purchases and sales of financial assets are recognized on the trade date, i.e., the date the Group commits 19
to purchase or sell the financial asset. Regular way purchases or sales of financial assets require delivery of assets within the
time frame generally established by regulation in the marketplace.

Subsequent Measurement
The Group classifies its financial assets as financial assets at FVPL, loans and receivables, AFS financial assets or HTM
investments. The classification depends on the purpose for which the financial assets were acquired. Management
determines the classification at initial recognition and, where allowed and appropriate, re-evaluates classification at every
balance sheet date.

The Group has no AFS financial assets and HTM investments and has not designated any financial assets at FVPL as at
December 31, 2017.

Loans and Receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are not entered into with the intention or immediate or short-term resale and are not classified as
financial asset at FVPL, HTM investments or AFS financial assets. After initial measurement, loans and receivables are
subsequently measured at amortized cost using the EIR method, less impairment. Amortized cost is calculated by taking
into account any discount or premium on acquisition and fees and costs that are not integral part of the EIR. The amortization
is included as part of interest income in the consolidated statements of comprehensive income. Loans and receivables are
classified as current assets if maturity is within 12 months from the balance sheet date. Otherwise, these are classified as
noncurrent.

Impairment
The Group assesses at each balance sheet date whether a financial asset or a group of financial assets is impaired.

Impairment of Financial Assets Carried at Amortized Cost

The Group first assesses whether objective evidence of impairment exists for financial assets that are individually significant
and collectively for financial assets that are not individually significant. Objective evidence includes observable data that
comes to the attention of the Group about loss events such as but not limited to significant financial difficulty of the
counterparty, a breach of contract, such as a default or delinquency in interest or principal payments, probability that the
borrower will enter bankruptcy or other financial reorganization. If it is determined that no objective evidence of impairment
exists for an individually or collectively assessed financial asset, whether significant or not, the asset is included in the group
of financial assets with similar credit risk characteristics and that group of financial assets is collectively assessed for
impairment.

Assets that are individually assessed for impairment and for which an impairment loss is or continue to be recognized are
not included in a collective assessment of impairment. The impairment assessment is performed at each balance sheet
date. For the purpose of a collective evaluation of impairment, financial assets are grouped on the basis of such credit risk
characteristics such as customer type, payment history, past-due status and term.

If there is objective evidence that an impairment loss on loans and receivables has been incurred, the amount of impairment
loss is measured as the difference between the financial asset’s carrying amount and the present value of estimated future
cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset’s original
effective interest rate (i.e., the EIR computed at initial recognition). The carrying amount of the asset is reduced by the
impairment loss, which is recognized in profit or loss.

Financial assets, together with the related allowance, are written off when there is no realistic prospect of future recovery
and all collateral has been realized. If, in a subsequent period, the amount of the impairment loss decreases, and the
decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized
impairment loss is reversed. Any subsequent reversal of an impairment loss is recognized in profit or loss to the extent tha t
the carrying value of the asset does not exceed what its amortized cost would have been had the impairment not been
recognized at the date the impairment is reversed.

Financial Liabilities

Initial Recognition and Measurement

Financial liabilities are classified as financial liabilities at FVPL or other financial liabilities which are measured at am ortized
cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

The Group determines the classification of its financial liabilities at initial recognition and where allowed and appropriate, re-
evaluates such classification every financial reporting date.

The Group has no financial liabilities measured at FVPL nor derivatives as at December 31, 2017.

Annual Report 2019

20 Subsequent Measurement
The measurement of financial liabilities depends on their classification, as described below:

Other Financial Liabilities

This category pertains to financial liabilities that are not held for trading or not designated as at FVPL upon the inception of
the liability where the substance of the contractual arrangements results in the Group having an obligation either to deliver
cash or another financial asset to the holder, or to exchange financial assets or financial liabilities with the holder under
conditions that are potentially unfavorable to the Group. These include liabilities arising from operations or borrowings.

After initial recognition, other financial liabilities are subsequently measured at amortized cost using the EIR. Amortized cost
is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of th e
EIR. Gains and losses are recognized in profit or loss in the consolidated statements of comprehensive income when the
liabilities are derecognized as well as through the amortization process.

Other financial liabilities are included in current liabilities if maturity is within 12 months from the reporting date or the Group
does not have an unconditional right to defer payment for at least 12 months from the reporting date. Otherwise, these are
classified as noncurrent liabilities.

As at December 31, 2017, The Group’s other financial liabilities consist of bank loans, long-term debt, accounts payable and
accrued expenses, other current liabilities (excluding statutory liabilities), and cumulative redeemable preferred shares.

Current versus Noncurrent Classification

The Group presents assets and liabilities in the consolidated statements of financial position based on current/noncurrent
classification.

An asset is current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle;
• Held primarily for the purpose of trading;
• Expected to be realized within twelve months after the reporting period; or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

All other assets are classified as noncurrent.

A liability is current when:

• It is expected to be settled in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is due to be settled within twelve months after the reporting period; or
• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

The Group classifies all other liabilities as noncurrent.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities, respectively.

Fair Value Measurement

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that t he
transaction to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability; or
• In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset
in its highest and best use.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized
within the fair value hierarchy, described, as follows, based on lowest level of input that is significant to the fair value
measurement as a whole:
• Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable

Bearing Fruit: Reaping Innovation’s Rewards

 • Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is 21
unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All
assts and liabilities for which fair value is measured and disclosed in the financial statements are categorized within the fair
value hierarchy.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Fair value measurements disclosures are presented in Note 29 to the consolidated financial statements.

Inventories
Inventories are stated at the lower of cost and net realizable value (NRV). Cost of inventories is determined using the first-
in, first-out method. NRV is the selling price in the ordinary course of business, less the estimated cost of marketing and
distribution.

Prepayments and Other Current Assets

Prepayments and other current assets are primarily comprised of deferred input value-added tax (VAT), deferred lease,
prepaid rent, prepaid taxes, prepaid store expenses, prepaid gift cards, prepaid uniform, advances for expenses, supplies,
and advances to suppliers. Prepayments and other current assets that are expected to be realized for no more than 12
months after the balance sheet date are classified as current assets; otherwise, these are classified as other noncurrent
assets. These are recorded as assets and expensed when utilized or expired.

Deferred lease assets comprised of the excess of principal amount of the deposit over the fair value of the deposit as of
receipt date. Until December 31, 2018 the amount of deferred lease assets is amortized over the term of the lease and
presented as part of rental expense. Effective January 1, 2019, Deferred lease assets is presented as part of ROU assets and
depreciated accordingly over the term of the lease.

Advances to suppliers are down payments for acquisitions of property and equipment not yet received. Once the property
and equipment are received, the amount of advances to suppliers is reclassified to property and equipment. These are
stated at cost less any impairment in value.

Property and Equipment

Property and equipment, except for land, are carried at cost less accumulated depreciation and amortization, and any
impairment in value.

The initial cost of property and equipment consists of its purchase price and any directly attributable costs of bringing the
asset to its working condition and location for its intended use. Expenditures incurred after the assets have been put into
operation, such as repairs and maintenance and overhaul costs, are recognized in profit or loss in the period in which the
costs are incurred.

In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic
benefits expected to be obtained from the use of an item of property and equipment beyond its originally assessed
standard of performance, the expenditures are capitalized as an additional cost of the assets.

Construction in progress includes cost of construction and other direct costs and is stated at cost less any impairment in
value. Construction in progress is not depreciated until such time the relevant assets are completed and put into operationa l
use.

The cost of land comprises its purchase price and directly attributable cost incurred. Land is stated at cost less any
impairment in value. Depreciation and amortization commence once the assets are available for use. It ceases at the earlier
of the date that it is classified as noncurrent asset held-for-sale and the date the asset is derecognized.

Depreciation is computed on a straight-line method over the estimated useful lives of the assets as follows:

Years
Buildings and improvements 10 to 12
Store furniture and equipment 5 to 10
Furniture and equipment 3 to 5
Transportation equipment 3 to 5
Computer equipment 3

Annual Report 2019

22 Leasehold improvements are amortized over the estimated useful life of the improvements, eight (8) years, or the term of
the lease, whichever is shorter.

The assets’ estimated useful lives and depreciation and amortization method are reviewed periodically to ensure that the
period and method of depreciation and amortization are consistent with the expected pattern of economic benefits from
the items of property and equipment. When assets are retired or otherwise disposed of, the cost and the related
accumulated depreciation and amortization and any impairment in value are removed from the accounts and any resulting
gain or loss is recognized in profit or loss.

Fully depreciated assets are retained in the books until disposed.

Deposits Assets
Deposits are amounts paid as guarantee in relation to non-cancellable lease agreements entered into by the Group. These
are initially recognized at fair value. The excess of the principal amount of the deposit over its fair value. The fair value of the
deposit is determined based on the prevailing market rate of interest implicit to the term.

The excess of the principal amount of the deposit over its fair value is accounted for by the Group as deferred lease assets.
Until December 31, 2018, the amount of deferred lease assets is amortized over the term of the lease and presented as part
of rental expense. Effective January 1, 2019, deferred lease assets is presented as part of ROU assets and depreciated
accordingly over the term of the lease. Interest on the deposit asset is accounted for using the EIR method by both the
Group and lessor.

Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less accumulated amortization and any accumulated impairment loss, if any. Internally-generated
intangible assets, if any, excluding capitalized development costs, are not capitalized and expenditure is reflected in profi t
or loss in which the expenditure is incurred.

The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives ar e
amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life is
reviewed at least at each balance sheet date. Changes in the expected useful life or the expected pattern of consumption
of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as
appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives
is recognized in profit or loss in the expense category consistent with the function of the intangible asset. Intangible assets
with indefinite useful lives are tested for impairment annually at the cash generating unit (CGU) level and are not amortized .
The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether indefinite useful life
assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on
a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds, if any, and the carrying amount of the asset and are recognized in profit or loss when
the asset is derecognized.

Goodwill
Goodwill, included in “Goodwill and other noncurrent assets” account in the consolidated statements of financial position,
represents the excess of the cost of an acquisition over the fair value of the businesses acquired. After initial recognition,
goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually at the
CGU level and are not amortized.

Software and Program Cost

Software and program cost, which are not specifically identifiable and integral to a specific computer hardware, are shown
under “Goodwill and other noncurrent assets” account in the consolidated statements of financial position. These are carried
at cost, less accumulated amortization and any impairment in value. Amortization is computed on a straight-line method
over their estimated useful life of five (5) years.

Impairment of Non-Financial Assets

The Group assesses at each balance sheet date whether there is an indication that its non-financial assets such as ROU asset,
property and equipment, rent deposits and intangible assets may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s
recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use and is determined for
an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. For goodwill, the asset’s recoverable amount is its value in use.

When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present
value, using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to
the asset. Impairment losses, if any, are recognized in consolidated statements of comprehensive income.

Bearing Fruit: Reaping Innovation’s Rewards

For non-financial assets, excluding goodwill, an assessment is made at each balance sheet date as to whether there is any 23
indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication
exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized.
If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot
exceed the carrying amount that would have been determined, net of depreciation and amortization, had no impairment
loss been recognized for the asset in previous years. Such reversal is recognized in consolidated statements of
comprehensive income, unless the asset is carried at revalued amount, in which case, the reversal is treated as a revaluation
increase. After such reversal, the depreciation charge is adjusted in the future periods to allocate the asset’s revised carrying
amount, less any residual value, on a systematic basis over its remaining useful life.

Goodwill is tested for impairment, annually or more frequently if event or changes in circumstances indicate that the carryin g
value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of the CGU or group
of CGUs to which the goodwill relates. Where the recoverable amount of the CGU or group of CGUs is less than the
carrying amount of the CGU or group of CGUs to which goodwill has been allocated, an impairment loss is recognized.
Impairment losses relating to goodwill cannot be reversed in future periods.

Deposits Payable
Deposits payable are amounts received from franchisees, store operators and sublessees as guarantee in relation to various
agreements entered into by the Group. These are initially accounted for at fair value. The fair value of the deposit is
determined based on the prevailing market rate of interest implicit to the lease.

The excess of the principal amount of the deposit over its fair value is accounted for by both the lessee and the Group as a
prepaid lease payment. The lessee includes these amounts in the costs of its ROU asset at the lease commencement date.
For the Group, if the lease is classified as an operating lease, the prepaid lease payment is included in the total lease
payments that are recognized as income on either a straight-line basis or another systematic basis if that basis is more
representative of the pattern in which benefit from the use of the underlying asset is diminished. If the lease is classified as
a finance lease, the Group includes the prepaid lease payment in the consideration for the lease (i.e. lease payments) and,
therefore, in the determination of the gain or loss on derecognition of the underlying asset, if any. Interest on the deposit,
meanwhile, is accounted for using the EIR method by both the lessee and the Group.

Cumulative Redeemable Preferred Shares

Cumulative redeemable preferred shares that exhibit characteristics of a liability is recognized as a financial liability in the
consolidated statements of financial position, net of transaction cost. The corresponding dividends on those shares are
charged as interest expense in profit or loss.

Equity

Common Stock
Common stock is measured at par value for all shares issued and outstanding.

Additional Paid-in Capital

When the shares are sold at premium, the difference between the proceeds and the par value is credited to the “Additional
paid-in capital” account. When shares are issued for a consideration other than cash, the proceeds are measured by the
fair value of the consideration received.

In case the shares are issued to extinguish or settle the liability of the Group, the shares shall be measured either at the fair
value of the shares issued or fair value of the liability settled, whichever is more reliably determinable.

Retained Earnings
Retained earnings represent the cumulative balance of net income or loss, dividend distributions, prior period adjustments,
effects of the changes in accounting policy and other capital adjustments.

Stock Dividends
Stock dividends are distribution of the earnings in the form of own shares. When stock dividends are declared, the amount
of stock dividends is transferred from retained earnings to capital stock.

Treasury Stock
Treasury stock is stated at acquisition cost and is deducted from equity. No gain or loss is recognized in profit or loss on
the purchase, sale, issuance or cancellation of the Group’s own equity instruments.

OCI
OCI comprises of items of income and expenses that are not recognized in profit or loss as required or permitted by other
PFRS. The Group’s OCI pertains to actuarial gains and losses from retirement benefits and revaluation increment on land
which are recognized in full in the period in which they occur.

Annual Report 2019

24 Revenue from Contracts with Customers
Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer
at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services. The Group assesses its revenue arrangements against specific criteria to determine if it is acting as a principal or
as an agent. The Group has concluded that it is acting as principal in majority of its revenue arrangements.

Revenue from Merchandise Sales

Revenue from merchandise sales is comprised of revenue from sale of goods and revenue from redemption of points.
Transaction price of merchandise sales, which excludes discounts, returns, rebates and sales taxes, is normally received at
the time of sale and is allocated between the goods sold and the points issued using relative stand-alone selling price
method. The amount of transaction price allocated to the goods sold are recognized when control over the goods has
passed to the buyer, which happens at the time of sale. The amount of transaction price allocated to the points issued is
deferred and recognized as revenue when the points are redeemed or have expired, whichever comes earlier.

Revenue from sale of goods is recognized at point in time once the performance obligation to the customer is satisfied.
Payment of the transaction price is due immediately at the point the customer purchased the goods.

Customer Loyalty Program

Customer loyalty program gives rise to a separate performance obligation as they provided a material rights to a customer.
A part of the transaction price from merchandise sales is allocated to the loyalty points awarded to customer based on
relative stand-alone and recognized as contract liability until the points are redeemed. Revenue is recognized upon
redemption of products by the customer.

When estimating stand-alone selling price of the loyalty points, the Group considers that the customer will redeem the
points. The Group updates estimate of points that will be redeemed on a quarterly basis.

Franchise Revenue
Initial franchise fees are recognized on a straight-line basis over the term of the franchise agreement, which ranges from 3
to 5 years. The transaction price for franchise agreement is discounted, using the rate that would be reflected in a separate
financing transaction between the Group and its customers at contract inception, to take into consideration the significant
financing component.

Continuing franchise fees in exchange for the franchise right granted over the term of the franchise agreement are
recognized as revenue when the subsequent sale of merchandise by the franchisees occurs.

Contract Balances

Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration) from the customer. If a customer pays consideration before the Group
transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is
due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract.

Revenue (effective prior to January 1, 2018)

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the amount
of revenue can be measured reliably. The Group has assessed its revenue arrangements against the criteria enumerated
under PAS 18, Revenue Recognition, and concluded that it is acting as principal in all arrangements, except for its sale of
consigned goods. The following specific recognition criteria must also be met before revenue is recognized:

Revenue from Merchandise Sales

Revenue from merchandise sales is recognized when the significant risks and rewards of ownership of the goods have
passed to the buyer. Revenue from merchandise sales is measured at the fair value of the consideration received, excluding
discounts, returns, rebates and sales taxes. Consideration received is allocated between the products sold and the points
issued, with the consideration allocated to the points equal to their fair value. The fair value of the points issued is deferred
and recognized as revenue when the points are redeemed.

Franchise Revenue
Initial franchise fee is recognized upon execution of the franchise agreement and performance of initial services required
under the franchise agreement. Other franchise revenue is recognized in the period earned.

Marketing Income
Marketing income is recognized when service is rendered. In case of marketing support funds, revenue is recognized upon
start of promotional activity for the suppliers.

Bearing Fruit: Reaping Innovation’s Rewards

Revenue (applicable to all periods presented) 25
Commission Income
Commission income is recognized upon performance of the related service.

Rental Income
Rental income is accounted for on a straight-line basis over the term of the lease.

Interest Income
Interest income is recognized as it accrues based on the effective interest rate method.

Other Income
Other income is recognized when there are incidental economic benefits, other than the usual business operations, that
will flow to the Group and can be measured reliably.

Costs and Expenses Recognition

Cost of merchandise sales is recognized in profit or loss at the point of sale. Marketing support and other amounts arising
from trading terms agreements and conformes that do not qualify as distinct performance obligation are presented as
deduction to cost of merchandise sales.

Expenses are recognized in profit or loss upon utilization of the services or when they are incurred.

Retirement Benefits
The net defined benefit liability or asset is the aggregate of the present value of the defined benefit obligation at the end
of the financial reporting period reduced by the fair value of plan assets (if any), adjusted for any effect of limiting a ne t
defined benefit asset to the asset ceiling. The asset ceiling is the present value of any economic benefits available in the
form of refunds from the plan or reductions in future contributions to the plan.

The cost of providing benefits under the defined benefit plans is actuarially determined using the projected unit credit
method.

Net retirement benefits cost comprises the following:

• Service cost;
• Net interest on the net defined benefit liability or asset; and
• Remeasurements of net defined benefit liability or asset.

Service costs which include current service costs, past service costs, and gains or losses on non-routine settlements are
recognized as expense in profit or loss. Past service costs are recognized when plan amendment or curtailment occurs.
These amounts are calculated periodically by independent qualified actuaries.

Net interest on the net defined benefit liability or asset is the change during the period in the net defined benefit liability or
asset that arises from the passage of time which is determined by applying the discount rate based on government bonds
to the net defined benefit liability or asset. Net interest on the net defined benefit liability or asset is recognized as expense
or income in profit or loss.

Remeasurements comprising actuarial gains and losses, return on plan assets and any change in the effect of the asset
ceiling (excluding net interest on defined benefit liability) are recognized immediately in OCI in the period in which they
arise. Remeasurements are not reclassified to profit or loss in subsequent periods.

Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Plan assets are
not available to the creditors of the Group, nor can they be paid directly to the Group. Fair value of plan assets is based on
market price information. When no market price is available, the fair value of plan assets is estimated by discounting
expected future cash flows using a discount rate that reflects both the risk associated with the plan assets and the maturity
or expected disposal date of those assets (or, if they have no maturity, the expected period until the settlement of the
related obligations). If the fair value of the plan assets is higher than the present value of the defined benefit obligation, the
measurement of the resulting defined benefit asset is limited to the present value of economic benefits available in the form
of refunds from the plan or reductions in future contributions to the plan.

The Group’s right to be reimbursed of some or all of the expenditure required to settle a defined benefit obligation is
recognized as a separate asset at fair value when and only when reimbursement is virtually certain.

Leases (effective January 1, 2019)

The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at
inception date. The arrangement is assessed for whether the fulfillment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly
specified in an arrangement.

Annual Report 2019

26 Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases
of low-value assets. The Group recognizes lease liabilities to make lease payments and ROU assets representing the right
to use the underlying assets.

ROU Asset
The Group recognizes ROU assets at the commencement date of the lease (i.e., the date the underlying asset is available
for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
re-measurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received and
estimate of cost to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which
it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those
costs are incurred to produce inventories.

Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized
ROU assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term as follows:

Years
Warehouses 5 to 25
Convenience stores 5 to 15
Kitchen 5 to 7
Office space 3 to 7

ROU assets are presented separately in the consolidated statements of financial position and are also subject to impairment
test.

Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase
option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term
reflects the Group exercising the option to terminate. The variable lease payments that do n ot depend on an index or a
rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the IBR at the lease commencement date if the interest
rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of
lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the underlying asset.

Lease liabilities – current and noncurrent - are presented separately in the consolidated statements of financial position.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease
term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the low -
value assets recognition exemption to leases that are considered of low value (i.e., below = P250,000 or below). Lease
payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the
lease term.

Group as a lessor
Leases where the Group retain substantially all the risks and benefits of ownership of the asset are classified as operating
leases. Any initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased
asset and recognized over the lease term on the same bases as rental income. Rental income is recognized in the
consolidated statements of comprehensive income on a straight-line basis over the lease term. All other leases are classified
as finance leases. At the inception of the finance lease, the underlying is derecognized, and lease receivable is recognized.
Interest income is accrued over the lease term using the EIR and lease amortization is accounted for as reduction to lease
receivable.

Sublease arrangements
The Group determines if the sublease arrangement qualifies as a finance or operating lease. The Group assess and classify
a sublease as finance lease if it transferred substantially all the risk and rewards incidental to the ownership of the lease d
asset. The Group compares the sublease term, which is the franchise term, with the head lease term. If the franchise term
accounts for the majority or 75% of the head lease term, same is classified as a finance lease, otherwise it is classified as an
operating lease.

Bearing Fruit: Reaping Innovation’s Rewards

At the inception date, if the sublease qualifies as finance lease, the Group derecognizes the right-of-use asset on the head 27
lease and continues to account for the original lease liability. The Group as a sublessor, recognizes a net investment in
sublease and evaluate it for impairment. If classified as operating lease, the Group continues to account for the lease liability
and right-of-use asset on the head lease like any other lease

Leases (effective prior to January 1, 2019)

The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at
inception date. The arrangement is assessed for whether the fulfillment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly
specified in an arrangement.

Group as a Lessee
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating
leases. Operating lease payments are recognized as an expense in the profit or loss on a straight-line basis over the lease
term.

Group as a Lessor
Leases where the Group does not transfer substantially all the risks and rewards of ownership of the asset is classified as
operating leases. Rental income is recognized on a straight-line basis over the term of the lease.

Finance leases which transfer to the lessee substantially all the risks and benefits incidental to ownership of the leased items
is recorded as finance lease receivable measured at present value of the minimum lease payments. Lease payments from
the lessee are apportioned between interest income and reduction of the lease receivable so as to achieve a constant rate
of interest on the remaining balance of the receivable.

Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets.
All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.

Foreign Currency-denominated Transactions

The consolidated financial statements are presented in Philippine Peso, which is the Group’s functional and presentation
currency. All subsidiaries evaluate their primary economic and operating environment and determine their functional
currency. Transactions in foreign currency are initially recorded at the exchange rate at the date of transaction. Outstanding
foreign currency-denominated monetary assets and liabilities are translated using the applicable exchange rate at balance
sheet date. Exchange differences arising from translation of foreign currency monetary items at rates different from those
at which they were originally recorded are recognized in profit or loss.

Taxes

Current Income Tax

Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that
have been enacted or substantively enacted at the balance sheet date.

Current income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated
statements of comprehensive income.

Deferred Tax
Deferred tax is provided, using the liability method, on all temporary differences at balance sheet date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

• Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss; and
• In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences and carry forward benefits of unused tax credits
from excess minimum corporate income tax (MCIT) over regular corporate income tax (RCIT), and unused net operating
loss carry over (NOLCO), to the extent that it is probable that sufficient future taxable profit will be available against which
the deductible temporary differences, and the carry forward benefits of MCIT over RCIT and NOLCO can be utilized, except:

Annual Report 2019

28
• Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; and
• In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in
joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can
be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient future taxable profit will be available to allow all or part of the deferred tax assets to
be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to
the extent that it has become probable that sufficient future taxable profit will allow the deferred tax assets to be recovered.

Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the year when the asset is realized,
or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted as at the end of
the reporting period.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are
recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.

Deferred tax assets and liabilities are offset, if a legally enforceable right exists to offset current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Transaction involving the initial recognition of an asset and liability, the Group recognized deferred tax on initial recognition
considering the asset and liability as in-substance linked to each other. The Group considered any temporary difference on
a net basis and recognize deferred tax on net amount.

VAT
Input VAT is the 12% indirect tax paid by the Group in the course of the Group’s trade or business on local purchase of goods
or services, including lease or use of property, from a VAT-registered entity. For acquisition of capital goods over =
P1,000,000,
the related input taxes are deferred and amortized over the useful life of the asset or 60 months, whichever is shorter,
commencing on the date of acquisition. Deferred input VAT which is expected to be utilized for more than 12 months after
the balance sheet date is included under “Goodwill and other noncurrent assets” account in the consolidated statements of
financial position.

Output VAT pertains to the 12% tax due on the sale of merchandise and lease or exchange of taxable goods or properties
or services by the Group.

If at the end of any taxable month the output VAT exceeds the input VAT, the excess shall be paid by the Group. Any
outstanding balance is included under “Other current liabilities” account in the consolidated statements of financial position.
If the input VAT exceeds the output VAT, the excess shall be carried over to the succeeding month. Excess input VAT is
included under “Prepayments and other current assets” account in the consolidated statements of financial position. Input
VAT on capital goods may, at the option of the Group, be refunded or credited against other internal revenue taxes, subject
to certain tax laws.

Revenue, expenses and assets are recognized net of the amount of VAT.

Segment Reporting
Operating segments are components of an entity for which separate financial information is available and evaluated
regularly by management in deciding how to allocate resources and assessing performance. The Group considers the
store operation as its primary activity and its only business segment. Franchising, renting of properties and commissioning
on bills payment services are considered an integral part of the store operations.

Earnings Per Share

Basic earnings per share is calculated by dividing the net income for the year attributable to common shareholders by the
weighted average number of shares outstanding during the year, excluding treasury shares.

Diluted earnings per share is calculated by dividing the net income for the year attributable to common shareholders by
the weighted average number of shares outstanding during the year, excluding treasury shares and adjusted for the effects
of all potential dilutive common shares, if any.

In determining both the basic and diluted earnings per share, the effect of stock dividends, if any, is accounted for
retrospectively.

Bearing Fruit: Reaping Innovation’s Rewards

 Provisions 29
Provisions are recognized when: (a) the Group has a present obligation (legal or constructive) as a result of a past event; (b)
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a
reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase
in the provision due to the passage of time is recognized as interest expense. When the Group expects a provision or loss
to be reimbursed, the reimbursement is recognized as a separate asset only when the reimbursement is virtually certain
and its amount is estimable. The expense relating to any provision is presented in profit or loss, net of any reimbursement.

Contingencies
Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed unless the possibility
of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the
consolidated financial statements but disclosed when an inflow of economic benefit is probable. Contingent assets are
assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it
has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized
in the consolidated financial statements.

Events after the Balance Sheet Date

Post year-end events that provide additional information about the Group’s position at the balance sheet date (adjusting
events) are reflected in the consolidated financial statements. Post year-end events that are non-adjusting events are
disclosed in the notes to the consolidated financial statements when material.

3. Use of Significant Accounting Judgments, Estimates and Assumptions

The preparation of the consolidated financial statements in accordance with PFRS requires management to make
judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes.
The judgments, estimates and assumptions used in the consolidated financial statements are based upon management’s
evaluation of relevant facts and circumstances as at balance sheet date. Future events may occur which can cause the
assumptions used in arriving at those judgments, estimates and assumptions to change. The effects of any changes will be
reflected in the consolidated financial statements of the Group as they become reasonably determinable.

Judgments
In the process of applying the Group’s accounting policies, management has made the following judgments, apart from
those involving estimations, which have the most significant effect on amounts recognized in the consolidated financial
statements:

Presentation of Marketing Support and Other Amounts Arising from Trading Terms Agreements and Conformes
The Group receives amounts for marketing support and other activities from its suppliers. The Group determines whether
these amounts are in exchange for distinct goods and/or services it transfers to its suppliers. In its determination, the Group
considers whether the marketing support and other activities it performs are separable from the existing purchase
agreements it has with its suppliers.

Marketing support and other amounts arising from trading terms agreements and conformes that do not qualify as distinct
performance obligation are presented as deduction to cost of merchandise sales beginning January 1, 2018. Prior to
January 1, 2018, these amounts are presented as part of “Marketing income” account and “Other income” account in the
consolidated statements of comprehensive income depending on their nature.

Right to Access - Performance Obligation Satisfied Over Time

The Group determines whether it provides a franchisee with either:

• A right to access the Group’s intellectual property (i.e., franchise license) throughout the term of the franchise
agreement for which revenue is recognized over the term of the franchise agreement; or
• A right to use the Group’s intellectual property (i.e., franchise license) as it exists at the point in time the franchise license
is granted for which revenue is recognized at the point in time the franchisee can first use and benefit from the franchise
license.

In assessing whether the nature of the Group’s promise in granting a franchise license is to provide a right to access the
Group’s intellectual property (i.e., franchise license), the Group considers whether all of the following criteria are met:

• The franchise agreement requires, or the franchisee reasonably expects that the Group will undertake activities that
will significantly affect the franchise license to which the franchisee has rights (e.g., advertisements, promotions,
campaigns, etc.);
• The rights granted by the franchise license directly expose the franchisee to any positive or negative effects of the
Group’s activities; and

Annual Report 2019

30 • Those activities do not result in the transfer of a good or service to the franchisee as those activities occur.

The Group determined that it has met the all of the criteria mentioned above and concluded that it provides its franchisees
with a right to access the Group’s franchise license throughout the term of the franchise agreement. Accordingly, revenue
from granting franchise license is recognized over the term of the franchise agreement.

Whether Activities Performed Prior to Franchise Store Opening are Distinct Performance Obligations
The Group undertakes activities prior to store opening (e.g., employee training, business plan consultation, store layout
decoration, etc.) as indicated in the franchise agreement. The Group determines whether these activities are capable of
being distinct (i.e., whether the franchisee can benefit on each of these activities on a standalone basis) and whether these
activities are distinct within the context of the franchise agreement (i.e., whether these activities can be separated from the
franchise license granted to the franchisee).

The Group determined that activities undertaken prior to store opening do not provide benefits to the franchisees without
the underlying franchise license. Accordingly, initial franchisee fees are deferred and recognized as revenue over the term
of the franchise agreement.

Classification of Redeemable Preferred Shares

The Group classifies a financial instrument, or its components, on initial recognition as a financial asset, liability or equity
instrument in accordance with the substance of the contractual arrangement and the definitions of a financial asset, liability
or equity instrument. The substance of a financial instrument, rather than its legal form, governs its classification in the
consolidated statements of financial position.

The Group classifies the cumulative redeemable preferred shares as liability in accordance with the redemption features
contained in the shareholders agreement (see Note 16). The cumulative redeemable preferred shares are redeemable at
the option of the holder.

The Group determines the classification at initial recognition and, where allowed and appropriate, re-evaluates this
classification at every balance sheet date.

Determining taxable profit (tax loss), tax bases, unused tax credits and tax rates (effective January 1, 2019)
Upon adoption of the Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments, the Group has assessed
whether it has any uncertain tax position. The Group applies significant judgement in identifying uncertainties over its
income tax treatments. The Group determined, based on its tax compliance assessment, in consultation with its tax team,
that it is probable that its income tax treatments (including those for the subsidiaries) will be accepted by the taxation
authorities.

Accordingly, the interpretation did not have an impact on the consolidated financial statements of the Group.

Determining the lease term of contracts with renewal options – Group as a lessee (effective January 1, 2019)
The Group has several lease contracts that include extension and termination options. The Group applies judgement in
evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination option.
After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances
that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.

The Group did not include the extension options as part of the lease term as these are not reasonably certain to be exercised
since it is subject to mutual agreement of both parties and is considered as unenforceable.

Classification of Leases as lessor (effective January 1, 2019)

The Group entered into sublease agreements on its leased properties. The Group determines whether it has transferred all
the significant risks and rewards of ownership of the leased properties to a lessee, such as lessee has the ultimate control
over the use of the asset and the lease term is for the major part of the economic life of the asset. If it is determin ed that
significant risks and rewards of ownership of lease properties were transferred to the lessees, the lease is accounted as
finance lease. If otherwise, the lease is accounted for as an operating lease.

Classification of Leases (effective prior to January 1, 2019)

As a lessee, the Group various lease agreements in respect of certain stores, warehouses, kitchen and offices. The Group
evaluate whether significant risks and rewards of ownership of the leased properties are transferred (finance lease) or
retained by the lessor (operating lease) based on PAS 17.

a. Operating lease as lessee

The Group entered into various property leases, where it has determined that the risks and rewards related to the
properties are retained with the lessors. As such, the lease agreements were accounted for as operating leases (see
Note 26).

Bearing Fruit: Reaping Innovation’s Rewards

b. Operating lease as lessor 31
The Group entered into property subleases on its leased properties. The Group determined that it retains all the
significant risks and rewards of these properties which are leased out on operating leases (see Note 26).

Estimates and Assumptions

The estimates and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognized in the
financial statements within the next financial year are discussed below. The estimates and assumptions are based on the
parameters available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising beyond the control of the Group.
Such changes are reflected in the assumptions as they occur.

Estimating Stand-alone Selling Price – Customer Loyalty Programme

The Group estimates the stand-alone selling price of the loyalty points awarded under the Customer Loyalty Programme.
The stand-alone selling price of the loyalty points issued is calculated by multiplying to the estimated redemption rate and
to the monetary value assigned to the loyalty points. In estimating the redemption rate, the Group considers breakage which
represents the portion of the points issued that willnever be redeemed. The Group applies statistical projection methods
in its estimation using customers’ historical redemption patterns as the main input. The redemption rate is updated quarterly
and the liabilityfor the unredeemed points is adjusted accordingly. In estimating the value of the points issued, the Group
uses the most reliable evidence at the time the estimates are made on the amount that the pointes are expected to be
redeemed and the probability of redemption of each product. The Group ensures that the value assigned to the loyalty
points is commensurate to the stand-alone selling price of the products eligible for redemption.

The contract liabilities as at December 31, 2019 and 2018 amounted to =P36,543,290 and = P88,467,403, respectively
(see Note 13). Revenue from redemptions of points amounted to =P89,410,598 and =
P87,047,588 in 2019 and 2018, respectively,
and is reported under “Revenue from contracts with customers” account in the consolidated statements of comprehensive
income (see Note 13).

Determination of IBR
The Group cannot readily determine the interest rate implicit in the lease at lease commencement date, therefore, it uses
its IBR to measure lease liabilities. IBR is the rate of interest that a lessee would have to pay to borrow over a similar te rm,
similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment.
The IBR reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available or
when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using
observable inputs such as interest rates from partner banks based on the term of its loan borrowings and make certain-
specific estimates based on the Group credit worthiness.

Estimating Allowance for Impairment of Financial Assets

The following information explains the inputs, assumptions and techniques used by the Group in estimating ECL:

• General approach for cash and due for related parties

The ECL is measured on either a 12-month or lifetime basis depending on whether a significant increase in credit risk
has occurred since initial recognition or whether an asset is considered to be credit-impaired. The Group considers
the probability of its counterparty to default its obligation and the expected loss at default after considering the effects
of collateral, any potential value when realized, forward-looking estimates and time value of money.

• Simplified approach for receivables

The group uses a simplified approach for calculating ECL on receivables through the use of provision matrix to calculate
ECLs.

The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the
matrix to adjust the historical credit loss experience with forward-looking information. At every report date, the
historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

• Incorporation of forward-looking information

The Group considers the inflation rate as forward-looking macro-economic assumption for the determination of
unbiased general industry adjustments and any related specific industry adjustments that support the calculations of
ECLs. A broad range of forward-looking information are considered as economic inputs such as the gross domestic
product, inflation rate, unemployment rates and other economic indicators.

The Group identifies and documents key drivers of credit risks and credit losses of each portfolio of financial instruments
and, using an analysis of historical data has estimated relationships between macro-economic variables and credit risk and
credit losses.

Predicted relationships between the key macro-economic indicators and default loss rates on various portfolios of financial
assets have been developed based on analyzing historical data over the past 3 years. The methodologies and assumptions
including any forecasts of future economic conditions are reviewed regularly.

Annual Report 2019

32
The carrying value of receivables amounted to = P3,638,745,282 and =
P1,641,935,027 as at December 31, 2019 and 2018,
respectively (see Note 5). Allowance for impairment of receivables amounted to =P62,886,523 and =P50,809,719 as at
December 31, 2019 and 2018, respectively. Provision for impairment of receivables amounted to = P12,076,804 and =P13,184,933
in 2019 and 2018, respectively (see Notes 5 and 19).

Estimating Net Realizable Value (NRV) of Merchandise Inventories

The Group carries merchandise inventory at NRV whenever the utility of it becomes lower than cost due to damage, physical
deterioration, obsolescence, changes in price levels, losses or other causes. The estimate of the NRV is reviewed regularly.

Estimates of NRV are based on the most reliable evidence at the time the estimate are made on the amount the inventories
are expected to be realized. These estimates take into consideration fluctuations of price or cost directly relating to events
occurring after reporting date to the extent that such events confirm conditions existing at reporting date. The NRV is
reviewed periodically to reflect the accurate valuation in the financial records.

No provision for impairment losses on merchandise inventories was recognized in 2019 and 2018.

Merchandise inventories amounted to =P4,164,073,340 and =P3,543,379,449 as of December 31, 2019 and 2018, respectively
(Note 6).

Estimating Impairment of Non-Financial Assets Other than Goodwill

The Group assesses whether there are any indicators of impairment for all non-financial assets, other than goodwill, at each
balance sheet date. These non-financial assets (ROU, property and equipment, rent deposits, and software and program
cost) are tested for impairment when there are indicators that the carrying amounts may not be recoverable.

The factors that the Group considers important which could trigger an impairment review include the following:
• Significant underperformance relative to expected historical or projected future operating results;
• Significant changes in the manner of use of the acquired assets or the strategy for overall business; and
• Significant negative industry or economic trends; and decline in appraised value.

Determining the net recoverable amount of assets required the estimation of cash flows expected to be generated from
the continues use and ultimate disposition of such assets. While it is believed that the assumptions used in the estimation of
fair value reflected in the separate financial statements are appropriate and reasonable, significant changes in these
assumptions may materially affect the assessment of recoverable amount and any resulting impairment lo ss could have a
material adverse impact on the results of operations.

As at December 31, 2019 and 2018, the Group has not identified any indicators or circumstances that would indicate that the
Group’s ROU asset, property and equipment, rent deposits and software and program cost are impaired. Thus, no
impairment losses on these non-financial assets were recognized in 2019, 2018 and 2017.

The carrying values of these non-financial assets are as follows:

 2019 2018
ROU asset (Note 26) =
P 7,549,790,375 =
P–
Property and equipment (Note 8) 7,023,486,002 6,750,513,961
Software and program cost (Note 10) 34,883,643 1,315,860

Estimating Impairment of Goodwill

The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in
use of the CGUs to which the goodwill is allocated. Estimating the value in use amount requires management to make an
estimate of the expected future cash flows from the CGUs and also to choose a suitable discount rate in order to calculate
the present value of those cash flows.

In 2018, the Group reassessed and determined that the CGU to be used in assessing the impairment of goodwill from the
purchase of the leasehold rights and store assets of Jollimart Philippines Corporation (Jollimart) is the Company itself. This
assessment reflects how the Group is currently managing its chain of stores as a single unit, where key decisions ( e.g.,
pricing, inventory level determination, inventory composition, etc.) are centrally managed and applied across the entire
store network.

Based on the assessment made by the Group, there is no impairment of goodwill as the recoverable amount of the CG U
exceeds the carrying amount of the unit, including goodwill as at December 31, 2019 and 2018. The carrying value of
goodwill amounted to =P65,567,524 as at December 31, 2019 and 2018 (see Note 10). No impairment loss was recognized in
2019, 2018 and 2017.

Estimation of Retirement Benefits

The net retirement benefits cost, and the present value of retirement obligations are determined using actuarial valuations.
The actuarial valuation involves making various assumptions. These include the determination of the discount rates, future

Bearing Fruit: Reaping Innovation’s Rewards

 salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying 33
assumptions and its long-term nature, defined benefit obligations are highly sensitive to changes in these assumptions. All
assumptions are reviewed at each financial reporting date.

In determining the appropriate discount rate, management considers the interest rates of government bonds that are
denominated in the currency in which the benefits will be paid, with extrapolated maturities corresponding to the expected
duration of the defined benefit obligation.

The mortality rate is based on publicly available mortality tables. Future salary increases, and pension increases are based
on expected future inflation rates.

Further details about the assumptions used are provided in Note 24.

The Group’s net retirement obligations amounted to =P331,343,566 and =P117,758,455 as at December31, 2019 and 2018,
respectively (see Note 24). Net retirement benefits cost amounted to =
P90,158,015, =
P44,888,237 and =
P32,386,593 in 2019, 2018
and 2017, respectively (see Notes 23 and 24).

Provisions and Contingencies

The Group has pending legal cases in the ordinary course of business. The Group’s estimate of the probable costs for the
resolution of these legal cases has been developed in consultation with in-house and outside legal counsels and is based
upon the analysis of the potential outcomes. It is possible, however, that future results of operations could be affected by
changes in the estimates or in the effectiveness of strategies relating to these proceedings.

As at December 31, 2019 and 2018, the Group has provisions amounting to = P10,638,296 andP=10,594,993, respectively, and is
reported as part of “Others” under “Accounts payable and accrued expenses” account in the consolidated statements of
financial position (see Note 12). Provisions and contingencies are further explained in Note 34.

Realizability of Deferred Tax Assets

Deferred tax assets are recognized for all temporary deductible differences to the extent that it is probable that sufficient
future taxable profits will be available against which the deductible temporary differences can be utilized. Management
has determined based on its forecast that there will be sufficient taxable profits against which the recognized deferred tax
assets will be utilized.

The Group’s recognized deferred tax assets amounted to =P516,038,576 and =P264,757,656 as at December 31, 2019 and 2018,
respectively (see Note 27).

4. Cash and Cash Equivalents and Short-Term Investment

Cash and Cash Equivalents

This account consists of:

2019 2018
Cash on hand =
P 1,136,469,362 =
P726,162,740
Cash in banks 2,283,552,147 1,995,503,916
Cash equivalents 1,204,633,586 460,000,000
=
P 4,624,655,095 =
P3,181,666,656

Cash in banks earn interest at the respective bank deposit rates. Cash equivalents are made for varying periods up to
3months depending on the immediate cash requirements of the Group and earn interest at the respective cash equivalent
deposit rates that ranges from 0.38% to 3.75% and 3.00% to 5.00%, in 2019 and 2018, respectively.

Short-term Investment
As at December 31, 2019 and 2018, short-term investment amounting to = P11,389,621 and = P11,286,679, respectively, pertains to
time deposit which has a maturity date of more than 90 days with interest rate of 1.13% in 2019 and 2018.

Interest income from cash and cash equivalents amounted to =P23,253,334, =

P7,402,902 and =
P5,403,654 in 2019, 2018 and 2017,
respectively. Interest income from short-term investment, on the other hand, amounted to =P128,589, =
P127,780, and =
P126,971
in 2019, 2018 and 2017, respectively (see Note 22).

Annual Report 2019

34 5. Receivables

This account consists of:

2019 2018
Franchisees (Note 32) =
P 2,405,990,634 =
P1,017,010,601
Suppliers 647,288,011 607,406,844
Leases (Note 26) 573,127,284 –
Employees 28,578,861 27,956,512
Store operators 23,500,274 21,408,121
Insurance receivable 7,315,951 1,835,899
Rent 5,984,282 5,138,327
Due from PhilSeven Foundation, Inc. (PFI) (Note 25) 320,378 148,497
Others 9,526,130 11,839,945
3,701,631,805 1,692,744,746
Less allowance for impairment (Note 30) 62,886,523 50,809,719
3,638,745,282 1,641,935,027
Less noncurrent portion of
Lease receivable (Notes 10 and 26) 195,286,078 –
Receivables from franchisees (Note 10) 12,480,091 4,088,979
207,766,169 4,088,979
=
P 3,430,979,113 =
P1,637,846,048

Movements in allowance for impairment are as follows:

2019 2018
Balance at beginning of year =
P 50,809,719 =
P37,624,786
Additional provisions for impairment losses (Note 19) 12,076,804 13,184,933
Balance at end of year =
P 62,886,523 =
P50,809,719

The classes of receivables of the Group are as follows:

• Franchisees – pertains to receivables for the inventory loans obtained by the franchisees at the start of their store
operations and charges for various expenses such as rent and utilities. Interest earned on receivable from franchisees
amounted to
=
P329,094, =
P16,937 and =P665,279 in 2019, 2018 and 2017, respectively (see Note 22).

• Suppliers – pertains to receivables from the Group’s suppliers for display allowances, annual volume discount, support
for promotions and commission income from different service providers.

• Lease receivable – pertains to finance lease receivables from sublease agreements with franchisees (see Note 26).

• Employees – includes car loans, salary loans, personal advances and cash shortages from stores which are charged to
employees. Interest earned on receivable from employees amounted to = P803,467, =P819,444 and =
P1,127,567 in 2019,
2018 and 2017, respectively (see Note 22).

• Store operators – pertains to the advances given to third party store operators under service agreements
(see Note 32).

• Rent – pertains to rent deposits receivable from third parties, which are based on an agreed fixed monthly rate or as
agreed upon by the parties.

Receivables are noninterest-bearing and are generally on 30 to 90-day terms except for loans to employees, receivable
from franchisees and lease receivable.

Bearing Fruit: Reaping Innovation’s Rewards

6. Inventories 35

Breakdown of inventories of the Group follows:

2019 2018
At cost:
Warehouse merchandise =
P 2,589,476,932 =
P2,226,423,939
Store merchandise 1,574,596,408 1,316,955,510
=
P 4,164,073,340 =
P3,543,379,449

The cost of merchandise inventories charged to the consolidated statements of comprehensive income amounted to
=
P34,368,460,873, =
P27,911,183,499 and =
P23,776,474,291 as at December 31, 2019, 2018 and 2017 respectively.

There are no inventories whose net realizable values are below cost.

No inventories are pledged nor treated as security to outstanding liabilities as at December 31, 2019 and 2018.

7. Prepayments and Other Current Assets

This account consists of:

2019 2018
Current portion of:
Deferred input VAT =
P 86,296,117 =
P250,999,757
Deferred lease (Note 26) – 14,905,149
Prepaid:
Rent for short-term leases 75,123,592 83,317,741
Taxes 43,285,327 29,577,097
Store expenses 11,579,559 11,776,885
Gift cards 4,669,401 7,418,417
Uniform 4,040,716 3,823,978
Others 13,330,239 12,072,708
Advances for expenses 96,355,252 88,151,927
Supplies 82,185,936 60,762,476
Advances to suppliers 43,117,032 37,217,390
Others 12,368,166 14,427,642
=
P 472,351,337 =
P614,451,167

Deferred input VAT pertains to the input VAT on the acquisition of capital goods over =
P1,000,000 which are being amortized
over the useful life or 60 months, whichever is shorter, commencing on the date of acquisition.

Deferred lease assets comprised of the excess of principal over the fair value of the deposit as of receipt date. Until
December 31, 2018, the amount of deferred lease assets is amortized over the term of the lease and presented as part of
rental expense. Effective January 1, 2019, deferred lease assets is presented as part of ROU assets and depreciated
accordingly over the term of the lease. Noncurrent portion of deferred lease is presented under “Goodwill and other
noncurrent assets” account in the consolidated statements of financial position (Note 10).

Movements in deferred lease are as follows:

2019 2018
Beginning balance =
P 33,587,888 =
P34,768,039
Effect of adoption of PFRS 16 (33,587,888) –
Additions – 7,526,168
Amortization – (8,706,319)
Ending balance – 33,587,888
Less noncurrent portion – 18,682,739
Current portion =
P– =
P14,905,149

Annual Report 2019

36 8. Property and Equipment

Movements in property and equipment are as follows:

2019
Buildings and Store Furniture Furniture and Transportation Computer Leasehold Construction
Land Improvements and Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost
Beginning balances =
P39,866,864 =
P155,481,144 =
P6,316,816,768 =
P2,101,119,653 =
P67,281,096 =
P633,089,650 =
P3,519,184,341 =
P380,638,144 =
P13,213,477,660
Additions – 19,643 1,654,250,832 447,664,972 22,176,299 129,469,176 153,299,002 179,817,479 2,586,697,403
Retirements – – (163,261,608) (33,643,504) (12,506,786) (30,237,891) (96,002,302) – (335,652,091)
Reclassifications – (19,643) – – – – 410,498,258 (410,478,615) –
Ending balances 39,866,864 155,481,144 7,807,805,992 2,515,141,121 76,950,609 732,320,935 3,986,979,299 149,977,008 15,464,522,972
Accumulated Depreciation
and Amortization
Beginning balances – 106,528,557 3,477,005,548 1,119,249,883 42,421,848 361,649,336 1,356,108,527 – 6,462,963,699
Depreciation and amortization (Note 19) – 8,348,004 1,133,045,384 376,483,460 10,827,287 140,717,645 639,768,579 – 2,309,190,359
Retirements – – (163,261,608) (29,170,793) (12,444,494) (30,237,891) (96,002,302) – (331,117,088)
Reclassifications – (269) (64,583) 64,583 – – 269 – –
Ending balances – 114,876,292 4,446,724,741 1,466,627,133 40,804,641 472,129,090 1,899,875,073 – 8,441,036,970
Net Book Values =
P39,866,864 =
P40,604,852 =
P3,361,081,251 =
P1,048,513,988 =
P36,145,968 =
P260,191,845 =
P2,087,104,226 =
P149,977,008 =
P7,023,486,002

2018
Buildings and Store Furniture Furniture and Transportation Computer Leasehold Construction
Land Improvements and Equipment Equipment Equipment Equipment Improvements in Progress Total
Cost
Beginning balances =
P39,866,864 =
P157,877,887 =
P6,189,391,281 =
P1,921,922,346 =
P92,515,312 =
P547,015,247 =
P3,389,129,832 =
P162,383,682 =
P12,500,102,451
Additions – – 827,005,005 414,838,950 6,523,287 213,241,260 393,275,762 379,772,629 2,234,656,893
Retirements – (2,396,743) (699,579,518) (235,641,643) (31,757,503) (127,166,857) (424,739,420) – (1,521,281,684)
Reclassifications – – – – – – 161,518,167 (161,518,167) –
Ending balances 39,866,864 155,481,144 6,316,816,768 2,101,119,653 67,281,096 633,089,650 3,519,184,341 380,638,144 13,213,477,660
Accumulated Depreciation
and Amortization
Beginning balances – 96,804,433 3,134,438,292 1,021,918,586 63,180,624 373,137,462 1,348,148,734 – 6,037,628,131
Depreciation and amortization (Note 19) – 12,120,867 1,042,146,774 332,972,940 10,998,727 115,678,731 432,699,213 – 1,946,617,252
Retirements – (2,396,743) (699,579,518) (235,641,643) (31,757,503) (127,166,857) (424,739,420) – (1,521,281,684)
Ending balances – 106,528,557 3,477,005,548 1,119,249,883 42,421,848 361,649,336 1,356,108,527 – 6,462,963,699
Net Book Values =
P39,866,864 =
P48,952,587 =
P2,839,811,220 =
P981,869,770 =
P24,859,248 =
P271,440,314 =
P2,163,075,814 =
P380,638,144 =
P6,750,513,961

Bearing Fruit: Reaping Innovation’s Rewards

 Construction in progress pertains to costs of constructing new stores and renovation of old stores. Completion of 37
construction and renovation is expected within 3 months to 1 year from construction date. The costs of constructed stores
are accumulated until such time the relevant assets are completed and put into operational use.

On March 31, 2019, the Company sold a certain transportation equipment at book value amounting to =
P62,292 for cash
payment.

On May 28, 2019, the Company write-off furniture and equipment with a book value amounting to =
P4,472,711 as casualty loss
due to the Pampanga earthquake on April 22, 2019.

No property and equipment are pledged nor treated as security to the outstanding liabilities as at December 31, 2019 and
2018.

9. Deposits

This account consists of:

2019 2018
Refundable deposits (Notes 29 and 30) =
P 904,909,861 =
P813,874,193
Utilities 76,706,448 104,998,914
Others 21,262,685 18,822,533
=
P 1,002,878,994 =
P937,695,640

Refundable Deposits
Refundable deposits on rent are computed at amortized cost as follows:

2019 2018
Face value of security deposits =
P 950,682,522 =
P855,582,864
Refunded (2,533,106) (3,455,261)
Unamortized discount (43,239,555) (38,253,410)
=
P 904,909,861 =
P813,874,193

Movements in unamortized discount are as follows:

2019 2018
Beginning balance =
P 38,253,411 =
P39,463,791
Additions (Note 7) 18,054,053 7,526,168
Accretion (Note 22) (13,067,909) (8,736,549)
Ending balance =
P 43,239,555 =
P38,253,410

Utilities and Others

These are deposits that earn interest at prevailing market interest rates which can be refunded or applied to future billings.

10. Goodwill and Other Noncurrent Assets

This account consists of:

2019 2018
Noncurrent portion of:
Deferred input VAT =
P 505,832,011 =
P311,268,713
Prepaid rent 91,019,459 68,678,512
Deferred lease (Notes 7 and 26) – 18,682,739
Intangible assets:
Goodwill 65,567,524 65,567,524
Software and program cost 6,039,926 1,315,860
Garnished accounts 1,884,782 1,407,917
Others – 254,365
=
P 670,343,702 =
P467,175,630

Annual Report 2019

38 Goodwill
On March 22, 2004, the Group purchased the leasehold rights and store assets of Jollimart Philippines Corporation (Jollimart)
for a total consideration of =P130,000,000. The excess of the acquisition cost over the fair value of the assets acquired was
recorded as goodwill amounting to =P70,178,892. In 2008, the Group recognized an impairment loss in goodwill amounting
to =
P4,611,368.

In 2018, the Group reassessed and determined that the CGU to be used in assessing the impairment of goodwill is the
Company itself. This assessment reflects how the Group is currently managing its chain of stores as a single unit, where key
decisions (e.g., pricing, inventory level determination, inventory composition, etc.) are centrally managed and applied across
the entire store network. Prior to 2018, CGU used in assessing the impairment of goodwill was the chain of Jollimart stores
acquired.

The recoverable amount of the goodwill was estimated based on the value in use calculation using cash flow projections
from financial budgets approved by senior management covering a 5-year explicit period, with a continuing value into
perpetuity estimated using a constant-growth model.

The calculation of value in use is most sensitive to the following assumptions:

a. Earnings before interest, tax, depreciation and amortization (EBITDA)

EBITDA forecasts management’s best estimates considering factors such as index growth to market, customer
projections and economic factors.

b. Pre-tax discount rates

Discount rates reflect the current market assessment of the risks to CGU and are estimated based on the weighted
average cost of capital for the industry. The rates are further adjusted to reflect the market assessment of any risk
specific to the CGU for which future estimates of cash flows have not been adjusted. The pre-tax discount rate applied
to cash flow projections was 9.62% to 9.96% in 2019 and 11.22% to 11.99% in 2018.

c. Fair value less cost of disposal

The fair values of the assets and liabilities of the CGU were determined in reference to the available market price for
quoted instruments.

Management assessed that no reasonably possible change in pre-tax discount rates, future cash inflows and fair values
would cause the carrying value of goodwill in 2019 and 2018 to materially exceed its recoverable amount.

Software and Program Cost

Movements in software and program cost are as follows:

2019 2018
Cost:
Beginning balance =
P 20,920,609 =
P20,920,609
Additions 13,963,034 –
Ending balance 34,883,643 20,920,609
Accumulated amortization:
Beginning balance 19,604,749 18,658,360
Amortization (Note 19) 9,238,968 946,389
Ending balance 28,843,717 19,604,749
Net book value =
P 6,039,926 =
P1,315,860

Garnished Accounts
Garnished accounts pertain to the amount set aside by the Group, as required by the courts, in order to answer for litigation
claims should the results be unfavorable to the Group (see Note 34).

11. Bank Loans and Long-term Debt

Bank Loans
Bank loans in 2019 and 2018 represent unsecured Philippine Peso-denominated short-term borrowings of PSC and CDI from
various local banks, payable in lump-sum in 2019 and 2018, respectively, with annual interest rates ranging from 4.92% to 6%
in 2019 and 3% to 5.75% in 2018, which are repriced quarterly based on market rates.

Bearing Fruit: Reaping Innovation’s Rewards

Movements in bank loans are as follows: 39
2019 2018
Beginning balance =
P 410,000,000 =
P660,000,000
Availments 230,000,000 720,000,000
Payments (575,000,000) (970,000,000)
Ending balance =
P 65,000,000 =
P410,000,000

Interest expense from these bank loans amounted to =P11,450,279, = P22,438,885 and =P34,558,957 in 2019, 2018 and 2017,
respectively (see Note 21). Interest payable amounted to =P143,750 and nil as at December 31, 2019 and 2018, respectively
(see Note 12).

Long-term Debt
Long-term debt availed in 2019 and 2018 represent unsecured Philippine Peso-denominated borrowings of the Group from
various local banks, payable as follows:

Availment date Maturity date Payment schedule Principal Interest rate

December 20, 2019 May 17, 2024 17 quarterly payments =P59,000,000 4.92% in 2019
September 16, 2019 May 17, 2024 18 quarterly payments 36,000,000 5.10% in 2019
June 10, 2019 May 17, 2024 20 quarterly payments 25,000,000 6.04% in 2019
June 10, 2019 May 17, 2024 20 quarterly payments 35,000,000 6.04% in 2019
May 17, 2019 May 17, 2024 20 quarterly payments 45,000,000 6.00% in 2019
May 13, 2018 May 13, 2020 8 quarterly payments 40,000,000 4.94% in 2019, and 3.76% in 2018
May 13, 2018 May 13, 2020 8 quarterly payments 35,000,000 5.07% in 2019, and 4.00% in 2018

The interest rates of the long-term debt are subject to quarterly and monthly repricing based on market rates.

Movements in long-term debt are as follows:

2019 2018
Beginning balance =
P 840,416,667 =
P1,070,833,333
Availments 200,000,000 75,000,000
Payments (546,561,404) (305,416,666)
493,855,263 840,416,667
Less current portion 160,440,058 371,666,667
Noncurrent portion =
P 333,415,205 =
P468,750,000

Interest expense from these borrowings amounted to = P49,558,924, =P38,075,376 and =P21,774,248 in 2019, 2018 and 2017,
respectively (see Note 21). Interest payable amounted to =P3,333,532 and =P7,808,015 as at December 31, 2019 and 2018,
respectively (see Note 12).

The proceeds of the bank loans and long-term debt were used for the operations of the Group.

Outstanding long-term debts are as follows:

Terms Outstanding Amounts

Loan Date of Loan Payment Interest
Amount Agreement Lender Schedule Final Payment Rates 2019 2018
17 quarterly
=
P59,000,000 December 20, 2019 BPI payments May 17, 2024 4.92% =
P59,000,000 =
P–
18 quarterly
36,000,000 September 16, 2019 BPI payments May 17, 2024 4.92% 34,105,263 –
20 quarterly
25,000,000 June 10, 2019 BPI payments May 17, 2024 4.92% 22,500,000 –
20 quarterly
35,000,000 June 10, 2019 BPI payments May 17, 2024 4.92% 31,500,000 –
20 quarterly
45,000,000 May 17, 2019 BPI payments May 17, 2024 4.92% 40,500,000 –
8 quarterly
35,000,000 June 8, 2018 BPI payments. May 28, 2020 4.92% 8,750,000 26,250,000
8 quarterly
40,000,000 May 11, 2018 BPI payments May 13, 2020 6.27% 10,000,000 30,000,000
10 quarterly November 24,
100,000,000 November 24, 2017 UBP payments 2020 6.04% –(1) 80,000,000

(Forward)

Annual Report 2019

40 Terms Outstanding Amounts
Loan Date of Loan Payment Interest
Amount Agreement Lender Schedule Final Payment Rates 2019 2018
20 quarterly
250,000,000 November 16, 2017 BPI payments November 16, 2022 3.76% =
P150,000,000 =
P200,000,000
20 quarterly
250,000,000 August 1, 2017 BPI payments August 1, 2022 3.99% 137,500,000 187,500,000
36 monthly
200,000,000 December 9, 2016 BDO installments December 9, 2019 3.10% – 66,666,667
20 quarterly
500,000,000 March 30, 2016 BPI payments March 30, 2021 2.77% –(2) 250,000,000
     =
P493,855,263 =
P840,416,667
(1)The loan was fully paid in advance on December 10, 2019.
(2)The loan was fully paid in advance on December 27, 2019.

The long-term debts of the Group is not covered with any loan covenants.

12. Accounts Payable and Accrued Expenses

This account consists of:

2019 2018
Trade payable =
P 5,599,575,622 =
P4,637,212,058
Employee benefits 214,720,903 162,116,146
Outsourced services 175,688,056 108,239,357
Utilities 129,785,185 132,136,706
Rent for short-term leases (Note 26) 78,436,729 174,551,467
Security services 53,045,495 45,175,073
Bank charges 14,188,340 23,114,916
Advertising and promotion 8,545,920 23,336,087
Interest (Notes 11 and 16) 3,965,742 8,066,765
Others (Note 34) 507,820,206 193,432,483
=P 6,785,772,198 =
P5,507,381,058

The trade suppliers generally provide 15 or 30-day credit terms to the Group. Prompt payment discounts ranging from 1.0%
to 3.0% are given by a number of trade suppliers. All other payables are due within 3 months.

Breakdown of interest payable follows:

2019 2018
Bank loans =
P 143,750 =
P–
Long-term debt 3,333,532 7,808,015
Cumulative redeemable preferred shares 488,460 258,750
=
P 3,965,742 =
P8,066,765

Others include provisions and accruals of various expenses incurred in the stores’ operations.

13. Revenue from Contracts with Customers

Set out below is the disaggregation of the Group’s revenue from contracts with customers:
2019 2018
Revenue source:
Revenue from merchandise sales =
P 48,037,977,624 =
P39,709,088,663
Franchise revenue (Note 32) 4,259,859,659 3,820,040,455
Commission income (Note 32) 653,065,324 241,349,012
=
P 52,950,902,607 =
P43,770,478,130

Timing of recognition:
Goods transferred at a point in time =
P 48,037,977,624 =
P39,709,088,663
Services transferred over time 4,912,924,983 4,061,389,467
=
P 52,950,902,607 =
P43,770,478,130

Bearing Fruit: Reaping Innovation’s Rewards

 Contract Liabilities 41
2019 2018
Initial franchise fees =
P 358,545,446 =
P289,716,596
Gift cards and other contract liabilities 214,870,104 118,869,582
Customer loyalty programme 37,002,649 88,561,580
610,418,199 497,147,758
Less current portion 418,715,881 303,602,274
Noncurrent portion =
P 191,702,318 =
P193,545,484

Movements of contract liability arising from initial franchise fees are as follows:

2019 2018
Beginning balance =P 289,716,596 =
P275,687,309
Initial franchise fees received 180,880,616 108,853,445
Amortization of initial franchise fees (130,444,008) (110,591,081)
Accretion of interest expense (Note 20) 18,392,242 15,766,923
Ending balance =
P 358,545,446 =
P289,716,596

The amount of initial franchise fees allocated to remaining performance obligations, the amount of accretion of interest
expense in the succeeding years, and the amount of contract liability arising from initial franchise fees are as follows:

2019
Unamortized interest Contract liability from
Principal expense initial franchise fees
Within 1 year =
P 181,909,546 =P 15,066,418 =P 166,843,128
More than 1 year 208,697,670 16,995,352 191,702,318
=P 390,607,216 =P 32,061,770 =P 358,545,446

2018
Unamortized Contract liability from
Principal interest expense initial franchise fees
Within 1 year =
P111,198,306 =P15,027,194 =P96,171,112
More than 1 year 211,140,771 17,595,287 193,545,484
=P322,339,077 =P32,622,481 =P289,716,596

14. Other Current Liabilities

Details of other current liabilities follow:

2019 2018
Non-trade accounts payable =P 2,668,315,436 =
P1,230,852,671
Due to franchisees (Note 32) 634,594,603 391,964,723
Output VAT payable 239,925,918 273,809,973
Retention payable 168,325,844 159,530,136
Withholding taxes 114,244,218 82,625,460
Royalty (Note 32) 51,835,888 43,834,510
Unearned revenue (Note 2) 45,579,486 50,892,394
Service fees payable 9,311,900 4,240,018
Others (Note 25) 119,827,258 94,823,650
=
P 4,051,960,551 =
P2,332,573,535

Non-trade accounts payable pertains to payable to suppliers of services or supplies that forms part of general and
administrative expenses. These are noninterest-bearing and are due within 1 year.

Due to franchisees pertain to the share of the franchisees to the gross profit of the franchise stores. These are due within 3
months.

Output VAT payable and withholding taxes are payables to the government and are normally settled within a month.

Retention payable pertains to the 10% of progress billings related to the construction of stores to be paid upon completion
of the construction.

Annual Report 2019

42 Service fees payable pertains to management fee to be paid to store operators for managing the stores under service
agreement. This is computed based on a graduated percentage multiplied to stores’ gross profit and is payable the
following month.

15. Deposits Payable

Details of this account follow:

2019 2018
Franchisees (Note 32) =
P 199,908,216 =
P173,850,156
Service agreements (Note 32) 95,105,259 96,991,148
Rent 18,315,239 18,215,374
=
P 313,328,714 =
P289,056,678

16. Cumulative Redeemable Preferred Shares

Cumulative Redeemable Preference Shares

Number of Shares
2019 2018
Authorized - =
P100 par value per share 60,000 60,000

Issued and subscribed 60,000 60,000

The cumulative redeemable preferred shares are redeemable at the option of the holder. The holder is entitled to annual
“Guaranteed Preferred Dividend” at a floating rate of 6.64%, 4.35%, and 2.28% in 2019, 2018 and 2017, respectively, plus spread
rate of 1.50% in the earnings of SSHI starting April 5, 2002, the date when the 25% of the subscription on preferred shares
have been paid, in accordance with the Corporation Code.

The guaranteed annual dividends shall be calculated and paid in accordance with the Shareholders’ Agreement dated
November 16, 2000 which provides that the dividend shall be determined by the BOD of SSHI using the prevailing market
conditions and other relevant factors. Further, the preferred shareholder shall not participate in the earnings of SSHI except
to the extent of guaranteed dividends and whatever is left of the retained earnings will be declared as dividends in favor of
common shareholders. Guaranteed preferred dividends included under “Interest expense” account in the consolidated
statements of comprehensive income amounted to =P718,170, = P260,940, and = P226,560 in 2019, 2018 and 2017, respectively
(see Note 21). Interest payable amounted to =P488,460 and =P258,750 as at December 31, 2019 and 2018, respectively (see
Note 12).

17. Equity

Common Stock

Number of Shares
2019 2018
Authorized - =
P1 par value per share 1,600,000,000 1,600,000,000

Issued and subscribed 757,104,533 757,104,533

The Company was listed with the Philippine Stock Exchange on February 4, 1998 with total listed shares of 71,382,000
common shares consisting of 47,000,000 shares for public offering and 24,382,000 shares for private placement. The
Company offered the share at a price of =
P4.40.

Below is the Company’s track record of the registration of securities:

Date of SEC order

rendered effective or
permit to sell/ Authorized Issue price/
Date of SEC approval Event Capital Stock Issued shares Par value

January 9, 1998 Outstanding common shares 400,000,000 166,556,250 =

P1.00
Listed shares:
February 4, 1998 Public offering 400,000,000 47,000,000 4.40
Private placement 400,000,000 24,382,000 4.40
(Forward)

Bearing Fruit: Reaping Innovation’s Rewards

 Date of SEC order 43
rendered effective or
permit to sell/ Authorized Issue price/
Date of SEC approval Event Capital Stock Issued shares Par value
August 15, 2008 10% stock dividends 400,000,000 23,725,200 =
P1.00
August 4, 2009 10% stock dividends 400,000,000 26,097,720 1.00
August 27, 2010 5% stock dividends 400,000,000 14,353,746 1.00
August 19, 2011 15% stock dividends 400,000,000 45,214,300 1.00
November 15, 2012 15% stock dividends 600,000,000 51,996,445 1.00
August 15, 2013 15% stock dividends 600,000,000 59,795,912 1.00
November 6, 2017 65% stock dividends 1,600,000,000 297,982,960 1.00
As at December 31, 2019 757,104,533

On July 24, 2012, the BOD and at least 2/3 of the Company’s stockholders approved the increase of the Company’s
authorized common stock from =P400,000,000, divided into 400,000,000 common shares with par value of =
P1 per share, to
=
P600,000,000, divided into 600,000,000 common shares with a par value of =P1 per share.

The Philippine SEC approved the Company’s application for the increase in its authorized capital stock on October 19, 2012.

On June 16, 2017, the BOD and at least 2/3 of the Company’s stockholders approved the increase of the Company’s
authorized common stock from = P600,000,000, divided into 600,000,000 common shares with par value of =
P1 per share, to
=P1,600,000,000, divided into 1,600,000,000 common shares with a par value of =
P1 per share.

The Philippine SEC approved the Company’s application for the increase in its authorized capital stock on October 18, 2017.

On November 6, 2017, the Philippine SEC approved the issuance of 297,982,960 shares as stock dividends to stockholders
on record as at November 28, 2017. The stock dividends were issued on December 14, 2017.

As at December 31, 2019 and 2018, the Company is compliant with the minimum public float as required by the Philippine
Stock Exchange.

Retained Earnings
The Group’s retained earnings is restricted to the extent of =P235,554,173 and =P213,438,505 as at December 31, 2019 and 2018,
respectively, for the undistributed earnings of subsidiaries and =P2,923,246 as at December 31, 2019 and 2018 for the cost of
treasury shares.

On November 18, 2015, the BOD approved the appropriation of retained earnings amounting to =
P2,450,000,000 intended
for store and warehouse expansion. These projects are expected to be completed in 2018.

On November 7, 2016, the BOD approved additional appropriation of retained earnings amounting to =P900,000,000
intended for store and warehouse expansion. These projects are expected to be completed in 2019.

On November 27, 2017, the BOD approved additional appropriation of retained earnings amounting to =P1,000,000,000
intended for store and warehouse expansion. These projects are expected to be completed in 2020.

On November 6, 2018, the BOD approved the reversal of previous appropriated retained earnings last November 18, 2015
amounting to =P2,450,000,000. Further, the BOD approved appropriation of retained earnings amounting to =
P3,200,000,000
intended for store and warehouse expansion. These projects are expected to be completed in 2021.

On November 18, 2019, the BOD approved the reversal of previous appropriated retained earnings last November 7, 2016
amounting to = P900,000,000. Further, the BOD approved appropriation of retained earnings amounting to =
P1,900,000,000
intended for store and warehouse expansion. These projects are expected to be completed in 2022.

As at December 31, 2019, retained earnings available for dividend declaration amounted to =
P232,765,468.

Cash Dividends
Details of the Company’s cash dividends declaration for the years ended December 31, 2019, 2018 and 2017 are shown
below:

Outstanding no. of
Dividend common shares as Total cash
Declaration date Record date Payment date per share of declaration date dividends
July 18, 2019 August 6, 2019 August 16, 2019 =
P0.50 756,418,283 =
P378,209,142
July 19, 2018 August 7, 2018 August 17, 2018 0.43 458,435,323 325,259,861
June 16, 2017 July 4, 2017 July 14, 2017 0.65 458,435,323 297,982,960

The Company’s BOD approved all the cash dividends presented above.

Annual Report 2019

44 Treasury Shares
There are 686,250 shares that are in treasury amounting to =P2,923,246 as at December31,2019 and 2019. There is no
movement in the Company’s treasury shares in 2019 and 2018.

18. Cost of Merchandise Sales

This account consists of:

2019 2018 2017

Merchandise inventory, beginning
(Note 6) =
P 3,543,379,449 =
P2,747,912,176 =
P2,131,441,288
Net purchases 34,989,154,764 28,706,650,772 24,392,945,179
38,532,534,213 31,454,562,948 26,524,386,467
Less merchandise inventory, ending
(Note 6) 4,164,073,340 3,543,379,449 2,747,912,176
=
P 34,368,460,873 =
P27,911,183,499 =
P23,776,474,291

19. General and Administrative Expenses

Details of this account follow:

2019 2018 2017

Depreciation and amortization =
P 3,833,029,584 =
P1,946,617,252 =
P1,622,990,458
Outside services (Note 32) 2,577,991,812 2,038,375,798 1,708,277,639
Communication, light and water 2,564,171,148 2,184,673,003 1,760,637,244
Personnel costs (Note 23) 1,352,212,429 1,099,620,079 885,158,859
Trucking services 782,969,500 665,801,035 571,372,645
Advertising and promotion 741,010,587 592,278,843 409,013,000
Warehousing services 636,399,349 525,062,094 399,257,602
Repairs and maintenance 608,547,555 496,506,636 390,409,921
Royalties (Note 32) 561,214,719 459,278,696 378,177,727
Supplies 559,153,684 373,485,078 293,447,685
Rent 465,354,485 2,289,978,822 1,950,008,730
Taxes and licenses 323,687,254 309,953,198 278,224,355
Entertainment, amusement and
recreation 145,403,592 123,286,615 94,748,285
Transportation and travel 144,596,289 106,337,423 86,804,445
Insurance 51,527,249 42,935,895 35,776,190
Dues and subscription 50,227,658 43,942,684 39,882,637
Inventory losses 34,794,339 56,150,772 54,220,090
Provision for impairment (Note 5) 12,076,804 13,184,933 4,019,807
Amortization of software and program
cost (Note 10) 9,238,968 946,389 1,237,857
Others 341,256,335 284,193,525 262,537,808
=
P 15,794,863,340 =
P13,652,608,770 =
P11,226,202,984

The details of depreciation expense follow:

2019 2018 2017

Depreciation of property and equipment  
(Note 8) =
P 2,309,190,359 =
P1,946,617,252 =
P1,622,990,458
Depreciation of ROU asset (Note 26) 1,523,839,225 – –
=
P 3,833,029,584 =
P1,946,617,252 =
P1,622,990,458

Bearing Fruit: Reaping Innovation’s Rewards

20. Marketing Income 45
This account consists of:

2019 2018 2017

Promotions =
P– =
P– =
P1,018,105,107
Marketing support funds – – 234,508,971
=
P– =
P– =
P1,252,614,078

Marketing support and other amounts arising from trading terms agreements and conformes are presented as deduction
to cost of merchandise sales beginning January 1, 2018 (see Note 2).

21. Interest Expense

This account consists of:

2019 2018 2017

Interest on accretion of lease liabilities
(Note 26) =
P 817,382,956 =
P– =
P–
Interest on bank loans and long-term
debt (Note 11) 61,009,203 60,514,261 56,333,205
Interest on accretion of initial franchise
fee (Note 13) 18,392,242 15,766,923 –
Guaranteed preferred dividends
(Note 16) 718,170 260,940 226,560
=
P 897,502,571 =
P76,542,124 =
P56,559,765

22. Interest Income

This account consists of:

2019 2018 2017

Cash and cash equivalents (Note 4) =
P 23,253,334 =
P7,402,902 =
P5,403,654
Accretion of refundable deposits
(Note 9) 13,067,909 8,736,549 9,079,663
Receivable from employees (Note 5) 803,467 819,444 1,127,567
Receivable from franchisees (Note 5) 329,094 16,937 665,279
Short-term investment (Note 4) 128,589 127,780 126,971
=
P 37,582,393 =
P17,103,612 =
P16,403,134

23. Personnel Costs

The details of this account as shown in Note 19 follow:

2019 2018 2017

Salaries and wages =
P 778,846,160 =
P661,792,203 =
P548,193,443
Employee benefits 483,208,254 392,939,639 304,578,823
Net retirement benefits cost (Note24) 88,527,098 44,888,237 32,386,593
Other retirement benefits 1,630,917 – –
=
P 1,352,212,429 =
P1,099,620,079 =
P885,158,859

24. Retirement Benefits

The Group maintains a trustee, non-contributory defined benefit retirement plan covering all qualified employees
administered by a trustee bank under the supervision of the Board of Trustees (BOT) of the plan. The BOT is responsible for
investment of the assets. It defines the investment strategy as often as necessary, at least annually, especially in the case of
significant market developments or changes to the structure of the plan participants. When defining the investment strategy,
it takes account of the plans’ objectives, benefit obligations and risk capacity. The investment strategy is defined in the form
of a long-term target structure (investment policy). The BOT delegates the implementation of the investment policy in
accordance with the investment strategy as well as various principles and objectives to an Investment Committee, which
also consists of members of the BOT, a Director and a Controller. The Controller of the fund is the one who oversees the
entire investment process.

Annual Report 2019

46 The fair value of plan assets by each class as at the end of each balance sheet date are as follows:

PSC CDI
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018

Government securities =
P 84,584,528 =
P80,630,658 =
P– =
P–
Corporate bonds 7,278,484 7,101,032 – –
Investments in equity securities:
PSC - listed shares -
77,508 as at
December 31, 2019
and 2018, respectively 11,006,278 9,611,116 – –
SSHI - unlisted shares 6,000,000 6,000,000 – –
BPI short-term fund:
Unit investment trust fund 2,166,734 5,590,867 242,061 494,492
BPI ALFM mutual fund – – 2,317,776 1,972,966
Accrued interest receivable 736,600 379,304 – –
Fair value of plan assets =
P 111,772,624 =
P109,312,977 =
P 2,559,837 =
P2,467,458

The trustee exercises voting rights over the PSC and SSHI shares held by the retirement fund.

The retirement benefits cost and the present value of the retirement obligations are determined using actuarial valuations.
The actuarial valuation involves making various assumptions.

The principal assumptions used in determining the net retirement obligations are shown below:

PSC CDI
2019 2018 2019 2018
Discount rates 5.16% 7.53% 5.16% 7.53%
Salary increase rates 5.50% 5.50% 5.50% 5.50%
Turnover rates:
Age 17-24 5.00% 5.00% 5.00% 5.00%
25-29 3.00% 3.00% 3.00% 3.00%
30-49 1.00% 1.00% 1.00% 1.00%
50-59 0.00% 0.00% 0.00% 0.00%

The Group has an amended retirement benefits plan pertaining to retirement attainment age, death and permanent disability
benefit effective starting January 1, 2019. The Group has appropriately considered changes which resulted to the recognition
of past service cost amounting to = P45,356,384 in 2019.

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption
on the defined benefit obligation as at December 31, 2019 and 2018, assuming if all other assumptions were held constant:

2019
Increase
(Decrease) PSC CDI
Discount rates +0.5% (P
= 29,393,747) (P
= 991,861)
-0.5% 33,094,782 1,119,522

Salary increase rate +1% 67,859,869 2,297,645

-1% 54,778,117 (1,846,257)

Average remaining years of service +5 years – –

-5 years 5,034,736 170,067

Bearing Fruit: Reaping Innovation’s Rewards

 2018 47
Increase
(Decrease) PSC CDI
Discount rates +0.5% (P
=8,044,635) (P
=275,045)
-0.5% 10,829,979 319,755

Salary increase rate +1% 23,854,158 715,697

-1% (14,254,363) (518,703)

Average remaining years of service +5 years (187,445) (5,975)

-5 years 2,350,879 70,579

The Group expects to contribute =P5,000,000 and =

P2,607,031 to the defined benefit retirement plans of PSC and CDI,
respectively, in 2020.

The Group does not currently employ any asset-liability matching. The average expected future service in years of the
employees of PSC and CDI is 24 for both entities.

Annual Report 2019

48 Changes in net retirement obligations in 2019 are as follows:

Remeasurements in other comprehensive income

Actuarial changes
Net retirement benefits cost in arising from
consolidated statements of comprehensive income changes in
January 1, Current Subtotal Remeasurement financial Experience Contribution by December 31,
2019 service cost Past Service Cost Net interest (Note 23) Benefits paid on plan assets assumptions adjustments Subtotal employer 2019
Present value of the retirement
obligations
PSC (P
=224,263,746) (P
=29,782,804) (P
=44,593,913) (P
=20,244,981) (P
=94,621,698) =
P25,249,845 =
P– (P
=112,622,824) (P
=27,839,570) (P
=140,462,394) =
P– (P
=434,097,993)
CDI (5,275,144) (1,105,364) (762,471) (454,632) (2,322,467) – – (3,678,245) (302,178) (3,980,423) – (11,578,034)
(229,538,890) (30,888,168) (45,356,384) (20,699,613) (96,944,165) 25,249,845 – (116,301,069) (28,141,748) (144,442,817) – (445,676,027)
Fair value of plan assets
PSC 109,312,977 – – 8,231,267 8,231,267 (25,249,845) (3,521,775) – – (3,521,775) 23,000,000 111,772,624
CDI 2,467,458 – – 185,800 185,800 – (93,421) – – (93,421) – 2,559,837
111,780,435 – – 8,417,067 8,417,067 (25,249,845) (3,615,196) – – (3,615,196) 23,000,000 114,332,461
Net retirement obligations (P
=117,758,455) (P
=30,888,168) (P
=45,356,384) (P
=12,282,546) (P
=88,527,098) =
P– (P
=3,615,196) (P
=116,301,069) (P
=28,141,748) (P
=148,058,013) =
P 23,000,000 (P
=331,343,566)

Changes in net retirement obligations in 2018 are as follows:

Remeasurements in other comprehensive income

Actuarial changes
Net retirement benefits cost in arising from
consolidated statements of comprehensive income changes in
January 1, Current Subtotal Remeasurement financial Experience Contribution by December 31,
2018 service cost Past Service Cost Net interest (Note 23) Benefits paid on plan assets assumptions adjustments Subtotal employer 2018
Present value of the retirement
obligations
PSC (P
=253,265,196) (P
=35,373,040) =
P– (P
=12,789,892) (P
=48,162,932) =
P1,290,232 =
P– =
P77,559,307 (P
=1,685,157) =
P75,874,150 =
P– (P
=224,263,746)
CDI (12,946,459) (1,557,938) – (653,796) (2,211,734) 6,982,845 – 2,299,067 601,137 2,900,204 – (5,275,144)
(266,211,655) (36,930,978) – (13,443,688) (50,374,666) 8,273,077 – 79,858,374 (1,084,020) 78,774,354 – (229,538,890)
Fair value of plan assets
PSC 101,237,515 – – 5,112,495 5,112,495 (1,290,232) (4,746,801) – – (4,746,801) 9,000,000 109,312,977
CDI 7,404,640 – – 373,934 373,934 (6,982,845) (328,271) – – (328,271) 2,000,000 2,467,458
108,642,155 – – 5,486,429 5,486,429 (8,273,077) (5,075,072) – – (5,075,072) 11,000,000 111,780,435
Net retirement obligations (P
=157,569,500) (P
=36,930,978) =
P– (P
=7,957,259) (P
=44,888,237) =
P– (P
=5,075,072) =
P79,858,374 (P
=1,084,020) =
P73,699,282 =
P11,000,000 (P
=117,758,455)

Bearing Fruit: Reaping Innovation’s Rewards

 Shown below is the maturity analysis and weighted average duration of the retirement benefits obligations: 49
Benefits Payments
PSC CDI
Not exceeding 1 year =
P23,979,843 =P–
More than 1 year to 5 years 42,748,405 1,278,324
More than 5 to 10 years 166,970,910 6,536,334
More than 10 to 15 years 382,782,586 8,901,554
More than 15 years to 20 years 371,152,163 15,431,729
More than 20 years 10,567,397,320 509,562,060

25. Related Party Disclosures

Related party relationships exist when one party has the ability to control, directly or indirectly through one or more
intermediaries, the other party or exercise significant influence over the other party in making financial and operating
decisions. Such relationships also exist between and/or among entities which are under common control with the reporting
enterprise, or between and/or among the reporting enterprises and their key management personnel, directors or its
stockholders. Outstanding balances are settled through cash.

Transactions with related parties consist of:

a. PSC and CDI have transactions with PFI, a foundation with common key management of the Group, consisting of
donations and noninterest-bearing advances pertaining primarily to salaries, taxes and other operating expenses
initially paid by PSC for PFI. Other current labilities disclosed in the foregoing table include an outstanding balance of
donations to its affiliate PFI amounting to =
P17,298,142 (Note 14).

Balances arising from the foregoing transactions with related parties are as follows:

Transactions for the Outstanding Balance

Related Nature of Terms and Year Ended December 31 as at December 31
Parties Relationship Transactions Conditions 2019 2018 2019 2018
Receivables Affiliate Non-interest- Unsecured, no
PFI (Note 5) bearing impairment in 2019
advances and 2018. Amounts
are due and
demandable.
Settlement through
cash. =
P773,947 =
P1,447,601 =
P320,378 =
P148,497
Other current Affiliate Donations Allocated annual
liabilities fund equivalent to
PFI 0.5% of annual net
income before tax
from PSC and
P720,000 annual
donation from CDI.
Payable quarterly
and annually.
Settlement through
cash. 11,823,514 11,954,628 17,298,142 11,194,628

b. As at December 31, 2019 and 2018, the Group’s defined benefit retirement fund has investments in shares of stock of
PSC with a cost of =
P122,417. The retirement benefit fund earned a gain arising from changes in market prices amounting
to
=
P1,395,162 and =
P3,105,240 in 2019 and 2018, respectively.

c. Compensation of key management personnel are as follows:

2019 2018 2017

Short-term employee benefits =
P 63,637,363 =
P57,207,490 =
P62,941,002
Post-employment benefits 10,293,902 5,018,292 4,863,892
=
P 73,931,265 =
P62,225,782 =
P67,804,894

d. Material Related Party Transactions (MRPT)

The Group adopted the materiality threshold of ten percent (10%) or higher of its total consolidated assets based on its
latest audited financial statements. A threshold lower than ten percent (10%) may be set by the Board of Directors upon
its determination of the risk of the MRPT to cause damage to the Company and its shareholders. The threshold shall
apply to MRPT entered between the Company, its subsidiary or affiliate or any related party.

Annual Report 2019

50
26. Leases

Group as a lessee
The Group has various lease agreements for company-owned and franchised convenience stores, office spaces, kitchens
and warehouses. Leases agreement of the Group generally have lease terms between 3 to 25 years (Note 2). The Group’s
obligations under its leases are secured by the lessor’s title to the lease assets. There are several lease contracts that include
extension and termination options and variable lease payments.

ROU asset represents store, warehouse, kitchen and office spaces leased by the Group which are amortized over the
remaining lease term:

Changes in the ROU assets for the year ended December 31, 2019 are as follows:

2019
Store Warehouse Office Kitchen Total
Cost
At January 1, as previously reported =
P– =
P– =
P– =
P– =
P–
Effect of adoption of PFRS 16 (Note 2) 6,796,246,114 1,434,105,051 60,963,277 10,631,361 8,301,945,803
At January 1, as restated 6,796,246,114 1,434,105,051 60,963,277 10,631,361 8,301,945,803
Additions 726,241,407 3,919,147 41,250,078 273,165 771,683,797
At December 31 7,522,487,521 1,438,024,198 102,213,355 10,904,526 9,073,629,600
Accumulated depreciation and
amortization
At January 1 – – – – –
Depreciation (1,370,844,921) (134,815,345) (16,591,942) (1,587,017) (1,523,839,225)
Net book value as at
December 31, 2019 =
P6,151,642,600 =
P1,303,208,852 =
P85,621,413 =
P9,317,510 =
P7,549,790,375

The following are the amounts recognized in statements of comprehensive income:

2019
Depreciation expense of ROU assets (Note 19) =
P1,523,839,225
Interest expense on lease liabilities 817,382,956
Expense relating to short-term leases 342,117,385
Variable lease payments 107,427,776
Expense relating to low-value assets 15,809,324
=
P2,806,576,666

Lease liabilities represents payments to be made over the remaining lease term. Movement of the lease liabilities during
the period are as follows:

2019
As at January 1, 2019, as previously reported =
P–
Effect of adoption of PFRS 16 (see Note 2) 9,194,699,647
At January 1, 2019, as restated 9,194,699,647
Additions during the period 752,825,455
Interest expense 817,382,956
Payments (2,005,362,761)
Balance at end of the period 8,759,545,297
Current lease liabilities 2,006,019,727
Noncurrent lease liabilities =
P6,753,525,570

Most of the contracts covering property leased by PSC have stipulations stating that the right on the renewal of lease is on
the hand of the lessee, although rates, terms and conditions are still to be agreed in the future. As such, it is not
reasonably certain that the PSC will exercise the option to extend the lease since the extension is considered
unenforceable.

The Company has various short-term lease agreements relating to its store operations. Certain agreements provide for the
payment of rentals based on various schemes such as an agreed percentage of net sales for the month and fixed monthly
rate. As at December 31, 2019, rent expense related to short-term leases, variable lease payments and low-value assets
amounting to =P342,117,385, =
P15,809,324 and =
P107,427,776, respectively.

Bearing Fruit: Reaping Innovation’s Rewards

 The approximate annual future minimum rent payable of the Group under its existing non-cancellable lease agreements as 51
a lessor as at December 31 are as follows:

2019 2018
1 year =
P 2,193,655,776 =
P2,128,373,742
more than 1 year to 2 years 1,957,157,900 2,075,260,878
more than 2 years to 3 years 1,752,188,253 1,844,958,651
more than 3 years to 4 years 1,500,439,070 1,637,756,044
more than 4 years to 5 years 1,195,402,958 1,386,208,773
more than 5 years 3,318,225,219 3,955,380,164
=
P 11,917,069,176 =
P13,027,938,252

Group as a lessor
The Group has various sublease agreements which provide for lease rentals based on an agreed fixed monthly rate or as
agreed upon by the parties. Rental income related to these sublease agreements amounted to =P137,107,640, =
P62,704,247
and =
P63,764,574 in 2019, 2018 and 2017, respectively.

The Group enters into a transaction for which the underlying asset is re-leased to the franchisees, and original lease contract
between 3rd party and the Group remains in effect. Currently, franchisees have two different leasing scenarios, (a) 3-party
lease contract where the Group acts as the intermediate lessee to the third-party lessor while the franchisee acts as the
sublessee and (b) 2-party lease contract where the franchisee, similar with the scenario, (a) acts as the sublessee at the same
time the lessor or owner of the leased property.

Lease receivable represents receipts to be received over the remaining lease term. Movement of the lease receivables
during the period are as follows:

Sublease Lease Arrangement

3-Party 2-Party
Balance at beginning of the period (Note 2) =
P865,854,466 =
P398,156,502
Contractual receipts (360,758,738) (102,337,193)
Interest income 68,031,546 31,758,175
Balance at end of the period =
P573,127,284 =
P327,577,485

Lease receivable and lease liabilities from 2-party sublease arrangement are offset in presenting the balances at the
consolidated statements of financial position, as these contains offsetting arrangements.

The approximate annual future minimum rent receivables of the Company under its existing non-cancellable lease
agreements as a lessor as at December 31 are as follows:

2019 2018
1 year =P 340,813,783 =P352,566,630
more than 1 year to 2 years 258,978,768 334,353,912
more than 2 years to 3 years 183,642,498 252,223,171
more than 3 years to 4 years 87,719,144 176,300,031
more than 4 years to 5 years 10,056,227 80,380,114
more than 5 years 11,804,186 2,266,555
=P 893,014,606 =P1,198,090,413

27. Income Tax

a. The components of the Group’s provision for income tax are as follows:

2019 2018 2017

Current:
Regular corporate income tax =
P 849,477,551 =
P711,291,912 =
P631,208,657
Final tax on interest income 3,878,856 818,720 976,859
853,356,407 712,110,632 632,185,516
Deferred (216,989,537) (30,558,402) (34,227,226)
=
P 636,366,870 =
P681,552,230 =
P597,958,290

Annual Report 2019

52 b. The components of the Group’s net deferred income tax assets are as follows:

2019 2018
Deferred tax assets:
Leases =
P 193,392,440 =
P–
Contract liability on initial franchise fees 107,563,634 86,914,979
Net retirement obligations 99,403,070 35,327,537
Unearned gift check 30,036,642 5,445,872
Accrued rent 22,791,343 52,365,440
Deferred revenue on customer loyalty programme 23,434,381 37,722,576
Allowance for impairment on receivables 18,865,957 15,242,915
Unamortized discount on refundable deposits 12,971,867 11,476,023
Provision for litigation losses 3,191,489 3,178,498
Unamortized past service cost 2,928,445 4,008,305
Unearned rent income 1,358,384 4,113,616
Unrealized foreign exchange loss 51,012 –
Accrued incentives – 8,961,895
515,988,664 264,757,656
Deferred tax liabilities:
Unrealized foreign exchange gain – 61,411
Unamortized premium on refundable deposits 38,258 76,413
Deferred lease – 10,076,367
38,258 10,214,191
Net deferred tax assets =
P 515,950,406 =
P254,543,465

c. The reconciliation of the provision for income tax computed at the statutory income tax rate to provision for income
tax shown in the consolidated statements of comprehensive income follow:

2019 2018 2017

Provision for income tax computed
at statutory tax rate =
P 624,282,107 =
P663,992,549 =
P574,748,625
Adjustments for:
Nondeductible expenses:
Inventory losses 7,417,630 13,263,874 14,401,141
Interest expense and others 7,800,307 5,773,872 9,529,008
Tax effect of rate difference
between final tax and
statutory tax rate on bank
interest income (3,133,174) (1,439,911) (682,330)
Nontaxable other income – (38,154) (38,154)
=
P 636,366,870 =
P681,552,230 =
P597,958,290

28. Basic/Diluted Earnings Per Share

The following table presents information necessary to calculate earnings per share (EPS) on net income attributable to equity
holders of the Group:

2019 2018 2017

a. Net income =
P 1,444,573,485 =
P1,531,756,266 =
P1,317,870,459
b. Weighted average number
of shares issued 757,104,533 757,104,533 757,104,533
c. Less weighted average number
of shares held in treasury 686,250 686,250 686,250
d. Weighted average number of shares
outstanding (b-c) 756,418,283 756,418,283 756,418,283
e. Basic/diluted earnings
per share (a/d) =
P 1.91 =
P2.03 =
P1.74

The Group does not have potentially dilutive common shares as at December 31, 2019, 2018 and 2017. Thus, the basic earnings
per share is equal to the diluted earnings per share as at those dates.

Bearing Fruit: Reaping Innovation’s Rewards

29. Financial Instruments 53

The comparison of the carrying value and fair value of all of the Group’s financial instruments (those with carrying amounts
that are not equal to their fair values) as at December 31 are as follows:

2019 2018
Carrying Value Fair Value Carrying Value Fair Value
Financial Assets
Financial Assets at Amortized Cost
Deposits -
Refundable (Notes 7, 9 and 30) =
P 904,909,861 =
P 882,095,556 =
P813,874,193 =
P784,404,204
*Current portion amounting to =P 2,565,824 and P=1,913,641 as at December 31, 2019 and 2018, respectively, are presented as part of “Others” under “Prepayments
and other current assets” account.

Refundable deposits are categorized under level 3 in the fair value hierarchy.

Fair Value Information

Cash and Cash Equivalents, Short-term Investment, Receivables, Accounts Payable and Accrued Expenses and Other Current
Liabilities
Due to the short-term nature of the related transactions, the fair values of cash and cash equivalents, short-term investment,
receivables, accounts payable and accrued expenses and other current liabilities approximate their carrying values as at
balance sheet dates.

Utilities and Other Deposits

The fair value of utilities and other deposits approximates its carrying value as it earns interest based on repriced market
conditions.

Refundable Deposits
The fair value of refundable deposits is determined by discounting the sum of future cash flows using the prevailing market
rates for instruments with similar maturities as at December 31, 2019 and 2018 ranging from 1.51% to 5.91% and 2.10% to 6.20%,
respectively.

Bank Loans and Long-term Debt

The carrying value of bank loans and long-term debt approximates fair value because of recent and monthly and quarterly
repricing of related interest based on market conditions.

Cumulative Redeemable Preferred Shares

The carrying value of cumulative redeemable preferred shares approximates fair value because corresponding dividends
on these shares that are charged as interest expense in profit or loss are based on recent treasury bill rates repriced annually
at yearend.

As at December 31, 2019 and 2018, the Group has no financial instruments measured at fair value.

30. Financial Risk Management Objectives and Policies

The main risks arising from the Group’s financial instruments are credit risk, liquidity risk and interest rate risk. The BOD
reviews and approves policies for managing each of these risks. The BOD also created a separate board-level entity, which
is the Audit Committee, with explicit authority and responsibility in managing and monitoring risks. The Audit Committee,
which ensures the integrity of internal control activities throughout the Group, develops, oversees, checks and pre-approves
financial management functions and systems in the areas of credit, market, liquidity, operational, legal and other risks of the
Group, and crisis management.

Listed below are the summarized risks identified by the BOD.

Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge
an obligation. The receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to
impairment is managed to a not significant level. The Group deals only with counterparty duly approved by the BOD.

Annual Report 2019

54 The following tables provide information regarding the maximum credit risk exposure of the Group as at December 31:

2019 2018
Cash and cash equivalents:
Cash in banks =
P 2,283,552,147 =
P1,995,503,916
Cash equivalents 1,204,633,586 460,000,000
3,488,185,733 2,455,503,916
Short-term investment 11,389,621 11,286,679
Receivables:
Franchisees 2,386,144,706 1,005,638,071
Suppliers 624,382,665 592,916,000
Leases 377,841,206 –
Employees 21,888,906 21,514,760
Insurance receivable 7,143,021 1,835,899
Store operators 4,271,564 3,755,478
Rent 3,198,031 2,352,076
Due from PFI 320,378 148,497
Others 5,788,636 9,685,267
3,430,979,113 1,637,846,048
Deposits:
Refundable* 907,475,685 815,787,834
Utilities 76,706,448 104,998,914
Others 21,262,685 18,822,533
1,005,444,818 936,609,281
Other noncurrent assets -
Noncurrent portion of receivable
from leases 195,286,078 –
from franchisees 12,480,091 4,088,979
=
P 8,143,765,454 =
P5,048,334,903
*Current portion amounting to =P 2,565,824 and P=1,913,641 as at December 31, 2019 and 2018, respectively, are presented as part of “Others” under
“Prepayments and other current assets” account .

The following tables provide information regarding the credit risk exposure of the Group by classifying assets according
to the Group’s credit ratings of debtors:

2019
Neither Past Due nor Impaired
Standard Past Due but Past Due and
High Grade Grade not Impaired Impaired Total
Cash and cash equivalents
Cash in banks =
P2,283,552,147 =
P– =
P– =
P– =
P2,283,552,147
Cash equivalents 1,204,633,586 – – – 1,204,633,586
3,488,185,733 – – – 3,488,185,733
Short-term investment 11,389,621 – – – 11,389,621
Receivables
Franchisees – 2,385,733,240 411,466 1,108,330 2,387,253,036
Suppliers – 545,121,172 79,261,493 22,905,346 647,288,011
Leases – 377,841,206 – – 377,841,206
Employees – 21,384,350 504,556 6,689,955 28,578,861
Store operators – 4,271,564 – 19,228,710 23,500,274
Insurance receivable – 7,143,021 – 172,930 7,315,951
Rent – 2,385,371 812,660 2,786,251 5,984,282
Due from PFI – 320,378 – – 320,378
Others – 5,133,628 655,008 3,737,494 9,526,130
– 3,349,333,930 81,645,183 56,629,016 3,487,608,129
Deposits
Refundable* – 907,475,685 – – 907,475,685
Utilities – 76,706,448 – – 76,706,448
Others – 21,262,685 – – 21,262,685
– 1,005,444,818 – – 1,005,444,818
Other noncurrent assets
Noncurrent portion of
Lease receivable – 195,286,078 – – 195,286,078
Receivable from franchisees – 12,480,091 – 6,257,507 18,737,598
– 207,766,169 – 6,257,507 214,023,676
=
P3,499,575,354 =
P4,562,544,917 =
P81,645,183 =
P62,886,523 =
P8,206,651,977
*Current portion amounting to =P 2,565,824 as at December 31, 2019 is presented as part of “Others” under “Prepayments and other current assets” account .

Bearing Fruit: Reaping Innovation’s Rewards

 2018 55
Neither Past Due nor Impaired
Standard Past Due but Past Due and
High Grade Grade not Impaired Impaired Total
Cash and cash equivalents
Cash in banks =
P 1,995,503,916 =
P– =
P– =
P– =
P 1,995,503,916
Cash equivalents 460,000,000 – – – 460,000,000
2,455,503,916 – – – 2,455,503,916
Short-term investment 11,286,679 – – – 11,286,679
Receivables
Franchisees – 1,005,632,258 5,813 1,026,044 1,006,664,115
Suppliers – 498,593,995 94,322,005 14,490,844 607,406,844
Employees – 20,432,073 1,082,687 6,441,752 27,956,512
Store operators – 1,014,327 2,741,151 17,652,643 21,408,121
Insurance receivable – 1,835,899 – – 1,835,899
Rent – 223,433 2,128,643 2,786,251 5,138,327
Due from PFI – 148,497 – – 148,497
Others – 7,586,243 2,099,024 2,154,678 11,839,945
– 1,535,466,725 102,379,323 44,552,212 1,682,398,260
Deposits
Refundable* – 815,787,834 – – 815,787,834
Utilities – 104,998,914 – – 104,998,914
Others – 18,822,533 – – 18,822,533
– 939,609,281 – – 939,609,281
Other noncurrent assets
Noncurrent portion of receivable
from franchisees – 4,088,979 – 6,257,507 10,346,486
=
P2,466,790,595 =
P2,479,164,985 =
P102,379,323 =
P50,809,719 =
P5,099,144,622
*Current portion amounting to =P 1,913,641 as at December 31, 2018 is presented as part of “Others” under “Prepayments and other current assets” account .

The Group uses the following criteria to rate credit quality:

Class Description
High Grade Financial assets that have a recognized foreign or local third-party rating or
instruments which carry guaranty/collateral.

Standard Grade Financial assets of companies that have the apparent ability to satisfy its obligations
in full.

The credit qualities of the financial assets were determined as follows:

Cash in banks, cash equivalents and short-term investment are classified as high grade, since these are deposited or
transacted with reputable banks which have low probability of insolvency.

Receivables, deposits and other noncurrent assets are classified as standard grade, since these pertain to receivables
considered as unsecured from third parties with good paying habits.

The following tables provide the analysis of financial assets that are past due but not impaired and past due and impaired:

2019
Aging analysis of financial assets past due but not impaired Past Due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees* =P151,211 =
P– =
P260,255 =
P411,466 =
P1,108,330 =
P1,519,796
Suppliers 30,012,726 9,378,701 39,870,066 79,261,493 22,905,346 102,166,839
Employees 152,007 37,500 315,049 504,556 6,689,955 7,194,511
Store operators – – – – 19,228,710 19,228,710
Insurance receivable – – – – 172,930 172,930
Rent 244,972 256,454 311,234 812,660 2,786,251 3,598,911
Others 411,908 243,100 - 655,008 3,737,494 4,392,502
=
P30,972,824 =
P9,915,755 =
P40,756,604 =
P81,645,183 =
P56,629,016 =
P138,274,199
*Noncurrent portion amounting to =
P 12,480,091, net of allowance amounting to =P 6,257,507, is presented under “Other noncurrent assets” account.

Annual Report 2019

56 2018
Aging analysis of financial assets past due but not impaired Past Due and
31 to 60 days 61 to 90 days > 90 days Total Impaired Total
Receivables:
Franchisees* =P3,875 =
P1,938 – =
P5,813 =
P1,026,044 =
P1,031,857
Suppliers 46,778,692 2,216,515 45,326,798 94,322,005 14,490,844 108,812,849
Employees 155,018 90,622 837,047 1,082,687 6,441,752 7,524,439
Store operators – – 2,741,151 2,741,151 17,652,643 20,393,794
Insurance receivable – – – – – –
Rent 636,299 579,634 912,710 2,128,643 2,786,251 4,914,894
Others 438,849 495,142 1,165,033 2,099,024 2,154,678 4,253,702
=
P48,012,733 =
P3,383,851 =
P50,982,739 =
P102,379,323 =
P 44,552,212 =
P146,931,535

Set out below is the information about the credit risk exposure analysis on the Group’s receivables as at December 31, 2019
using a provision matrix:

Days past due

31 to 61 to 91 to 181 to More
Current 60 days 90 days 180 days 360 days than 360 days Total
Expected credit loss rate <0.01% 0.02% 0.88% 0.81% 12.35% 100.00%
Estimated total gross carrying
amount at default P=466,723,479 =
P115,804,523 =
P33,369,923 =
P10,745,009 =
P42,117,158 =
P30,976,069 P 699,736,161
=
Expected credit loss =
P192,012 =
P14,451 =
P11,664 76,401 =
P3,705,676 =
P58,886,320 =
P62,886,523

There are no significant concentrations of credit risk within the Group.

Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial instruments. The
Group seeks to manage its liquidity profile to be able to finance its capital expenditures and service its maturing debts. To
cover for its financing requirements, the Group intends to use internally generated funds and sales of certain assets.

As part of its liquidity risk management program, the Group regularly evaluates projected and actual cash flow information
and continuously assesses conditions in the financial markets for opportunities to pursue fund raising initiatives. The Group
uses historical figures and experiences and forecasts of collections and disbursements. These initiatives may include
drawing of loans from the approved credit line intended for working capital and capital expenditures purposes and equity
market issues.

The Group arranged additional credit lines to boost its ability to meet short-term liquidity needs. The Group has credit-lines
amounting to =P5,573,179,950 and = P4,649,440,000 as at December 31, 2019 and 2018, respectively, and cash and cash
equivalents amounting to =P4,624,655,095 andP =3,181,666,656 as at December 31, 2019 and 2018, respectively, that are
allocated to meet the Group’s short-term liquidity needs.

The tables below summarize the maturity profile of the financial assets of the Group:

2019
More than More than
Three months three months one year More than
or less to one year to five years five years Total
Cash and cash equivalents
Cash on hand and in banks =
P3,420,021,509 =
P– =
P– =
P– =
P3,420,021,509
Cash equivalents 1,204,633,586 – – – =
P1,204,633,586
4,624,655,095 – – – 4,624,655,095
Short-term investment – 11,389,621 – – 11,389,621
Receivables
Franchisees 2,385,733,240 411,466 – – 2,386,144,706
Suppliers 545,121,172 79,261,493 – – 624,382,665
Employees 21,065,334 823,572 – – 21,888,906
Store operators 4,271,564 – – – 4,271,564
Rent 2,385,371 812,660 – – 3,198,031
Insurance receivable 7,143,021 – – – 7,143,021
Due from PFI 320,378 – – – 320,378
Leases 377,841,206 – – – 377,841,206
Others 956,327 4,803,124 29,185 – 5,788,636
3,344,837,613 86,112,315 29,185 – 3,430,979,113
Deposits
Refundable* – 2,438,784 905,036,901 – 907,475,685
Utilities – – 76,706,448 – 76,706,448
Others – – 21,262,685 – 21,262,685
– 2,438,784 1,003,006,034 – 1,005,444,818
Noncurrent portion of lease receivable – – 195,286,078 – 195,286,078
Noncurrent portion of receivable
from franchisees – – 12,480,091 – 12,480,091
=
P7,969,492,708 =
P99,940,720 =
P1,210,801,388 =
P– =
P9,280,234,816
*Current portion amounting to =
P 2,565,824 as at December 31, 2019 is presented as part of “Others” under “Prepayments and other current assets” account.

Bearing Fruit: Reaping Innovation’s Rewards

 2018 57
More than More than
Three months three months one year More than
or less to one year to five years five years Total
Cash and cash equivalents
Cash on hand and in banks =
P2,721,666,656 =
P– =
P– =
P– =
P2,721,666,656
Cash equivalents 460,000,000 – – – 460,000,000
3,181,666,656 – – – 3,181,666,656
Short-term investment – 11,286,679 – – 11,286,679
Receivables
Franchisees 1,005,632,258 5,813 – – 1,055,638,071
Suppliers 498,593,995 94,322,005 – – 592,916,000
Employees 20,432,073 1,082,687 – – 21,514,760
Store operators 1,014,327 2,741,151 – – 3,755,478
Rent 223,433 2,128,643 – – 2,352,076
Insurance receivable – 1,835,899 – – 1,835,899
Due from PFI 148,497 – – – 148,497
Others 7,586,243 2,099,024 – – 9,685,267
1,533,630,826 104,215,222 – – 1,637,846,048
Deposits
Refundable* – 1,913,641 813,874,193 – 815,787,834
Utilities – – 104,998,914 – 104,998,914
Others – – 18,822,533 – 18,822,533
– 1,913,641 937,695,640 – 939,609,281
Other noncurrent assets
Noncurrent portion of receivable
from franchisees – – 4,088,979 – 4,088,979
=
P4,715,297,482 =
P117,415,542 =
P941,784,619 =
P– =
P5,774,497,643
*Current portion amounting to =
P 1,913,641 as at December 31, 2018 is presented as part of “Others” under “Prepayments and other current assets” account.

The tables below summarize the maturity profile of the financial liabilities of the Group based on remaining undiscounted
contractual obligations:

2019
More than
Three months three months More than
or less to one year one year Total
Bank loans =
P54,653,765 =
P10,346,235 =
P– =
P65,000,000
Accounts payable and accrued expenses
Trade payable 5,599,575,622 – – 5,599,575,622
Employee benefits 214,720,903 – – 214,720,903
Outsourced services 175,688,056 – – 175,688,056
Utilities 129,785,185 – – 129,785,185
Rent 78,436,729 – – 78,436,729
Security services 53,045,495 – – 53,045,495
Advertising and promotion 14,188,340 – – 14,188,340
Bank charges 8,545,920 – – 8,545,920
Interest 3,965,742 – – 3,965,742
Others 507,820,206 – – 507,820,206
6,785,772,198 – – 6,785,772,198
Other current liabilities
Non-trade accounts payable 853,606,764 1,814,708,672 – 2,668,315,436
Due to franchisees 634,594,603 – – 634,594,603
Retention payable – 168,325,844 – 168,325,844
Royalty 51,835,888 – – 51,835,888
Service fees payable – 9,311,900 – 9,311,900
Others – 119,827,258 – 119,827,258
1,540,037,255 2,112,173,674 – 3,652,210,929
Long-term debt – 160,440,058 333,415,205 493,855,263
Lease liabilities 548,413,944 1,645,241,832 9,723,413,400 11,917,069,176
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
=
P8,934,877,162 =
P3,928,201,799 =
P10,056,828,605 =
P22,919,907,566

Annual Report 2019

58 2018
More than
Three months three months More than
or less to one year one year Total
Bank loans =
P325,000,000 =
P85,000,000 =
P– =
P410,000,000
Accounts payable and accrued expenses
Trade payable 4,637,212,058 – – 4,637,212,058
Rent 174,551,467 – – 174,551,467
Employee benefits 162,116,146 – – 162,116,146
Utilities 132,136,706 – – 132,136,706
Outsourced services 108,239,357 – – 108,239,357
Security services 45,175,073 – – 45,175,073
Advertising and promotion 23,336,087 – – 23,336,087
Bank charges 23,114,916 – – 23,114,916
Interest 8,066,765 – – 8,066,765
Others 193,432,483 – – 193,432,483
5,507,381,058 – – 5,507,381,058
Other current liabilities
Non-trade accounts payable 610,581,009 620,271,662 – 1,230,852,671
Due to franchisees 391,964,723 – – 391,964,723
Retention payable – 159,530,136 – 159,530,136
Royalty 43,834,510 – – 43,834,510
Service fees payable – 4,240,018 – 4,240,018
Others – 94,823,650 – 94,823,650
1,046,380,242 878,865,466 – 1,925,245,708
Long-term debt 101,666,667 270,000,000 468,750,000 840,416,667
Cumulative redeemable preferred shares 6,000,000 – – 6,000,000
=
P 6,986,427,967 =
P 1,233,865,466 =
P 468,750,000 =
P8,689,043,433

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s fair value and cash flows interest rate risk mainly arise from bank loans and long-term
debt with floating interest rates. The Group is expecting to substantially reduce the level of bank loans and long-term debt
over time. Internally generated funds coming from its cash generating units and from its franchising business will be used
to pay off outstanding debts and consequently reduce the interest rate exposure.

The maturity profile of financial instruments that are exposed to interest rate risk are as follows:

2019 2018
Due in less than 1 year =
P 231,440,058 =
P787,666,667
Due in more than 1 year 333,415,205 468,750,000
Rate (Note 11) 4.92%-6.04% 2.86%-4.30%

Interest of financial instruments classified as floating rate is repriced at intervals of 30 days and 90 days. The other financial
instruments of the Group that are not included in the above tables are noninterest-bearing and are therefore not subject to
interest rate risk.

The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables
held constant, of the Group’s income before income tax (through the impact on floating rate borrowings):

2019 2018
Increase/ Effect on Increase/ Effect on
Decrease in Income Before Decrease in Income Before
Basis Points Income Tax Basis Points Income Tax
Bank loans and long-term debt -
floating interest rate +100 (P
= 5,648,553) +100 (P
=12,564,167)
-100 5,648,553 -100 12,564,167
Cumulative redeemable preferred
shares - floating interest rate +100 (60,000) +100 (60,000)
-100 60,000 -100 60,000

There is no other impact on the Group’s equity other than those already affecting profit or loss.

Bearing Fruit: Reaping Innovation’s Rewards

 Foreign Exchange Risk 59
Foreign exchange risk is the risk to earnings or capital arising from changes in foreign exchange rates. The Group’s foreign
exchange exposure arises from holding foreign currency-denominated cash. In order to balance this exposure, the Group
maintains a foreign currency accounts in a reputable commercial bank. The Group does not enter into derivatives to hedge
the exposure. The Group’s cash denominated in foreign currency and converted into Peso using the closing exchange
rates at each balance sheet date are summarized below.

2019 2018
U.S. Dollar Peso U.S. Dollar Peso
Cash in banks $84,337 =
P 4,284,470 $103,324 =
P5,432,776

As at December 31, 2019 and 2018, the closing functional currency exchange rate is =
P50.80 and =P52.58 to U.S. $1, respectively.

31. Capital Management

The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy
capital ratios in order to support its business and maximize shareholder value.

In the light of changes in economic conditions, the Group manages dividend payments to shareholders, pay-off existing
debts, return capital to shareholders or issue new shares. The Group mainly uses financing from local banks. The Group
considers equity attributable to shareholders as capital. The Group manages its capital structure by keeping a net worth of
between 30% to 50% in relation to its total assets. The Group’s net worth ratio is 27% and 41% as at December 31, 2019 and
2018, respectively. No changes were made in the objectives, policies and processes during the year.

2019 2018
Common stock =
P 757,104,533 =
P757,104,533
Additional paid-in capital 293,525,037 293,525,037
Retained earnings 7,078,334,123 6,011,969,780
8,128,963,693 7,062,599,350
Less cost of shares held in treasury 2,923,246 2,923,246
=
P 8,126,040,447 =
P7,059,676,104

Total assets =
P 29,673,664,154 =
P17,402,647,674

Net worth 27% 41%

As at December 31, 2019 and 2018, the Group was able to meet its objective.

32. Significant Agreements

a. Franchise Agreements
The Group has various store franchise agreements with third party franchisee for the operation of certain stores. The
agreement includes a one-time franchise fee payment and an annual 7-Eleven charge for the franchisee, which is equal
to a certain percentage of the franchised store’s gross profit. The agreement also includes charging of various
expenses such as rent and utilities which are recorded by the Group as part of its franchise revenue.

Details of franchise revenue follow:

2019 2018 2017

Share in gross profit of franchisees =
P 3,491,426,554 =
P2,708,357,161 =
P2,221,694,827
Rent, utilities and other expenses 637,989,097 969,922,300 833,544,111
Franchise fee 130,444,008 141,760,994 121,460,164
=
P 4,259,859,659 =
P3,820,040,455 =
P3,176,699,102

Receivable from franchisees as at December 31, 2019 and 2018 amounted toP =2,405,990,634 and = P1,017,010,601,
respectively (see Notes 5 and 10). Due to franchisees as at December 31, 2019 and 2018 amounted to = P634,594,603
andP
=391,964,723, respectively (see Note 14). The Group also has outstanding deposits payable to franchisees
amounting to = P199,908,216 and =P173,850,156 as at December 31, 2019 and 2018, respectively (see Note 15).

Annual Report 2019

60 Franchise fee is deferred and recognized over 3 or 5 years depending on the franchise type, with consideration for
the time value of money. Prior to 2018, the Group recognizes revenue from franchise fees upon performance of initial
services required in the franchise agreement.

Other components of franchise revenue, on the other hand, is recognized at point in time.

b. Service Agreements
The Group has service agreements with third party contractors for the operation of certain stores. In consideration
thereof, the store operator is entitled to a service fee based on a certain percentage of the store’s gross profit and
operating expenses as stipulated in the service agreement. Service fees included in “Outside services” under “General
and administrative expenses” account amounted to = P207,755,250, =
P148,013,965 and =
P138,449,819 in 2019, 2018 and 2017,
respectively (seeNote19). The Group also has outstanding deposits payable to third parties in relation to service
agreements amounting to =P95,105,259 and = P96,991,148 as at December 31, 2019 and 2018, respectively (see Note 15).

c. Commission Income
The Group has entered into agreements with a phone card supplier and various third parties. Under the arrangements,
the Group earns commission on the sale of phone cards, electronic loads, consigned goods and collection of bills
payments based on a certain percentage of net sales and collections for the month and a fixed monthly rate.
Commission income amounted to = P653,065,324, =
P241,349,012, and =
P126,707,492, in 2019, 2018 and 2017, respectively.

d. 2014 and 2016 Exclusivity Contracts

In 2014, the Group has entered into a 3-year exclusivity contract with a third-party ice cream distributor in the Philippines
effective January 2014 to December 2016. The contract indicates that the third-party ice cream distributor will exclusively
supply all ice cream products of 7-Eleven stores.

In 2016, the exclusivity contract was renewed for another 5 years effective December 2016 to December 2021.

e. Memorandum of Agreement (MOA) with Chevron Philippines, Inc. (CPI)

The Group has entered into MOA with CPI on August 6, 2009, wherein CPI has granted the Group as authorized co -
locator for a full term of 3-years to establish operate and/or franchise its 7-Eleven stores in CPI service stations. Both
parties have identified 10 CPI service stations, wherein the Group will give the retailers of these service stations a Letter
Offer to Franchise (LOF) 7-Eleven stores. Upon acceptance of the retailers of the LOF, the retailers will sign a Store
Franchise Agreement (SFA) with the Group. If LOF is not accepted by one of the 10 original service stations identified,
that service station will be replaced with another mutually acceptable service station site.

Upon signing of the MOA, CPI executed a Caltex Retail Agreement with each of the 10 service station retailers, which
shall have a full term of 3 years and which will be co-terminus with the SFA.

As at December 31, 2019 and 2018, the Group has opened 102 and 100 franchised service stations, respectively.

f. Licensing Agreement with Seven Eleven, Inc. (SEI)

The Group executed a licensing agreement with SEI, a stockholder organized in Texas, U.S.A. This grants the Group
the exclusive right to use the 7-Eleven System in the Philippines. In accordance with the agreement, the Group pays,
among others, royalty fee to SEI based on a certain percentage of monthly gross sales, net of gross receipts tax. Royalty
fee amounted to = P561,214,719, =
P459,278,696 and =
P378,177,727 in 2019, 2018 and 2017, respectively (see Note 19). As at
December 31, 2019 and 2018, royalty payable amounted to = P51,835,888 and =P43,834,510, respectively (see Note 14).

33. Segment Reporting

The Group considers the store operations as its only business segment based on its primary business activity. Franchising,
renting of properties and commissioning on bills payment services are considered an integral part of the store operations.
The Group’s identified operating segments below are consistent with the segments reported to the BOD, which is the Chief
Operating Decision Maker of the Group.

The products and services from which the store operations derive its revenues from are as follows:

• Merchandise sales
• Franchise revenue
• Commission income
• Rental income
• Interest income

The aforementioned income are all income from external parties.

Bearing Fruit: Reaping Innovation’s Rewards

34. Provisions and Contingencies 61

The Group is a party to various litigations and claims. All cases are in the normal course of business and are not deemed to
be considered as material legal proceedings. Further, the cases are either pending in courts or under protest, the outcome
of which are not presently determinable. Management and its legal counsel believe that the liability, if any, that may result
from the outcome of these litigations and claims will not materially affect the Group’s consolidated statements of financial
position or financial performance.

As at December 31, 2019 and 2018, the Group has provisions amounting to =P10,638,296 and =
P10,594,993, respectively, and is
reported as part of “Others” under “Accounts payable and accrued expenses” account in the consolidated statements of
financial position (see Note 12). Movements in provisions are as follows:

2019 2018
Beginning balance =
P 10,594,993 =
P9,791,719
Additions 43,303 803,274
Ending balance =
P 10,638,296 =
P10,594,993

35. Supplementary Disclosure to Cash Flow

Changes in Liabilities Arising from Financing Activities

2019
Cash Flows
Balance as at Balance at the end
beginning of year Availments Payments Others of the year
Lease liabilities (Note 26) =
P9,194,699,647 =
P752,825,455 (P
= 2,005,362,761) =
P817,382,956 =
P8,759,545,297
Cumulative Redeemable
Preference Shares (Note 16) 6,000,000,000 – – – 6,000,000,000
Long-term Debt (Note 11) 840,416,667 200,000,000 (546,561,404) – 493,855,263
Bank Loans (Note 11) 410,000,000 230,000,000 (575,000,000) – 65,000,000
Interest Payable (Note 11) 8,066,765 – (60,496,617) 56,395,594 3,965,742
Dividends Payable (Note 17) – 414,209,142 (414,209,142) – –
=
P16,453,183,079 =
P1,597,034,597 (P
=3,601,629,924) =
P873,778,550 =
P15,322,366,302

2018
Cash Flows
Balance as at Balance at the end
beginning of year Availments Payments Others of the year
Cumulative Redeemable
Preference Shares (Note 16) =
P6,000,000,000 =
P– =
P– =
P– =
P6,000,000,000
Long-term Debt (Note 11) 1,070,833,333 75,000,000 (305,416,666) – 840,416,667
Bank Loans (Note 11) 660,000,000 720,000,000 (970,000,000) – 410,000,000
Interest Payable (Note 11) 6,844,709 – (59,553,145) 60,775,201 8,066,765
Dividends Payable (Note 17) – 297,982,960 (297,982,960) – –
=
P7,737,678,042 =
P 497,017,040 (P
=1,036,986,851) =
P60,775,201 =P7,258,483,432

Others included the effect of accretion of long-term borrowings, effect of recognition and accretion of lease liabilities and
effect of accrued but not yet paid interest.

Significant Non-cash Transactions

The Group engaged in the following significant non-cash activities during the year:

2019
Due to adoption of PFRS 16, Leases
Lease liability (P
=9,947,525,102).
ROU asset 9,073,629,600
Receivable 865,854,466
Accounts payable and accrued expenses 69,417,878
Prepayments (23,835,761).
Deposits (18,858,342).
Goodwill and other noncurrent assets (18,682,739).
Software additions for the year 13,963,034
Write-off of furniture and equipment (4,472,711).
=
P9,490,323

Annual Report 2019

 STORE
62

DIRECTORY
List of Leased Properties for the 7-Eleven Stores operational as Corporate and under a Franchise Agreement:

Legend: ** FC1 ^^ FC2/FC3

# Store Name Address

1 2 BF Homes Pres. Ave., BF Homes Parañaque
2 3 Libertad^^ Libertad cor., F.B. Harrison, Pasay
3 4 Nagtahan^^ Philamlife Bldg. United Nations Avenue, Ermita, Manila
4 5 U.N. Ave 900 U.N. Ave., Ermita, Manila
5 7 Quiapo^^ 465 Quezon Blvd., Quiapo, Manila
6 8 Adriatico^^ Adriatico cor., P. Faura, Manila
7 10 Muñoz Roosevelt Ave, nr. Cor. EDSA-Muñoz, Q.C.
8 12 Roces A. Roces St. cor. Quezon Ave., Q.C.
9 17 Buendia Sen. Gil Puyat Ave. cor. Taft Ave., Manila
10 20 Boni-EDSA Boni Avenue cor., EDSA Mandaluyong City
11 22 Retiro Retiro cor. Dimasalang, Manila
12 24 Paco1^^ Pedro Gil St., Paco, Manila
13 30 Burgos^^ Libertad St., cor. Burgos St., Pasay City
14 31 Barangka Boni Ave., Barangka Drive, Mandaluyong
15 32 Maypajo^^ J.P. Rizal St., cor. Ambini St., Maypajo, Caloocan City
16 33 Dapitan^^ Maceda cor. Dapitan St., Sampaloc, Manila
17 35 Pasig Church** Caruncho Ave., cor. Sixto Ave., Pasig
18 36 JRC Shaw Blvd. cor Kalentong St., Mandaluyong City
19 37 Nova1^^ Gen. Luis St, cor. Austria St., Novaliches, Q.C.
20 39 MCU** Edsa cor. Asuncion St., Monumento, Caloocan City
21 41 Marulas^^ Mc Arthur Hi-way cor. Pio del Pilar, Valenzuela, Manila
22 43 Malibay^^ EDSA cor. C. Jose St., Malibay, Pasay City
23 44 Bacoor^^ G.E. Aguinaldo Hi-way cor. Talaba, Bacoor
24 45 Gagalangin Juan Luna cor., Pampanga St., Gagalangin Tondo, Manila
25 46 Pandacan Jesus cor., Labores St., Pandacan, Manila
26 47 Singalong^^ Singalong St., cor., san Andres, Malate Manila
27 54 Munti1 Rizal St. cor. National Road, Poblacion, Muntinlupa
28 56 Evangelista Pio del Pilar cor. Evangelista, Makati
29 57 Commonwealth Tandang Sora Ave., cor. Commonwealth Ave., Q.C.
30 59 Revilla EDSA cor. C. Revilla St., Pasay City
31 60 Cainta Junction^^ A. Bonifacio St., cor. Ortigas Ave., Ext., Cainta, Rizal
32 63 Guadalupe 1^^ EDSA nr. cor. R. Magsaysay, Guadalupe, Makati
33 64 Masinag Marcos Highway cor. Sumulong Highway, Antipolo, Rizal
34 65 Road 8^^ Road 8 cor. Visayas Ave., Proj. 6, Q.C.
35 66 MH del Pilar A. Flores St., M.H. del Pilar, Ermita, Manila
36 67 StJames Tandang Sora Ave., cor. Mindanao Avenue, Q.C.
37 68 Murphy 15th Ave. cor. Liberty Ave., Murphy, Cubao, Q.C.

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 63
38 69 PCU^^ Pedro Gil St. cor. L. Guinto St., Malate, Manila
39 71 A. Bonifacio^^ A. Bonifacio St., cor. Shaw Blvd., Mandaluyong City
40 72 Calamba 1^^ National Highway cor. J.P. Rizal
41 75 Antipolo Church** P. Oliveros St. cor Masangkay Rd., Antipolo, Rizal
42 74 Canaynay^^ Dr. A. Santos Ave., cor. Canaynay Ave., Parañaque
43 76 Pasig Rotonda** Pasig Blvd. cor. Sixto Antonio, Pasig City
44 78 Bruger^^ National Rd., Bruger St., Bruger Subd., Muntinlupa City
45 80 Marcelo^^ West Service Road cor. Marcelo Ave., Parañaque
46 85 Harrison^^ F.B. Harisson St. cor. Vito Cruz, Manila
47 86 Tayuman^^ Tayuman St. cor. Rizal Ave., Manila
48 87 Imus** Aguinaldo Highway cor. Tanzang Luma, Imus Cavite
49 88 Antip1Cir Circumferential Rd. cor. M.L. Quezon St., Antipolo, Rizal
50 90 Bangkal Evangelista Cor. Alejandro St., Bangkal Mkt.
51 91 San Pedro1^^ Maharlika St. cor. National Highway, San Pedro, Laguna
52 93 Meycauayan2^^ Mc Arthur Hi-way cor. Malhakan Rd., Meycauayan, Bulacan
53 96 San Pedro2 A. Mabini St. cor. Garcia St. San Pedro, Laguna
54 97 Cavite City^^ Cajigas St. cor. Burgos St., Cavite City
55 98 Ylaya Ylaya St. cor. Lakandula St., Binondo, Manila
56 99 Dasma1 P. Campos cor. Cantimbuhan St., Dasmariñas, Cavite
57 100 Balibago National Highway cor. R. Lasaga St., Balibago
58 101 Blumentrit2^^ Blumentritt St. cor. Isagani St. Sampaloc, Manila
59 102 Hermosa J. Abad Santos Ave., cor. Hermosa St., Tondo, Manila
60 104 Kabihasnan^^ Unang Hakbang St., cor. Luzon Ave., Galas, Q.C.
61 103 Galas Kabihasnan St. cor. San Dionisio Parañaque
62 105 Lower Bicutan Gen. Santos Avenue cor. M.L. Quezon St., Lower Bicutan
63 106 Tamaraw Hills Mc Arthur Hi-way cor. Tamarraw Hills, Marulas, Valenzuela
64 107 Cabuyao^^ J.P. Rizal cor. Circumferencial Ave., Cabuyao, Laguna
65 108 Chico Chico St. cor. Anonas St., Proj. 2, Q.C.
66 111 Molino1 Molino Rd., cor. Bahayang Pag-asa, Bacoor, Cavite
67 112 San Pablo1^^ Rizal Ave., cor. A. Flores St., San Pablo City
68 114 Dasma2 Mangubat St., cor. Aguinaldo Highway, Dasmariñas, Cavite
69 115 Molino2 Molino Rd., San Nicolas, Mambog, Bacoor, Cavite
70 116 Salinas 193 Gen. Trias Drive, Rosario, Cavite
71 118 GMA Gov. Drive nr. cor. GMA Drive, Dasmariñas, Cavite
72 119 Biñan2^^ National Highway cor. Malvar St., Biñan, Laguna
73 120 Balagtas Mc Arthur Hi-way, Wawa, Balagtas, Bulacan
74 121 Pulang Lupa Quirino Ave., cor. Naga Rd., Pulang Lupa, Las Piñas
75 122 BF Resort^^ Alabang Zapote rd. cor. BF Resort Drive, Pamplona
76 123 Parang** G. del Pilar cor., M.L. Quezon, Parang, Marikina
77 125 JP Ramoy Quirino Highway cor. J.P. Ramoy, Barrio Talipapa, Novaliches, Q.C.
78 126 Cainta Church^^ A. Bonifacio Avenue, San Andres, Cainta, Rizal
79 127 Tatlong Hari Rizal Blvd. nr. cor. Tatlong Hari St., Sta. Rosa, Laguna
80 138 Lipa Proper C.M. Recto Ave., Lipa, Batangas
81 128 Los Baños^^ Batong Malaki National Highway, Los Baños, Laguna
82 130 Binakayan^^ Gen. Tirona Highway cor. Bisita St., Binakayan, Kawit, Cavite
83 131 Lipa Highway G/F Big Ben Complex, Pres. Laurel Hi-way, Lipa, Batangas
84 132 Trece^^ Gov. Drive cor. Indang, Tanza Rd., Trece Martirez, Cavite
85 134 Molave Marikina^^ Bayan bayanan Ave. cor. Molave St., Concepcion, Marikina
86 135 Panapaan^^ Tirona Hi-way cor. Aguinaldo Hi-way, Panapaan, Cavite
87 136 Apalit^^ San Vicente cor. David St., Mc Arthur Hi-way, Apalit, Pampanga

Annual Report 2019

64 # Store Name Address
88 137 San Pedro 3^^ Pacita cor. Macaria Ave., San Pedro, Laguna
89 141 Camarin Blk 1 Lot 18 & 20 Camarin cor. Susano Rd., Caloocan City
90 142 Tanza Sta. Cruz cor. San Agustine Poblacion , Tanza, Cavite
91 144 Rev. Aglipay** Boni Ave., cor. A.T. Reyes Aglipay, Mandaluyong City
92 145 Naic^^ Poblete St., cor. Nazareno St., Poblacion, Naic, Cavite
93 147 Shorthorn^^ Shorthorn cor. Road 20, Project 8, Q.C.
94 148 JP Rizal^^ J.P. Rizal cor. Constancia St., Makati City
95 150 Zabarte Quirino Hiway cor. Zabarte Ave., Novaliches
96 152 Dasma3^^ Congressional Ave., cor. DBB, Dasmariñas, Cavite
97 153 Paco 2 Pedro Gil St. cor. Main St., Paco, Manila
98 154 Insular** P. Burgos St. cor. Gen. Luna St., Makati
99 155 Onyx** A. Francisco cor. Onyx and Concha Sts., Sta. Ana, Manila
100 156 Guadalupe 2^^ Sgt. Yabut nr. cor. Anastasio St., Guadalupe, Makati
101 158 N. Domingo^^ N. Domingo cor. F. Blumentritt St., San Juan
102 160 San Bartolome^^ M. Dela Cruz cor. Quirino Highway, Novaliches, Q.C.
103 162 San Fernando1 B. Mendoza cor. Tiomico St., San Fernando, Pampanga
104 165 Superlines** EDSA nr. cor. New York St., Cubao, Q.C.
105 166 Columbia Columbia Tower, Ortigas Ave., Mandaluyong City
106 167 Jupiter^^ Makati Ave., cor. Gil Puyat Ave., Makati
107 168 TM Kalaw Kalaw cor. A. Mabini St., Ermita, Manila
108 172 West West Ave., cor. Zamboanga St., Q.C.
109 175 Benin^^ EDSA cor. Benin St., Caloocan City
110 176 Farmers Space 1&2, 2nd Level New Farmers Plaza, Cubao, Q.C.
111 180 Batangas City P. Burgos Ave. cor. P. Panganiban St., Batangas
112 184 D.Jose Rizal Ave. cor. D. Jose, Sta. Cruz, Manila
113 185 Global^^ Doña Soledad Ave., Better Living, Parañaque
114 187 Virra** P. Burgos Ave. cor. Dapo St., Makati City
115 188 Panay Quezon Avenue cor. EDSA, Q.C.
116 196 Urdaneta Brgy. Poblacion, Urdaneta, Pangasinan
117 198 Matalino Matalino St. cor. Malakas St., Diliman, Q.C.
118 195 RFM RFM Corporate Center, Mandaluyong City
119 194 Angono M.L. Quezon Ave., Angono, Rizal
120 192 Turbina National Highway Brgy., Turbina, Calamba, Laguna
121 200 Carmen Mc Arthur Highway, Carmen, Rosales, Pangasinan
122 199 Rizal Med Pasig Blvd. cor. Banaag, Pineda, Pasig City
123 193 Bauan^^ National Rd., Bauan, Batangas
124 204 Priscilla^^ Pasong Tamo Ext.Kayamanan - C, Makati City
125 205 U.E. Recto UE, Claro M. Recto Ave., Manila
126 209 Dagupn1^^ Arellano St., Dagupan City
127 206 Zapote Junction Alabang Zapote Road cor. F. Santos, Las Piñas
128 212 Lemery^^ Ilustre Ave., nr. cor., P. Burgos St., Lemery, Batangas
129 210 Session2^^ G/F B - 105 Lpez Bldg., Session Rd., Baguio City
130 211 Orosa MY Orosa nr. cor. TM. Kalaw, Ermita, Manila
131 208 Angeles1 Sto. Rosario cor. Sukdulan St., Angeles City
132 215 Crame Boni Serrano cor. 2nd St., Camp Crame, Q.C.
133 213 Parkview** Valero St. cor. Salcedo Village, Makati City
134 217 Nova 3 Quirino Hi-way cor. Sarmiento St., Novaliches City, Q.C.
135 219 P. Campa^^ España cor. P. Campa Sampaloc St., Manila
136 216 Baclaran2 Quirino Ave., cor. Dimasalang St., Baclaran, Parañaque City
137 218 Taytay2^^ Manila-East Road, Taytay, Rizal

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 65
138 228 Bocaue Mc Arthur Highway cor. Gov. F, Halili Ave., Binang 2nd, Bocaue, Bulacan
139 221 Baclaran 3 Roxas Blvd., Baclaran, Parañaque
140 222 Calamba 2 National Hi-way nr. cor. Halang St., Calamba, Laguna
141 224 Luisita^^ Mc Arthur Hi-way, San Miguel, Tarlac City
142 229 Cityland^^ LG07 Cityland 10 Tower, Valero cor. Dela Costa St., Salcedo Village, Makati City
143 232 CBC^^ 115 G/F Corporate Business Center, Paseo de Roxas cor. Pasay Road, Makati City
144 257 Shoe Ave^^ Shoe Avenue cor. Capt. Venciong, Sta. Elena
145 241 St. Lukes E. Rodriguez cor. Victoria St., New Manila, Q.C.
146 258 Herrera Y-L Bldg., Herrera St. cor. Salcedo St., Legaspi Village, Makati City
147 244 Guadalupe 3 F. Yabut St., nr. cor. EDSA, Guadalupe Nuevo, Makati City
148 271 Starmall Shaw Blvd. cor. EDSA Mandaluyong
149 249 Binangonan Quezon St., Libis, Binangonan, Rizal
150 251 Nobel G/F, 110 Nobel Plaza, Valero St., Makati City
151 254 Salauag Molino-Paliparan Road, Salawag, Dasmariñas, Cavite
152 264 Trece2 Gov. Drive cor. Indang, Tanza Road
153 243 BetterLiving 2^^ Moreland Bldg., Merville Access Rd. cor. West Service Rd.
154 272 Merville^^ Doña Soledad Avenue cor. Peru, Better Living, Parañaque City
155 261 Calamba3 Along Provincial Road, Calamba-Crossing, Laguna
156 268 Fields^^ Arayat cor. Pinatubo St. nr. cor. Edsa, Cubao Q.C.
157 274 Arayat2 G/F HHH Commercial Bldg., 932 Fields Ave., Balibago, Angeles City
158 252 Talon J. Aguilar Ave. cor. Alabang-Zapote Road, Talon, Las Piñas City
159 262 PCU 2 Taft Avenue cor. Pedro Gil, Manila
160 270 Biñan3 A. Bonifacio cor. Gonzales St., Poblacion, Biñan, Laguna
161 256 Marikina Bridge^^ E. Rodrguez cor. J.P. Rizal St., Marikina
162 234 LaHuerta Quirino Avenue cor. Dandan St., La Huerta, Parañaque
163 276 Hansel Aurora Blvd. cor. Imperial, Cubao, Q.C.
164 250 Aurora^^ Aurora Blvd. cor. St. Mary, Cubao, Q.C.
165 220 Laguna BelAir^^ Sta. Rosa - Tagaytay Rd., Sta. Rosa, Laguna
166 248 Pasig Mega Mega Parking, Caruncho cor. Market Avenue
167 275 FEU^^ 913-919 Nicanor Reyes cor. Estiro de Alix, Sampaloc, Manila
168 277 Makati CityHall^^ Upper Session Rd., Baguio City
169 231 Session3^^ 9033 Hormiga St., Brgy. Poblacion, Makati City
170 282 Gatchalian Dr. A. Santos Ave. cor. Palanyag St., Parañaque City
171 278 Sagittarius** G/F Sagittarius Bldg., H.V. Dela Costa St., Salcedo Village, Makati
172 237 Orient Ruby Road, Ortigas Ctr., Pasig City
173 236 UP Manila Pedro Gil St. nr. cor. Taft Avenue, Malate, Manila
174 214 San Pablo2** Leonor St. cor. Maharlika Hi-way, San Pablo, Laguna
175 279 Marina** A. Mabini St., Malate, Manila
176 284 Burgundy G/F One Burgundy Plaza, Katipunan Ave., Q.C.
177 288 San Fernando2** Lam Bldg., San Fernando Crossing, San Fernando, Pampanga
178 289 Karuhatan^^ Gen. T. de Leon cor. Mc Arthur Hi-way, Kahuratan, Valenzuela
179 283 RCBC** RCBC Bldg. 3rd Flr. RCBC Poduim, Ayala Avenue cor. Buendia, Makati City
180 239 Park N Ride^^ P. Burgos cor. Dr. Basa St., Ermita, Manila
181 293 Plaridel^^ Cagayan Valley Road, Banga 1st, Plaridel, Bulacan
182 285 Emerald** Emerald Ave., Ortigas Ctr., Pasig City
183 294 Biñan 4** In front of Perpetual Help Hospital & College, Biñan, Laguna
184 295 King's Plaza King's Plaza, Juan Luna cor. Padre Rada St., Tondo, Manila
185 297 DFA G/F AIMS Bldg., Roxas Blvd. Service Rd. cor. Arnaiz St., Pasay City
186 299 Indang^^ San Gregorio nr. cor. Mabini St., Indang, Cavite
187 301 Annapolis^^ G/F Continental Plaza, #45 Annapolis, Greenhills, San Juan, MM

Annual Report 2019

66 # Store Name Address
188 296 Manansala Manansala Bldg., Estrella St., Rockwell Center, Makati City
189 300 Convergy's G/F Convergys, One Ayala Ave., cor. Salcedo St., Makati City
190 304 Starwood Kisad Road nr. cor. Marcos Hi-way, Baguio City
191 311 PDCP G/F PDCP Bank Center, VA Rufino cor. San Agustin, Salcedo Vill., Makati
192 317 Tanauan JP Laurel Highway cor. Mabini St., Tanauan City, Batangas
193 312 US Embassy Roxas Blvd. cor. U.N. Avenue, Ermita, Manila
194 303 Asian Mansion G/F Asian Mansion 2 Dela Rosa St., Legaspi Village, Makati City
195 307 Madrigal** G/F Madrigal Building Ayala Avenue, Makati City
196 318 Pearl Drive^^ Pearl Drive corner Lourdes St., Pasig City
197 309 AIC Galleria G/F AIC-Burgundy Empire Tower, ADB Ave., cor. Garnet Rd., Ortigas
198 308 LP Cityhall Alabang-Zapote Rd., F. Ocampo Ave., Pamplona 3, Las Piñas City
199 316 Xavier Hills Xavier Hills Condo. Tower 1, Granada St. cor. N. Domingo, QC
200 321 Buendia 2** Gil Puyat Ave. cor. FB Harrison St., Pasay City
201 302 Ayala FGU^^ Ayala Ave., Salcedo Village, Makati City
202 325 Sta.Cruz** P. Guevarra Ave. Brgy 3 Poblacion Sta. Cruz Laguna
203 323 Channel 7** 131 Timog Ave. cor. Samar St., Diliman, QC
204 322 St. Scholastica 896 Vito Cruz cor. Dominga St., Malate, Manila
205 329 Dangwa^^ 1300 Laonlaan St. cor. Don Quijote St. Sampaloc Manila
206 313 Northgate** F@st bytes @North Gate cyberzone Alabang Muntinlupa
207 330 Imperial^^ Tomas Morato Ave. cor Timog Ave Diliman QC
208 328 Cabanatuan 2^^ 199 Gen. Tinio cor. Mabini St., Quezon District, Cabanatuan, Nueva Ecija
209 333 Balibago Complex Balibago Complex Balibago Sta. Rosa Laguna
210 332 Legarda2^^ Legarda cor. Jhocson St. Sampaloc Manila
211 336 Padre Faura P. Faura cor MH del Pilar
212 315 Banaue^^ 426 Banaue Ave. cor Tirad Pass St. SMH QC
213 345 Baliwag2** Poblacion Plaza Naning Baliuag Bulacan
214 334 OWWA2 749 Victoria St. cor. Solana St. Intramuros Manila
215 342 R. Magsaysay 173 Edsa Cor. Ermin Garcia St., Cubao, Quezon City
216 346 Pedro Gil 1578 A. MABINI CORNER PEDRO GIL ST. ERMITA MANILA
217 338 Pagsanjan^^ Calle Rizal Pob. Pagsanjan Laguna
218 341 Olivarez^^ 8156 Dr. A. Santos Ave., Brgy. San Dionisio, Sucat, Parañaque City
219 339 Nasugbu** JP Laurel St cor G. Alverez St. Nasugbu Batangas
220 335 Mamatid Banlic,Cabuyao Laguna
221 343 Fields 2 Mc Arthur Highway, Balibago, Angeles City, Pampanga
222 350 Pacific Center San Miguel Ave., Ortigas Center, Pasig
223 344 Molino 3^^ Zapote- Molino Rd. Brgy. Molino3 Bacoor Cavite
224 349 Teachers Bliss^^ #1 Teachers Bliss,Balong bato Balintawak QC
225 347 Bulihan^^ B 275 L13 AFP Housing, Old Bulihan Rd., Bulihan, Silang Cavite
226 352 Baclaran 4 Roxas Blvd. cor. Rivera St., Baclaran, Parañaque
227 355 Vito Cruz^^ Unit 102&103 Cityland Tower One, Vito Cruz, Manila
228 354 Gordon Ave. Gordon Ave. cor. 6th St. Asinan, Olongapo City
229 356 Gualberto Zunio St. Gualberto Ave., Rosario, Batangas
230 366 SM Clark** Bayanihan Park, SM Clark, Balibago, Angeles City, Pampanga
231 353 Guagua^^ One Crown Property & Development, Plaza Burgos, Guagua, Pampanga
232 357 Tanza 2 Tanza Crossing, Daang Amaya, Tanza, Cavite
233 362 T. Mapua^^ 1512 C.M. Recto Cor. F. Torres & T. Mapua Sta. Cruz Manila
234 369 Balayan^^ 112 Plaza Mabini St. Balayan, Batangas
235 358 Dau #157 McArthur Hi-way, Dau, Mabalacat, Pampanga
236 360 Cabanatuan 3^^ Manson Bldg. Burgos Ave., Cabanatuan City
237 367 Riverbanks G/F ICT Bldg. 2, Riverbanks Center, Riverbank Ave., Barangka Marikina City

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 67
238 363 Lopez Drive^^ RIDC Bldg. Lopez Ave. Cor. Dr. A. Santos Ave., Paranaque City
239 371 Pascor Drive M.H. Del Pilar Cor. A.B. Fernandez Ave., Dagupan City
240 372 Dagupan 3** Sky Freight Building, Ninoy Aquino Ave., Paranaque City
241 365 McKinley Hill Unit 1 G/F One Square, Upper McKinley Rd., McKinley Hill, Taguig City
242 377 Lucena 2 Lot #2771-B along Quezon Avenue, Lucena City
243 383 Maya Arcade** G/F Maya Arcade 678 Edsa, Cubao, Quezon City
244 379 Olongapo 3** West 18th St. Corner Anonas West Bajac-Bajac, Olongapo City
245 380 Citadella^^ CAA Rd. Corner Citadella Ave. Las Pinas City
246 374 Old Sta. Mesa^^ 4456 Valenzuela St. Sta. Mesa Manila
247 376 TSU Brgy. Cut-Cut Romulo Ave. Tarlac City
248 387 Binangonan 2** National Road Cor. Quarry Road Pantok, Binagonan Rizal
249 386 Palico Aguinaldo Highway Palico II Imus Cavite
250 389 Lucban Quezon Ave., Miramonte Subdivision Lucban, Quezon
251 381 Blumentritt 1^^ 0423 Quirino Ave. corner Dimatimbangan St. Don Galo, Parañaque City
252 378 Don Galo Rizal Ave. cor. Blumentritt Sta. Cruz, Manila
253 391 Manaoag** Felix St. Cor. Garcia St. Manaoag, Pangasinan
254 384 One E-Com Unit 4,5 & 6 Harbour Drive Cor. Palm Coast Ave. SM Central Business Park, Pasay City
255 390 One McKinley One McKinley 26th St. Fort Bonifacio Global City, Taguig City
256 404 Pacific Regency G/F Pacific Regency Bldg., P. Ocampo st.Malate, Mla.
257 398 Gordon Hospital 104 Rizal Avenue, East Tapinac, Olongapo City
258 388 Bago Bantay #131 Ilocos Sur ST. Cor. Bukidnon st. Bago Bantay Quezon City
259 396 DLSU-Lipa National Hiway, Brgy., Paninsingin, Tambo, Lipa City
260 395 Imus 2** 97-B Aguinaldo Hiway Bayan Luma Imus, Cavite
261 414 Lemery 2^^ Illustre ave. cor. Rajah Matanda st., Lemery, Batangas
262 393 Trancoville 148 M Roxas Street, Baguio City
263 410 Sto. Niño - Meyc.^^ L. Camino Real Rd. Sto. Nino Meycauyan Bulacan
264 368 Naguillan^^ Naguillan Rd. Cor. Bokawkan Rd. Baguio City
265 412 Don Bosco Don Bosco Road. Cor Chino Roces Ave., Makati City
266 411 Sta. Maria^^ 49 Jose Corazon De Jesus st., Sta. Maria, Bulacan
267 375 Villamor** Lot 12 B.1 12th St. Airman's Village Airbase Area, Pasay City
268 409 San Pablo 3** Maharlika Hiway, San Pablo, Laguna
269 415 Mendez Proper Market Road Corner JP Rizal Mendez, Cavite
270 394 Maragondon Poblacion 1-A Maragondon Cavite
271 417 Subic Proper** National Hi-way Brgy. Baraka, Subic, Zambales
272 419 Gate 3** AFPOVAI Western Bicutan, Taguig City
273 400 FPIP No. 158 Sta. Anastacia, Sto. Tomas, Batangas
274 397 Sta. Rosa Estate^^ Sta. Rosa Highway, Sta. Rosa Estate, Sta. Rosa, Laguna
275 401 Philcom 8755 Paseo de Roxas, Makati City
276 413 BF Homes 2 Dr. A Santos cor. President's Avenue, P'que City
277 421 AIC Gold^^ Unit 101 AIC Gold Tower F. Ortigas Cor. Garnet Road
Ortigas Commercial Center, Pasig City
278 423 Calasiao^^ Pob. East National Rd. Calasiao, Pangasinan
279 453 Tayabas Quezon Avenue, Tayabas, Quezon
280 420 One San Miguel UG-01 One San Miguel Ave Condominium One San Miguel Ave, cor Shaw Blvd.,
Ortigas Center Pasig City
281 428 APC Balanga Tenejeros St. Balanga, Bataan
282 448 Pavillion Mall Space Nos. 143-B Bldg A G/F Pavillion Mall, Biñan, Laguna
283 426 Sindalan** McArthur Hi-way Sindalan, San Fernando Pampanga
284 422 La Union 1** Rizal Ave. cor. Gov. Ortega st., San Fernando City, La Union
285 444 Calamba 4 National Hiway cor Ipil-Ipil St., Calamba, Laguna

Annual Report 2019

68 # Store Name Address
286 392 SM San Fernando Unit AX3 123a & AX3 123c, Building 4, SM City Pampanga, Lagundi, Mexico, Pampanga
287 424 Capaz^^ Mc Arthur Hiway, Poblacion, Capas, Tarlac
288 427 Talavera^^ Maharlika Hiway, Talavera, Nueva Ecija
289 439 Porta Vaga^^ Fr. Carlu st. cor. Cathedral Drive, Baguio City
290 436 Olongapo City Hall^^ #665 CRI Bldg. President E. Quirino Ave. cor. Leveriza, Malate, Manila
291 443 Leveriza 23rd st., Rizal Ave., East Bajac-Bajac, Olongapo City
292 468 SM Lucena 115-116 SM City Lucena Dalahican cor. Maharlika Hiway Nat'l Rd. Lucena City
293 440 Civic Prime** Total Corporate Ctr Bldg., Bonifacio Triangle, Bonifacio Global City, Taguig City
294 451 PWU Civic drive, Civic Prime Filinvest Corporate City, Alabang
295 450 Total Corporate 1807 G/F Nakpil St. cor. L. Guinto St. Malate, Manila
296 403 Tagaytay 2** One Tagaytay Place Calamba Rd., Tagaytay City
297 432 Dakota Mansion^^ G/F Dakota Mansion, Malvar St., Cor. Adriatico St.. Malate, Manila
298 416 AUF Mc-Arthur High-way cor. Dona Aurora St., Angeles City, Pampanga
299 447 Kimston^^ 2650 Agutaya St. cor. EDSA, Pinagkaisahan, Makati
300 425 Sunny Brooke Blk 31 Lot 6 Brooke side lane brgy. San Francisco, Gen. Trias, Cavite
301 433 Batangas 3^^ Poblacion 18, Rizal Ave., Batangas City
302 449 Eastwood 2 G/F One Orchard Condominium, Orchard Rd., Eastwood City,
Bagumbayan, Quezon City
303 458 San Marcelino^^ G/F CMC Bldg. #710 San Marcelino St., Ermita, Manila
304 431 Iba Zambales** Magsaysay Ave., Poblacion, Iba, Zambales
305 446 Paniqui** UCPB Building along National Highway,barangay Estacion,Paniqui Tarlac
306 438 Balanga Plaza^^ Aguirre St. Balanga City
307 429 Mendez Crossing Aguinaldo Hiway Mendez Junction East, Tagaytay City, Cavite
308 459 Palapala E.L Toledo Bldg. along National Hiway, Brgy. Sampaloc I, Palapala, Dasmariñas, Cavite
309 466 Sterling Centre G/F Sterling Centre, Ormaza cor. Dela Rosa Sts, Legaspi Village, Makati City
310 469 Sta. Rosa NE Maharlika Hi-Way, Sta. Rosa, Nueva Ecija
311 418 Multinational^^ J&P Bldg (Multinational) Ninoy Aquino Ave., Paranaque City
312 476 Mayapa National Highway, Brgy. Paciono, Calamba, Laguna
313 463 San Carlos Pangasinan^^ Virgen Milagrosa University Foundation Compd. San Carlos City, Pangasinan
314 430 Balanga Church J.P. Rizal St., Balanga City, Bataan
315 472 Nuvali** Retail Space 1 Nuvali Technopod, Sta. Rosa, Laguna
316 465 Taal Proper^^ Poblacion. 3, Taal Proper, Taal, Batangas
317 484 Batangas Port** Port Access Road, Brgy. Calicanto, Batangas City
318 471 Valenzuela Exit Maysan Road, Paseo De Blas,Valenzuela City
319 474 Wynsum Unit G1-C Wynsum Corporate Plaza 22 F. Ortigas Jr. Rd., Ortigas Center, Pasig City
320 480 Pearl Drive 2** 610 Apelo Cruz St., Malibay, Pasay City
321 455 Philtranco G/F Unit 102, Pacific Place Condominium, Pearl Drive, Ortigas Ctr, Pasig City
322 486 Alabang Med^^ Unit 1 G/F Aurora Bldg, Alabang Zapote Rd., Mutinlupa City
323 445 NE Pacific^^ Km 111, Brgy. H. Concepcion, Maharlika Hi-way, Cabanatuan City
324 460 Telus Arcade 6 &7 G/F Telus Bldg., Araneta Center, Cubao, Quezon City
325 464 OSMAK Blk 5 Lot 18 Sampaguita cor. Escarlata, Pembo, Makati City
326 454 Cogeo^^ Marcos Hiway cor. GSIS Ave., Bagong Nayon 1, Antipolo City
327 462 Gen T. De Leon^^ Gen. T. De Leon St. , MacArthur Highway, Karuhatan, Valenzuela City
328 508 Heart Center G/F Philippine Heart Center, East Ave., Quezon City
329 452 Pio del Pilar** Chino Roces Ave. (Pasong Tamo) cor. Dela Rosa st. Makati City
330 487 Vista Verde G/F Unit 1,2,3,4 Vista Square Comm'l Center, Felix ave., Cainta, Rizal
331 496 Tordesillas 108 Tordesillas cor. Gallardo st., Salcedo Village, Makati City
332 495 Sun Plaza G/F Sun Plaza Shaw Boulevard, cor Princeton st., Mandaluyong City
333 513 Muñoz 2^^ Retail 2 G/F One Solaris Bldg, Dela Rosa St., Legaspi Village, Makati City
334 525 SM Cyber One^^ BLk 3 Lot 7 R. Magsaysay. EDSA, Munoz, Quezon City

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 69
335 498 One Solaris^^ Retail Space 4, Buendia Ave., Makati City
336 434 Malibay Plaza 2** Reance Bldg. 93 C. Jose st. cor. Malibay Ave., Pasay City
337 490 12th Ave.^^ Ten Commandments Bldg. 689 Rizal Ave, Grace Park, Caloocan City
338 481 Net Plaza^^ Unit 14 E-Square Zone, Crescent Park West, Bonifacio Global City, Taguig
339 516 NE Crossing^^ Maharlika Highway , cor. Burgos Ext., Sanigtan East Cabanatuan City
340 504 Paragon Plaza Upper G/F Paragon Plaza Condominium, EDSA cor. Reliance St., Mandaluyong City
341 510 LKG 11/F LKG Tower 6801-6803 Ayala Avenue, Makati City
342 528 BPO San Lazaro** Retail 4, Vortex 1 Bldg. Yuseco cor. Felix Huertas, San Lazaro Racetrack, Sta. Cruz, Manila
343 548 SLEX (G)** Km. 22 SLEX, San Antonio, San Pedro Laguna
344 545 Capas- Junction (G)** Nat'l Road, Sto., Domingo Junction, Capas, Tarlac
345 529 Port Area** 637 Bonifacio Drive, Port Area, Manila
346 478 JP Rizal 2^^ 347 JP Rizal Ave.,cor. Pasong Tamo Ave., Makati City
347 549 Filinvest (G)** Alabang- Zapote Rd., Filinvest, Muntinlupa City
348 531 La Trinidad National Road, KM5 La Trinidad, Benguet
349 552 Malolos Crossing E & R Building, McArthur Hi-way cor. Mabini St., Malolos Bulacan
350 512 Philam^^ 9/F Philam Life Building, Paseo de Roxas, Makati City
351 470 VG Cruz** Capitol Drive Balanga Bataan
352 473 Balanga Kapitolyo Ramon Magsaysay Blvd. Cor. Vicente Cruz St. Sampaloc Manila
353 533 Dagupan 4^^ G/F Orient Pacific Center cor. Perez Blvd., Rizal Ext., Dagupan City, Pangasinan
354 489 Eco Plaza Pasong Tamo Extension, Makati city
355 527 Sto. Domingo** 311-313 N.S. Amoranto St. Sta Mesa Heights, Quezon City
356 501 Retiro 2 McArthur Hi-Way cor. Apo rd. Sto. Domingo, Angeles, Pampanga
357 540 Grand Hampton Grand Hampton Place, 1st Ave & 31st St., Fort Bonifacio Global City, Taguig
358 562 Daang Sarile (G)** Daang Sarile Caltex Station, Daang Sarile, Cabanatuan City
359 570 SM Cyber Two** Wilson cor. Ortigas San Juan, City
360 518 Wilson (G) cor Sen. Gil Puyat Avenue and Zodiac St, Bel-air Village, Makati City
361 582 McKinley San Juan (G)** Ortigas Ave.,McKinley, San Juan
362 560 San Fernando NLEX (G)** KM 62 NLEX North Bound Brgy. San Felipe, San Fernando Pampanga
363 561 Tarlac 2 (G)** Mc. Arthur Hi-Way, Tarlac Tarlac City.
364 576 Boni EDSA (G)** EDSA cor., Boni Ave., Mandaluyong
365 577 Sta. Rosa Paseo (G)** Tagaytay Road. Sta. Rosa Laguna
366 535 ATC Entertainment Complex, Alabang Town Center, Muntinlupa City
367 583 Harvard EDSA (G)** EDSA corner Harvard St., Makati City
368 483 Fort Legend** Blk 7 Lot 3 3rd ave. cor. 31st st. Fort Bonifacio Global City, Taguig City
369 599 Burnham (G)** Chanum cor., Otek St., Burnham Park, Baguio City
370 596 R. Papa** San Pascual, Batangas
371 524 San Pascual (G) 813 R. Papa and S. H Loyola St., Sampaloc Manila
372 519 UP Los Baños Student Union Bldg. University of the Philippines Los Baños, Laguna
373 502 Rockwell Business Center Tower 2 (North) Level 1 Unit No. N-02 Rockwell Business Center
374 461 Lamuan-Manotok JP Rizal, cor. Visayas st., Filipinas Village, Malanday, Marikina City
375 505 Makati Ave. 2^^ Makati Ave. Cor. Constelllation St., Brgy. Bel-air, Makati City
376 517 New Port G/F Unit R2, Newport Office Bldg 1, Andrews St. Pasay City
377 581 DMG Center DMG Center, Libertad cor. Calbayog St., Mandaluyong City
378 493 San Pablo 5^^ Brgy. 6A Mabini St., San Pablo City, Laguna
379 565 Mabalacat Velasquez st., Mabalacat Proper, Pampanga
380 594 Victoria de Manila G/F- 101, Victoria De Manila, Taft Ave., Manila
381 530 Net Square** 3rd Avenue cor., 28th St., E- Square, Crescent Park West,
Bonifacio Global City, Taguig M.M.
382 534 Eastwood 3 Unit 2/F-A, Eastwood Citywalk Phase II, Eastwood City Cyber Park, 188 E. Rodriguez Jr.
Ave., Bagumbayan, Q.C.

Annual Report 2019

70 # Store Name Address
383 539 Tagaytay 3 Magallanes Square, Silang Juction West, Tagaytay City
384 586 Silver City** Brgy. Muzon San Jose del Monte Bulacan
385 580 Muzon L1-003A, Silver City, Frontera Verde, Ortigas Ave. cor C-5, Pasig City
386 482 Villa Amparo Villa Amparo Subd., Aguinaldo Highway, Imus Cavite
387 563 Concepcion Tarlac Brgy. San Nicolas, Concepcion Tarlac
388 585 TRAG GL 10 The Residences, Arnaiz St., Makati City
389 500 Binondo^^ Burke Plaza Sto. Cristo cor. San Fernando St. Binondo Manila
390 485 Berthaphil 4^^ Bldg 2 - Retail 1 Berthaphil 4, Clark Aviation Complex, A. Bonifacio Avenue,
CFZ, Pampanga
391 541 San Miguel^^ 906 Norberto St., Brgy. San Jose, San Miguel, Bulacan
392 226 Legarda^^ 2108 Legarda St., Quiapo, Manila
393 639 Lingayen 1** National Hi-way, Lingayen Pangasinan
394 603 Fortune Square** McArthur Hi-way, cor. Villa Julita Subdivision, Brgy. Saguin, San Fenando, Pampanga
395 554 N. Garcia** 158 Jupiter St., corner N. Garcia St., Bel Air Village, Makati City
396 558 Welding Bldg.^^ Oppen Building, 349 Sen Gil Puyat Ave., Makati City
397 610 Olongapo Public Market Canda St., East Bajac-Bajac, Olongapo City
398 494 Los Baños 2^^ Lopez Ave. cor. Mt. Halcon St., Los Baños Subd, Batong Malake/San Antonio,
Los Baños, Laguna
399 613 Baliuag Highway** Doña Remedios Hi-way, Brgy. Pinagbarilan, Baliuag Bulacan
400 515 Castillejos** San Juan, Castillejos, Zambales
401 564 Rosario 2 No. 42 Ortigas Ave., Rosario, Pasig City
402 621 Lifehomes^^ Lot 1-B-1-B, Ortigas Ave., Ext., cor. Alfonso St., Brgy. Rosario, Pasig City
403 587 Marvin Plaza Chino Roces cor., Herrera St., Makati City
404 615 San Pedro 5 Lot 8, A-B, National Hi-way corner Garcia St., Nueva (Poblacion), San Pedro, Laguna
405 608 Zaragosa^^ Corner Concepcion, Zaragoza, Nueva Ecija
406 567 San Isidro No. 35 Brgy. San Isidro , Cabuyao, Laguna
407 568 Camiling Arellano St., cor., Quezon Ave., Camiling Tarlac
408 590 Kingswood^^ U/ GF Kingswood Makati Condominium, Vito Cruz Ext., cor., Makati City
409 536 San Andres Mabini cor., San Andres St., Malate, Manila 1004 Philippines
410 503 Centris 1 G/ F Eton Cyberpod Centris EDSA, near cor. Quezon Ave.n Quezon City
411 606 Diamond Square Service Road, Mc Arthur Highway cor. Charlotte St. Balibago, Angeles Pampanga
412 648 Guadalupe 4^^ Kimston Plaza Building, P. Burgos St., Guadalupe, Makati City
413 589 Manila Executive Regency Unit 5 & 6 Ground Floor, Manila Executive Regency, Jorge Bocobo St., Ermita Manila
414 617 Grandview Angeles** Lot 19-B, Don Juico Ave., Malabanas, Angeles City
415 551 Woodridge Unit 5-6, The Woodridge Residences, Mckinley Hill, Fort Bonifacio, Taguig City
416 556 Bansalangin^^ Manuela Pastor Avenue corner Highway, Pallocan West, Batangas City
417 614 Batangas 4^^ No. 4 Bansalangin St., Project 7, Quezon City, Metro Manila
418 616 Engineers Hill^^ 101 Engineers Hill St., Jude Thaddeus Complex cor. Nevada Road and Guinto Alley,
Baguio City
419 607 Enclave The Enclave, Fil-Am Friendship Hi-way, Pampanga, Angeles City
420 630 Mayfair Tower Commercial C, G/F Mayfair Tower, UN Ave., cor. Mabini St., Ermita Manila
421 649 St. Francis Towers St. Francis Drive, Ortigas Center, Pasig City
422 646 Pulilan^^ National Rd., Brgy., Pobalcion, Pulilan Bulacan
423 650 Sienna del Monte 555 Del Monte Ave., Brgy., Manresa, Quezon City
424 624 Tagaytay 4** Olivarez Plaza along E. Aguinaldo Highway, Tagaytay City
425 619 Buendia 4 No. 317 Sen Gil Puyat Ave., Pasay City
426 688 Cabanas Mall** Kilometer 44/45, McArthur Hi-way, Brgy. Longos Malolos Bulacan
427 628 Subic International Hotel Unit 142/ 144 & 146/148, SIH Alpha Bldg. Freeport Zone, Subic Bay, Olongapo City
428 579 Malinta 2 Unit 17, Danding Bldg., Cecilio J. Santos St., Valenzuela City
429 641 España Grand^^ España cor., Tolentino cor., Eloisa, Metro Manila
430 497 Carmelray^^ Madrigal Ave., Madrigal Business Park, Alabang Muntinlupa

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 71
431 638 Molito Complex Makiling Drive., Carmelray Industrial Park II, Calamba Laguna
432 640 Mangaldan** National Road, Mangaldan Pangasinan
433 635 Noveleta Poblacion Noveleta, Cavite City
434 574 Salawag 2 Paliparan Road, Salawag Crossing Dasmariñas, Cavite
435 623 Hidalgo^^ Unit 2 & 3, Isabelle de Hidalgo Bldg. Hidalgo St., cor., Cancer St., Quiapo Manila
436 604 Dewey Avenue Lot 2, Block 18, Dewey Ave., cor. Aguinaldo Highway, CBD, Subic Bay Freeport Zone
437 578 Malanday 2^^ Brgy. Malanday McArthur Highway, Valenzuela City
438 636 Betterliving 3^^ 27 Doña Solidad cor. Australia Sts. Better Living Subdivision, Don Bosco, Parañaque City
439 612 Pag-asa Imus^^ Centennial Rd, Pagasa III, Imus, Cavite
440 679 NAIA 3** MIAA, 4th Level, Unit 37, Southwing of, NAIA Terminal 3, Pasay City
441 668 V. Santos** 16 V. Santos cor., Santos St. Sto. Niño, Marikina City
442 675 Patts Dr. A. Santos Avenue, San Isidro, Parañaque City
443 620 FVR Area D (Sta. Cruz), Sapang Palay, San Jose Del Monte City, Bulacan
444 611 San Marcelino Zambales** Brgy. Central, San Marcelino, Zambales
445 632 Sixto A. Ave. Dr. Sixto Antonio Ave, Maybunga, Pasig City
446 709 Caltex Balibago** Balibago cor. San Lorenzo Rd. Sta. Rosa Laguna
447 553 Tustine Alabang Molino St., South Super Highway, Alabang, Muntinlupa City
448 629 Pansol^^ Purok 1, Pansol, Calamba City Laguna
449 669 City Oil Fairview Commonwealth Ave., cor. Pearl St., Fairview Quezon City
450 673 Burke Quintin Paredes Burke House No. 8, Quintin Paredes cor. San Vicente St., Binondo Manila
451 626 Berthaphil 5** Berthaphil V, Gil Puyat Ave., cor. Panday-Pira Rd., CFEZ, Angeles, Pampanga
452 717 Malasiqui** Montemayor St., Poblacion Malasiqui, Calasiao Rd. Pangasinan
453 711 Tanauan 2** Brgy. Darasa, Tanauan City, Batangas
454 605 Molino 5^^ Molino Rd., Brgy. Molino III, Bacoor Cavite
455 509 Taytay 3** G/F Pioneer Woodlands Showroom, EDSA near cor. Pioneer St., Mandaluyong City
456 592 Woodlands Pioneer^^ Brgy. Bagong Buhay, San Jose Del Monte Bulacan
457 680 Sampol Manila East Road, corner Italia St., Brgy., Muzon Taytay, Rizal
458 713 Makati Executive Tower 3** McArthur Hi-way Brgy. Maimpis San Fernando Pampanga
459 622 Suburbia Unit 6 and 7, G/F Makati Executive Tower 3, Sen. Gil J. Puyat Ave., Makati City
460 654 Paniqui 2** M. H Del Pilar cor., Luna St., Paniqui, Tarlac
461 674 Zapanta Santa Rita St., cor., Orense St., Makati City
462 557 DENR** Bario Pasang Tala, Dasmariñas Cavite
463 681 Friendship Highway DENR Bldg., 1515 Roxas Blvd., Manila
464 685 Angelo King - CSB Lot 15, Blk 6, Frienship Hi-way, Brgy. Anunas, Angeles City
465 618 La Salle Med Arellano Ave., Malate Manila
466 684 Escoda Leon Guinto St. near cor. Escoda St. Ermita Manila
467 645 MCU 3^^ EDSA cor., Serrano Ave., Caloocan City
468 652 Lagro Block 91 Lot 1 Ascencion Ave., Lagro Subdivision, Novaliches Quezon City
469 665 A. Mabini^^ 2116-2117 A. Mabini St., Malate Manila
470 670 Mercedes Ave.^^ Evergreeen 101, C. Raymundo Ave., San Miguel, Pasig City
471 682 Lucao District^^ National Rd. cor. Jose De Venecia Rd., Dagupan City, Pangasinan
472 657 G. Tuazon 2 1850 G. Tuazon St., Sampaloc Manila
473 706 Aria Real St. cor. Aria St. Las Piñas City
474 689 Burnham Park 2** Shanum St.cor. Otek St. cor. Lake Drive, Burnham Park, Baguio City
475 664 Tejeron Tejeron St., Sta. Ana Manila
476 701 Sanrise M.H. Del Pilar** 2164 M. H. del Pilar St., Malate Manila
477 694 Pili** Maharlika Highway cor., Santiago St., Brgy. San Vicente, Pili, Camarines Sur
478 698 4th Ave. 4th Ave. cor. P. Sevilla St. Grace Park (West), Caloocan City
479 697 Bayambang** National Highway, Bayambang Pangasinan
480 660 Scout Tobias** Cedar Executive Bldg., # 26 Timog Ave., cor., Scout Tobias., Brgy Laging Handa, Q.C.

Annual Report 2019

72 # Store Name Address
481 456 Sariaya Gen. Luna St. National Hi-Way Sariaya, Quezon
482 721 San Mateo 103 Gen, Luna Ave., Gitnang Daan 1. San Mateo Rizal
483 692 Attivo SF G/F Unit101B and 102B , Gapan- Olongapo Rd. San Fernando, Pampanga
484 686 Mabolo Bacoor** #24 J.P. Rizal St., Sta. Cruz, Lubao, Pampanga
485 569 Lubao Pampanga Mabolo, Bacoor Cavite
486 662 Lingayen 2** cor. Artacho and Alvear Sts., Lingayen, Pangasinan
487 672 Bauan 2^^ Manghinao Proper, Bauan Batangas
488 712 Cardinal Santos Hospital Medical Arts Building Cardinal Santos Medical Canter, Wilson St. San Juan City
489 677 Tugatog Malabon 17 M.H. Del Pilar Rd., cor. Pureza St.,Tugatog Malabon City
490 732 Bauang La Union Central East, Bauang, La Union
491 727 Agoo La Union^^ 16 McArthur Highway, Agoo, La Union
492 723 Angono 2^^ Manila East Road cor., Col. Guido St. Angono Rizal
493 767 Dagupan Lyceum** A.B Fernandez Ave. Dagupan City
494 663 Moriones 557 Moriones St., Tondo Manila
495 644 Citrus Brgy Minuyan, San Jose Del Monte, Bulacan
496 699 Tarlac Crossing** Burgos St. cor. Bonifacio St. Dagupan City, Pangasinan
497 661 Dagupan 5 Lot B, Plaza de Oro Arcade along McArthur Highway, Poblacion 2, Tarlac City
498 729 Anabu Kostal** Anabu Wet and Dry Market, Aguinaldo Highway, Anabu II-A, Imus Cavite
499 722 Alimall 2 G/F Alimall, P. Tuazon, Araneta Center, Q.C.
500 627 BSA Tower G-4 BSA Tower Condominium, No. 108 Legaspi St. Legaspi Village, Makati City
501 676 Rivercity Residences 2143 Carreon St., Sta. Ana Manila
502 696 Betterliving 4 Lot 18, Doña Soledad Ave. Betterliving Subd. Parañaque City
503 716 Tumana Farmers Ave., cor. J.P. Rizal St., Concepcion, Marikina
504 714 System Plus Diamond Service Road, Mc Arthur Hi-way, Angeles City
505 704 Mindanao Avenue** 547 Quirino Hi-way. cor. Mindanao Ave. Talipapa, Novaliches, Q.C.
506 731 Southwoods Exit^^ Rosario Complex, San Vicente, San Pedro Laguna
507 690 Net Cube Unit 9-2, 9th flr. Net One Center, 3rd Ave., cor., 26th St., E-Square, Cresent Park West,
Bonifacio Global City, Taguig
508 728 University of Baguio** FB bldg., Assumption Rd., Baguio City
509 719 Deparo^^ Deparo Rd., cor. T. Samson Ave., North Caloocan City
510 730 Washington** Unit 3, AGS Plaza, Washington St., Brgy. Pio Del Pilar, Makati City
511 736 F. Tañedo 1^^ F. Tañedo St.,San Nicolas, Tarlac City
512 703 Mckinley 1820 Unit A, McKinley Road McKinley Town Center, Fort Bonifacio, Taguig City
513 702 Naga 1** Grand Imperial Plaza cor. P. Burgos and J. Hernandez Ave. Naga City 4400
514 726 Paliparan Mabuhay City, Paliparan Dasmariñas Cavite
515 715 One Archer's Unit 6, G/F of One Archers Place, Taft Ave., Malate Manila
516 780 Pulang lupa 2 B5 Lot 6 Guinto Park Sudv. Naga Road cor., St. Joseph Ave., Pulang Lupa II, Las Piñas City
517 742 Gastambide 621-629 Dormitory, Gastambide, Sampaloc Manila
518 745 Antel Spa** 7829 Makati Avenue cor., Valdez St., Makati City
519 789 Caltex BSU Caltex Gas Station; McArthur Highway , BO., Guinhawa, Malolos City, Bulacan
520 750 Mabini Soldado G/F 1533 A. Mabini St., cor. Soldado St., Ermita, Manila
521 735 West Rembo^^ Lot 1 Blk. 76, Brgy. West Rembo, Makati City
522 744 F. Manalo F. Blumentritt cor., F. Manalo, San Juan City
523 720 El Jardin Retail Unit 1, El Jardin del Presidente, No. 41 Sgt. Esguerra St. Cor Scout Bayoran,
Quezon City
524 764 Carluyan N.U. M.F Jhocson St., Sampaloc , Manila
525 707 Concepcion Uno Bayan Bayanan Ave. Brgy. Concepcion 1, Marikina City
526 653 Bacoor 2 141 Evangelista St. Daang Bukid, Bacoor Cavite
527 718 Towerville^^ Brgy. Minuyan Proper, San Jose Del Monte, Bulacan
528 743 Total Tarlac** National Hi-way, Brgy Pulong Buhangin, Sta. Maria Bulacan

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 73
529 839 Pulong Buhangin** Mc Arthur Highway, Tarlac City, Tarlac
530 772 Tanay 2 Market Road cor. F.T. Catapusan St. Brgy. Plaza-Aldea, Tanay Rizal
531 769 San Fernando 3 Gen. Hizon Avenue, San Fernando, Pampanga
532 813 Biñan Caltex** Malvar St. Brgy. San Antonio, Biñan Laguna
533 760 Comembo** Comembo Commercial Complex. JP Rizal Extension, Makati City
534 776 CBD Hotel** G/F of CBD II Hotel, Ninoy and Cory Ave., Brgy. Triangulo, Naga City
535 738 Sumulong 2^^ Sumulong Highway cor. B Soliven Ave., Antipolo City
536 758 Dalandanan^^ Brgy. Dalandanan, Lazaro St. cor. Mc Arthur Highway, Valenzuela City
537 838 Mariveles** No. 91 Lakandula St., cor., P. Burgos St., Poblacion, Mariveles, Bataan
538 643 Edsa Grand EDSA cor Corregidor St. Bago Bantay Q.C
539 808 Total Balanga** G/F Purification Building Poblacion, Binmaley, Pangasinan
540 791 Tanauan 3** Buhay na Tubig, Imus Cavite
541 678 Binmaley** Brgy. Tabun, Mac Arthur Highway, Mabalacat, Pampanga
542 651 Imus 4 National Rd., Calero St., Brgy., Ibayo, Balanga, Bataan
543 811 Xevera Pres. Laurel Highway cor., Molave St., Tanauan Batangas
544 733 Forest Hill^^ Quirino Highway and Forest Hills Drive. Forest Hills Subd., Novaliches, Quezon City
545 796 San Fernando 4 Consunji cor., Abad Santos St., Poblacion, San Fernando, Pampanga
546 795 BF Resort 2 Blk. 1 Lot 4 BF Drive BF Resort Village, Las Piñas City
547 797 Old Balara #986 Tandang Sora Ave., Brgy., Old Balara, Quezon City
548 705 CWC** Cadlan, Municipality of Pili, Province of Camarines Sur
549 753 F. Tañedo 2 F. Tañedo St., Tarlac City
550 768 Navotas^^ 635 M. Naval St., cor. C-4 Rd., Bagumbayan North, Navotas City
551 770 Manila Cityhall Arroceros St., Ermita, Manila
552 874 Kidney Center** East Ave. Quezon City
553 826 Phoenix^^ Phoenix Lucena, Maharlika Highway, Lucena City
554 814 Supercenter** J.P Laurel St., cor., Kapitan Isko St., Lian, Batangas
555 762 Lian Batangas 00040/00041 Superstore Arcade, Araneta Center, Quezon City
556 872 Total San Pablo^^ Total Gas Station, Maharlika Highway San Pablo City Laguna
557 856 Raon** No. 16 A Salvador St., Bargain St. Guimba, Nueva Ecija
558 773 Total Cutcut G. Puyat cor., Quezon Blvd., Raon, Quiapo Manila
559 830 Guimba Friendship Hi-way corner Poinsenttia St.Angeles, Pampanga
560 842 Naguillan Poblacion Naguillan road corner Rimando St., Naguillan La union
561 724 Manila Residences Unit 101-102 and 127-128, The Manila Residences, 2320 Taft Ave., Malate Manila
562 748 Naga 3** Space 4, Baguio Technohub Retail Plaza BPO-A, Camp John Hay, Baguio
563 757 Camp John Hay Panganiban Drive, San Francisco, Naga City
564 805 East Ave. 2 G/F NCHP Bldg. EDSA cor. East Avenue, Brgy. Pinyahan, Quezon City
565 827 Tagaytay City Market** City Market, Tagaytay Sta. Rosa Road, Brgy San Franciso , Tagaytay City.
566 828 Bay^^ Brgy. Dila, Bay, Laguna
567 889 Areza** Rizal ave. and Argonaut Highway NSD Compound, Subic Bay Freeport zone
568 829 Eastern Petroleum National Highway Brgy., Canlalay
569 790 Sta. Cruz 2 Sitio Sampaguita, Brgy. Bubukal, Sta. Cruz Laguna
570 876 Magalang** Sta. Cruz, Magalang Pampanga
571 824 St. Aquinas Sto. Tomas** General Malvar Avenue, Sto. Tomas, Batangas
572 775 Cabanatuan 4^^ Mahalika Highway, Cabanatuan City
573 807 Urdaneta 3** Mc Arthur Hi-way, San Vicente,Urdaneta City, Pangasinan
574 894 Macabling** Brgy. Macabling, Sta. Rosa, Laguna
575 819 St. Lukes 2^^ St., Luke's Medical Bldg., E. Rodriguez Sr., Quezon City
576 846 Tanza 3** Blk 1 Lots 4 and 5, Filinvest West, Brgy. Paradahan, Tanza Cavite
577 752 Bustos Brgy. Poblacion Bustos Bulacan
578 781 Kingsville Marcos Hi-way Brgy. Mayamot, Antipolo City

Annual Report 2019

74 # Store Name Address
579 788 SLU Baguio** A. Bonifacio St., across SLU Main Gate, Baguio City
580 866 Gumaca** Andres bonifacio Street, corner J.P Brgy Rizal, Gumaca, Quezon
581 818 Lucban 2 Brgy. Tinamnan, Lucban, Quezon
582 852 Bucandala** Patindig araw corner alapan road, bucandala Imus Cavite
583 887 San Antonio Zambales** San Marcelino-San Antonio-San Narciso Road, Poblacion San Antonio, Zambales
584 792 Sta. Monica** Roxas Boulevard corner Sta. Monica & L.M. Guerrero St., Ermita, Manila
585 782 SeaOil Pritil^^ 1688 Juan Luna St. Brgy. 61, Zone 005, Tondo, Manila
586 784 Teresa Magsaysay Ave., Brgy., San Gabriel Teresa Rizal
587 882 Atimonan Poblacion G/F Renegado Property Rizal Street corner Quezon St., Atimonan, Quezon
588 812 Villaflor^^ Paciano Highway, Brgy. Paciano Rizal, Calamba, Laguna
589 806 Paciano** National Rd., Brgy. Poblacion, Dagupan City, Pangasinan
590 761 Bagong Ilog** No. 2, Ateneo Ave., cor. Bagumbayan St., Naga city
591 725 Cityplace Binondo G/F AVC Bldg., E. Rodriguez Ave., cor., Sta. Rosa St., Bagong Ilog Pasig
592 821 Naga 2 City Place Binondo, Sta. Elena St., Binondo, Manila
593 815 Pila Highway Brgy. Labuin, Pila Laguna
594 836 Torre Venezia Sct. Santiago, corner Timog Ave., Quezon City
595 555 Emar Suites^^ #64 Stella Mariz cor., C. Raymundo Ave., Maybunga Pasig City
596 751 C. Raymundo 409 Shaw Blvd., Mandaluyong City
597 804 Amorsolo # 146 Amorsolo St., Legaspi Village, Makati City
598 786 BF Homes 3 G/F of Omega Star Bldg. 1112 Aguirre BF Homes, Parañaque City
599 851 Lopez, Quezon** Maharlika Highway, corner San Isidro Street, Lopez, Quezon
600 783 Divine Mercy** Marilao- Muzon Rd., Brgy., Sta Rosa 1, Marilao Bulacan
601 843 Mayapa 2** Mayapa Road, Brgy. Mayapa, Calamba Laguna
602 898 San Carlos 2 33 Rizal St., San Carlos City, Pangasinan
603 817 Malinta 3^^ Mc Arthur Hi-way corner Gov. Santiago Malinta, Valenzuela City
604 746 Gen. Luna^^ Gen. Luna St. Baguio City, Benguet
605 841 United Paranaque 2 Tindalo corner E. Services Road, Paranaque City
606 896 Katipunan** 48 Esteban Abada St., corner Rosa Alvero St., Loyola Heights, Katipunan, Quezon City
607 831 Marcos Hiway Baguio City** ECC Building Brgy. Bakekang, along Marcos Highway, Baguio City
608 865 Perez Inong Building, Governor's Drive corner Hugo Perez Drive Trece Martirez, Cavite
609 859 Landayan** Brgy. Landayan, San Pedro, Laguna
610 895 Cuenca** Poblacion 1 National Highway, Cuenca, Batangas
611 802 Market Avenue** Market Ave., cor. M.H. Del Pilar Pasig City
612 853 Tayug** Bonifacio St. Poblacion, Tayug Pangasinan
613 835 Banawe 2^^ Banawe St. Brgy Josefa Quezon City
614 908 Dinalupihan** #3 San Ramon Highway, Dinalupihan, Bataan
615 857 Dita Margarita Brgy. Dita, Sta. Rosa City, Laguna
616 825 Lucena 3 Quezon Avenue, Lucena City
617 763 Manhattan G/F Manhattan Parkway, Araneta Center, Quezon City
618 810 Macabebe Poblacion, Macabebe, Pampanga
619 801 Riverbanks 2 73 A. Bonifacio cor. Chorillo St. Brgy. Barangka, Marikina City
620 877 Famy** 1740 A. Mabini Street, Malate, Manila, Phiippines
621 893 Tune Hotel Manila East Road cor. Infanta Quezon Road, tunhac, Famy, Laguna
622 847 San Roque Tarlac** Teodoro Bldg., Quezon Ave., Across NEPO Mart, Alaminos City Poblacion
623 737 Alaminos Brgy. San Roque, Tarlac, Tarlac
624 779 Sta. Quiteria** Sta. Quiteria, Caloocan City
625 860 Asuncion (ex MS) Asunsion St., cor., Zaragosa St., Divisoria, Tondo, Manila
626 837 Tiaong Stop Over Villa Escudero, Maharlika Hi-way, Brgy Lalig, Tiaong
627 886 Libmanan G/F Dy Property, Poblacion Street, corner Bigaon St., Libmanan, Camarines Sur
628 845 Plaridel Waltermart Banga 1, Plaridel, Bulacan

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 75
629 759 CDC Clark (Our Homeplate)** E. Aguinaldo Ave., cor. E. Quirino St., Clark Freeport Zone
630 903 OYG Building G/F OYG Building B. Mendoza St., San Fernando, Pampanga
631 888 La Union 2 (DMMMSU)** McArthur Highway, Sevilla, Sam Fernando City, La Union
632 794 Bagtikan** 1180 Chino Roces cor., Bagtikan St., Brgy. San Antonio, Makati City
633 890 Lima Tech (Malvar Batangas) ** Santiago, JP Laurel Highway, Malvar, Batangas
634 912 Calamba Science Park** Science park II, National Rd., Real Calamba Laguna
635 809 Paliparan 2** Paliparan- Molino Road, Paliparan III, Dasmariñas Caviite
636 878 Shell Diversion Roxas Ave. Triangulo, Naga City, Camarines Sur
637 875 Menzy Land^^ Brgy Mojon, Malolos, Bulacan
638 855 UERM** R.Magsaysay Blvd. Ext. Quezon City
639 942 Munoz, Nueva Ecija** D. Delos Santos St. Science City of Muñoz, Nueva Ecija
640 883 Madapdap** San Fernando Avenue corner Porac Avenue, Brgy. Dapdap, Mabalacat, Pampanga
641 914 Nabua ** San Roque Poblacion, Nabua, Camarines Sur
642 885 San Fabian** Quezon Highway San Fabian, Pangasinan
643 869 Finman 117 Tordesillas St. Salcedo Village, Makati City, Metro Manila
644 863 K- Zone ** A. Mabini Avenue, Tanauan City, Batangas
645 766 Lucena 4 (Lee Property) K-Zone Bldg., NIA-PDEA cor., EDSA, Brgy. Pinyahan, Quezon City
646 897 Sotto M.L Tagarao Street, Barangay Iyam, Lucena City
647 899 Gen Trias Poblacion Unit 117 Sotto-Yuvienco Building, 910 Gonzales St., cor., Gen Luna St., Ermita, Manila
648 901 Tuy Sampalukan St., Poblacion, Gen. Trias, Cavite
649 925 Tanauan 4 Rizal st., Poblacion, Tuy, Batangas
650 948 Escario Central** N. Escario, Barangay Kamputhaw, Cebu City
651 933 UCLM** MYFC Building, A.C. Cortez Avenue, Mandaue City
652 934 JY Square Mall Salinas Drive, corner Gorordo avenue, Lahug Cebu City
653 834 Remington Hotel Ground Floor Shop 2, Remington Hotel, Newport City
654 938 Tune Hotel Cebu** J. Pastor St. Poblcion, Ibaan, Batangas
655 935 Ibaan, Batangas 36 Archbishop Reyes Avenue, Cebu City
656 754 Mines View Plaza Outlook Drive, Mines View Park, Baguio City
657 989 SM TwoE-com** Gen. Maxilom Avenue (Mango Ave.), corner Juana Osmena Street, Cebu City
658 991 Pagsawitan** Ounao Ave., North Reclamation Area, Mandaue City
659 940 Bigfoot** G/F HRC Center located at 104 Rada St. Legaspi Village Makati City
660 749 CPI Mango Ave. Retail 10 G/F, Two Ecom Center Ocean Drive, Mall of Asia Complex, Pasay City
661 913 CPI NRA Brgy. Pagsawitan, Sta. Cruz, Laguna
662 950 Rada G/F Bigfoot Center F. Ramos St, Cogon Central Cebu City
663 937 VRP-Sierra Madre** Sierra Madre St., Brgy Highway Hills Mandaluyong City
664 920 Malvar Poblacion Poblacion, Malvar, Batangas
665 990 Banilad** AS Fortuna Street, corner Gov. M. Cuenco, Banilad, Cebu City
666 915 Alaminos, Laguna Del Pilar St., Alaminos, Laguna
667 850 Airport Road 2 Roxas Boulevard coner Airport Road, Baclaran, Parañaque City
668 1006 Legislative Bldg. ** MC Briones Street, Mandaue City
669 864 Plaza 66 Rizal St., cor. Hilario St., Tarlac City
670 909 Caltex Basak Plaza 66 New Port City
671 1007 Caltex Labogon Cebu North Road, Labogon, Mandaue City
672 900 Catanauan Poblacion 10, Catanauan, Quezon
673 656 Marquinton Cordova Tower^^ C-101 & C-102, Marquinton Cordova Tower, Sumulong Highway, Marikina City
674 930 Caltex Sto. Tomas** Maharlika Highway Brgy. San Antonio, Sto. Tomas, Batangas
675 953 San Jose, Batangas** Brgy. Taysan, SanJose, Batangas
676 868 Armstrong ave 160 Armstrong Ave., Cor E. Rodriguez Moonwalk Village, Brgy Moonwalk Parañaque City
677 946 Cebu Capitol Don Gil Garcia St., cor N.G. Escario St., Capitol, Cebu City
678 947 CDU Phase 2 Carvelco Canteen, North Reclamation Area, Mandaue City, Cebu

Annual Report 2019

76 # Store Name Address
679 926 Sangley point Dra. Salamanca St. Sangley Point, Cavite City
680 911 Balayan 2 Antorcha St.,Corner Paz St., Balayan, Batangas
681 998 Mambog, Bacoor New Molino Blvd., Bacoor Cavite
682 929 Calauan ^^ Brgy. Kanluran, Calauan, Laguna
683 870 Soho Units 12/13, Level 1, Soho Central, Green Field District, Mandaluyong City
684 922 Angono Medics Quezon Ave. Hihgway, Brgy. San Isidro, Angono Rizal
685 798 C5 Damayan** Blk. 51 Lot 8 Phase 2, Bgry., Pinagsama, Taguig City
686 659 Lung Center Diliman, Quezon City
687 849 Caltex San Simon** Mac Arthur hi-way San Simon Exit, Pampanga
688 1016 Clark County** 1st Floor of Tower B., Clark Ode County, C.M. Recto Highway,
Clark Freeport Zone, Pampanga
689 952 Montalban, Burgos J.P Rizal cor. Montaña drive, Brgy. Burgos, Montalban Rizal
690 1019 Banay-Banay** Brgy. Banay-Banay, Cabuyao, Laguna
691 961 Tagudin** La-Paz Concepcion Road, Brgy. San Isidro, La Paz, Tarlac
692 968 La Paz Barangay Rizal, Tagudin, Ilocos Sur
693 963 Naga 4** Bayani Road cor. Diego Silang, Taguig City
694 854 Lipa Cathedral Liboton St., cor Jacob St. Naga City Camarines Sur
695 873 Bayani Road San Sebastian Cathedral, Lipa City
696 993 San Felix^^ Sto. Tomas, Batangas
697 971 Pila Poblacion Rizal St., Sta. Clara Sur, Pila, Laguna
698 962 Masapang, Victoria National Highway, Brgy. Masapang, Victoria, Laguna
699 927 Dasma 4 B61 L1 Brgy., San Juan, Dasmariñas City, Cavite
700 941 Sariaya 2^^ Maharlika Highway, Brgy., Santo Cristo, Sariaya
701 924 Tawilisan Brgy.Bihis, Tawilisan, Taal, Batangas
702 1020 St. Louis College** McArthur Highway, San Fernando, La Union
703 976 San Vicente Lipa** Brgy. Banay-Banay, Lipa City, Batangas
704 959 Arayat 3** San Isidro-Jaen Road,Jaen, Nueva Ecija
705 928 Ongpin Mangga-Cacutud Road, Poblacion, Arayat, Pampanga
706 988 Jaen 1043 Ongpin St. cor. Gonzalo Puyat, Manila City
707 1054 Grotto Vista** Sta. Maria Tungkong Mangga Road, Graceville, Tungko, SJDM, Bulacan
708 1021 Talamban Crossing** M. Cuenco Ave., cor., M.L. Quezon St. Talamban, Cebu
709 1028 Caltex N. Bacalso** N. Bacalso Street, Cebu City
710 943 Daet ** Louie's Restaurant, F. Pimentel Avenue, corner, JP Rizal St., Daet, Camarines Norte
711 955 Victoria** Tarlac-Victoria Highway, Victoria, Tarlac
712 982 RM Olongapo RM Centerpoint Bldg. Brgy. East Tanipac, Magsaysay Drive, Olongapo City
713 951 Naic 2** Brgy San Agustine, Sto. Tomas, Batangas
714 978 San Agustin A. Soriano Highway Naic, Cavite
715 957 Bamban** McArthur Highway, Bamban Crossing, Bamban Tarlac
716 1034 Calamba 6** Brgy. Parian cor. Lawa Road, Calamba City, Laguna
717 904 Langkaan, Dasma** Governor's Drive cor Langkaan Drive, Langkaan Dasmarinas Cavite
718 1038 Total Lucena** National Highaway, Lucena City, Quezon Province
719 1080 Siniloan** National Highway cor. Soldier Hills, Muntinlupa City
720 965 CPI Soldier's Hill L. De Leon St., Brgy. Acevida, Siniloan, Laguna
721 939 St. Theresa** Brgy Poblacion Samal, Bataan
722 994 Samal 101-F Aboitiz Street, Cebu City
723 1056 Calaca Poblacion 3, Calaca, Batangas
724 1037 San Sebastian College** United Avenue cor. Brixton St., Pioneer, Pasig City.
725 954 D'Ace Plaza** Sitio Buno, Matatalaib, Tarlac City
726 1014 Matatalaib** N. Bacalso Ave., Brgy. Duljo, Cebu City
727 986 RCEE DORM (Cebu) Mendiola Square, 2144-46 Claro M. Recto, Manila

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 77
728 974 Splendor Place^^ G/F of Splendor Place, J. Nakpil St. cor., J.Bocobo St. Malate, Manila
729 983 Bonifacio Technology Center
G/F Bonifacio Technology Center 2nd Ave., Global City, Taguig
(BTC)
730 1022 Colon** Colon Street, corner Pelaez Street, Downtown, Cebu City
731 919 San Felipe** Poblacion, San Felipe, Zambales
732 981 LB Square Lopez Drive, Batong Malake, Los Baños, Laguna
733 931 Gagfa I.T. Center** G/F Gagfa IT Center, F. Cabahug St. Mabolo Cebu City
734 1050 UV Main** Brgy. Parian Colon St., Cebu City
735 1060 J. Center Mall** LGF-04 J. Center Mall, A.S. Fortuna, Brgy. Bakilid, Mandaue City
736 980 Legazpi 1** Lapu-Lapu St. cor. Quezon Ave. Legaspi City
737 987 Manila Cathedral** GF Ferlaw Building, Cabildo St. Intramuros, Manila
738 1084 San Matias** McArthur Hi-way, San Matias, Sto. Tomas, Pampanga
739 1094 Calyx** #5 of Calyx Centre, Cebu IT Park, Lahug, Cebu City
740 916 GMA 2** Congressional Road, Poblacion GMA Cavite
741 1062 Gerona Poblacion** McArthur Highway Brgy. Poblacion, Gerona, Tarlac
742 1048 Conchita Building** Conchita Bldg., 311 Jones Avenue, Cebu City
743 906 Aseana One Aseana One,BRADCO Avenue, Parañaque
744 1033 San Isidro, NE** Poblacion, San Isidro, Nueva Ecija
745 1044 Liliw Poblacion^^ Gat Tayaw St., Liliw, Laguna
746 880 Alfonso Mabini Corner Mojica, Pobalacion, Allfonso, Cavite
747 1058 Silang M.H. Del Pilar St., Poblacion,Silang Cavite
748 1017 World Citi Aurora Blvd. Cubao, Quezon City
749 1091 CPI Guagua GSO Road cor. San Matias, Guagua, Pampanga
750 996 CPI Pagbilao Brgy. Bukal (Poblacion), Pagbilao, Quezon
751 1088 Mataas na Kahoy** Brgy. Poblacion, Mataas na Kahoy, Batangas
752 969 Entec Bldg.** Doña Teresa cor. Don Juan Nepomuceno Ave. Nepo mart Complex Angeles Pampanga
753 1003 Tiaong 3 National Highway, Lusacan Tiaong, Quezon Province
754 1068 CPI FTI - E. Service Road** FTI, Taguig
755 1055 Culiat Tandang Sora Ave., cor. San Ponciano St. Brgy. Culiat Quezon City
756 1029 Caltex Tipolo Basak ** MC Briones Street, Tipolo, Mandaue City
757 932 IMEZ 2** Pueblo Verde in Mactan Economic zone II, Basak, Lapu-Lapu City
758 1090 Imus 5 Pasong Buaya 2, Imus, Cavite
759 708 Northwalk** Unit 6A, Northwalk Clark, M.A. Roxas Highway cor. New Friendship Gate, Clark Freeport
Zone, Angeles city
760 1143 Apple One Unit 105 Apple One Tower, Mindanao Ave., cor. Biliran Road,
Ayala Business Park, Cebu City
761 1036 Sta Rosa 5 261 B Sampaguita St., Amihan Village I, Tagapo, Sta. Rosa, Laguna
762 1052 Canlubang Exit** National Highway, Brgy. Mayapa, Calamba, Laguna
763 1087 Legaspi 2** 1106 Rizal St., Brgy. 1, EM's Barrio, Legazpi City
764 1057 AMC Belfranlt** Belfranlt Bldg. P. Burgos St., Angeles City, Pampanga
765 1115 Sto Domingo Ilocos Sur Sto. Domingo, Bagsakan, along Maharlika Highway, Sto. Domingo, Ilocos Sur
766 1025 Vigan Landmark** Vigan Landmark building, along Jose singson Vigan City
767 1082 Lyceum Alabang** Brgy. Bulangao, Calumpit Bulacan
768 1009 Calumpit Lyceum Alabang, Brgy. Tunasan Muntinlupa City
769 1092 Cabuyao 4** Brgy. Pulo, Cabuyao, Laguna
770 995 Pines City^^ Manuel L. Quezon Extension, Antipolo City
771 1002 Antipolo 3 Circumferential Rd., cor. J. Sumulong Highway, Brgy. San Roque, Antipolo City
772 1035 Canlubang** Blk 47 Phase 1 Kapayapaan Vill. Calamba City, Laguna
773 1010 Masinloc** Mercedes cor. Kapitan Tinong Streets, North Poblacion, Masinloc Poblacion, Zambales
774 1083 New Era** Central Ave. cor. St. Mary St., New Era, Quezon City
775 1111 Two SANPARQ** San Antonio Park Square, Lacson St. Mandalagan, Bacolod City

Annual Report 2019

78 # Store Name Address
776 984 Merge Point C-store Along National Highway, Vigan Junction - Bantay, Ilocos Sur
777 1107 Karangalan F.P. Felix Ave., Karangalan village Gate 2, Cainta, Rizal
778 1012 Sta. Rosa 3^^ F. Reyes St. Balibago, Sta. Rosa, Laguna
779 1098 Angat** 265 M.A. Fernando St., Angat, Bulacan
780 977 Pansol 2^^ National Highway, Bagong Kalsada, Calamba, Laguna
781 1099 Vermont Marcos Highway, Brgy. Mayamot, Antipolo City
782 1124 Mabiga** Pineda Building, Mac Arthur Highway, Mabiga, Mabalacat, Pampanga
783 1105 Sabang** Don P. Campos Ave., Brgy. Sabang, Dasmariñas City, Cavite
784 956 Candaba^^ Main Road, Poblacion, Candaba, Pampanga
785 1008 Alangilan** Brgy. Alangilan, Batangas City
786 1187 Gen.Trias Manggahan** Newhall Commercial Complex, Manggahan, Gen. Trias, Cavite
787 1093 Victoria Laguna Brgy. Nanyaha, Poblacion Victoria, Laguna
788 1067 CPI Shaw Pioneer Pioneer Shaw Blvd., Mandaluyong City
789 1120 San Luis, Batangas National Road at Brgy. Muzon, San Luis, Batangas
790 1023 Calamba 7** Along Circumferential Road,Cabanatuan Central Terminal Cabanatuan City, Nueva Ecija
791 1134 Cab Central Terminal** Brgy. Maraouy, Lipa City, Batangas
792 1053 Lipa City Hall Pabalan St. Calamba City, Laguna
793 1069 Montillano 1^^ 89 Montillano cor. Ilaya Brgy. Alabang, Muntinlupa
794 1046 Shangri-La Plaza s103-105, Level 1, Main Wing Shangri-La Plaza EDSA cor. Shaw Boulevard,
Mandaluyong City
795 1031 Sta. Rosa 4 Brgy. Kanluran, Sta. Rosa, Laguna
796 936 Pilar, Bataan Gov. J. Linao Road, Panilao, Pilar, Bataan
797 1059 San Mateo 2 Gen. Luna Ave. Brgy. Ampid, San Mateo, Rizal
798 1183 Bacolod Capitol G/F of VSB Building, Lacson St., Bacolod City, Negros Occidental
799 1085 USC Main University GOLS Computer Shop Jonquera St. Cebu City
800 1219 Pan-Asiatic** Carlos Hidalgo Hi-way, Bacolod City, Negros Occidental
801 1197 Silay** Rizal St., Silay City, Negros Occidental
802 1063 Cuyapo** Quezon Avenue, Poblacion, Cuyapo, Nueva Ecija
803 1103 Bacoor 3** Km 16, Aguinaldo Highway, Niog, Bacoor, Cavite
804 1018 Daet 2 Vinzon's Avenue Daet, Camarines Norte
805 1064 West Lake Med National Highway Brgy. Nueva, San Pedro Laguna
806 871 New Sacred Heart Pharmacy^^ 481 Real St., Alamanza 1, Las Piñas City (across SM Southmall)
807 1074 Almanza Uno B. Rodriguez St. Brgy. Sambag 2, Cebu City
808 1070 Sta. Rita, Guiguinto** Mc Arthur Hiway, Sta.Rita, Guiguinto, Bulacan
809 1147 St. Joseph** E-18th St., Brgy. East Bajac Bajac, Olongapo City
810 1129 Lumban^^ Zamora St. Lumban, Laguna
811 1045 Mactan Newtown** GF Retail 2- The Mactan Ocean Town, Lapu-Lapu City
812 970 Orani Rural Bank** Poblacion, Brgy. Centro 1, Orani, Bataan
813 1041 Pureza 2 350 Pureza St., Sta. Mesa, Manila
814 1108 Roosevelt Roosevelt St. cor PAT Senador St., Brgy. San Del Monte Quezon City
815 1144 Laoag U-belt #40 P. Gomez St., Brgy. 5, San Pedro Laoag City, Ilocos Norte
816 1207 Angeles 4** ENGIE KEI BLDG. McArthur Highway, Brgy. Pulong-Bulo, Angeles City
817 1104 Daet 3^^ ML Tagarao St., cor. Abellariosa St., Lucena City
818 1155 Lucena 5** Gov. Panotes Ave., Daet, Camarines Norte
819 1135 Calauag Poblacion Jose Rizal St. cor. Arguelles St., Calauag, Quezon
820 1125 Sto. Tomas** Brgy. San Pedro, Sto. Tomas, Batangas
821 1152 SWU Brgy. Sambag II, Aznar St., Cebu City
822 1116 Biñan 5 Lot 1 Blk 2, Southville Commercial, Brgy. Sto. Tomas, Biñan City
823 1051 California Village^^ Katipunan St. California Village Brgy. San Bartolome, Quezon City
824 1210 L'Fisher** Lourdes C. Center Building 2, Lacson St. cor. 14th St., Bacolod City

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 79
825 1096 Libertad-Aurora** 135 Antonio Arnaiz cor. Aurora St. Pasay City
826 1133 Malagasang^^ Malagasang Road, Imus, Cavite
827 1089 Paoay Centro Marcelino Building Brgy. 9, San Pedro Paoay, Ilocos Norte
828 1073 MSI Lapu-Lapu G/F MSI Building Lopez-Jaena St., Upon, Lapu-Lapu City
829 1228 Barreto 2** #73 National Highway, Brgy. Baretto, Olongapo City
830 1013 Batac Colleges Batac College, Along Washington St., Batac City, Ilocos Norte
831 1175 Daraga** Rizal St., Brgy. Sagpon, Daraga Albay
832 1161 La Trinidad 2** A-70 San Jose St. cor. Halsema Hi-way Poblacion, La Trinidad, Benguet
833 1113 CPI Ireneville** Caltex Station Sucat Road cor. Doña Irenea St., Parañaque City
834 1126 The Persimmon Plus M.J. Cuenco Ave., Brgy. Mabolo, Cebu City, Cebu
835 1131 New York Residences ** Brgy. San Jose, Pobalcion, Bulakan, Bulacan
836 1157 USJR Basak** Ground Floor, Plaza Borromeo IV, P. Lopez St. Cebu City
837 1043 Bulakan, Bulacan 901 Leon Guinto St., cor., Estrada St., Malate
838 1127 Plaza Borromeo Cebu South Road. Brgy. Basak-Pardo, Cebu City
839 1159 Baler 89 Baler St. West Avenue, Quezon City
840 1102 Concepcion Malabon General Luna St., Concepcion Uno, Malabon
841 1164 Bogo Poblacion** R. Fernan St. Brgy. Carbon, Bogo City, Cebu
842 1249 Pandan** Pandan Tabun, Angeles City, Pampanga
843 1246 Shell Dolores** McArthur Highway, Dolores, San Fernando Pampanga
844 1079 Mabini Batangas** F. Castillo Blvd., Poblacion, Mabini, Batangas
845 1097 CPI Aurora Blvd. Lot 4 & 5 Blk 3 Aurora Blvd. cor. J.P. Rizal St. Brgy. Marilag Quezon City
846 1132 Luxur Place** Luxur Place, Lacson st. cor., Magsaysay Ave., Bacolod City, Negros Occidental
847 1109 Cabugao National Highway, Brgy. Bonifacio Cabugao, Ilocos Sur
848 1186 Bagbag^^ 633 Quirino Highway, Brgy. Bagbag, Novaliches, Quezon City
849 1253 Aliaga, N.E.** Poblacion Road,Aliaga, Nueva Ecija
850 1170 Batac 2 Brgy. Caunayan, Batac City, Ilocos Norte
851 1154 San Nicolas Madamba St. cor. Maharlika Highway, Brgy. 12, San Nicolas, Ilocos Norte
852 1015 Alpha Land Makati Mall 7232 Ayala Ave. Ext. cor. Malugay St. Makati City
853 1153 Transcom City** Door 8, Lopue's South Square Commercial Complex, Brgy. Alijis, Bacolod City
854 1220 Unisan Quezon^^ Carillo St. cor. San Pedro St., Brgy. Poblacion, Quezon Ave., Unisan, Quezon
855 1171 V. Mapa^^ Buenviaje St. cor. V. Mapa, Sta. Mesa, Manila City
856 1200 Sandoval Ave. A. Sandoval Avenue, Pasig City
857 1165 CTU G/F Cianna Residences, V. Guillas St. cor. P. Burgos St., Cebu City
858 1166 Delos Santos Hospital** Delos Santos Medical Center 201 E. Rodriguez Bouleverd Sr. Boulevard,
Brgy. Kalusugan, Quezon City
859 1122 Montillano 2^^ 249 Montillano St. Alabang, Muntinlupa
860 1204 Cebu Salinas Drive** Alfonso and Sons Bldg., Salinas Drive, Lahug, Cebu City
861 1130 Binangonan 3 Brgy. Calumpang, Binangonan, Rizal
862 997 BF Almanza Aragon Bldg. 212 CRM ave. cor. Cardinal St., BF Almanza, Las Piñas City
863 1194 Phoenix Bacoor** McArthur Highway, Brgy. Camp One, Rosario. La Union
864 979 PTT San Jose Aguinaldo Highway cor. Hawaii St. Brgy. Salinas, Bacoor, Cavite
865 1189 Rosario, La Union Abar 1st, Maharlika Highway, San Jose City, Nueva Ecija
866 1139 Villa Cristina #11 Villa Cristina Ave., Villa Cristina Subd., Pamplona Tres, Las Piñas City
867 1212 PTT Osmeña** Bonuan Gueset, Dagupan City, Pangasinan
868 1181 Bonuan** Clark Star Hotel, Balibago, Angeles City
869 1100 Clark Star Estrella and Macabulos Sts., South Superhighway, Makati City
870 1221 Sta Maria, Laguna Real Velasquez St. cor. Burgos St., Sta. Maria, Laguna
871 1229 Bacoor 4 Magdiwang Highway, Green Valley, Bacoor, Cavite
872 1149 Canossa, Lipa Brgy. Mataas na Lupa, Lipa City, Batangas
873 1188 San Jose 2** Brgy. Malasin,Maharlika Highway, San Jose City, Nueva Ecija

Annual Report 2019

80 # Store Name Address
874 1195 CPI J. Vargas^^ Poblacion, Agoncillo, Batangas
875 1042 Agoncillo^^ Avenida Rizal St. Espeleta, Imus, Cavite
876 1118 Espeleta Meralco Ave. cior. J. Vargas, Ortigas Pasig
877 1254 Polangui National Road, Brgy. Ubaliw, Polangui, Albay
878 1141 New Cabalan** Dinalupihan-Olongapo Road, Olongapo
879 1150 Baras J.P. Rizal St., Poblacion, Baras, Rizal
880 1259 Meralco Village** Brgy. Lias, Marilao, Bulacan
881 1172 Danao Poblacion F. Ralota St., Poblacion, Danao City
882 1176 Bustos Sta. Cruz 505 Bustos St., Sta. Cruz, Manila
883 1177 Greenfield IT** Pureza cor. Magsaysay Boulevard, Sta. Mesa, Manila
884 1123 S.H. Loyola Greenfield District, I.T. Building, GF,Unit no. CS01-03
885 1198 Pureza 3 Lacson Ave. and Loyola Street, Sampaloc, Manila
886 1027 Candon^^ Samonte Road, Candon City, Ilocos Sur
887 1190 San Jacinto** Manaoag Road-San Jacinto Road. San Jacinto, Pangasinan
888 1179 Urdaneta 4** 103 Alexander St., Urdaneta City, Pangasinan
889 1312 Dolores** McArthur Highway, Brgy. Dolores, San Fernando, Pampanga
890 1209 Guadalupe Cebu** 2211 V. Rama Avenue, Guadalupe Cebu City
891 1215 UNO-R** G/F McMetroplex B.S Aquino Drive, Bacolod City
892 1182 Bacolod Doctors Lizares St., Bacolod City, Negros Occidental
893 973 LP District Hospital^^ G/F of 387-389 Padre Diego Cera Ave., Brgy. Pulang Lupa Las Piñas City
894 1061 Kingspoint** Kingspoint St. cor Quirino Highway, Novaliches, Quezon City
895 1148 San Pascual 2** Poblacion Public Market,San Pascual, Batangas City
896 1252 Tayabas 2** Quezon-Sto. Domingo Road, Sto. Domingo, Nueva Ecija
897 1106 Sto. Domingo, NE Brgy. Angeles, Lucena-Tayabas Road, Tayabas City
898 1261 Sipocot Lot 1-I San Juan Ave.,North Centro, Sipocot, Camarines Sur
899 1145 Caloocan HS 33 West Macario Asisitio Ave., Grace Park, Caloocan City
900 1217 i1 Building** i1 Building GF Unit A107, Asiatown IT Park, Apas, Cebu City
901 1173 Labangon** Salvador St. cor. Katipunan St., Labangon, Cebu City
902 902 Sitio Gitna #986 Gen. Luis St. Cor P. Dela Cruz St. Brgy. Kaybiga, Caloocan City
903 1233 South of Market (SOMA) Ground Floor South of Market Condominium, Global City, Taguig
904 985 Capitol Medical Center** Scout Magbanua, Timog Quezon City
905 1142 Tambo** 0195 cor. Delos Santos St., Quirino Ave., Brgy. Tambo, Parañaque City
906 1162 LP College Blk 3 Lot 2 Rose Ave. cor. Pilar Rd., Almanza Uno, Las Piñas City
907 1367 Assumption Iloilo** Vidal Building, General Luna cor. Quezon St., Brgy Sampaguita, Iloilo City
908 1185 Uptown Center** 56-58 Madison St., Uptown Bldg., Mandaluyong City
909 1191 Minglanilla Poblacion** Ward IV, Minglanilla, Cebu City
910 1203 Lapu-Lapu Arcade** Arcade Quezon National Highway, Lapu-Lapu
911 1071 Saver's Plaza** Unit 1 & 2 Savers Plaza, Basak-Maragondon Road, Mactan, Lapu-Lapu
912 1121 Mauban** Municipality of Mauban, Province of Quezon
913 1101 Ok Plaza Victory Liner Compound, Monumento, Caloocan
914 1216 La Salle Bacolod La Salle Ave., Bacolod Negros Occidental in front of Gate 1 University of La Salle
915 1206 WCC Caloocan Willian Shaw St., Caloocan City
916 1290 Natividad Lopez** G/F of CCI Building, 1091 Natividad Lopez St., Ermita, Manila
917 1226 Talisay** Brgy. Poblacion, Talisay, Batangas
918 1376 Caltex San Pablo** G/F La Fiesta Hotel, MH Del Pilar Iloilo R-1, Iloilo City
919 1241 Rosario 3 Rizal Ave., San Pablo City, Laguna
920 1293 La Fiesta Purisima Building, Marceilla St., Ligtong III, Rosario, Cavite
921 1248 P. Noval 1037, 1041, 1039, 1043 P. Noval St., Sampaloc, Manila
922 1255 Ocampo Barrio Poblacion, Municipality of Ocampo, Province of Camarines Sur
923 1180 Bagong Silang Langit Road, Bagong Silang, Caloocan City

Bearing Fruit: Reaping Innovation’s Rewards

# Store Name Address 81
924 1156 RP Gulod Marianito St., Brgy. Gulod, Novaliches, Quezon City
925 1250 Sta. Ignacia** Romulo Highway, Poblacion, Sta. Ignacia, Tarlac
926 1311 RCBC The Fort** Unit G06 RSB Corporate Center 26th St cor 5th Ave., Bonifacio South,
Bonifacio Global City, Taguig City
927 1262 CPI C5 Ugong Barrio Ugong, Pasig City
928 1238 MPT Suites** Kalayaan Ave. cor. P. Burgos St., Bel-Air, Makati City
929 1270 Mandaue City Hall** Ground Floor, The Ellian Tower, A. Mabini St. Mandaue City
930 1275 Legazpi 5 Imperial St., Brgy. Bitano, Legazpi City
931 1237 Manggahan Industrial Park Amang Rodriguez Ave., Manggahan, Pasig City
932 1239 Quiapo 2 374 Quezon Ave., Quiapo,Metro Manila
933 1330 Macalelon** Magallanes St., Brgy. San Rafael, Legazpi, Albay
934 1291 Legazpi 3 La Purisima St. Brgy. Poblacion, Macalelon, Quezon
935 1305 Mulanay Quezon^^ San Carlos St., Brgy. 3 Poblacion, Mulanay, Quezon
936 1244 Katipunan 2** Katipunan Ave. cor. Esteban Abada, Quezon City
937 1362 Pozorrubio** Brgy. Poblacion, Pozorrubio, Pangasinan
938 1264 Square One** G/F, Sqaure 1, Highway Mandaue cor. Singson Village, Tipolo, Mandaue City, Cebu
939 1242 Angono 4^^ P. Tolentino, San Isidro, Angono, Rizal
940 1296 Biñan 6 Brgy. San Francisco, Biñan, Laguna
941 1288 Jetti Dahlia^^ Dahlia Ave. cor. Chestnut St., West Fairview, Quezon City
942 1223 Forbeswood Parklane** Unit 6, The Parklane Strip, Rizal Drive, FBGC, Taguig
943 1236 Pagbilao Poblacion** J.P. Rizal St. cor. Gloria St., Brgy. Poblacion, Pagbilao, Quezon Province
944 1320 CPI Tayuman** 1868 A.H. Lacson cor. P. Guevarra Sta. Cruz, Manila
945 1327 Silang 2 Bo. Of San Miguel 1, Silang, Cavite
946 1076 Fortunata^^ MTF Building located at Dr. A. Santos Ave., Sucat, Parañaque
947 1158 Camarin 2 Zapote St. Franglo Building Area D, Camarin, Caloocan City
948 1276 Guinobatan** Rizal St., Brgy. Poblacion, Guinobatan, Albay
949 1196 Sta. Rosa 6** Olympia Subd., Brgy. Labas, Sta. Rosa City, Laguna
950 1322 Royal Gold Plaza** G/F Royal Gold Plaza, AC Cortes Avenue, Guizo, Mandaue City
951 1263 Talisay Negros** Hi-way Mabini St. cor. Bonifacio St., Talisay, Negros Occidental
952 1235 11th Avenue M.H. Del Pilar St. cor. 11th Ave., Grace Park, Caloocan City
953 1260 Sta. Ana- Market Plaza 2235 M. Roxas cor. Suter Sts., Sta. Ana, Manila
954 1232 Wynn Plaza^^ 1674 Leon Guinto, Malate, Manila
955 1163 Camarin 3** Blk. 9 Lot 1, Ph-GIII, Francisco Homes, City of San Jose Del Monte, Bulacan
956 1307 Francisco Homes** Bo. Of Timalan, Naic, Cavite
957 1231 Naic 3 Purok 4. San Isidro, Kiko Camarin, North Caloocan City
958 1436 Sta. Cruz, Zambales** National Road cor. Misola St., Poblacion, Santa Cruz, Zambales
959 1258 Farmers Plaza 2 0085, The New Farmers Plaza, G/F Arcade, Araneta, Cubao, Quezon City
960 1315 Escriva GF Amber Square Escriva Drive Ortigas Center, Pasig City
961 1110 Tropicana Garden Tropicana Garden City, Sumulong Highway, Marikina City
962 1112 Maceda^^ Maceda St. near cor. España, Sampaloc, Manila
963 1280 Caltex Regalado Commonwealth Ave. cor. Regalado, Fairview, Quezon City
964 1410 Tagaytay 5** Maharlika West, Tagaytay City, Cavite
965 1323 City Times Square** A-103 & 104, Ground Floor, City Time Square, Brgy. Subangdaku, NRA,
Mandaue City, Cebu
966 1419 Malabon Poblacion** J.P. Rizal Ave., Brgy. San Agustin, Malabon City
967 1136 Rizal, NE** Poblacion Sur, Rizal, Nueva Ecija
968 1382 Rosales** Brgy. Pobalcion, Rosales, Pangasinan
969 1128 ETON Cyberpod 3 Edsa cor. Quezon Ave., Quezon City
970 1388 Naga Cebu** Leah's Square cor. Mejia St. & National Highway, West Poblacion, Naga City, Cebu
971 1205 Liloan Poblacion** Poblacion Liloan, Cebu City

Annual Report 2019

82 # Store Name Address
972 1366 Dapitan 2 Unit 101 at Golden Emerald Mansion, 1513 Dapitan St. Sampaloc, Manila
973 1227 WVCST- Burgos Harmony Hills Subd., Muzon, SJDM, Bulacan
974 1370 Harmony Hills 50 Burgos St. La Paz, Iloilo
975 1039 Bangar Bangar Poblacion, Bangar, La Union
976 1335 Liberty Shaw** Quirino Highway , Balong-Bato, Balintawak, Quezon City
977 1353 Baesa Unit Nos. 1 & 2, GF-Retail row, Freedom Plaza at Liberty Center, Shaw Blvd.,
Mandaluyong City
978 1184 Atherton Don Mariano Marcos Highway cor. Atherton, North Fairview, Quezon City
979 1329 Alfonso 2 Mangas St., Brgy. Luksuhin, Alfonso, Cavite
980 1343 Suntree Tower #13 Meralco Ave. #27 Sapphire Road, San Antonio, Ortigas Center, Pasig City
981 1342 BSA Twin Towers BSA Twin Tower Bank Drive, Ortigas Center, Mandaluyong City
982 1300 San Pedro 6 26 Brgy. Riverside, San Pedro, Laguna
983 1350 Zerenity Suites** Sandra Mall, Angeles-Porac-Floridablanca-Dinalupihan Road, cor. Sandra St., Angeles city
984 1387 Sandra Mall San Miguel Road, Brgy. Apas, Cebu City
985 1302 139 Corporate Center^^ Unit 102 Ground Floor, 139 Corporate Center (Antel Towr), Valero St. cor.
Valero Access Road, Salcedo Village, Makati
986 1243 Prince Plaza 2** Blk. 1 Lot 8, Marcos Alvarez Ave., Golden Acre, Talon 1, Las Piñas City
987 1338 Golden Acres G6 Prince Plaza 2 Condominium Building , Dela Rosa St., Legazpi Village, Makati City
988 1332 Navotas 2 Noval St. cor. E. Naval St., Brgy. San Jose, Navotas City
989 1339 Laoag 2 Brgy. Of No. 9, Sta. Angela, Rurban, Laoag City, Ilocos Norte
990 1328 Ternate H. Ventura cor. Sto. Niño, Brgy. Poblacion 2, Ternate, Cavite
991 1285 Eusebio Arcade Hernaez St. cor. Araneta Ave., Bacolod City, Negros Occidental
992 1303 N. Garcia 2** N. Garcia St. cor. Milagros St., Brgy. Valenzuela, Makati City
993 1265 CDH Brgy. Capitol, City of Cebu
994 1321 Punta Princesa Ground Floor, Miramontes Building, F. Llamas St., Punta Princesa, Cebu City
995 1424 Maligaya Park 4 Maligaya Drive, Brgy. Pasong Putik, Quezon City
996 1284 Bacolod Regional Hospital** N & M Pharmacy, Lacson St., Bacolod City
997 1301 Orion Bataan** Brgy. Arellano, Orion, Bataan
998 1240 LSPU San Pablo** Brgy. Del Remedios, San Pablo City, Laguna
999 1368 Binangonan 4** Cor. Divrsion Road and Jaladoni St., Mandurrio, Iloilo City
1000 1371 Injap Tower** Huervana St., cor. Divinagracia District of La Paz, Iloilo City
1001 1386 La Paz Plaza Brgy. Tayuman, Binangonan, Rizal
1002 1359 Alcala ^^ National Road, Alcala Poblacion, Pangasinan
1003 1317 Admiral G/F Citywalk Building, Admiral Road, Talon 3, Las Piñas City
1004 1287 Evangelista 2** J.P. Rizal St. cor. Valle St., Candelaria, Quezon
1005 1340 Candelaria Poblacion GF 1837 Evangelista St. cor. Dallas St., Brgy. Pio Del Pilar, Makati City
1006 1345 Kamias 2 No. 1 Kamias Road, Quezon City
1007 1421 BF Homes Aguirre** Bigte, Norzagaray, Bulacan
1008 1222 Adriatico Courtyard #21 Aguirre Ave., Bf Homes, Parañaque City
1009 1234 Mayapyap 1917 Adriatico St. Malate, Manila
1010 1337 AIC Empire Sapphire Mayapyap Sur, Cabanatuan City, Nueva Ecija
1011 1341 Royal Plaza AIC Burgundy Empire Tower, Sapphire Road, Ortigas Center, Pasig City
1012 1378 Bigte 648 Remedios St., Malate, Manila
1013 1351 Morong Poblacion 65 Tomas Claudio St. Brgy. San Juan, Morong, Rizal
1014 1245 Katipunan 3** Dela Rosa Loyola Heights, Balara, Quezon City
1015 1086 Solemare Space 15 Tower A Solemare Parksuites located at Brado Ave., Parañaque City
1016 1398 Mactan Doctors** G/F, JS Realty, Washington St. cor. Cagudoy St., Lapu-Lapu City
1017 1214 Adriatico Garden** Gen. Luna St., Poblacion, Bago City, Negros Occidental
1018 1151 Bago City Adriatico St. Malate, Manila
1019 1304 Trece 4 Brgy. Luciano, Trece Martirez, Cavite

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 83
1020 1314 Sta. Maria Highway** McArthur Highway, Brgy. Danuman West, Sta. Maria, Ilocos Sur
1021 1385 Marco Polo** Meralco Ave. and Sapphire Road, Ortigas Center, Pasig City
1022 1356 Lucena Diversion Brgy. Gulang Gulang, Lucena City, Quezon
1023 1375 Fuente Circle** Door 5, G/F Ybañez Bldg., Fuente Osmeña Blvd., Cebu City
1024 1405 BDO Greenhills** General Luna St.,San Juan, Batangas
1025 1331 San Juan Batangas G/F BDO Greenhills-Ortigas Building 2, Ortigas cor. Roosevelt Ave. Greenhills,
San Juan City
1026 1192 Red Square Bagbaguin Road cor. P. Jacinto St., Caloocan City
1027 1257 Manhattan Parkview Space #00017, G/F Manhattan Parkview, Araneta Center, Quezon City
1028 1439 San Beda 1st Street, Dr. Concepcion Aguila, San Miguel, Manila
1029 1491 The Beacon** Unit G103, Bel-Air Soho, 45 Polaris cor. Badajos St. Brgy. Poblacion, Makati City
1030 1279 Bel-Air Soho Unit 2B The Beacon cor. Chino Roces and Armaiz Ave. San Lorenzo Village, Makati City
1031 1224 V Corporate Center^^ 125 LP Leviste, Salcedo Village, Makati City
1032 1485 Tagaytay Highlands** Tagaytay Highlands, Tagaytay, Cavite
1033 1412 Tanza Bagtas** Tanza-Trece Road, Brgy. Bagtas, Tanza, Cavite
1034 1358 Nagcarlan^^ Brgy. Poblacion 1, Nagcarlan, Laguna
1035 1319 Trece 3 166 Trece-Indang Road, Brgy. Luciano, Trece Martirez City
1036 1174 Danao Mitsumi** Central Nautica Highway, Sabang, Danao City, Cebu
1037 1278 ETON Greenbelt Parkview Unit B, Eton Greenbelt Parkview, Gamboa St., Legaspi Village, Makati City
1038 1390 Cordova** Poblacion Cordova Cebu
1039 1380 Princeton Residences** #1 M.L Quezon St. Lower Bicutan, Taguig City
1040 1384 Tanza Amaya Aurora Blvd. . Quezon City
1041 1413 Lower Bicutan 2 Amaya Road, Brgy. Amaya-I, Tanza, Cavite
1042 1225 Laurel Batangas** Poblacion 3, Laurel, Batangas
1043 1437 Manila Sanitarium San Juan St., Pasay City
1044 1450 Goa San Jose St. Goa, Camarines Sur
1045 1281 Bayfront Hotel** Kaoshiung St., North Reclamation Area, Cebu City
1046 1473 Magalang Avenue** McArthur Highway cor. Magalang Ave., Angeles City, Pampanga
1047 1347 Sangandaan^^ 369 Tandang Sora Extension, Brgy. Sangandaan, Quezon City
1048 1392 Kabankalan Guanzon St., Kabankalan City, Negros Occidental
1049 1561 ACT Tower** J.P. Rizal St. cor. Kapitan Ponso St., Poblacion 2, Bauan, Batangas
1050 1168 Bauan 3 135 H.V. Dela Costa St., Makati City
1051 1447 Daang-Batang** 15303 cor. Daang Batang St., Rodriguez Ave., San Agustin, Parañaque City
1052 1334 Iriga 2 San Francisco, Iriga City, Camarines Sur
1053 1272 Sacred Heart Hospital** Ground Floor, TSC Property Holdings, Inc., Urgello St., Cebu City
1054 1404 Amadeo Cavite 119 A. Mabini St., Amadeo, Cavite
1055 1269 Shaw MRT Greenfield District Station, Second Floor Concourse Southbound CS-2
1056 1472 Bacnotan** Nationa Highway Poblacion, Bacnotan, La Union
1057 1409 Batangas 5** G/F, Rentable 4, Cham Building, Brgy. Balagtas, Batangas City, Batangas
1058 1407 Mamatid 2** Brgy. Mamatid, Cabuyao City, Laguna
1059 1364 Unioil Kalayaan** Unioil Kalayaan Station, Malingap St., Quezon City
1060 1539 Baloc, N.E.** Cagayan Valley Rd., Brgy. Baloc, Nueva Ecija
1061 1611 Blue Residences Katipunan Ave. cor. Aurora Blvd., Quezon City
1062 1298 CEO Flats 27 Canopus cor. Jupiter Sts., Bel Air Village, Makati City
1063 1268 Sta. Lucia Residenze Imelda Ave. cor. Marcos Highway, Cainta, Rizal
1064 1349 WPAZ 349 JP Rizal St. Sta. Elena, Marikina City
1065 1442 CAVSU Indang^^ Cavite State University, Indang-Trece Martires Road, Indang, Cavite
1066 1443 M Place Panay Ave., South Triangle, Quezon City
1067 1397 Two Quad 2Quad Building, Cebu Business Park, Cebu City
1068 1395 A Square Anonas #2 Anonas St. cor. Aurora Blvd., Project 2, Cubao, Quezon City

Annual Report 2019

84 # Store Name Address
1069 1515 Plaza Hotel, La Union** Brgy. Poblacion, San Fernando City, La Union
1070 1399 Argao 839 Cor. Dr. T.S. Kintanar St. & National Highway, Argao, Cebu
1071 1418 Salcedo 2 159 Salcedo St., Legazpi Village, Makati City
1072 1577 Cabiao, N.E.** Pobalcion Road, Cabiao, Nueva Ecija
1073 1308 The Strip Meralco** Brgy. Paliparan, Dasmariñas, Cavite
1074 1549 Batangas 6** Brgy. San Roque, San Pablo City, Laguna
1075 1510 Paliparan 3 The Strip along Ortigas Ave., Pasig City
1076 1505 Shell San Roque P. Prieto St. Batangas City
1077 1467 CVSU Rosario Gen. Trias Drive, Brgy. Tejeros Convention, Rosario, Cavite
1078 1562 Lemery 3** National Road,Brgy. Malinis, Lemery, Batangas
1079 1557 Mapandan** Pandan Ave Poblacion, Mapandan, Pangasinan
1080 1286 Sum-Ag** Araneta Ave. cor Sum-Ag Abuanan Rd., Brgy. Sum-Ag, Bacolod City, Negros Occidental
1081 1402 Talamban Proper Dr. J.B. Vizcayno Bldg., Talamban, Cebu City
1082 1513 University of Manila^^ Ventura Residences, 646-B, M.V. Delos Santos, Sampaloc, Manila
1083 1400 G. Tuazon 3 V. Rama Avenue, Guadalupe, Cebu City
1084 1408 Kaybiga Lot 1 & 2, No. 2000 G. Tuazon St. cor. Masbate St., Balic Balic, Sampaloc, Manila
1085 1608 Fly Ace-Coral Way** Brgy. Maduya, Carmona, Cavite
1086 1520 Sual ** Unit 3 Kornerwalk Commercial Center, Olongapo-Gapan Road,
San Antonio, Guagua, Pampanga
1087 1363 Juan Luna Lot 24 Blk 32 Gen. Luis St., Kaybiga Road, Caloocan City
1088 1453 Golden Town Fly Ace Corporate Center, 13 Coral Way, Central Business Park, Pasay City
1089 1471 Guadalupe Church National Highway, Brgy. Poblacion, Sual, Pangasinan
1090 1501 Kornerwalk 788-790 Juan Luna St., Binondo, Manila
1091 1498 Biñan Doctors^^ Brgy. Platero, Biñan City, Laguna
1092 1486 Beata Pandacan Unit A GF, The Streamline Plaza Building, Baeta, Pandacan, Manila
1093 1273 Tunasan** Km 29 National Highway, Tunasan, Muntinlupa City
1094 1401 University of Iloilo Rizal Street, Iloilo City
1095 1428 PTT Boton** Gobstopper Area, Argonaut Highway, Subic Bay Freeport Zone, Pampanga
1096 1482 San Agustin Iloilo** Maria Clara Ave., cor., Jalandoni St., Iloilo City
1097 1310 Seaoil P. Tuazon** Seaoil Station, EDSA cor. P. Tuazon St., Cubao, Quezon City
1098 1201 PUP Teresa** Economic Garden, Timugan, Los Baños , Laguna
1099 1532 LB City Hall Aguida Building #265 Teresa St., Sta Mesa, Manila
1100 1077 E-Luxury One** 5077 P. Burgos st. Poblacion, Makati City
1101 1484 Wind Residences** Along National Highway Road, Brgy. Poblacion, Mangatarem, Pangasinan
1102 1545 Mangatarem GF Wind Residences, Tagaytay-Nasugbi Highway, Tagaytay City
1103 1448 CPI Congressional Congressional Ave. cor. Cagayan Ave., Brgy. R. Magsaysay, Quezon City
1104 1306 Bagong Barrio^^ 76 Malolos Ave. cor Gregorio de Jesus St., Bagong Barrio, Balintawak Subdivision,
Caloocan City
1105 1516 Sacred Heart Lucena** 12 Merchan St., Brgy. 11, Lucena City, Quezon
1106 1530 Gateway Tower** Space #5002, Gateway Tower, Araneta Center, Quezon City
1107 1502 CPI E. Rod E. Rodriguez Ave. cor. Sunnyside Drive, Quezon City
1108 1452 Sauyo 32 Sauyo Road, Brgy. Sauyo, Novaliches, Quezon City
1109 1641 San Pedro 7 Brgy. San Antonio, San Pedro City, Laguna
1110 1469 Linear Makati Tower 1A-Unit No . FC1 CU007 The Linear, Mayapis, Yakal and Malugay Sts., San Antonio
Village, Makati City
1111 1529 City Oil Old Sta. Mesa 4872 Old Sta. Mesa Rd.,Sampaloc, Manila
1112 1438 Taguig City Hall^^ Gen. Luna St. cor. M. Santos St., Brgy. Tuktukan, Taguig City
1113 1292 Ugong, Valenzuela^^ Brgy. Ugong, Valenzuela City
1114 1490 University Tower Commercial F, G/F, University Tower Malate, Pedro Gil, Malate, Manila
1115 1283 CPI Opon** Caltex Opon, ML Quezon cor. Sangi Road, lapu-Lapu City
1116 1481 Legarda-Arlegui** 504 Nepomucemo St. (Formerly Tanduay St.) cor. Arlegui St., Quiapo, Manila

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 85
1117 1518 St. Joseph San Pedro** St. Joseph Village 10, Brgy. Langgam, San Pedro City, Laguna
1118 1616 Paete Poblacion #20-5 J.P. Rizal St., Paete, Laguna
1119 1417 Sgt. Bumatay #717 Sgt. Bumatay cor., Katarungan St., Brgy. Plainview, Mandaluyong City
1120 1446 Fatima 2 32 McAthur Highway, Brgy. Marulas, Valenzuela City
1121 1463 Gaisano Cordova G/F, Unit A1-A2, Gaisano Grand Mall Cordova, Cebu
1122 1508 Somerset Olympia Upper Ground Floor, Somerset Olympia Makati, Makati Ave. cor. Sto. Tomas St.,
Makati City
1123 1564 West Negros University G/F SMEI Bldg., Burgos Ave., Bacolod City, Negros Occidental
1124 1026 Sumacab Este** Maharlika Highway, Brgy. Sumacab Este, Cabanatuan, Nueva Ecija
1125 1625 Chimes Square** AP Housing, NRT ave cor., C-5 road, Taguig City
1126 1434 Balamban Congressional Extn. Cor. Kalaw, Mira Nila Homes, Brgy. Pasong Tamo, Quezon City
1127 1449 Western Bicutan Sto. Niño, Balamban, Cebu
1128 1451 Eton Baypark Manila** 16A Capitol Hills Drive Diliman, Quezon Cty
1129 1711 Goa 2** GF & 2nd Floor of the Centerpoint Bldg., Ziga Ave., Tabaco City, Albay
1130 1416 Capitol Drive Unit 1 Eton Baypark Manila, Roxas Blvd. cor. Kalaw St., Manila
1131 1612 Tabaco Melba Bldg., San Juan Bautista St., Goa, Camarines Sur
1132 1429 Tambo Exit, Lipa** Paco, Botolan, Zambales
1133 1687 Botolan, Zambales** Brgy. Mataas na Lupa, Lipa, Batangas
1134 1488 Lipa San Sebastian Tambo Exit, Brgy. Tambo, Lipa City, Batangas
1135 1414 Villasis** Brgy. Poblacion, Villasis, Pangasinan
1136 1552 Narciso Avenue** 140 Narciso St., Josefa Subd., Malabanais, Angeles City, Pampanga
1137 1631 CPI EPSA** Pulung Cacutud, Angeles City, Pampanga
1138 1642 Waltermart Makiling^^ Brgy. Makiling, Calamba, Laguna
1139 1464 Bagong Silang 2** GF Antigua Bldg. cor. B. Aranas St. cor. T. Abellas St., Cebu City
1140 1578 Cebu San Nicolas** Brgy. Poblacion, San Leonardo, Nueva Ecija
1141 1500 San Leonardo, N.E. Langit Road cor. St. Joseph St., Bagong Silang, Caloocan City
1142 1440 Phoenix Kalayaan Brgy. Panamitan, Kawit, Cavite
1143 1297 Dita 2** Brgy. Dita, Sta. Rosa, Laguna
1144 1433 Vicas Caloocan^^ Congressional Road Ext. Vicas, North Caloocan City
1145 1541 Badoc Highway National Highway, Brgy. 9 Paltit, Badoc, Ilocos Norte
1146 1466 Lorex Ave. 1000 Lorex St., Tañada Subd., Valenzuela
1147 1632 Malabon 3 GF of Abacon Bldg., Pampano St., Brgy. Longos, Malabon City
1148 1568 San Mateo 3** Katipunan Street, Tisa, Labangon, Cebu City
1149 1355 Tisa #22 Gen. Luna St., Brgy. Maly, San Mateo, Rizal
1150 1621 Ligas Bacoor** Jacinto Residences, 1223 General E. Jacinto St. cor. Kalayaa Ave., Makati City
1151 1534 Kalayaan** Maharlika Highway, Brgy. Bacohan, Lucena City, Quezon
1152 1595 PTT Lucena Brgy. Ligas, Bacoor, Cavite
1153 1605 Paco 3** National Highway Poblacion East, Sta. Maria, Pangasinan
1154 1531 Sta. Maria, Pangasinan Pako Bldg., Pedro Gil cor. A. Linao and Gen. Luna St. Manila
1155 1465 Rephil Pasay Rephil Station. F.B. Harrison cor. EDSA, Pasay City
1156 1558 Abucay, Bataan Abucay, Bataan
1157 1517 PKI Lipa^^ Brgy. Timboa, Biñan City, Laguna
1158 1348 Calumpang^^ Nicanor Roxas St. cor. Manuel Roxas St., Brgy. Calumpang, Marikina City
1159 1504 Biñan Technopark Brgy. Inosluban, Lipa City, Batangas
1160 1477 Alta Tierra Alta Minimart, Phase V, Alta Tierra Village, Tabuc Suba, Jaro, Iloilo
1161 1497 Greenbelt Madison Greenbelt Madisons, Makati
1162 1623 Francesca Tower C-1, G/F, Francesca Tower- EDSA Ave. cor. Scout Borromeo St., Quezon City
1163 1360 Santolan Malabon^^ Rodriguez St. cor E. Martin St., Brgy. Santulan, Malabon City
1164 1470 JM Basa^^ Marcos Highway cor. Felix Ave., Cainta, Rizal
1165 1372 Sta. Lucia Mall Villanueva International Bldg., J.M. Basa St. cor. Aldeguer St., Iloilo City

Annual Report 2019

86 # Store Name Address
1166 1594 Dela Costa Homes VP Building Dela Costa Homes, Quirino Highway, Sacred Village, Caloocan City
1167 1487 EDSA M. Dela Cruz EDSA cor. M. Dela Cruz, Pasay City
1168 1271 UC Main G/F, Coast Pacific Downtown Center, Sanciangko St., Cebu City
1169 1282 Barili National Highway,Poblacion, Barili, Cebu
1170 1167 Samson Road No. 90 & 92 A. Mabini St., Sangandaan, Caloocan City
1171 1324 CPI Sauyo** 78-A E. Rodriguez cor. Plaridel St. Quezon City
1172 1553 Bagong Silang 3 Sauyo Road, Brgy. Sauyo, Quezon City
1173 1559 Doña Aurora-E. Rod. Blk 15 Lt 12 Package 6 Phase X, Bagong Silang Project, Caloocan City
1174 1614 Dalan Ledesma** GF Gloria 168 Bldg. Dalan Ledesma St., Iloilo City
1175 1474 Kabankalan Plaza G/F Kho-Alvarez Bldg., Guanzon St. cor. Rizal St., Kabankalan City, Negros Occidental
1176 1525 Poblacion Toledo** D. Macapagal Highway, Toledo City, Cebu
1177 1476 Sta. Barbara Iloilo** Columba Senupe Building, National Highway cor. Roosevelt St., Sta. Barbara, Iloilo
1178 1369 USC Talamban** In front of USC TC Nasipit, Talamban, Cebu City
1179 1610 Wakas Bocaue Wakas Bocaue, Bulacan
1180 1739 Tungkong Mangga** Nolasco Bldg., Quirino Highway, Brgy. Tungkong Mangga, SJDM, Bulacan
1181 1667 PTT Mexico** PTT Service Station, OG Road, Jose Abad Santos, Brgy. Parian Sto cristo, Mexico,
Pampanga
1182 1361 Rancho^^ 41 Lilac St. Hacienda Heights, Concepcon 2, Marikina City
1183 1411 Greenwoods** Lot 1 Blk 9 Greenwoods Ave. cor. Pine St., Phase I-E Area 2,Greenwoods Executive Village,
Cainta, Rizal
1184 1620 Metro Oil Roosevelt** Metro Oil Roosevelt, Roosevelt cor. Sto. Niño St., Quezon City
1185 1731 San Luis Pob., Batangas** Brgy. Poblacion, San Luis, Batangas
1186 1565 V.A. Rufino Unit G02, GF, Angelus Plaza, Makati City
1187 1658 Sta. Rita, Olongapo JP Rizal Ave., West Bajac-Bajac, Olongapo City
1188 1391 Shaw Center Mall** Unit 6 548 Shaw Blvd., Mandaluyong City
1189 1544 Mary Johnston Hospital** Unit C, Gilmore, Commercial Plaza, 10 Gilmore Ave., Brgy. Valencia,
New Manila, Quezon City
1190 1634 Gilmore 1221 Juan Nolasco St., Tondo, Manila
1191 1607 Amethyst Drive Unit 102 Pacific Place Condominium, Pearl Drive, Ortigas Center, Pasig City
1192 1599 Ongpin 2^^ 640 Ongpin St., China Town, Binondo, Manila
1193 1666 Molino 6 Blk. 3, Lot 9, Ph. 1, Basa St. cor. Avenida Rizal St., Molino 5, Bacoor, Cavite
1194 1483 Carcar 2 ** Guerrea St., cor. YunqueSt., La Carlota City, Negros Occidental
1195 1460 LRT Pureza N. Bacalso National Highway, Poblacion, Carcar, Cebu
1196 1650 Vellagio Tower Unit A, GF, The Station Point, 3299 R. Magsaysay Blvd. cor. Maganda St., Sta. Mesa, Manila
1197 1673 Tabunok 2 Unit 102 & 103, G/F, Vallegio Tower, 2011 Pres. Quirino Ave. cor. Leon Guinto St., Manila
1198 1524 La Carlota Negros Sangi, Tabunok, Talisay City, Cebu
1199 1646 CPI Taft Brgy. 97, 2724 Taft Ave. Extn., Pasay City
1200 1475 Zerrudo Complex** Zerrudo Commercial Complex, E. Lopez St., Brgy. Montinola, District of Jaro, Iloilo City
1201 1657 Fatima Annex** Fatima Ave. cor Knight of Columbus St., Brgy. Marulas, Valenzuela City
1202 1393 Villamonte** Cebuana Lhuillier, BS Aquino Drive cor. Ylac St., Brgy. Villamonte,
Bacolod City, Negros Occidental
1203 1683 Calamba 8** Chipeco Ave., Llamas Subd., Brgy. 3, Calamba City, Laguna
1204 1496 CPI Gulang Gulang** Brgy. Gulang Gulang, Lucena City, Quezon
1205 1432 Tayud Capulay Market, Bagong Daan Road, Tayud, Liloan, Cebu
1206 1604 San Francisco, Gen. Trias Arnaldo Highway, Brgy. San Francisco, Gen. Trias, Cavite
1207 1638 Brixxton Village Kingswood St. and Zabarte Rd., North Caloocan City
1208 1637 Sinait Poblacion National Highway cor. Rizal St., Brgy. Ballaigui sinait, Ilocos Sur
1209 1694 SM North EDSA Unit 101, G/F, Northlink Bldg., SM North EDSA, Quezon City
1210 1738 CPI Marauoy** National Highway, Marauoy, Lipa, Batangas
1211 1707 Buenavista Gen. Trias Gov. Ferrer Drive, Buenavista-III, Gen. Trias, Cavite
1212 1354 Anabu Imus** 917 Anabu I-F, Imus, Cavite

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 87
1213 1551 Soldiers Hill Bacoor B10 L30 Green Valley Subd., Molino, Bacoor, Cavite
1214 1570 Jones Avenue** Unit 101 455 Osmena Blvd., Cebu City
1215 1528 Riverview Mansion T. Pinpin cor. Muelle de Binondo St., Manila
1216 1555 5th Ave.** Caltex Station, C. Raymundo cor. Bernal St., Pasig City
1217 1540 CPI C. Raymundo Rizal Ave., 5th Ave., Caloocan City
1218 1406 Minuyan** Brgy. Parian, Calamba City, Laguna
1219 1659 Sta. Rosa Exit B-19 Road 1 Minuyan Proper, San Jose Del Monte, Bulacan
1220 1374 Sky Ranch Brgy. Pulong Sta. Cruz, Sta. Rosa, Laguna
1221 1538 Parian Tagaytay City, Cavite
1222 1592 Himamaylan** Pitogo, Consolacion, Cebu
1223 1389 Hillcrest Village National Road cor. Ramos St., Municipality of Himamaylan Negros Occidental
1224 1601 Kabisig Cainta Blk 13 Lot 1 Hillcrest Village, Camarin, Caloocan City
1225 1639 Coher Center Blk 18 Floodway, Kabisig, San Andres, Cainta, Rizal
1226 1708 Consolacion Cebu Coher Center, 1424 Quezon Ave., Quezon City
1227 1550 Sixto Avenue** Brgy. Alapan 2-A, Imus, Cavite
1228 1468 Philand Tandang Sora** Dasmariñas Commercial Complex, Governor's Complex Drive, Dasmariñas, Cavite
1229 1748 Iloilo City Hall** GF Chuang Bldg., Dr. V. Locsin, Dumaguete City
1230 1575 Lancaster Imus** Blk 20 Lot 1 MMCBuilding, Teachers Village, Brgy. San Rafael 1,
San Jose Del Monte, Bulacan
1231 1193 Pala Pala 2 Sixto Antonio Avenue cor. Bernal Street Rosario Pasig City
1232 1573 Qualfon Dumaguete 337 Tandang sora Ave., Pasong Tamo, Quezon City
1233 1574 Sapang Palay Guadarrama-Jalandoni Bldg., J.M. Basa cor. Ortiz Sts., Iloilo City
1234 1489 Residencia Real GF Residencia Real, Solana St. cor. Real St., Brgy 654 Intramuros, Manila
1235 1503 Tipas^^ F. Manalo St., Ligid Tipas, Taguig
1236 1728 San Juan, Ilocos Sur** National Highway, Brgy. Bannuar Poblacion, San Juan, Ilocos Sur
1237 1656 Maxsteel Bldg. Unit 1B, GF of Maxsteel Bldg., 266 N. Domingo St., Brgy. Pasesdena, San Juan City
1238 1626 Pasil L. Flores Street, corner Spoliarium Street, Brgy. Pasil, Cebu City
1239 1640 Parklane Dasma^^ 122 Brgy. Sabang, Dasmariñas, Cavite
1240 1750 Cathedral Dumaguete** GF Obdulia Inn Colon St. Cor. Perdices St. Dumaguete City
1241 1492 CPI Peñaranda** Legazpi City, Albay
1242 1745 S.B. Cabahug S.B Cabahug St, Ibabao Mandaue City
1243 1425 Canduman MCT Bldg., H. Abellana St. cor. National Highway Basak, Mandaue City
1244 1606 Makati City Hall 2 779 JP Rizal St., Poblacion, Makati City
1245 1782 Abreeza** Moncada Public Market, MAcArthur Highway, Poblacion 1, Moncada, Tarlac
1246 1742 Moncada Space 1013, GF, Abreeza Mall, JP Laurel Ave., Bajada, Davao City
1247 1696 Panorama Tower BGC** 75 F. Legaspi St., Pasig Greenland Village, Pasig City
1248 1554 Alabang Hills Panorama Tower, 34th St. cor. Lane A, Bonifacio Global City, Taguig City
1249 1672 F. Legaspi GF One Legacy Place Bldg., Don Jesus Blvd. cor. Kenrtucky, Alabang Hills, Brgy. Cupang,
Muntinlupa City
1250 1735 LRT V. Mapa^^ 4134 R. Magsaysay Ave., Sta Mesa Manila City
1251 1722 Plaza Miranda^^ Felix R. Hidalgo St., Quiapo Manila
1252 1493 CPI Daraga** Cor. Rizal St. and Arboleda St., Daraga Public Market, Brgy. Ilawod-1, Daraga, Albay
1253 1509 Marigondon** Crossing Marigondon Beach Road, Lapu-Lapu City
1254 1697 San Vicente Tarlac** Lot 1, Blk 5, Southern bypass Road, San Vicente, Tarlac City
1255 1629 Salawag 3^^ 60 Paliparan Road, Salawag, Dasmariñas, Cavite
1256 1542 Belton Place^^ Unit 4A Pasong Tamo St. cor. Yakal St., Makati City
1257 1700 PUP Hasmin G/F of Polytechnic University of the Philippines-Hasmin Building, Ramon Magsaysay cor
Valencia St., Sta. Mesa. Manila
1258 1403 Manapla** Manapla Market Blocks, Municipality of Manapla, Negros Occidental
1259 1394 Victorias** Osmeña cor. Jover St., Victorias, Negros Occidental
1260 1777 Camachiles** Camachiles, Mabalacat City, Pampanga

Annual Report 2019

88 # Store Name Address
1261 1609 Diamond Subdivision ** Morgang Ave., McArthur Highway, Balibago, Angeles, Pampanga
1262 1445 Mabuhay City Brgy. Baclaran, Cabuyao City, Laguna
1263 1660 Sierra Madre Mandaluyong EDSA cor. Sultan St., Mandaluyong City
1264 1793 Silver City 2** McArthur Highway, Ramar Village, San Agustin, San Fernando, Pampanga
1265 1668 San Agustine Pampanga G/F Silver City Bldg. 2, Frontera Verde, Ortigas Center, Pasig City
1266 1733 Caypombo 201 Brgy. Caypombo, Sta. Maria, Bulacan
1267 1822 Ulas Crossing Brgy. Talomo-Cotabato, Davao City
1268 1734 Sta. Clara, Bulacan Bypass Road, Sta. Clara, Sta. Maria, Bulacan
1269 1547 Grand Harbor Hotel** #249 Waterfront Road, Subic Bay Freeport Zone, Olongapo City
1270 1567 Limay, Bataan** Brgy. Reformista, National Road, Limay, Bataan
1271 1653 PCGS** G/F Our Press Inc., Junquera St., Cebu City
1272 1582 Mandurriao Plaza** Onate De Leon St. cor. R. Mapa St., District of Mandurriao, Iloilo City
1273 1732 Enverga University** 173 Dela Cruz St., Poblacion, Guiguinto, Bulacan
1274 1763 Guiguinto** E. Amang Rodriguez Ave., Manggahan, Pasig
1275 1718 Phoenix Amang Rodriguez Brgy. Ibabang Dupay, Lucena City
1276 1597 Escolta Twin Towers** Jordan cor. Daang Batang, Brgy. Moonwalk, Parañaque City
1277 1527 Tuburan Escolta St., Manila City
1278 1588 La Salle 3 cor. Tabotabo and Burgos St., Brgy. 3, Tuburan, Cebu
1279 1726 Jordan-Moonwalk Unit No. 1-A, G/F, University Mall, Taft Ave., Malate, Manila
1280 1815 San Roque Cavite City** 2nd Flr., CBTMPC Bldg., Caticlan Port, Malay, Aklan
1281 1817 Jetty Port- Caticlan** Tourist Center- Manggayad Manoc, Boracay Isaland, Malay, Aklan
1282 1721 Tourist Center- Boracay P. Burgos Ave. cor. Dra. Salamanca Extn., Brgy. 58-A, Cavite City
1283 1585 Loreta Building Bohol Ave., Cebu Business Park, Cebu City
1284 1803 Bugallon, Pangasinan** Brgy. Poblacion, Bugallon, Pangasinan
1285 1755 Georgetown Cybermall Georgetown Cybermall, RN Pelaez Blvd., Cagayan de Oro City
1286 1622 N. Domingo 2** Unit 104 G/F, FORC Bldg., N. Domingo cor. F. Roman Sts., San Juan City
1287 1456 Yati Market** ABC-G Distribution and Trading Inc., Yati, Liloan, Cebu
1288 1840 Bagong Silang 4** R6 Aliw Road, CCP Complex, Pasay City
1289 1645 Star City Lot 4 Blk 41 Barrio of Bagong Silang, Caloocan City
1290 1533 Labo** Labo, Camarines Norte
1291 1618 USC South Campus^^ J. Alcantara St., sambag 1, Cebu City
1292 1699 Bongabon, N.E** Poblacion Road, Bongabon, Nueva Ecija
1293 1664 Urduja Village #62 Sikatuna Ave., Urduja Village, Caloocan City
1294 1741 Porac, Pampanga** Cangatba, Porac, Pampanga
1295 1495 CPI Tagapo** National Road, Brgy. Tagapo, Sta. Rosa, Laguna
1296 1826 Davao Doctors College** 433 General Malvar Street Brgy. 006 Quirino Avenue, Davao City
1297 1478 San Carlos Negros** C.L. Ledesma Ave. cor. Locsin St., San Carlos City, Negros Occidental
1298 1633 East Rembo** 182-A 19th Ave. cor. J.P. Rizal Extension, East Rembo, Makati City
1299 1457 Pinamungahan Poblacion, Pinamungahan, Cebu
1300 1727 Fe Del Mundo Hospital** Banawe St., cor. Cadiz St., Quezon City
1301 1652 Buendia 6** Tupas St., Sawang Calero, Cebu City
1302 1855 Vigan 3** Along Polacion Road, San Antonio, Nueva Ecija
1303 1415 Cebu St. Mary's  Buendia Ave. Cor. Pasong Tamo St., Makati City.
1304 1684 San Antonio, Nueva Ecija National Road cor. Annunciacion St., Bantay, Vigan City, Ilocos Sur
1305 1691 Citihomes Molino** Vallejo Wet ad Dry Market, Citihomes Subd., Molino 4, Bacoor, Cavite
1306 1769 SM Taytay^^ Unit 113-114, GF, SM Taytay IT Park, Manila East Road, Taytay, Rizal
1307 1598 IBM Plaza- Eastwood IBM Plaza-R1, Eastwood City
1308 1651 East Mansion Unit CC2, G/F East Mansion Townhomes, Elisco Road, Sto. Rosario East,
San Joaquin, Pateros
1309 1682 Bustillos** San Anton St. cor. Earnshaw, Sampaloc, Manila

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 89
1310 1648 Peñafrancia** Marcos Highway, Brgy. Mayamot, Antipolo City, Rizal
1311 1758 Baloy, Olongapo** #1 Baloy Beach Road cor. National Highway, Barrio Baretto, Olongapo City
1312 1294 CPI Tuy^^ Brgy. Luntal, Palico Crossing, Tuy, Batangas
1313 1787 Carmen Cebu National Road, Cogonwest, Carmen, Cebu
1314 1791 Piela Dasma Piela, Sampaloc 3, Dasmariñas, Cavite
1315 1630 Maria Orosa 2 1125 Maria Orosa St., Ermita, Manila
1316 1313 Hulong Duhat Malabon** 17 Women's Club St. cor. Flores St., Malabon City
1317 1580 Zarraga Iloilo** Jalandoni St. cor. Gomez St., Municipality of Zarraga, Province of Iloilo
1318 1799 Numancia SBS Bldg., Numancia, Binondo, Manila
1319 1613 Ferry Terminal Retail 1, Jetty Port, seaside Blvd., MOA Complex, Pasay City
1320 1781 CPI Sto. Domingo Mexico** Caltex Sto. Domingo, Mexico, Pampanga
1321 1546 Bagbaguin 189 General Luis St., Brgy. Bagbaguin, Valenzuela City
1322 1643 Caloocan City Hall A. Mabini, Caloocan City
1323 1810 Mandaue Cabancalan** #9 Rizal St., Brgy. Poblacion San Pedro City, Laguna
1324 1593 San Pedro 8 M.L. Quezon St., Cabancalan, Madaue City
1325 1828 Limketkai Luxe Hotel** Mt. Apo St., Davao City
1326 1754 Malvar Davao GF, Limketkai Luxe Hotel, Limketkai Center, Cagayan De Oro
1327 1857 Pascam 2** Poblacion 4, National Highway, Calaca, Batangas City
1328 1771 GMA San Jose Arnaldo Highway, Brgy. Pasong Camachille-I, Gen. Trias, Cavite
1329 1772 Calaca Highway Brgy. Tinyente Tiago, GMA, Cavite
1330 1835 UIC Bonifacio Dover Magallanes Bonifacio St., Davao City
1331 1865 Red Planet Hotel** Barrio of Sambat Ilaya, Batangas City
1332 1860 Scienceville** Blk. 3 Lot 3 Phase 2, Pinagsama Village,C-5 Road, Western Bicutan, Taguig City
1333 1762 Patimbao** Sabang, Lipa, Batangas
1334 1856 AUF Hospital 2** Hotel Tierra , Bonifacio St., Brgy. Rafael, San Jose, Nueva Ecija
1335 1548 Rebisco** Bacolor, Pampanga
1336 1649 CPI Kumintang Tune Hotel Ayala, 99 Urban Ave., Brgy. Pio del Pilar, Makati City
1337 1703 Pinagsama Village #50 Russia St., Betterliving Subd., Parañaque City
1338 1710 Sabang Lipa Sto. Angel Sur, Sta. Cruz, Laguna
1339 1743 San Jose 4, N.E. Angeles University Foundation, Medical Center, MacArthur Highway,
Angeles City, Pampanga
1340 1764 Shell Bacolor #56 Gen. Luis St., Brgy. Nagkaisang Nayon, Novaliches, Quezon City
1341 1805 Unioil West Avenue^^ Quirino Highway corner Hilton Street Brgy. Malaria North, Caloocan City
1342 1617 Malaria Highway West avenue corner Cavite St., Brgy.Paltok, Quezon City
1343 1423 Pagrai Antipolo Brgy. Mayamot, Antipolo City, Rizal
1344 1863 City Mall Consolacion Poblacion Consolacion, Cebu
1345 1801 Divine World College Laoag** #18 Scout Tuason cor. Sct. Castor St., Brgy. Laging Handa Quezon City
1346 1814 Scout Tuason Along National Highway Brgy. Nuestra Sra De Visiracion Laoag City, Ilocos Norte
1347 1862 Granvia Residences** G/F Unit C3 and C4, Granvia Residences, PODC Business Park,
Pueblo de Oro, Cagayan de Oro City
1348 1775 Poblacion Pardo** Cebu South Rd., Poblacion Pardo, Cebu City
1349 1749 S.H. Loyola 2** GF RSI Bldg. Valencia St. Lower Bagacay Dumaguete
1350 1603 SPI Dumaguete 786 Vicente Cruz, Sampaloc, Manila
1351 1615 CPI T. Padilla** T. Padilla St. cor. M.J. Cuenco Ave., Cebu City
1352 1719 Penaranda, N.E.^^ Rizal St., Road, Brgy. 1, Penaranda, Nueva Ecija
1353 1790 San Simeon** Paoay Currimao Suba Balacao Road, Brgy. Gaang Currimao, Ilocos Norte
1354 1420 Chino Roces^^ Unit B GF 2310 Bldg., Chino Roces, Pio Del Pilar, Makati City
1355 1669 Escalante/ Jomabo Building National Road East Ave. Escalante City Neg. Occ
1356 1831 CPI Angono Caltex Gas Station Brgy. San Isidro Angono Rizal
1357 1760 Phoenix Anabu^^ Phoenix Gas Station, Anabu II-D, Aguinaldo Highway, Imus, Cavite

Annual Report 2019

90 # Store Name Address
1358 1913 Gold Land Tower** Quimpo Blvd. cor. Ecowest Drive, Matina, Davao City
1359 1365 Alijis Unit 2, G/F of Gold Land Tower Condominium No. 10 Eisenhower St., Greenhills, San Juan
1360 1571 Ecoland Alijis Road Cor. Lacson Ext. Bacolod City Negros Occidental
1361 1600 Biñan Canlalay** Brgy. Tag-ac, Rosario, La Union
1362 1768 Rosario, La Union 2 National Road, Brgy. Canlalay, Biñan City, Laguna
1363 1912 Nova Tierra** GF Units 101 to 104 Nova Tierra Square, Bo. Pampanga, Lanang, Davao City
1364 1819 Bilibid Viejo 1034 Conde cor., Bilibid Viejo, Quiapo Manila
1365 1381 Corona Bldg. G/F , U-belt Exhibit Center, 1967 C.M. Recto Ave., Manila
1366 1586 Daanbantayan Osmena St. Poblacion Daan Bantayan Cebu
1367 1854 Victoria Reyes KHK Gas Station Brgy. Victoria Reyes Dasmarinas City Cavite
1368 1897 Ateneo Jacinto** Ateneo Jacinto cor. Juan Luna Davao City
1369 1931 Tulaoc, San Simon** Tulaoc, San Simon, Pampanga
1370 1274 Abellana Complex** RR Landon Street, Sambag 1, Cebu City
1371 1923 Cabuyao City Hall** FB Bailon St., Brgy. Sala, Cabuyao City, Laguna
1372 1770 JP Rizal 3** JP Rizal cor. Legaspi Sts., Brgy Valenzuela, Makati City
1373 1881 Antipolo Circle** Claveria Plaza Circumferential Road Antipolo City Rizal
1374 1846 Equatorial Bldg. CM Recto** Jose P. Laurel Ave., Davao City
1375 1792 SPMC G/F Equatorial Development Realty Development Bldg., CM Recto Ave cor. Coromina St.
Quipo, Manila
1376 1922 Elvinda Km. 30 National Highway San Pedro City Laguna
1377 1800 Dulong Bayan** Gen. Kalentong cor. Romualdez, Daang Bakal, Mandaluyong City
1378 1873 Kalibo 1 Brgy. Dulong Bayan 2, San Mateo Rizal
1379 1795 CPI Kalentong Roxas Ave.,Kalibo, Aklan
1380 1834 Sandawa Guardsman Building Sandawa Road Davao City
1381 1788 Sultan-EDSA Unit 121 & 122 Grand Central Residences Tower 1, EDSAcor. Sultan St., Brgy. Highway Hills,
Mandaluyong City
1382 1706 Narvacan, Ilocos Sur** National Highway, Narvacan, Ilocos Sur
1383 1872 Potrero Malabon ^^ along McArthur Highway cor. Del Monte St.., Brgy. Potrero, Malabon City
1384 1736 SM Dasmariñas Unit E014, GF, SM Dasmariñas, Governor's Drive cor. Aguinaldo Highway, Dasmariñas,
Cavite
1385 1845 Tanay Poblacion Plaza Aldea, Tanay, Rizal
1386 1730 Phoenix Alabang-Zapote Alabang-Zapote Road, Pamplona, Las Piñas City
1387 1992 Biñan City Hall** Gaisano Mall of Davao, J.P. Laurel Ave., Davao City
1388 1926 GMall Brgy. Zapote, Biñan City, Laguna
1389 1884 CPI Gusa** Purok 7, Gusa, National Highway, Cagayan de Oro
1390 1701 Tigbauan** GF B&C Building Iznart St., Iloilo City
1391 1949 UM Matina** RSY Commercial Complex McArtur H-way, Brgy. Matina, Davao City
1392 1802 FLB Cebu** Bohol Ave., and Archbishop Reyes Ave., Cebu Business Park, Cebu City
1393 1619 Oton 1 3 Mabini St., Oton, Iloilo
1394 1685 Ususan 63 General Luna St., Brgy. Ususan, Taguig City
1395 1885 Tabing Ilog, Marilao** MacArthur Highway, Poblacion 2, Marilao, Bulacan
1396 1494 CPI Sipocot** Brgy. Gaongan-Tara, Municipality of Sipocot, Province of Camarines Sur
1397 1712 Minglanilla 2** Lipata, Minglanilla, Cebu
1398 1680 Pototan Iloilo** San Jose St. cor. Magbanua St., Pototan, Iloilo City
1399 1891 COC** Max Suniel St., Brgy. Carmen, Cagayan de Oro City
1400 1961 Matina Crossing** Matina Crossing, Davao City
1401 1671 Iloilo- Ayala Technohub** Iloilo-Ayala Technohub Bldg., Brgy. San Rafael, Manduria, Iloilo City
1402 1988 Petron Xavier Estate Masterson Ave., Upper Balulang, Cagayan de Oro City
1403 1821 Tagbac Jaro^^ G/F Ragtime Hotel, Perez Blvd., Dagupan City, Pangasinan
1404 1729 Ragtime Hotel Dagupan Brgy. Balantang, Jaro, Iloilo City
1405 1602 Mansilingan Bacolod** Camalig Public Market Bldg., Poblacion, Camalig, Albay

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 91
1406 1679 Wilcon IT Hub G/F Sullesta Property, Alijis Road, Bacolod City, Negros Occidental
1407 1780 Camalig Wilcon IT Hub along Chino Roces Ave., Makati City
1408 1972 Homesite Bacolod** 575 N.S. Amoranto St. cor. Banawe Ave., La Loma, Quezon City
1409 1861 Banawe 3** JCA Bldg., 730 EDSA cor. Ermin Garcia St.,, Cubao, Quezon City
1410 1479 Nepa Q. Mart CL Montelibano Ave. cor. Carlos Hilado Highway, Homesite,
Brgy. Villamonte, Bacolod City
1411 1784 Calbayog^^ Calbayog cor. Mariveles St., Highway Hills, Mandaluyong Ciy
1412 1896 Sumo Asia Hotel** Ponciano Reyes St., Davao City
1413 1999 Ponciano** 766 Venus Ave., Banlat, Quezon City
1414 1960 Venus Tandang Sora GF, Sumo Asia Hotel, Mamay Road, Lanang, Davao City
1415 1723 Ecozone Hermosa** Hermosa, Bataan
1416 1841 Maria Orosa 3 1191 Maria Orosa St., Ermita, Manila
1417 1717 Cebu San Fernando Km. 29, National Road, San Fernando, Cebu
1418 1798 Dumlog Talisay** Burgos St., Bumlog, Talisay, Cebu
1419 1804 Peoples Park** 177 J. Camus Ilustre St., Davao City
1420 1796 CPI Lagro** Lucas Bldg. located at Bankal St., Lapu-Lapu City, Cebu
1421 1869 Bankal Lapu-Lapu 868 Quirino Highway, Novaiches, Quezon City
1422 1871 Simala- Cebu Simala, Sibonga, Cebu
1423 1333 Legazpi 4 National Road, Brgy. Rawis, Legazpi City
1424 1898 Bocaue Exit** Brgy. Turo, Bocaue, Bulacan
1425 1883 Bayan Luma** C.M. Recto Ave. cor Don Apolinar Velez St., Cagatan de Oro City
1426 1778 CDO Capitol 457 Yengco St., Bayan Luma III, Imus, Cavite
1427 1589 Babag Uno** Brgy. Babag 1, Lapu-Lapu City, Cebu
1428 1937 Villa Verde^^ Villa Verde Ave. cor. Geronimo St., Sta. Monica, Quezon City
1429 1859 Kaginhawaan Kaginhawaan St. cor. Kasikatan K.V., Mangahan, Pasig City
1430 1886 Dalaguete Cebu Rizal St., Poblacion, Dalaguete, Cebu
1431 1924 IRRI LB** Brgy. Maahas, Los Baños, Laguna
1432 1584 Villa Arevalo Iloilo** Yulo Drive cor. Bonifacio St., Villa Arevalo, Iloilo City
1433 1765 Arpilleda** 2960 Arpilleda St., Brgy. Carmona, Makati City
1434 1936 Oceanaire^^ Lot 7-B Coral Way Drive cor. Sunrise Drive, Central Business Park 1, Pasay City
1435 1979 Marcos Highway 2,
Marcos Highway, Baguio City
Baguio City**
1436 1820 SFLU Regional Hospital** McArthur Highway, Brgy. Sevilla, San Fernando City, La Union
1437 1959 Holy Cross College Sta. Ana Ave., LM Guerero St., JP Laureal Ave., Davao City
1438 1644 Badian Poblacion, Badian, Cebu
1439 1396 Banawa Paseo** National Road cor. Osmeña St., Municipality of Hinigaran, Negros Occidental
1440 1713 Hinigaran R. Duterte St., Banawa, Cebu City
1441 1909 Baesa 2 Quirino Higway, Baesa, Quezon City
1442 1665 Sta. Ana Tulay** 3163 New Panaderos Extension, Sta. Ana, Manila
1443 1945 JT Centrale- Fugoso^^ 854 A. Arnaiz Ave., Makati City
1444 1716 Cielito Homes Caloocan** Bilbao St. cor. Legaspi St., Roxas City Capiz
1445 1543 CPI Pandacan #1686 Brgy. 311, Zone 31 V. Fugoso st. cor. Felix Huertas St. Sta. Cruz, Manila
1446 1779 BGC Orion Lot 2 Sampaguita St., Area D, Camarin, Caloocan City
1447 1935 Total Gas Roxas Pres. Quirino Ave., Pandacan, Manila
1448 2003 One Corporate Plaza 11th Ave. cor. 38th St., Bonifacion Global City, Taguig
1449 1893 Buhangin Milan** Km. 6 Sta. Cruz, Buhangin, Davao City
1450 1843 Plaza Nouvelle #2 E. Benedicto cor. Rahmann St., Brgy. Zapatera, Cebu City
1451 2020 Pilar, Sorsogon Milleza St., Brgy. Binanuahan, Pilar, Sorsogon
1452 1974 Tañong^^ Bonifacio Ave., Tañong, Marikina City
1453 1970 Rancho 2** #1 Waco St. cor. Panorama St., Rancho Estate Phase 3, Marikina City

Annual Report 2019

92 # Store Name Address
1454 1870 Holy Angel, San Fernando** Holy Angel Village, Telebastagan San Fernando City, Pampanga
1455 2009 Lipa T.M. Kalaw T.M. Kalaw St., Lipa City, Batangas
1456 1934 Mirabela Homes^^ 535 Ramos Compound, Bagumbong, Caloocan City
1457 2027 Tanauan 5** Poblacion, Sta. Barbara, Pangasinan
1458 1910 Sta. Barbara, Pangasinan #2 Pres. Laurel Highway, Tanauan City, Batangas
1459 1899 Kabatuhan Road- Deparo Blk 7 Lot 2, Kabatuhan Road, Sto. Tomas Ville De Paro, Caloocan City
1460 1981 El Paseo- UP Diliman El Paseo Bldg. Commonwealth Ave., Philcoa, Quezon City
1461 1952 Velez** Don Apolinar Velez St., Cagayan de Oro City
1462 1969 Carnival Park^^ #3 Carnival Park St., Talon Dos, Las Piñas City
1463 1744 Dela Paz Antipolo NHA Ave.,Brgy. Bagong Nayon, Antipolo City
1464 2098 San Pedro College** De Guzman St., Brgy. Sta. Ana, Davao City
1465 1698 Seaoil Taytay Manila East Road cor. Velasquez Road, Munoz, Taytay, Rizal
1466 1928 Banga, Meycauyan** McArthur Highway, Brgy. Banga, Meycauayan City, Bulacan
1467 2000 Micara Tanza** 310 Barangka Drive cor. Timog St., Mandaluyong City
1468 1947 Toril Sto. Rosario Micara Plaza, A. Soriano Highway, Brgy. Salud Ulan, Tanza, Cavite
1469 2010 Barangka 2 Juan Dela Cruz St., Toril, Davao City
1470 1894 Victoria Plaza** J.P. Laurel Ave., Davao City
1471 1851 Dela Salle Araneta** GF EBT Building, Unit 101, Rizal Blvd., Dumaguete City
1472 1868 Dumaguete Boulevard** Barrio of Bantayan, Dumaguete
1473 1991 Provincial Dumaguete #82 Araneta Ave., Potrero, Malabon
1474 1990 Paz- Araneta G. Araneta Ave. cor. Kaliraya St., Quezon City
1475 1993 Green Banana Hotel** Green Banana Business Hotel, Pryce Business Park, J.P. Laurel Ave., Davao City
1476 2017 AMC Caldera** C5 Cabaguio Bldg, Villamor St., Cabaguio Ave., Davao City
1477 1766 Cabaguio Avenue** Hermosa, Bataan
1478 1973 Hermosa Plaza** Mabini Extn., Cabanatuan City, Nueva Ecija
1479 1904 Wesleyan University, N.E Gov. Fullon St., San Jose, Antique
1480 2016 Shakey's Buting Pasig^^ M. Concepcion, Brgy. Buting, Pasig
1481 1692 Iloilo Business Park BPO Builduing B-Retail 1, Iloilo Business Park, Mandurriao, Iloilo
1482 1975 La Salle 4 Green Court Parking, Malate, Manila
1483 823 Binalonan Crossing Mc Arthur Highway Binalonan Pangasinan
1484 1818 Tunasan 2^^ 155 National Road, Tunasan, Muntinlupa City
1485 1925 D. Jose 2^^ 867 Doroteo Jose St., Sta. Cruz, Manila
1486 1422 Grand Riviera Suites^^ Unit C5, Ground Floor, The Grand Riviera Suites, Roxas Blvd. cor. Padre Faura St.,
Ermita, Manila
1487 1877 Sigma Capiz Poblacon Sur, National Road (Iloilo- Capiz Road), Sigma, Capiz
1488 1686 Sampaloc, Tanay** Brgy. Bolbok, Batangas City
1489 1997 Bolbok, Batangas City J.P. Rizal St., Sampaloc, Tanay, Rizal
1490 1962 Naic Grand Terminal** De Guzman St., Brgy. Sta. Ana, Davao City
1491 1458 San Pedro Pelayo** San Roque, Talisay City, Cebu
1492 2025 Tangke Brgy. Ibayo Silangan, Naic, Cavite
1493 1747 Siliman Highway Lo-oc, Dumaguete City, Negros Occidental
1494 1941 Shine Residences Meralco Ave., Barrio Ugong, Pasig City
1495 1783 Pasig Church 2^^ MH Del Pilar St., Brgy. San Nicolas, Pasig City
1496 1905 Palauig, Zambales** Merzci Bldg., Sofia Gonzaga St., Fortune Towne, Brgy. Estefania, Bacolod City, Negros
Occidental
1497 1759 Magallanes Cavite Brgy. West Poblacion, Palauig, Zambales
1498 2039 Fortune Town- Merzci National Road cor. De Guia St., Brgy. Pblacion, Magallanes, Cavite
1499 1563 Portovita** Rizal St. (National Road) cor. Blumentritt St. Ligao City, Albay
1500 1199 Centuria Medical 14th Ave. Cubao, Quezon City
1501 1785 Manila Residences II GF G-01 Centuria Medical Makati, Century City, Kalayaan Ave., Makati City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 93
1502 1789 The District North Point Unit 106-107, Ground Floor, Manila Residences I. Taft Avenue, Malate, Manila
1503 1808 Knightsbridge Residences Unit F126- F127, L1, The District, North Point, Lacson St., 6115 Talisay City, Negros Occidental
1504 1848 Green Heights G/F Unit KB-R22 and R23, Knightbridge Residences, Valdez St., Brgy. Poblacion,
Century City, Makati City
1505 2004 Ligao Lot 8, Dr. A. Santos Ave., Brgy. San Isidro, Parañaque City
1506 2041 San Quintin, Pangasinan** Poblacion San Quintin, Pangasinan
1507 2045 Regional Hospital^^ Sambat, Ibaba, Batangas City
1508 1966 Tagaytay Rotonda** Brgy. Silang North Junction, Tagaytay City, Cavite
1509 1587 Bulacao Provincial Road, Bulacao, Pardo, Cebu City
1510 2136 Ecoland Suites Lot 19-A Blk 6, Brgy. Bucana, Ecoland Subdivision, Davao City
1511 2002 Metro Lifestyle** F. Torres St., Jacinto Extn., Davao City
1512 1850 Bonifacio Road, Baguio City Honeymoon Subdivision, Baguio City
1513 1982 Gen. Trias 3 Brgy. Javalera, Gen. Trias, Cavite
1514 2103 Citic Tower** Sta. Lucia Anac, Poblacion, Masantol, Pampanga
1515 1844 Masantol Citic Tower Unit A #88 Baawe St. cor. Don Manuel Agregado St.,
Sto. Domingo, Quezon City
1516 1146 San Pedro 9** Datag, Maribago, Lapu-Lapu City
1517 2078 Acsie Compound** Aplaya Arcade cor. Purok Malinawon, Matina Aplaya, Davao City
1518 1830 Bagong Silangan Blk 22 Lot 40 San Vicente, San Pedro, Laguna
1519 1879 Maribago G/F HRDC Bldg., KM 16 South Super Highway cor. Acsie Road, Severine Industrial Estate,
Parañaque City
1520 1889 Matina Aplaya Lot 2 Blk 24, Brgy. Bagong Silangan, Quezon City
1521 1786 Pilar Hi-way Brgy. Aliuli, Pilar, Bataan
1522 2001 BF Resort 3 Gloria Diaz St. cor. BF Resort Drive Ave., Las Piñas City
1523 2029 El Grande 316 El Grande Ave., BF Homes Phase 3, Parañaque City
1524 2038 CPI West Service Rd. Km 17, West Service Road, Brgy. Pasong Kawaya, Parañaque City
1525 1976 CPI Gatuslao** Gatuslao St. cor. Burgos Ave., Bacolod City, Negros Occidental
1526 2006 Maria Reyna** Unit 4 & 5, Real Marc Building, Pinikitan, Camaman-an, Cagayan de Oro City
1527 1987 Pateros 2^^ Pateros Park Plaza de Borja, B. Moracilla St., Brgy.Poblacion, Pateros, Metro Manila
1528 2095 Catalunan Grande 1** Brgy. Catalunan Grande, Davao City
1529 2007 Gateway Mall GF #GMGF026R, Gateway Mall, G. Araneta cor. G. Malvar, Araneta Center, Quezon City
1530 1753 Hayes St.** Brgy. Sta. Maria, Calauag, Quezon
1531 1951 CPI Calauag Hayes- Mortola Sts., Cagayan de Oro
1532 1836 A. Francisco 1917 A. Francisco St., San Andres Bukid, Sta. Ana, Manila
1533 2046 Toril 2** Lot 7 Blk 11 McArthur Highway, Km.3, Matina, Davao City
1534 2119 Matina Gallera Brgy. Daliao, Toril, Davao City
1535 1920 St. Francis Square Julia
Lot 19 Blk 21 Sampaguita Ave., Mapayapa Village, Brgy. Pasong Tamo, Quezon City
Vargas**
1536 2081 Mapayapa** National Highway, Ili Sur, San Juan, La Union
1537 1971 San Juan, La Union St. Francis Square Mall along Julia Vargas, Ortigas Center,Mandaluyong City
1538 1767 White Plains 92 C Katipunan Ave., White Plains Subd., Quezon City
1539 2019 Manhattan Dumaguete Calindagan Rd. Dumaguete City
1540 2097 Lucena Capitol Brgy. 8, Quezon Ave., Lucena City, Quezon
1541 2118 UM Tagum** Sobrecary St., Brgy. Poblacion, Tagum City
1542 1968 Aguirre 2 BF Homes A. Aguirre Ave., Parañaque City
1543 1946 Airport Road 3 Airport Road cor. Macatan St., Baclaran, Parañaque City
1544 1816 Consolacion** M. Pepito St., National Highway, Poblacion Occidental Consolacion, Cebu
1545 2112 Bacacay Poblacion Magsaysay St. cor. Mora St., Bacacay, Albay
1546 2096 Union Square 15th Ave.** #145 GF Union Square Condominium, 15th Ave., Cubao, Quezon City
1547 1591 Bredco Port** M.H. Del Pilar S., Gun-ob, Lapu-lapu City, Cebu
1548 1208 Cadiz Negros BREDCO Pier, Reclamation Ave., Bacolod City

Annual Report 2019

94 # Store Name Address
1549 2056 Gun-ob Villena St. cor. Herrerias St., Poblacion 3, Cadiz City, Negros Occidental
1550 2034 Eusebio Arcade II** Samsonville Dau, Mabalacat, Pampanga
1551 1774 Samsonville Eusebio Arcade-Lacson, Bacolod City
1552 2089 La Consolacion Blk 1 Lot 1 Villa Catalina 2 Subd., Sto. Tomas, Biñan, Laguna
1553 1933 Novaville Blk 1 Lot 1, Amparo Nova Ville Subd., De Paro, Caloocan City
1554 1506 San Narciso, Zambales** Brgy. Libertad, San Narciso, Zambales
1555 2114 RMCI- Rivera Medical Hospital
7302 San Francisco, Panabo City, Davao del Norte
Inc
1556 1117 Central Signal Village** Lot 1 Blk. 2, Ballecer St., Brgy. Central Signal Village, Taguig City
1557 2031 FCU Roxas** Lot 2 Blk 2, JP Hacermida Bldg., Roxas Ave., Roxas City, Capiz
1558 2132 Maryknoll** RVS Bldg., Poblacion, Panabo, Davao del Norte
1559 2113 C.M. Recto Davao** C.M. Recto St., Brgy. 34-D, Davao City
1560 2104 Central Park Bangkal** Km 6 McArthur Highway, Bangkal, Davao City
1561 1579 BF Condo Unit 105 BF Condominium, Intramuros, Manila
1562 1681 San Miguel Iloilo** Casandra Bldg., Roxas St., San Miguel, Iloilo
1563 2250 Banaybanay Purok 4, Poblacion, Banaybanay, Davao Oriental
1564 2061 JR Borja** JR Borja St., Cagayan de Oro City
1565 2130 Balibago Palengke** Brgy. Balibago, Sta. Rosa City, Laguna
1566 2090 Cagban Port- Boracay** Bucal, Tanza, Cavite
1567 1833 Bucal Tanza** Brgy. 28 D. Suazo St., Manuel L. Quezon Boulevard, R. Magsaysay Avenue, Davao City
1568 1853 Ponce So-Pure Multi Business Center Bldg., Cagban, Brgy. Manoc-Manoc,
Boracay Island, Malay, Aklan
1569 2021 Magsingal Poblacion National Highway, Brgy. San Julian, Poblacion, Magsingal, Ilocos Sur
1570 2055 Labangon 2 A. Lopez cor. Katipunan Sts., Labangon, Cebu City
1571 2135 Tagum Doctors Hospital** Barrio of Magugpo, Tagum City, Davao Del Norte
1572 2142 LRT Buendia 2042 Taft Ave., Pasay City
1573 2143 Jupiter 2 GF, 120 Jupiter, Makati
1574 2154 Fernando Ave., Marikina** #26 Almond St. cor. Gil Fernando St., Marikina City
1575 2068 Floridablanca** Solib, Floridablanca, Pampanga
1576 2229 MDMRC** MDMRC, JP Laurel Ave., Davao City
1577 1964 Tikling Taytay** Tikling Dolores, Taytay, Rizal
1578 1907 6th Ave. Caloocan** Brgy. Cogon, Pardo, Cebu
1579 1948 Taclobo Dumaguete #150 Susano St. cor. M.H. Del Pilar, 6th Ave., Caloocan City
1580 1955 Don Antonio 2 Boston Finance Bldg., Dr. V. Locsin St., Taclobo, Dumaguete City
1581 2138 Cogon Pardo GF Don Antonio Sports Center, Holy Spirit Drive, Brgy. Holy Spirit, Quezon City
1582 2080 D University** GF Commercial Unit, 3696 Bautista St., Brgy. Palanan, Makati City
1583 2077 Palanan GF, Commercial Unit 1, D University Place, 2427 Leon Guinto St., Malate, Manila
1584 1878 San Pedro Exit Magsaysay Road, Brgy. San Antonio, San Pedro City, Laguna
1585 2147 Marick Cainta Sto. Domingo, Cainta, Rizal
1586 2209 Tahimik Avenue Talomo, Brgy. Matina Crossing, Davao City
1587 2188 Agdao Amson Bldg., Leon Garcia St. cor. Lapu-Lapu St., Agdao, Davao City
1588 2126 Landmass Tanza Landmass Park Subd., Brgy. Biga, Tanza, Cavite
1589 2191 Mauban Q.C.** A. Bonifacio cor. Mauban St., Quezon City
1590 2170 Tibungco** Km. 18 Tibungco, Davao City
1591 1825 Springfield** 722-A San Bartolome, Novaliches, Quezon City
1592 1890 Tabon Kawit Brgy. Tabon II, Kawit, Cavite
1593 2274 Convergys North EDSA 6F Annex, SM City North EDSA IT Center, Brgy. Sto. Cristo, Quezon City
1594 2023 SSS Village, Marikina** Rainbow St. cor. Katipunan St., Marikina City
1595 1874 The Reef Hotel Building 532 and Adjacent Lot, Waterfront Road, Subic Bay Freeport Zone,
Olongapo City, Zambales
1596 1916 CPI San Jose De Buenavista Tobias A. Fornier st. cor. Rep. Salazar St., San Jose De Buenavista, Antique

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 95
1597 2172 Mati Dahican Brgy. Don Martin Marundan, Mati, Davao Oriental
1598 2022 Sanchez Center G/F Unit 1, Sanchez Center, P. Ouano cor. Plaridel Sts. Alang-Alang, Mandaue City, Cebu
1599 2228 Mati Doctors College National Highway, Dahican, Mati City, Davao Oriental
1600 1930 CEU Malolos McArthur Highway, Brgy. Bulihan, Malolos, Bulacan
1601 2156 Shell Gapan, N.E.** Maharlika Highway, Brgy. Sto. Niño, Gapan City, Nueva Ecija
1602 1581 Tabuc Suba Jaro McArthur Drive cor. Villa Consolacion Tabuc Suba, District of Jaro, Iloilo City
1603 2210 FPIP 2** Brgy. Sta. Anastacia, Sto. Tomas, Batangas
1604 2011 SM Rosales** Rizal St., Brgy.4, Poblacion, Calamba, Laguna
1605 1943 Laoag Public Market MacArthur Highway, Brgy. Carmen East, Rosales, Pangasinan
1606 2058 Basista, Pangasinan J.P. Rizal St. cor. Abadilla St., Brgy. 17 San Francisco, Laoag, Ilocos Norte
1607 2120 Legian 2 National Highway Poblacion, Basista, Pangasinan
1608 2157 Urbiztondo, Pangasinan Brgy. Carsadang Bago 2, NIA Road, Imus City, Cavite
1609 2169 Rizal Shrine Poblacion Urbiztondo, Pangasinan
1610 2129 A. Mabini 2** PSEC East Tower Exchange Road, Ortigas Center, Pasig City
1611 1526 Remedios 2 Mabini, Malate, Manila
1612 2048 CPI San Mateo Brgy. 689 Zone 075, Remedios cor. San Marcelino Sts., Malate, Manila
1613 2128 Tektite East Tower Gen. Luna St., San Mateo, Rizal
1614 2134 Rainbow Village, Caloocan** Brgy. Malabanban Sur, Candelaria, Quezon
1615 2159 The Grove Rockwell** 588 Residences, Cordillera cor Arayat Sts., Brgy. Malamig, Mandaluyong City
1616 2139 Oas** Brgy. Matabungkay, Lian, Batangas
1617 2067 Hotel 101 Lot 26 Blk 37 Rainbow Village 5, Phase 2, Brgy. 171, Bagumbong, Caloocan City
1618 2165 Sto. Cristo Recto 2F The Grove by Rockwell, Pasig City
1619 2166 Valencia Plaza Iraya Norte, Oas, Albay
1620 2180 Landmark EDSA Extension, Pasay City
1621 2183 Candelaria Highway C.M. Recto Ave. cor. Sto. Cristo St., Binondo, Manila
1622 2194 Cordillera- Mandaluyong Purok 7, Poblacion, Valencia City, Bukidnon
1623 2246 Matabungkay Lian Diversion Rd., Bo. Panacan, Davao City
1624 2164 Queens Theatre** Brgy. 004, A. Bonifacio St., Camus St. C.M. Recto St. Ave., Davao City
1625 2127 Urban Hive Bacaca Road, Davao City
1626 2012 Calinog Iloilo Rizal St. cor. Osmeña St., Poblacion, Calinog, Iloilo
1627 2036 St. Joseph Village 7 St. Joseph Village 7, Brgy Marinig, Cabuyao, Laguna
1628 2069 Quijano St..- San Ildefonso Quijano St., Brgy, San Juan, San Ildefonso, Bulacan
1629 2146 Saint Joseph 8 (Butong)** McArthur's Pod, Matina, Davao City
1630 2037 McPod St. Joseph Village 8 Brgy. Butong Cabuyao Laguna
1631 1887 Barotac Nuevo** Cartagena St., Barotac Nuevo, Iloilo
1632 2271 Quezon Buda Poblacion, Quezon, Bukidnon
1633 2091 Landco** F. Imperial St. Tinago Legazpi City
1634 2225 FEU 2^^ #816 Quezon Boulevard Claro M. Recto Avenue Sampaloc Manila
1635 1746 Binangonan Triangle** M.C Briones St. Maguikay, Mandaue City
1636 1725 MC Briones Manila East Road Binangonan Triangle
1637 2044 Sillas Anabu** Brgy. Anabu I, Emilio Aguinaldo, Imus Cavite
1638 2234 Malibay 3 P. Santos cor. C. De Guzman Malibay Pasay City
1639 2033 Libis Camarin Lot 1 Blk 18, Camia St., Brgy. Camarin, Caloocan City
1640 2282 Banate Iloilo** P. Burgos St., Lobo Poblacon, Batangas City
1641 1875 Mivesa Garden Residences National Road cor. Tarrosa St.,Poblacion, Banate, Iloilo
1642 2179 Lobo Batangas Mivesa Garden Residences Bldg. 1, Salinas Drive Ext., Lahug, Cebu City
1643 2117 Tangos Navotas** 1 Rev. Aglipay St., Brgy. Pag-asa, Mandaluyong City
1644 2240 Gov Pack** Km. 5, Buhangin, Davao City
1645 2238 Sabutan Silang** Sta. Ana Bldg., Sayre Highway, Malaybalay City, Bukidnon
1646 2015 Sorrento** National Road, Brgy. Aganan, Pavia, Iloilo

Annual Report 2019

96 # Store Name Address
1647 1842 Buho Silang F. Pascual St., Brgy. Tangos, Navotas City
1648 1940 Aglipay 2 Luneta Hill, Upper Session Road, Baguio City, Benguet
1649 2111 Ladislawa J.P. Rizal St., Brgy. Sabutan, Silang, Cavite
1650 2245 Malaybalay Centro Unit 101A GF, No. 15 C. Raymundo Ave., Brgy. Rosario, Pasig City
1651 2251 Pavia Highway National Road, Brgy. Buho, Silang, Cavite
1652 2177 UM Digos** Rizal St. cor. Burgos St., Sorsogon City
1653 2137 Sorsogon Capitol Poblacion, Digos City, Davao del Sur
1654 2109 Winford Hotel** Retail 4, Winford Hotel, Brgy. 35C, Consuelo St., Sta. Cruz, Manila
1655 1560 The One Grand Centre** Torre De Santo Tomas, 860 España cor. M.F. Jhocson St., Sampaloc, Manila
1656 1901 Norkis Cyberpark** A.S. Furtuna St. cor. V. Albano St., Brgy. Bakilid, Mandaue City, Cebu
1657 2082 Bokawkan, Baguio** #1 Lower Bokawkan Road, Baguio City
1658 2150 CPI F. Cabahug** Caltex F. Cabahug St., Brgy. Kasambagan, Cebu City
1659 2168 Total Montalban M.H. Del Pilar St., San Rafael, Rodriguez, Rizal
1660 2218 F. Santos 1335 F. Santos Ave., Zapote, Las Piñas City
1661 2258 GSIS Matina** McArthur Highway cor. Libra St., GSIS Subdivision, Matina, Davao City
1662 1892 Concepcion Iloilo Salcedo- Puntales Road, Poblacion, Concepcion, Iloilo
1663 2244 Bulua Candida Masterson Ave., Upper Balulang, Cagayan de Oro City
1664 2083 Lutopan** Gerona-Pura Rd. cor. Aganon St., Pura, Tarlac
1665 2059 Gagalangin 2 Lutopan Toledo City, Cebu
1666 2255 Pura, Tarlac 2503 Del Fiero St. cor. Juan Luna, Tondo, Manila
1667 2174 Lupao, N.E.** Cabilos St. cor. Lupao Poblacion East, Nueva Ecija
1668 2216 Mabini 3^^ 1184 A. Mabini St., Malate, Manila
1669 2063 CUMC** Capitol University Medical Center, Gusa, Cagayan de Oro City
1670 2035 V Luna** V. Luna cor. Matapat, Brgy. Pinyahan, Quezon City
1671 2289 Evergreen** Tejero Convention, Rosario, Cavite
1672 1986 EPZA Terminal Mercedes Ave., Pasig City
1673 2092 Canumay East** Unit 1B and 1C, Ming's Building, 608 Son Juico Ave., Malabanias, Angeles City, Pampanga
1674 2316 Don Juico Ave.** Barrio Dadiangas, Gen. Santos City, Mindanao
1675 1921 East Asia Royale Hotel E. Service Road No. 2 Narciso St., Brgy. Canumay East, Valenzuela City
1676 1927 Lambunao Iloilo** Sto. Thomas, San Luis, Pampanga
1677 1776 Palisam Calamba Corners of Cataluna and Ladrido St., Lambunao, Iloilo
1678 1829 Pasacao Palisam, Calamba City, Laguna
1679 2072 San Rafael Wawa Brgy .Sta. Rosa del Norte, Pasacao, Camarines Sur
1680 2151 Amberland Plaza MH Del Pilar St. cor. P. Rodriguez St., San Rafael, Rodriguez, Rizal
1681 2273 500 Shaw 2 Unit - 102, Ground Floor, Amberland Plaza, Julia Vargas Ave., Ortigas Center, Pasig City
1682 2297 San Luis, Pampanga Laurel St. cor. Shaw Blvd., Mandaluyong City
1683 2047 Global Oil Congressional Ave. cor. Shorthorn St., Bahay Toro, Quezon City
1684 1984 San Antonio 2** National Highway, Poblacion, San Manuel, Pangasinan
1685 2115 San Remegio Unit B-5 Jaka Plaza, Dr. A. Santos Ave., San Antonio, Parañaque City
1686 2193 San Manuel, Pangasinan Cebu North Hagnaya Wharf Rd. cor. Antonio de Pio Hway, Poblacion, San Remigio, Cebu
1687 2215 Bambang Bambang cor. Felix Huertas, Sta. Cruz, Manila
1688 1827 UM Bolton** A. Bolton St., Davao City
1689 2257 Legarda Road, Baguio City** Don Julina Rodriguez Ave., Davao City
1690 2259 NHA Maa Unit 101, 102 & 10-A of Baguio Holiday Villas, No. 10 Legarda Road, Baguio City
1691 1576 Kanto Bangad, N.E.** Poblacion Central, General Tinio, Nueva Ecija
1692 2399 Gen. Tinio, N.E.** Unit 2 Polaris, Spectrum Midway, Alabang, Muntinlupa City
1693 2155 Polaris 178 Kanto Bangad, Cabanatuan City, Nueva Ecija
1694 2326 CPI Dadiangas** Brgy. Dadiangas, General Santos City
1695 2317 CPI Lagao** Tiongson St., Brgy. Lagao, Gen. Santos City
1696 1678 Miag-Ao Iloilo** Zulueta Ave., Miag-ao, Iloilo

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 97
1697 1989 Tabaco 2 Ziga Avenue, Brgy. Basud, Tabaco City, Albay
1698 2267 Salinas 2 Brgy. Wawa 1, Rosario, Cavite
1699 2131 Salamanca** Salamanca St. cor. Eduque St., Poblacion, Makati City
1700 2206 Banga Aklan** Tuxedo Suites, Pelaez St., Kamagayan, Cebu City
1701 1958 Pelaez Aklan E Road, Poblacion Banga, Aklan
1702 2162 Corrales Corrales Ext., Cagayan de Oro City
1703 2230 SM Lanang Premier J.P. Laurel Ave., Bajada, Davao City
1704 2438 Pandayan, Meycauyan** KJC Compound, Phil.-Jap Friendship Highway, Brgy. Sasa, Davao City
1705 2122 JMC Davao Brgy. Pandayan, Meycauayan, Bulacan
1706 2375 HB1 Boulevard Quezon Blvd. cor Artiaga St., Davao City
1707 2227 Manikling Brgy. San Roque, San Isidro, Davao Oriental
1708 2303 Traders Batangas P. Burgos St. cor. Evangelista St., Batangas City
1709 1911 Pilar Hidalgo** Don Mariano Subd. Along Ortigas Ave. Extn., Brgy. San Juan, Cainta, Rizal
1710 2141 Don Mariano Brgy. Pedro Gil cor. Pilar Hidalgo Lim Sts., Malate, Manila
1711 2074 Sangi Toledo^^ Congressional Road Ext., Bagumbong, Caloocan City
1712 2102 Park Avenue** J.P. Laurel Ave./ Park Ave., Bajada, Davao City
1713 2195 St. Benedict-Caloocan Sangi, Toledo, Cebu
1714 2208 Balungao, Pangasinan** Poblacion Balungao, Pangasinan
1715 2291 Rosario Crossing** Poblacion Carandang St., Rosario, Batangas
1716 2239 Park Centrale** Bugo, Cagayan de Oro City
1717 2309 Bugo** Epoch One Bldg., J. Victor St., Brgy. Pio del Pilar, Makati City
1718 2178 Victor Hotel G/F Park Centrale, IT Park, Lahug,Cebu City
1719 2254 Phoenix Digos** Anflocor Bldg., 411 Quirino Ave. cor NAIA Road, Tambo, Parañaque City
1720 2285 HB1 Ecoland San Jose, Digos City
1721 2383 Tambo 2 Antastic Complex, Quimpo Blvd., Davao City
1722 2145 Tandang Sora** Brgy. Pasong Tamo, Tandang Sora, Quezon City
1723 2207 Don Bosco, Mabalacat** McArthur Highway, Mabalacat, Pampanga
1724 2372 HB1 Mintal HB1 Mintal, Davao-Bukidnon National Highway, Davao City
1725 2261 Agoncillo Manila^^ 999 GF Stanisco Tower, Pedro Gil cor. Agoncillo St., Ermita, Manila
1726 2052 Northwing Shangri-La Unit GD 117 Northwing of Shangri-la Plaza, EDSA, Mandaluyong City
1727 2144 West Rembo 2^^ A. Mabini St. cor. JP Rizal Ave., Brgy. West Rembo, Makati City
1728 2287 Gensan Roxas** Roxas East Ave., General Santos City
1729 2373 HB1 Toril Toril Crossing, Davao City
1730 2305 Maysan Road** Maysan Road, Maysan, Valenzuela City
1731 2256 Ususan 2** 153 Gen. Luna St. cor. Levi Mariano Ave., Brgy. Ususan, Taguig City
1732 2211 Central Bicutan** Lot 1 Blk 184 A. Bonifacio Drive, Central Bicutan, Taguig City
1733 1938 Gihon Gihon Bldg., Jose Abad Santos Ave. Clark, Pampanga
1734 2266 Bulihan 2 Brgy. Anahaw-1, Silang, Cavite
1735 2310 Palma Gil** Brgy. Poblacion, Davao City
1736 2298 Medicion Imus Medicion St., Brgy. Medicion II C, Imus, Cavite
1737 2186 Grand Canal Mall** Clark International Airport, Clark Freeport Zone, Pampanga
1738 2333 Clark International Airport** Poblacion-Norzagaray, Bulacan
1739 2110 Norzagaray Unit A141a Grand Canal Mall, Mckinley Hill, BGC, Taguig City
1740 2175 New Washington Aklan** Eastcom Central, Ph1, Blk 1&2, Eastwood Residences, San Isidro, Rodriguez, Rizal
1741 2196 San Isidro Montalban Roxas Ave. St., Poblacion New Washington, Aklan
1742 2299 Pinagbuklod Imus** Brgy. Pinagbuklod Luna St., Imus, Cavite
1743 2088 San Pablo Central** Poblacion, San Pablo City, Laguna
1744 2422 Sta. Elena Exit** South Point Subd., Brgy. Banay-Banay, Cabuyao City, Laguna
1745 2300 Carmona Municipal** J.M. Loyola St., Carmona, Cavite
1746 2320 De Castro Pasig** #3 Sampaguita St., De Castro Ave., Brgy. Sta. Lucia, Pasig City

Annual Report 2019

98 # Store Name Address
1747 1967 Perpetual Imus** Brgy. Palico IV, Imus, Cavite
1748 2220 Langkiwa** G/F Glowmoon Bldg., Martelino St., Poblacion, Kalibo, Aklan
1749 2093 Villa Monica** Pampang, Angeles, Pampanga
1750 2340 Kalibo Plaza** PTT SCTEX, Macangcung Service Area, Subic-Clark Expressway
1751 2107 Pampang, Angeles** Southkey Hub, Indo-China Drive, Northgate Cyberzone, Filinvest City Alabang,
Muntinlupa City
1752 2283 PTT SCTEX Southville 5A, Brgy. Langkiwa, Biñan City, Laguna
1753 2163 Southkey Hub^^ #5095 sto. Rosario St., Brgy. Mapulang Lupa, Valenzuela City
1754 2057 Mapulang Lupa 526 M. Almeda St., Pateros, Metro Manila
1755 2472 Padre Faura 2** Brgy. Cutcot, Pulilan, Bulacan
1756 2217 Pulilan Highway 1227 A. Mabini St. cor. P. Faura St., Ermita, Manila
1757 2066 Lingunan^^ #44 P. Gregorio St., Lingunan, Valenzuela City
1758 2223 The Levels** C4 & C5 Pacific Rim Road, Commerce Ave., Filinvest City, Muntinlupa City
1759 1812 Siliman Medical- Dumaguete** GF Loo Building, Aldecoa St. cor. Ipil St., Dumaguete City
1760 2073 Marulas 2^^ #9 Espirito St., Marulas, Valenzuela
1761 2329 MSY Tower Lot 3 Blk 6, Pescaderos Rd., Cebu Business Park, Cebu City
1762 2204 Paradahan Tanza Brgy. Paradahan 2, Tanza, Cavite
1763 2262 LRT Cubao** 108 National Highway, Brgy. Pulo, Cabuyao City, Laguna
1764 2296 St. Francis Assisi GMGF010R, GF, Gateway Mall, Aurora Blvd., Araneta Center, Cubao, Quezon City
1765 2276 Regalado Highway Crownlink Center 2, Lot 1 and 3 Regalado Highway, Brgy. Greater Lagro, Novaliches,
Quezon City
1766 2322 Dingle Muyco St., Poblacion, Dingle, Iloilo
1767 2357 Tagaytay Prime Residences** National Road, Gulod Labac, Batangas City
1768 2205 Twin Lakes Tagaytay** Brgy. Poblacion Tiaong, Quezon
1769 1537 Gulod Batangas Unit C-3B, GF, Tagaytay Prime Residences, Tagaytay Prime Rotunda, Tagaytay
1770 2260 Tiaong Poblacion F&B3 GF and LG Bldg., D Twin Lakes Shopping Village, Nasugbu, Batangas
1771 1866 Fatima Dasma Fatima, Dasmariñas, Cavite
1772 2149 Bangkal 2 GF MN1 Bldg., 1321 Apolinario St., Brgy. Bangkal, Makati City
1773 2065 Llano Road^^ Teofilo Samson Road cor. Llano Road, Llano, Caloocan
1774 2402 Ma-a Centro** Crossing Jail and Ma-a Rd., Davao City
1775 2253 San Fernando 5** McArthur Hiway, Brgy. Del Pilar, San Fernando, Pampanga
1776 2202 Betis Pampanga** San Nicolas 2nd, Betis, Guagua, Pampanga
1777 2184 Lawang Bato^^ Punturin-Lawang Bato Road, Brgy. Lawang Bato, Valenzuela City
1778 2185 The Charter House JEL Bldg. Blk 18 Lot 10 Calamansian St. cor. Ascencion St.,
Maligaya Park Land, Caloocan City
1779 2226 CDO City Hall** Nicolas Capistrano St., Brgy. 02, Cagayan De Oro City
1780 2105 Molo Plaza** Lopez Jeana St., Molo, Iloilo City
1781 2336 Calamansian Caloocan 114 Legazpi St., Legazpi Village, Makati City
1782 2181 Tanjay Tanjay, Negros Oriental
1783 2214 Burgos, Pangasinan Poblacion Burgos, Pangasinan
1784 2286 Valladolid Negros Presbitero St., South Negros Highway, Valladolid, Negros Occidental
1785 1670 F. Manalo Pasig** Circumferential Road cor. C. Lawis Extension, Brgy. San Isidro, Antipolo, Rizal
1786 2380 Medellin** Cipriana Bldg., Brgy. Sulucan, Magsaysay St., Sorsogon City
1787 2167 C. Lawis, Antipolo** Brgy. San Antonio, Sto. Tomas, Batangas
1788 2100 Camp Escudero F. Malano St., Brgy. Sto. Tomas, Pasig City
1789 2330 San Antonio, Sto. Tomas Bogo-Curva-Medellin cor. Daanbantayan Rd., Poblacion Medellin, Cebu
1790 2242 Bayanan** National Road, Brgy.Bayanan, Alabang, Muntinlupa City
1791 2332 Boat Station 1** Boracay Beach Resort, beach front, Boracay Island, Malay, Aklan
1792 1647 San Roque Naic** Governor Drive cor. Capatain Ciriaco Nazareno, Brgy. San Roque, Naic, Cavite
1793 2385 Paragon Place Paragon Place, 17 Commonwealth Ave., Batasan Hills, Quezon City
1794 2200 APM Centrale** M. Naval St., Navotas City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 99
1795 1957 Navotas City Hall AMP Centrale, Andres Soriano Ave., Cebu Port Centre, CNRA, Cebu City
1796 2284 Dumoy** Brgy. Dumoy, Davao City
1797 2411 Gensan Freedom Park** Dadiangas, General Santos City
1798 2390 Villanueva** Poblacion, Villanueva, Misamis Oriental
1799 2219 Antigua's Place** Gun-ob, Lapu-Lapu City, Cebu
1800 2401 Capas 3, Tarlac** Brgy. Talaga, Capas, Tarlac
1801 2343 ATM Business Center ATM Business Center, GF Ledesma St. cor. Jalandoni St., Iloilo City
1802 2432 Pier 4 Gen. Maxilom Ave. Extn., Cebu City
1803 2292 Edison Avenue** Km 14, Edison Ave., Brgy. Sun Valley, Parañaque City
1804 2437 Tagum Freedom Park** Cor. Osmeña & Arellano Sts., Magugpo Poblacion, Tagum City
1805 2277 Crossing Alijis** Brgy. San Vicente, Sta. Rita, Pampanga
1806 2269 Sta. Rita, Pampanga Lot 2 Blk 1, La Villa De Guadalupe, Circumferential Road, Brgy. Alijis, Bacolod City
1807 2213 Maria Clara Maria Clara St. cor. 7th Ave., Caloocan City
1808 2352 Sta. Rosa Heights Brgy. Putting Kahoy, Silang, Cavite
1809 2370 Bayawan Negros** Puerto, Cagayan de Oro City
1810 2121 McHotel** Gomez St., Poblacion, Umingan, Pangasinan
1811 2182 CPI Puerto Bayawan, Negros Oriental
1812 2176 Umingan, Pangasinan^^ JP Rizal St., Brgy. Burgos, Rodriguez, Rizal
1813 2350 Rodriguez Boundary 35 Susano Rd., Novaliches, Quezon City
1814 2445 Gaisano Grand Digos** Rizal Ave., Digos City, Davao del Sur
1815 2344 Parañaque City Hall San Antonio Ave. cor. Sta. Lucia St., San Antonio, Valley, Parañaque City
1816 2312 Lawaan** Roxas Bldg., Lawaan, Talisay City, Cebu
1817 2252 SM Baliwag SM City Baliwag Central Terminal Unit 101-104, Doña Remedios Trinidad Hwy, Pagala,
Baliuag, Bulacan
1818 2308 Jordan Heights Blk 1 Lot 19, Jordan Heights Subd., Novaliches, Quezon City
1819 2442 Hop Inn M.H. Del Pilar^^ 1850 MH Del Pilar St., Malate, Manila
1820 2408 MacArthur Highway** Chong Hua Hospital-Mandaue, Mantawi Ave., North Reclamation Area,
Mandaue City, Cebu
1821 2054 Chong Hua Hospital-NRA #79 MAcArthur Highway cor. Camito St., Caloocan City
1822 2101 Maliwalo, Tarlac Tarlac- Sta. Rosa Rd., Zone 4, Maliwalo, Tarlac City
1823 2236 Siaton Negros Siaton, Negros Oriental
1824 2306 SM Clark Tech Hub^^ Alapan St., Brgy. Alapan I B, Imus City, Cavite
1825 2241 Tagaytay Picnic Grove** Brgy. Bagong Nayon, Baliuag, Bulacan
1826 2324 Bankerohan** Lot 1716 H. Estrada St., Brgy. Sta. Cruz, Digos City, Davao
1827 2464 Baliuag-Crossing** CarlaTan San Fernando, La Union
1828 2339 Estrada Digos** 262 Santolan Road, San Juan City
1829 2085 Lorma Medical SM City Clark, Angeles City, Pampanga
1830 2441 P. Guevarra 2 Brgy. Sungay South, Tagaytay City, Cavite
1831 2427 Alapan Imus Unit 101 and 102 JLF Parkway Magallanes St. cor. Tomas Claudio St., Davao City
1832 2356 Citymall Parola** Cavite St. cor. Lico St., Sta. Cruz, Metro Manila
1833 2458 Memije GMA** Cabantian Buhangin, Davao City
1834 1954 Masaito Imus** Lot No. 1978, Calle P. Burgos Road, Poblacion, Dumangas, Iloilo
1835 2018 Blumentritt 4 City Mall, Parola, Ioilo
1836 2043 Cabantian Lot 16 N2, Blk 45 Congressional Ave. cor. Laurente St., Brgy. Marcelino,
Memije, GMA, Cavite
1837 2364 Dumangas Iloilo Windsor Subd., Brgy. Buhay na Tubig, Imus, Cavite
1838 2315 Lourdes Suites^^ 8429 Kalayaan Ave. cor. Makati Ave., Poblacion, Makati City
1839 2084 Centrio Ayala Corrales Ave. cor. CM Recto Ave., Cagayan de Oro
1840 2293 Digos Doctors Hospital Digos Doctors Hospital, McAthur Highway, Digos City
1841 2295 Tierra Nova Caloocan Blk 1 Lot 18 & 20 Tierra Nova Main, Bagumbong, Caloocan City
1842 2360 Mambog 2 Daang Palico, Brgy. Mambog I, Bacoor City

Annual Report 2019

100 # Store Name Address
1843 2404 Asturias 2 Asturias St., Sampaloc, Manila
1844 2473 San Nicolas I.T. Park** Cor. Florentino Osmeña St., Brgy. Cogon, Cagayan de Oro City, Misamis Oriental
1845 2071 Osmeña Echem Valdez Center, Brgy. 1, San Nicolas, Ilocos Norte
1846 2424 Jaro Plaza Comisson Civil St., Jaro, Iloilo City
1847 2005 ACI Corp** Inigo St., J.P. Laurel Ave., Davao City
1848 2501 Cathedral Iligan** Lluch St., Brgy. Poblacion, Iligan City
1849 2502 Magsaysay San Pedro** Andres Bonifacio St., Tibanga, Iligan City
1850 2325 Msu-iit RJT Bldg., 162 Magsaysay Ave., Brgy. Magsaysay, San Pedro, Laguna
1851 2478 Mabinay Negros** GF 81 Xavier Residences, Greenhills, San Juan City
1852 2429 81 Xavier** Bauang-Baguio Rd., Brgy. Central East, Bauang, La Union
1853 2536 Bauang Crossing** Dioso St., Centro Poblacion, Culasi, Antique
1854 2076 Culasi Antique** Dela Paz, McArthur Highway, San Fernando, Pampanga
1855 2221 New Era University 2922 Mabinay, Negros Oriental
1856 2413 Dalig Antipolo^^ Blk 1 Lot 40, Brgy. San Jose, Antipolo City
1857 2094 CAPSU Roxas City** Brgy. Bangueroha, Roxas City, Capiz
1858 2409 Chatwoods Center** GF Units 1 & 2- Bldg. 2 Chatwoods Center, H. Cortes cor. AS Foruna, Mandaue City, Cebu
1859 2363 Bucandala 2** Brgy. San Juan, Cainta, Rizal
1860 2353 Estrella Cainta Brgy. 4, Imus City, Cavite
1861 2302 Oranbo** 4Dy Strongbond Bldg., M.J. Cuenco, Mabolo, Cebu City
1862 2392 Mabolo Church A.B Sandoval Bldg., Shaw Blvd., Brgy. Orbando, Pasig City
1863 2377 Palmera SJDM Brgy. Poblacion 1, San Jose Del Monte, Bulacan
1864 2491 City of Dreams** National Highway, Brgy. Tigbi, Tiwi, Albay
1865 2400 Tiwi LGF, Heart of House, City of Dreams Manila, Aseana Ave. cor. Roxas Blvd., Parañaque City
1866 2518 Dao Capiz** Olongapo-Gapan Rd., San Joaquin, Sta. Ana, Pampanga
1867 2294 Sta. Ana, Pampanga** Balabag Hi-way, Brgy. Balabag, Malay, Aklan
1868 2335 Venue One Boracay Dao-Maayon Rd., Poblacion Dao, Capiz
1869 2423 Captain Vicente** Puerto, Cagayan de Oro City
1870 2467 Mactan Cebu International Terminal 1- Domestic Arrival, Mactan Cebu International Airport, Lapu-Lapu Airport Rd.,
Airport** Lapu-Lapu City, Cebu
1871 2428 UM Panabo** Brgy. Gredu, Panabo City, Davao del Norte
1872 2414 I Care Makati^^ GF Insular Health Care Bldg., 167 Dela Rosa cor. Legazpi Sts., Legazpi Village, Makati City
1873 2455 Agora Terminal** Gaabucayan St., Agora Lapasan, Cagayan de Oro City
1874 2397 Dela Rosa** 7641 Dela Rosa St., Pio Del Pilar, Makati City
1875 2222 Gaisano Jai-Alai** C. Padilla St. Mambaling, Cebu City
1876 2431 UCC Camarin** Greenhills Garden Square Condominium, #297 Bonny Serrano Ave., Quezon City
1877 1888 Ortigas Park** 154 D.P. Housing Project, Grace Park, Caloocan City
1878 2457 Natividad, Pangasinan** Lot 3 Blk 2 DJR Village, Old Sauyo Rd. Quezon City
1879 2415 Garden Square** Unit 5 and 6, Commercial Complex 2, The Orchid Gardens, Lazatin Blvd.,
San Fernando, Pampanga
1880 2028 Market Place-11th Ave. Lot 14 Blk 44, Bunag St., Area B, Camarin, Caloocan City
1881 2192 Old Sauyo Road Ortigas Park, F. Ortigas Jr. Road, Ortigas Center, Pasig City
1882 2388 The Orchid Gardens Poblacion , Natividad, Pangasinan
1883 2384 CPI Kamuning** 54 Kamuning Rd. cor. Judge Jimenez, Kamuning, Quezon City
1884 2466 San Roque 2, Tarlac City** McArthur Highway, Brgy. San Roque, Tarlac City
1885 2140 Balamban 2 Brgy. Buanoy, Balamban, Cebu
1886 2086 Jimalalud Negros** Aklan West Road, Poblacion Ibajay, Aklan
1887 2342 Ibajay Aklan F.F Sevilla Poblacion, Jimalalud, Negros Oriental
1888 2301 Granada Heights** GF Cyber Tower One, Gen. Aguinaldo St., Cubao, Quezon City
1889 2062 Burgos 2** Punturin-Lawang Bato Road, Brgy. Punturin, Valenzuela City
1890 2551 Calinan Public Market** Inigo St., Brgy. Obrero, Davao City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 101
1891 2075 Cyber Park Tower 1 Lot 1123, Montelibano St., Brgy. Granada, Bacolod City, Negros Occidental
1892 2367 Punturin Valenzuela 2289 Burgos St., Pasay City
1893 2304 USEP Davao^^ St. Jude St. cor. Samal St, Malinta, Valenzuela City
1894 2248 La Consolacion Valenzuela Villafuerte St., Calinan, Davao City
1895 2405 LV Locsin 6752 L.V. Locsin Bldg., Ayala Ave., Makati City
1896 2398 Shell Putatan 26-27 National Rd., Brgy. Putatan, Alabang, Muntinlupa City
1897 1917 Vergon Ville** San Jose De Buenavista, Antique
1898 2008 Agora Crossing** Lot 123, Murcia Road cor. Miranda St., Poblacion, Murcia, Negros Occidental
1899 2268 Antique Capitol** L1A, B4, Ph4 North Olympus Subd., Novaliches, Quezon City
1900 2272 Murcia Negros L6 A. Aurora Drive, Vergon Ville Subdivision, Las Piñas City
1901 2412 North Olympus 370 North Bay Blvd., Lapu-Lapu Ave. cor. North Bay Blvd. South, Navotas City
1902 2395 Jaro Market** Unit 1C-13, Avida Towers Centera, EDSA cor. Reliance St., Mandaluyong city
1903 2386 One Central** Caltex NAIA (Kabihasnan), Ninoy Aquino Ave., San Dionisio, Kabihasnan, Parañaque
1904 1569 One West Campus** GA Building, Pusok, Lapu-Lapu City, Cebu
1905 2447 Circuit Lane** Garcia St. (San Guillermo Ave.), Pasig City
1906 2087 Avida Centera Dalan El 98 St., Jaro, Iloilo
1907 2263 CPI NAIA Kabihasnan Retail B GF, One Central Makati, Buendia, Makati City
1908 2387 Lapu-Lapu City Hall A106b One West Campus, McKinley West, Fort Bonifacio, Global, Taguig City
1909 2436 San Guillermo Pasig LC 127, Lower G/F, Circuit Lane, Circuit, Makati City
1910 2346 Ecoland Terminal** Candelaria Rd., Matina, Davao City
1911 2362 Kalibo 2** Cor. L. Barrios St., Roxas Ave., Poblacion, Kalibo, Aklan
1912 2434 Concepcion 2, Marikina** National Highway, Brgy. Poblacion, Tagoloan, Misamis Oriental
1913 2328 Tagoloan Phoenix #592 J.P. Rizal St., Concepcion Uno, Marikina City
1914 2430 Quiot Pardo** Honeyville Subd., Sabellano St., Quiot Pardo, Cebu City
1915 2481 Taytay Poblacion** No.2 Kadalagahan St., Brgy. Dolores, Taytay, Rizal
1916 2280 Maypajo 2** 217 A. Mabini St., Brgy. Kaunlaran, Caloocan City
1917 1824 Entrata G2 Level 1, Entrata, Spectrum Midway Extension, Muntinlupa City
1918 2419 Luna, La Union** Poblacion, Brgy. Alcala, Luna, La Union
1919 2505 Vamenta Carmen Vamenta St., Carmen, Cagayan de Oro City
1920 2124 Urdaneta City University** Brgy. San Vicente, Urdaneta City, Pangasinan
1921 2391 Gulf View** National Higjhway, Brgy. Bago Aplaya, Talomo District, Davao City
1922 2535 Almendras** Pichon St. cor. Quimpo Blvd., Davao City
1923 2389 Sta. Barbara 2, Pangasinan Sta. Barbara, Pangasinan
1924 2425 Catalunan Pequeño** Poblacion Oslob, Cebu
1925 2358 Fajardo** No. 3 Pinatubo St., Brgy. San Martin de Porres, Cubao, Quezon City
1926 2515 Robinsons Novaliches** Km 30 Old National Highway, Brgy. Nueva, San Pedro, Laguna
1927 2474 Oslob Cebu** Brgy. Bancal, Carmona, Cavite
1928 2368 Pinatubo Cubao Km 12 Catalunan, Pequeño, Davao City
1929 2451 SPCBA Fajardo St. cor. M. Dela Fuente St., Sampaloc, Manila
1930 2544 Welborne Carmona Robinsons Novaliches, Quirino Highway, Brgy. Pasong Putik, Novaliches, Quezon City
1931 2618 Lifestyle CDO** Lifestyle District, Corrales Extn., Cagayan de Oro City
1932 2161 CDO Carmen** Carmen, Cagayan de Oro
1933 2199 Llano Elementary School 717 Llano Road, Novaliches Llano, Caloocan City
1934 2479 Olongapo City National High
#1543 Rizal Ave. West Tapinac, Olongapo City
School**
1935 2450 2nd Avenue #30 Lot 2-A-1 Rizal Ave. Extn. Cor. 2nd Ave., Caloocan City
1936 2366 Sumpong Purok 3, Malaybalay City, Bukidnon
1937 2421 Labrador, Pangasinan Labrador, Pangasinan
1938 2453 Bignay Valenzuela** San Martin St., Poblacion, Dumalag, Capiz
1939 2327 Dumalag Capiz Bignay-Llano Road, Brgy. Bignay, Valenzuela City

Annual Report 2019

102 # Store Name Address
1940 2608 Iba Zambales 2** Sta. Cecilia Medical Center, Palanginan, Iba, Zambales
1941 2511 HB1 Bunawan** Unit 1, 2 & 3 GF, Tomasaco St., Macasandig, Cagayan de Oro
1942 2379 Gaisano Macasandig** 1 Buenmar Ave. cor JP Rizal, Nangka, Marikina
1943 2575 Nangka, Marikina Bunawan Crossing, Davao City
1944 2513 CPI Pulong Sta. Cruz Sta. Rosa-Tagaytay Rd., Brgy. Pulong Sta. Cruz, Sta. Rosa, Laguna
1945 2449 Kapalong** S. Villegas St., Guihulngan City, Negros Oriental
1946 1797 Uratex-East Service Rd.** 4328-A Cadastre, Brgy. Mactan, Lapu-Lapu City, Cebu
1947 2361 Guihulngan City Arellano St. cor. Quezon St., Kapalong, Davao del Norte
1948 2561 Mactan Shrine Uratex Km23 East Service Rd., Brgy. Cupang, Muntinlupa City
1949 2416 Mambusao Capiz^^ Villa Remedios, Brgy. Halang, Calamba City, Laguna
1950 1996 Tibal-og** Caltex Washington Drive, Brgy. Cruzada Legazpi City, Albay
1951 2567 Bagac, Bataan** Chino Roces Ext. along Pablo de Ocampo, Makati City
1952 2374 CPI Legazpi Airport** Santiago Blvd. cor. JP Laurel Ave., Dadiangas East, Gen. Santos City
1953 2013 P. Ocampo Villareal Highway, Poblacion Tabuc, Mambusao, Capiz
1954 2448 Shell Santiago Tibal-Og, Sto. Tomas, Davao del Norte
1955 2497 Halang Villa Remedios JJ Linao National Rd., Brgy. A Ricardo, Bagac, Bataan
1956 2463 Trinity-E. Rod** B18 L34 Woodrow Hills, Brgy. Dalig, Antipolo City
1957 2288 Maia Alta** Brgy. Binaritan, Morong, Bataan
1958 2623 Morong Bataan Unit No. G-1, GF Garden Heights, 269 R. Rodriguez Sr. Ave., Brgy. Damayan Lagi, New
Manila, Quezon City
1959 2475 Angelicum College** Sto. Domingo St. cor. P. Florentino St., Brgy. Matalahib, Sta. Mesa Heights, Quezon City
1960 2476 Bay Breeze** 11 Manuel L. Quezon St., Brgy. San Miguel, Taguig City
1961 2562 Quezon Panabo** Poblacion, Panabo, Davao del Norte
1962 2487 OWWA Pasay 2143 FB Harrison St., Pasay City
1963 2512 Sto. Domingo, Albay** National Rd., Brgy. Market Site, Sto. Domingo, Albay
1964 2528 Scape Diosdado Macapagal Ave. cor. Pearl Drive, Mall of Asia Complex, Pasay City
1965 2666 Antique Provincial Hospital** Brgy. Atabay, San Jose de Buenavista, Antique
1966 2265 Pandi, Bulacan** Brgy. Bigaa Poblacion, Pandi, Bulacan
1967 1953 Nightingale Quirino** Mactan Economic Zone, M.L. Quezon National Highway, Pusok, Lapu-Lapu City, Cebu
1968 2338 Island Mactan Central** #35 Don Gueco Ave. cor. Rina St., Mountain View, Balibago, Angeles, Pampanga
1969 2520 Mountain View** Bolosan District, Dagupan City, Pangasinan
1970 2393 Pimsat Dagupan 1189 Quirino Highway, Novaliches, Quezon City
1971 2571 T.N.H.S Albay** Cabilis St., Brgy. Panal, Tabaco City, Albay
1972 2060 Calabanga National Road, Brgy. San Francisco, Calabanga, Camarines Sur
1973 2318 ADG IT Tower G/F A.D. Gothong I.T. Tower, Lopez Jaena St., Subangdaku, Mandaue City
1974 2534 St. Mary Tagum** Brgy. Calicanto, Batangas City
1975 2456 Calicanto** Unit T-7 & T-8, GF, Citymall Boracay, Boracay Tambisaan, Jetty Port Rd.,
Boracay, Malay, Aklan
1976 2420 Citymall Boracay National Highway, Tagum City, Davao del Norte
1977 2064 Cayco** 30 Osmeña Ave., Capitol Site, Estancia, Kalibo, Aklan
1978 2563 Uptown Mall BGC Dormitorio De España, Cayco, Sampaloc, Manila
1979 2514 Aklan Capitol Unit D10, Fourth Floor, Uptown Mall, BGC, Taguig
1980 2644 Poblacion Panglao** G/F Unit 01-01 & 01-02 Arcom Center, Poblacion, Panglao, Bohol
1981 2506 Bulaong Terminal** Osmeña St. cor. Bulaong Ave., Gen. Santos City
1982 2433 Ledesco Iloilo** Javellana St. cor. MH Del Pilar St., Brgy. San Pedro, Jaro, Iloilo City
1983 2108 Pateros 3 7 B. Morcilla St., Brgy. Poblacion, Pateros, Metro Manila
1984 2539 Northpark** UN Ave. cor. Plaridel St., Brgy. Alang-alang, Mandaue City, Cebu
1985 2675 Sutherland Clark** Jose Abad Santos, Clark, Pampanga
1986 2509 Gen. Mamerto Natividad** Poblacion, Gen. Mamerto Natividad, Nueva Ecija
1987 2508 La Forteza Blk 6 Lot4 La Forteza Subd., Camarin A, Caloocan City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 103
1988 2622 Camp Olivas** McArthur Highway, Brgy. Nicolas, San Fernando, Pampanga
1989 2348 PNB Xavier University** Greenwoods Drive cor. Oakwood St., Greenwoods Executive Village,
Pinagbuhatan, Pasig City
1990 2099 Greenwoods 2** San Nicolas 1st, Lubao, Pampanga
1991 2189 Lubao Municipal Hall Corrales cor. T. Chaves St., Cagayan de Oro City
1992 2483 Calumpit 2** No. 51 LKG Blgd., McArthur Highway, Calumpit, Bulacan
1993 2529 Toril Caltex Dumoy Rd., Toril, Davao City
1994 2576 Minalin, Pampanga** San Nicolas Poblacon, Minalin, Pampanga
1995 2418 Moret #840-844 Moret St., Sampaloc, Manila
1996 2541 Casa de Sequoia Casa de Sequoia Condominium, Padre Diego Cera Ave., Brgy. Elias Aldana, Las Piñas City
1997 1636 Windland Tower Residences G17 GF Winland Tower Residences, Tomas Morato Ave., Kristong Hari 4, Quezon City
1998 2480 Kasa Luntian** R-02 and R-03, UG/F, The Lanai at Kasa Luntian, Tagaytay City, Cavite
1999 2593 Lacson** Poblacion Asingan, Pangasinan
2000 2452 Asingan, Pangasinan 851 A.H. Lacson Ave. cor. España Blvd., Manila
2001 2581 LPMC** H-7 Mikesell Subd. Marcos Alvarez Ave., Talon Singko, Las Piñas City
2002 2606 Plaridel Poblacion** Brgy. Poblacion, Plaridel, Bulacan
2003 2545 Pililla** J.P. Rizal St., Imatong, Pililla, Rizal
2004 2537 Tagum DRH** Apokan, Tagum City, Davao del Norte
2005 2275 Aguilar, Pangasinan** Brgy. Almendras-Cogon, Sorsogon City
2006 2123 Real Village Poblacion, Aguilar, Pangasinan
2007 2633 Sorsogon College 670 Tandang Sora Ave., Quezon City
2008 2510 Puan Puan, Talomo, Davao City
2009 2594 Capri** Brgy. Poblacion, Bolinao, Pangasinan
2010 2680 San Lorenzo Place** Km. 13 Panacan, Davao City
2011 2620 San Miguel Heights** Aparente St. cor. Salvani St., Brgy. City Heights, Gen. Santos City
2012 2198 Tagumpay Rodriguez** Villena St. cor. R. Palma St., Brgy. Poblacion, Makati City
2013 2722 Bago Gallera** National Highway, Crossing Makar, Brgy. Labangal, Gen. Santos City
2014 1998 Bolinao #5 Banahaw St., Bo. Capri, Nagkaisang Nayon, Quezon City
2015 2247 CPI Panacan GF- A19B San Lorenzo Place, Chino Roces, Makati City
2016 2351 Gensan Aparente Road 1 cor. Road 5, San Miguel Heights, Marulas, Valenzuela City
2017 2549 Makati Poblacion No. 2 Kanlauan cor. Mayon, Amity Subd., Brgy. San Jose, Rodriguez, Rizal
2018 2530 MPC Libby Road, Bago Gallera, Davao City
2019 2591 Daet Market** J. Lukban cor. J. Pimentel St., Brgy. V, Daet, Camarines Norte
2020 2587 Lite Port Center** G/F Unit 114 & 115 Life Port Center, Gallares St., Tagbilaran City, Bohol
2021 2321 Sacred Heart Pasig** #4 M. Suarez Ave., Brgy. Caniogan Maybunga, Pasig City
2022 2313 Passi Iloilo** Simeon Aguilar St., Poblacion Ilawod, Passi City, Iloilo
2023 2637 Danao Port** Cor. Central Nautical Highway, Poblacion, Danao City, Cebu
2024 2454 Padilla Antipolo Blk 37, Lot 2, Phase 1 Bagong Nayon 2, Brgy. San Isidro, Antipolo City
2025 2470 Porac 2, Pampanga ** Manibaug, Paralay, Porac, Pampanga
2026 2632 Tibag, Tarlac Brgy. Tibag, Tarlac City
2027 2552 Marina Mall Mactan Marina Mall, MEZ 1, Ibo, Lapu-Lapu City, Cebu
2028 2500 Carles Poblacion Aexander Betita St., Poblacion Carles, Iloilo
2029 2631 Panay Capiz** Ma-a Rd., Davao City
2030 2599 CPI Ma-a Pob. Ilaya, Panay, Capiz
2031 2689 Bauan Municipal** Bauan Poblacion, Batangas City
2032 2570 Pimsat San Carlos** Rizal Ave., Poblacion, San Carlos, Pangasinan
2033 2417 Obando, Bulacan** J.P. Rizal St., Pag-asa, Obando, Bulacan
2034 1965 BJS Compound** 1869 P. Domingo St., Makati City
2035 2564 Citymall SCTEX** Tenant 9, Citymall SCTEX, Seaoil Megastation, Subic-Clark-Tarlac Expressway (SCTEX),
Concepcion, Tarlac

Annual Report 2019

104 # Store Name Address
2036 2533 Calamba Market Crossing JP Rizal St., Crossing, Calamba City, Laguna
2037 2572 Cuartero Capiz** Brgy. Central, Mati City, Davao Oriental
2038 2613 Pantukan Centro** Plaza Dela Rosa Bldg, Mañalac Ave., Bagong Tanyag, Taguig City
2039 2459 Mango Square Brgy. Poblacion Takas, Cuartero, Capiz
2040 2573 Mati Terminal Surigao-Davao Coastal Rd., Brgy. King-king, Pantukan, Compostela Valley
2041 2732 Tanyag Taguig Gorund Floor, Mango square, Mango Avenue, Cebu City
2042 2484 Panacan Highway Panacan Highway Relocation, Davao City
2043 2523 Old Sentro Calumpang Calumpang Ave., Calumpang, Gen. Santos City, South Cotabato
2044 2635 Downtown Bacolod Luzuriaga St., Downtown Bacolod City
2045 2439 Dumarao Capiz Poblacion Ilaya II, Dumarao, Capiz
2046 2378 Sto. Tomas, La Union** Damortis, Sto. Tomas, La Union
2047 2485 CPU Acclaim** G/F Acclaim Bldg., 112 Lopez Jeana St., Jaro, Iloilo City
2048 2628 Don Carlos Centro Poblacion Don Carlos, Bukidnon
2049 2531 Matain, Zambales** Matian, Subic, Zambales
2050 2619 Barra Johndorf** General Aguinaldo St., Iligan City
2051 2590 Iligan City Plaza Barra Crossing, Zone 4, Opol, Cagayan de Oro City
2052 2672 Bagong Silang High School** Brgy. 1-Poblacion, Sipalay city, Negros Occidental
2053 2040 Sipalay Negros Lot 5 Blk 31 Package 2, Phase 3 Bagong Silang, Caloocan City
2054 2615 Ilugin Pasig** TV5 Reliance St. cor. Sheridan St., Brgy. Highway Hills, Mandaluyong City
2055 2235 TV5 Reliance 2500 Sandoval Ave. cor. San Sebastian St., Pinagbuhatan, Pasig City
2056 2582 Central Signal Village 2** Lot 8 Blk 5 MRT Ave. cor. Sto. Niño St., Zone 3B, Central Signal Village, Taguig City
2057 2490 The Rolex Place** Dahlia Ave. cor. Rolex St., West Fairview, Quezon City
2058 2677 Mindanao Ave. 2 Lot 2-B Mindanao Ave., Bahay Toro, Quezon City
2059 2681 EDSA Ortigas Unit 14 Ground Floor, #187 EDSA South Wing Maranaw Plaza Bldg., Greenhills East,
Brgy. Wack-wack, Mandaluyong City
2060 2595 Albay Capitol 746 Rizal St., Old Albay, Legazpi City
2061 2676 Fairview Terraces** Fairview Terraces, Qirino Highway cor. Maligaya Dr. St., Novaliches, Quezon City
2062 2683 Roosevelt 2 Roosevelt Ave., Quezon City
2063 2657 Catmon Cebu Central Nautical Highway, Catmon, Cebu
2064 2727 21st Ave.^^ 307 P. Tuazon cor. 21st Ave., Cubao, Quezon City
2065 2646 DMSF** Gahol Ave., Davao City
2066 2592 Carmona Estates Carmona Estate, Brgy. Lantic, Carmona, Cavite
2067 2507 Peseta Lot 1 Blk 215 Dollar St. cor. Peseta, Phase 8, North Fairview, Quezon City
2068 2516 Sampaguita-Malaria Blk 7 Lot 2 & 3, Brgy. 185 Zone 6, Quirino Hi-way, Caloocan City
2069 2624 Dasol, Pangasinan** F. Torres S. cor. Osmeña South Super Highway, Manila
2070 2522 Heroes Hotel Manila** Sumulong Highway, Brgy. Dela Paz, Antipolo City
2071 2503 Taktak Antipolo** Unit N-ECC Bldg., McArthur Hi-way, Telabastagan, San Fernando, Pampanga
2072 2559 Telabastagan, Pampanga Poblacion, Dasol, Pangasinan
2073 2760 E Bloc 3 Level 1, eBloc Tower 3
2074 2526 Aseana Square Aseana Square, Pres D. Macapagal Blvd., Aseana City, Parañaque
2075 2565 City of Dreams 2 G-01, Upper G/F, Bldg. 2, City of Dreams Manila, Aseana Ave. cor. Roxas Blvd.,
Entertainment City, Parañaque City
2076 2579 Phoenix Maa Maa cor. Diversion Rd., Davao City
2077 2664 Tandang Sora 2** Maximo St. cor. Magallanes St., Poblacon, Alimodian, Iloilo
2078 2752 Alimodian 250 Tandang Sora Ave., Quezon City
2079 2625 Manhattan Heights Space 6, GF, Manhattan Heights, General Romulo Ave. cor P. Tuazon, Araneta Center,
Cubao, Quezon City
2080 2212 Cupang Antipolo Pamorama St., Brgy. Cupang, Antipolo, Rizal
2081 2381 Marigman Antipolo #11 Marigman Rd., Brgy. San Roque, Antipolo City
2082 2403 Cardona Pob Manila East Rd., Brgy. Real, Cardona, Rizal
2083 2685 Kasarinlan** 1256 EDSA cor. Howmart Rd., Apolonio Samson Balintawak, Quezon City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 105
2084 2471 Howmart** McArthur Highway, Brgy. Poblacion, San Manuel, Tarlac
2085 2201 San Manuel, Tarlac Taksay st., Dagat-dagatan, Caloocan City
2086 2583 Southville Sta. Rosa** Kalibo International Airport, Pook, Kalibo, Aklan
2087 2656 Pasuquin Poblacion Southville, Brgy. Caingin, Sta. Rosa City, Laguna
2088 2697 Kalibo Airport National Highway, Brgy. Poblacion, Pasuquin, Ilocos Norte
2089 2337 Castillejos 2** Brgy. Poblacion, Castillejos, Zambales
2090 2584 Tejero 2** Lot 523-A-6 Tejero, Gen. Trias, Cavite
2091 1832 IT Matina Park I.T. Matina Park along McArthur Hi-way, Davao City
2092 2616 I Pacific Residences Calle Ilang-Ilang cor. Calle Lavezares St., Tondo, Manila
2093 2652 Dau Extension** Dau, Mabalacat, Pampanga
2094 2699 EPZA Gate 5** EPZA Diversion Rd., Soriano Highway, Bacao 2, Gen. Trias, Cavite
2095 2560 Infanta, Pangasinan** Poblacion, Infanta, Pangasinan
2096 1852 The Space** A.S. Fortuna St. cor. P. Remedio St., Banilad, Mandaue City, Cebu
2097 2645 Cartimar Pasay Cartimar Shopping Center, Taft Ave., Libertad, Pasay City
2098 2705 Southwoods Mall** Siliman University Portal East cor. Perdices and Siliman Highway, Dumaguete City
2099 2691 UE Tech** Poblacion, National Highway, Montevista, Compostella Valley
2100 2546 Maasin** G.S.I.S Rd. (Tramo St.), Sta. Lucia, Pasig City
2101 2323 HSJB A26/A27 Southwoods Mall, Southwoods City, Biñan, Laguna
2102 2465 Phoenix Panorama 267 UE Tech, University Hills Subd., Caloocan City
2103 2525 IMET Rizal St., Maasin, Iloilo
2104 2612 Sto. Cristo, Tarlac Stalls 1 and 2 of Hospicio de San Jose de Barili Commercial Bldg.,
N. Bacalso cor. Rama Ave., Cebu City
2105 2617 Portal East Panorama, Davao City
2106 2687 Shell Montevista Unit 5 iMet BPO, Macapagal Ave., Pasay City
2107 2688 Tramo Pasig M.H. Del Pilar St. cor. Jan Luna St., Sto. Cristo, Tarlac Cty
2108 2641 Jacinto Boulevard** Jacinto Blvd. cor Quezon Blvd., Davao City
2109 2713 Farconville Subdivision** National Highway, Sampaguita St., Poblacion, Polomolok, South Cotabato
2110 2723 Polomolok Market Farconville Subdivision, San Pablo, Laguna
2111 2654 Tuscany Tuscany, McKinley Hill, Taguig City
2112 2568 CPI Castilla** National Highway, Brgy. Cumadcad, Castilla, Sorsogon
2113 2578 CPI Rizal Lacson** Lacson St. cor. Rizal St., Bacolod City, Negros Occidental
2114 2753 UP Town Center U.P Town Center, Ayala Mall
2115 2955 Epson Lima Tech** Epson New Bilding LIMA Tech, Brgy. Bugtong, Lipa City, Batangas
2116 2812 Tominobo** Tominobo, Iligan City
2117 2621 Pantabangan, N.E.** Brgy. Poblacion, Pantabangan, Nueva Ecija
2118 2785 Petron Tibanga** Petron Gas Station Tibanga, Iligan City
2119 2733 Shell Cannery** Shell Gasoline Station, cor. Cannery Rd., Poblacion, Polomolok, South Cotabato
2120 2203 Arayat Highway** Manga-Cacutud, Arayat, Pampanga
2121 2711 Gensan STI** J. Catolico Ave., Gen. Santos City
2122 2446 West Zamora** 1673 J. Zamora St., Paco , Manila
2123 2746 Dingras Poblacion** Diversion Road Balagtas, Batangas Grand Terminal, Batangas City
2124 1900 Batangas Grand Terminal** Negros South Road, Binalbagan, Negros Occidental
2125 2504 CPI Binalbagan along Ilocos Norte-Apayao Rd. cor. Dingras-Marcos Rd., Brgy. Albano Poblacion,
Dingras, Ilocos Norte
2126 2804 Panorama Techno Center** #113 Centro, Brgy. Lagundi Mexico, Pampanga
2127 2345 Lagundi Pampanga Panorama Techno Center, 1029 EDSA, Quezon City
2128 1929 Gran Plains** Blk 25 Lot 18, Bulaon Resettlement, San Fernando, Pampanga
2129 2493 Bo. Obrero G/F PT Española Bldg., Gran Plains Subd., Brgy. MV Hechanova, Jaro, Iloilo City
2130 2527 Amaia Sta. Mesa Sampaguita St. cor. Everlasting St., Bo. Obrero, Lapuz, Iloilo City
2131 2542 MIT Building Amaia Skies Sta. Mesa, Sta. Mesa, Manila

Annual Report 2019

106 # Store Name Address
2132 2736 Montillano 3 MIT Bldg., Gorordo Ave., Cebu City
2133 2764 Bulaon 239 Montillano St., Alabang, Muntilupa City
2134 2701 Pontevedra Capiz** Poblacion Ilaya, Pontevedra, Capiz
2135 2695 Okada Manila** San Jose Drive cor. Rabago St., Brgy. Poblacion, Alaminos City, Pangasinan
2136 2655 Alaminos 2** Brgy. Sto. Domingo, Cainta, Rizal
2137 2629 Cainta Municipal Unit A-01, Back of House, Okada Manila, New Seaside Drive, Entertainment City, Brgy.
Tambo, Parañaque City
2138 2810 Araneta Busport** Araneta Center Bus Port, Cubao, Quezon City
2139 2543 Amaia Steps Sucat Unit R103, Aria Bldg, Amaia Steps Sucat, Dr. A. Santos Ave.,
Brgy. San Antonio, Sucat, Parañaque
2140 2603 Sudipen** Brgy. Sta. Arcadia, Cabanatuan City, Nueva Ecija
2141 2462 Sta. Arcadia Cabanatuan Poblacion, Sudipen, La Union
2142 2698 Compostela** Brgy. Pblacion, Compostela, Cebu
2143 2823 Digos Terminal** Digos City Satellite Transport Terminal, Doña Aurora St., Super Highway, Brgy. Aplaya,
Digos City
2144 2767 Petron Bagontaas Sayre Highway, Petron Gasoline Station, Brgy. Bagontaas, Valencia City, Bukidnon
2145 2731 LTO Tayuman** 1405 Tayuman St. cor. Ipil St., Sta. Cruz, Manila
2146 2790 Gingoog Centro** J.J Ganaba Ave., Poblacion Gingoog City, Misamis Oriental
2147 2826 Convergys MOA 9th flr., Cinvergys Mall of Asia, Tower B, Two E-com Center, Bayshore Drive,
Mall of Asia Complex, Pasay Cty
2148 2796 Manuyo Uno** 532 Magsaysay Ave., Baguio City
2149 2482 Green Oil Balmores 2735 Gen. Luna St., Mauyo Uno, Las Piñas City
2150 2743 Hotel Lafe Green Oil Balmores, Balomores St., Koronadal City
2151 2855 Pres. Roxas Capiz** Poblacion, National Road, Pres. Roxas, Capiz
2152 2820 Galleria Luisa** Gallares St., Poblacion II, Tagbilaran City, Bohol
2153 1985 Isla Homes Sandoval Ave., Palatiw, Pasig City
2154 2690 Yazaki Imus Brgy. Anabu II-A Imus, Cavite
2155 2710 Manjuyod Poblacion, Manjuyod, Negros Oriental
2156 2745 Tayuman 3 Tayuman St., Tondo, Manila
2157 2765 STI Regalado Regalado Hi-way, Brgy. North Fairview, Quezon City
2158 2349 P. Campa 2** Padre Campa St., Sampaloc, Manila
2159 2673 Tagum Apokon** Magugpo, Tagum City, Davao del Norte
2160 2601 Esplanade Filinvest** Brgy. Mataas na Lupa, Lipa City
2161 2867 Lipa Highway 2 G/F JD Bldg., Brgy. Tabucan, Mandurriao, Iloilo City
2162 2864 Butuan Doctors Hospital** JC Aquino Ave., National Highway, Butuan City, Agusan Del Norte
2163 2854 Pandan Antique** Pres. C. Tayco St. cor. Justice C. Zaldivar St., Centro Sur, Poblacion, Pandan, Antique
2164 2715 Lucsuhin IMPC Bldg., Gen. Aguinaldo Highway, Brgy. Lucsuhin, Silang, Cavite
2165 2786 Mati Baywalk** Sayre Highway Poblacion, Maramag, Bukidnon
2166 2630 Maramag BPH Quezon St. cor. LGR Ave., Brgy. Central, Mati City, Davao Oriental
2167 2725 Layac Junction** Layac Junction, Brgy. Layac, Dinalupihan, Bataan
2168 2708 Dangwa Terminal, Baguio** D' Restaurant Bldg., Dangwa Terminal, Baguio City
2169 2648 Flying V SRP Flying V Gas Station, Uldog St. cor. South Road Properties, Cansojong, Talisay City, Cebu
2170 2754 Padada** National Highway Almendras district, Padada, Davao Del Sur
2171 2742 Madonna General Hospital** National Highway cor. Sudapin Rd., Kidapawan City, North Cotabato
2172 2728 T3 Arrival** Stall No. 3B, Arrival Lobby, NAIA Terminal 3, Pasay City
2173 2627 Tagum Pioneer** Sobrecary St. cor. Pioneer Ave., Magugpo Poblacion, Tagum City, Davao del Norte
2174 2872 URC Pampanga** Del Rosario Rd., Sindalan, San Fernando Pampanga
2175 2653 Brittany Square** Brittany Square, Belfast cor. Mindanao Ave., Novaliches, Quezon City
2176 2604 CPIP Batino** CPIP Industrial, Brgy. Batino, Calamba City, Laguna
2177 2768 Dipaculao Aurora** Dipaculao, Baler-Casiguran Rd., Dipaculao, Aurora
2178 2407 Station 3 Beachfront** Station 3 Beachfront, Brgy. Manoc-Manoc, Boracay, Malay, Aklan

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 107
2179 2709 Darangan** Brgy. Balagtas, Batangas City
2180 2791 Balagtas Rotonda** CPI Koronadal, Gensan Drive, Koronadal City
2181 2830 CPI Koronadal** Waterfall, Balingasag, Misamis Oriental
2182 2724 Petron Balingasag** McArthur Highway, Brgy. Sampaloc, Apalit, Pampanaga
2183 2517 PPMC, Apalit** Poblacion West, Pugo, La Union
2184 2751 Pugo** Liwayway Street, Sta. Ana, Taguig City
2185 2799 Sta. Ana, Taguig** Baylon Bldg., South Poblacion, Valencia, Negros Oriental
2186 2686 Valencia #116 Manila East Road, Brgy. Darangan, Binangonan, Rizal
2187 2692 The Fora** 53 Poblacion East, Bautista, Pangasinan
2188 2665 Sibalom Antique** San Sebastian, Hagonoy, Bulacan
2189 2771 GICC City Time Square** No. R4 and R5 Suntrust Capitol Plaza, Matalino St., Quezon City
2190 2468 Plaza Magellan Fora Mall, Brgy. Silang, Crossing East, Rotunda Junction, Emilio Aguinaldo Highway,
Tagaytay City, Cavite
2191 2469 Mabini, Pangasinan R. Masa and Fenete Sts., Poblacion, Sibalom, Antique
2192 2609 Bautista, Pangasinan Iloilo City Center, Sen. Benigno S. Aquino Ave., Iloilo City
2193 2643 Hagonoy Bulacan Retail 1, Tower 1, Plaza Magellan, Mactan Newtown, Cebu
2194 2758 Suntrust Capitol Poblacion Mabini, Pangasinan
2195 2714 Ivisan Capiz** E.B. Magalona, Negros Occidental
2196 2774 Tintay** Evangelista St. cor. Soler St., Recto, Manila
2197 2440 La Paz Market MH Del Pilar and Zamora Sts., Poblacion Norte, Ivisan, Capiz
2198 2638 Villa Beach Baybay Bldg., GF Unit 1-3, H. Abellana Rd., Talamban, Cebu City
2199 2674 EB Magalona Luna St., La Paz, Iloilo City
2200 2874 Recto Evangelista Villa Arevalo, Iloilo City
2201 2886 Bilibiran Binangonan** Brgy. San Vicente, San Pedro City, Laguna
2202 2030 Naawan** Pandan Rd., Brgy. Sto. Cristo, Angeles, Pampanga
2203 2763 Centro Pacita** Andrews Ave., cor, Higgings Brgy 185 Pasay City
2204 2787 Sto. Cristo, Pampanga Brgy. Bilibiran, Binangonan, Rizal
2205 2828 Villamor 2 Magbago Building Naawan, Misamis Oriental
2206 2862 Arlington** 12 G. Araneta Ave. Quezon City
2207 2679 Plaza Burgos Vigan** No. 1 Mena Crisologo St., Vigan City, Ilocos Sur
2208 2741 Bansalan ** Santiago G-Station, National Highway, Poblacion Dos, Bansalan, Davao Del Sur
2209 2555 Cliffpoint Square** Cliffpoint Square, Julia Vargas Ave., Brgy. Ugong, Pasig City
2210 2789 Kidapawan Apo** Singao Rd. cor. National Highway, Kidapawan City, North Cotabato
2211 2700 Saekyung Village** Brgy. Laiya, San Juan, Batangas
2212 2486 Z Plaza GF Unit 1 Administrative Bldg., Saekyung Village One, Marigondon, Lapu-Lapu City, Cebu
2213 2574 San Juan Laiya City Times Sqaure Plaza Bldg., D. Jakosalem St., Cebu City
2214 2650 Bata Bacolod** R102-103, Ground Floor, Amaia steps Bicutan, West service Road, Brgy. Sun Valley,
Parañaque City
2215 2833 Jetti Bulaong** Jorge Royeca St. cor. Honorio Arriola St., Bula, Gen. Santos City
2216 2831 Licab, N.E.** Malhacan Road, Brgy. Malhacan, Meycauayan City, Bulacan Province, Philippines
2217 2355 Laur Poblacion Kanlaon St. cor. Circumferential Rd., Brgy. Bata, Bacolod City, Negros Occidental
2218 2747 Amaia Bicutan National Higway cor. Bulaong Ave., Gen. Santos City
2219 2784 Gensan Bula Poblacion Norte, Licab, Nueva Ecija
2220 2805 Malhacan, Meycauayan Laur, Nueva Ecija
2221 2734 Avida Astrea** National Rd. South Poblacion, Jose Panganiban, Camarines Norte
2222 2532 Mt. Carmel Commercial 1, GF Avida Towers Astrea, Quirino Highway, Brgy. Pasong Putik, Novaliches,
Quezon City
2223 2626 Nazareth CDO Brgy. Antipolo del Norte, Lipa City, Batangas
2224 2840 San Antonio Village 12th-29th Street, Nazareth, Cagayan De Oro City
2225 2866 Fatima Lagro 8836 Sampaloc St., San Antonio Village, Makati City
2226 2806 Jose Panganiban Lot 3 Blk 10 Qirino Highway Sacred Heart Village, Novaliches, Quezon City

Annual Report 2019

108 # Store Name Address
2227 2602 San Carlos
Rizal St. Bolingit, San Carlos
Provincial Hospital**
2228 2494 Mexico, Pampanga** Brgy. Parian, Mexico, Pampanga
2229 2634 Delpan** Recto Ave., Tondo, Manila
2230 2783 CPI San Frans** Caltex Station, Barangay 1, San Francisco, Agusan del Sur
2231 2813 Bahay Pare, Meycauyan
Bahay-Pare Road Sitio Brgy. Bahay PareMeycauayan City Bulacan
Bulacan
2232 2811 Global Enterprise** CSA Building, Alunan Avenue, Koronadal City, South Cotabato
2233 2841 Koronadal RMC GF Global Enterprise Bldg., 138 HV Dela Costa St., Makati City
2234 2720 Robinsons Azalea Place- Cebu G/F Azalea Place, Gorordo Avenue, Cebu City, 6000
2235 2738 Buildcomm Center Buildcomm Center, unit 3, Sumilon Road, Cebu Business Park, Cebu City
2236 2712 Letran 2 The Herald Bldg. Muralla St. Intramuros Manila
2237 2852 Berthaphil 8** Berthaphil 8 Clark Pampanga
2238 2173 Parada, Valenzuela #94 Captain Cruz St., Parada, Valenzuela City
2239 2659 Bacarra Poblacion Brgy. Sta. Rita Bacarra Ilocos Norte
2240 2829 Ayala Malls Serin Space 47-48 1st Floor, Ayala Malls Serin, Tagaytay-Nasugbu Rd., Tagaytay City
2241 2662 Holiday Subdivison Ph1 Blk5 Lot 31 Pagsanjan St., Holiday Subd., Brgy. San Antonio, San Pedro City, Laguna
2242 2884 Santa Lucia Poblacion Along National Highway Brgy. Poblacion Sta Lucia Ilocos Sur
2243 2782 Banawa** 1st AUTOGAS Station, R. Duterte St., Banawa, Cebu City
2244 2660 Maderan GMA** Lot land 2 Blk C-2-CL Congressional Road, GMA, Cavite
2245 2925 Hamtic Antique** Poblacion 2, Municipality of Hamtic, Province of Antique
2246 2905 Balete Poblacion** Brgy. Poblacion Balete Batangas
2247 2858 Holy Trinity College** R.N. Pelaez Blvd., Kauswagan, Cagayan de Oro City
2248 2726 Kauswagan Bonbon Pres. Sergio Osmeña Ave., cor. Claro M. Recto, General Santos City
2249 2835 Palayan, N.E. Yakal St., Ganaderia PalayanCity, Nueva Ecija
2250 2519 Janiuay, Iloilo** Navarra Property, cor. San Jose & Salazar St., Poblacion,
Municipality of Janiuay, Province of Iloilo
2251 2651 Sucat Zentrum** Nissan Sucat Zentrum, Dr. A. Santos Ave., Brgy. BF Homes, Parañaque City
2252 2827 FSUU Butuan** Corner Agusan-Misamis Oriental Rd., San Francisco St., Sayre Highway,
Butuan City, Agusan del Norte
2253 2772 Ronda** #39-C North Diversion Rd., Quezon City
2254 2899 Camachile Site** National Highway, Carmen, Davao del Norte
2255 2915 Carmen Terminal** Brgy. Sabang, Aurora Province, Baler
2256 2888 Sabang Bay Baler** National Highway Rd., Brgy. Dila, Sta. Rosa City Laguna
2257 2860 Southdrive Village Villanueva Bldg., Santander-Barili-Toledo Rd., cor Ylaya Rd., Poblacion Ronda, Cebu
2258 2597 Pontevedra Negros** Del Rosario St., Brgy. Poblacion Norte, Balasan, Iloilo
2259 2797 Balasan Ilolilo Pontevedra, Negros Occidental
2260 2770 Ayala Alabang Village** Palawan Park, Ayala Alabang Village, Muntinlupa City
2261 2729 New Caloocan City Hall** Caloocan Commercial Complex or C-Cube, 8th Ave. cor 8th St., Caloocan City
2262 2538 Empress Antipolo** Rizal St., Mati City, Davao Oriental
2263 2678 Mati Centro C. Lawis Extension, Brgy. San Isidro, Antipolo City, Rizal
2264 2908 Southpick Sinalhan Tatlong Hari St., Brgy, Sinalhan, Sta. Rosa City, Laguna
2265 2800 GSIS Village** 78 Grant St., cor., Benefit St., Project 8, Quezon Cty
2266 2861 Palm Beach Villas Unit 1-2 Palm Beach Villas, Metrobank Ave., Pasay City
2267 2917 Tagkawayan Highway Brgy. Sta. Cecilia, Andaya Highway, Tagkawayan, Quezon Province
2268 2956 Manolo Centro** Brgy. Tankulan, Sayre Highway, Poblacion, Manolo Fortich, Bukidnon
2269 2658 Felix Ave.** Marcos Highway cor. Felix Ave., Marikina City
2270 2809 Gaisano San Carlos F. Ledesma Ave. cor. Ledesma St., San Carlos City, Negros Occidental
2271 2889 Roxas Blvd.- Vito Cruz 1702 Roxas Blvd. Pasay City
2272 2636 Riavin Sailway P. Acharon cor. Cahilsot St., Brgy. Dadiangas West, Gen. Santos City
2273 2910 Gabaldon, Nueva Ecija** Poblacion, Gabaldon, Nueva Ecija

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 109
2274 2488 Gam Parklane Residences** 212 EDSA Ext., Brgy. San Rafael, Pasay City
2275 2766 Bugasong Antique Centro Pojo Poblacion Municipality of Bugasong, Province of Antique
2276 2706 Seascape** G07 Seascape Village, Atang Dela Rama, Pasay City
2277 3008 Calapan** JP Rizal St., Brgy. San Vicente South, Calapan City, Oriental Mindoro
2278 2992 Sabang Puerto Galera** Brgy. Sabang, Puerto Galera, Oriental Mindoro
2279 2640 TS Cruz, Las Piñas** B9 L27-28 Dahlia St., TS Cruz Subdivision, Almanza Dos, Las Piñas City
2280 2918 Pagbilao 2 Brgy. Talipan, Pagbilao, Quezon
2281 2912 Samson Road 2 100 Samson Rd. cor. Caimito St., Univrsity Hills, Caloocan City
2282 2717 M.L. Quezon Muntinlupa 578 M.L. Quezon St., Brgy. Cupang, Muntinlupa City
2283 2887 Wilson San Juan** GF, W Mall, Diosdado Macapagal Blvd. cor. Coral Way, Bay City, Pasay City
2284 2891 W Mall 219 Wilson, Greenhills, San Juan City
2285 2902 Sgt. Yabut** Brgy. 1, Maria Aurora, Aurora
2286 2961 Maria Aurora** 01 Rizal St., Poblacion Sur, Mayantoc, Tarlac
2287 2938 Mayantoc Town Proper 8147 Sgt. Fabian Yabut St., Brgy, Guadalupe Nuevo, Makati City
2288 2798 San Joaquin Iloilo** 58 Real St., Purok 3, Poblacion San Joaquin, Iloilo
2289 2881 City Park Hotel** 143 Mother Ignacia St., Brgy. South Triangle, Quezon City
2290 2707 Caba, La Union** High Pointe Medical Hub, Shaw Blvd. cor. M. Yulo St.,
Brgy. Bagong Silang, Mandaluyong City
2291 2996 Town and Country Marilao** 135 West Ave., Brgy. Bungad, Project 7, Quezon City
2292 2856 ABS-CBN 2** 54 C. Raymundo St., Brgy., Sagad Pasig City
2293 2957 High Pointe Shaw** Urbiztondo, San Juan, La Union
2294 2788 Paramount 2 Gensan Drive, koronadal, South Cotabato
2295 2913 Sagad Pasig Poblacion Norte, Caba, La Union
2296 2948 San Juan 2, La Union 34 McArthur Highway, Brgy. Abangan Norte, Marilao, Bulacan
2297 2980 San Raphael** Dau, Mabalacat, Pampanga
2298 2849 Meridian Park** GF, Double Dragon Plaza Tower 1, EDSA Extn. Cor. Macapagal, Pasay City
2299 2922 DGMC Hospital** Medical Arts Bldg., Divine Grace Medical Cener, Tejero Bypass Rd., Gen. Trias, Cavite
2300 2903 Phoenix Cannery** Brgy. Cannery Site, Polomolok, South Cotabato
2301 2895 Guimbal** Corners Gerona and Lakandula Streets, Poblacion, Guimbal, Iloilo
2302 2801 MMC Gensan Mabuhay Road, cor. Salvani st., Brgy., city Heights, General Santos City
2303 2589 Cabangan, Zambales** Brgy. San Antonio, Cabangan, Zambales
2304 2943 CPI Calumpang** Brgy. Calumpang, Gen. Santos City
2305 2882 CTP Alpha Tower** CTP Apha Building, Investment Drive, Madrigal Business Park,
Ayala Alabang, Muntinlupa City
2306 2794 United Doctors Lucena** Barotac Viejo Poblacion, Iloilo
2307 2607 Barotac Viejo** Brgy. Lolomboy, Bocaue, Bulacan
2308 2793 Lolomboy United Doctors, Lucena City, Quezon
2309 2696 Sundance Residences** M. Paulino St., San Pablo City, Laguna
2310 2311 M. Paulino GF Space 3, 4, 5 Sundance Residences, R. Duterte St., Banawa, Cebu City
2311 2160 Clark Square Mall Claro M. Recto Ave. and J. Topacio Rd., Clark Civil Aviation Complex,
Clark Freeport Zone, Pampanga
2312 2331 Igbaras Iloilo Rizal St., Brgy. 2, Igbaras, Iloilo
2313 2762 CPI Silangan Carmel Town Cecilia Yulo Ave. cor. Jose Yulo Sr. Ave., Silangan Canlubang, Calamba, Laguna
2314 2981 UST Quadricentennial Stall 02, Q-Pavillion, University of Santo Tomas, España, Manila
2315 2985 Masangkay 2 1512 Cor. Masangkay St., Tondo, Manila
2316 3007 Altavas Poblacion G/F R&A Commercial Building, Poblacion Altavas, Aklan
2317 2780 Calape** Bohol Circumferential Rd., Brgy. Sta. Cruz, Calape, Bohol
2318 2951 Monkayo Centro** LS Sarmiento St. cor. Cervantes Rd., Monkayo, Compostela Valley
2319 2880 Village Square Mall** Rizal Ave. cor. Soler St., Sta. Cruz, Manila
2320 2347 Avenida GF A11-a One Town Square (La Fuerza), Alabang- Zapote Rd., Las Piñas City
2321 2890 La Loma Q.C. #62-64 Retiro St. cor. Baco St., La Loma, Quezon City

Annual Report 2019

110 # Store Name Address
2322 2958 Bambang, Nueva Vizcaya** Poblacion, Bambang, Nueva Vizcaya
2323 2968 Bristol Regalado** Lot 2A Blk 51 Bristol St. Fairmont Park Subd., North Fairview, Quezon City
2324 2950 Cabanatuan Cityhall** No. 42 M. De Leon Ave., San Josef Sur, Cabanatuan City, Nueva Ecija
2325 2586 Bagong Nayon Antipolo** Road 1, Cogeo Village, Brgy. Bagong Nayon, Antipolo City
2326 2939 Dansalan** 115 Makaturing St. cor. Dansalan St., Mandaluyong City
2327 2907 Uni V South Montilla** Barrio Villa Kananga, Butuan City, Agusan del Norte
2328 2803 Aringay** Aringay, La Union
2329 2959 Sta. Fe, Nueva Vizcaya** Poblacion, Sta. Fe, Nueva Vizcaya
2330 2976 Mahabang Parang Angono Brgy. Mahabang Parang, Angono, Rizal
2331 2749 Alae Centro Sayre Highway, Upper Puerto, Alae, Cagayan de Oro City
2332 2821 Oliveros Antipolo ATC Bldg. 182 P. Oliveros St. Brgy. San Roque Antipolo
2333 2761 Tupi** Townsite Poblacion, Townsite, Mariveles
2334 2839 Townsite Twinstar Petrol, National Highway, Tupi, ,South Cotabato
2335 2865 Mayondon** Mayondon Los Banos Laguna
2336 2769 Baliuag By-Pass** Tarcan Makinabang Baliuag Bulacan
2337 2556 Petron Iponan** Iponan, Misamis Oriental
2338 1882 CDO Plaza** R.N. Abejuela Street, Divisoria, Cagayan de Oro City
2339 2540 Cristobal** Q. Abeto St., Mandurriao, Iloilo City
2340 2934 Mandurriao Hospital No. 1806 Dapitan St., cor. Cristobal Street, Sampaloc Manila
2341 2947 CPI Laoag** Caltex J.P. Rizal, Laoag City, Ilocos Norte
2342 2963 Ayala Malls The 30th L0059, Lower Ground Floor, Ayala Malls The 30th, 30 Meralco Ave., Pasig City
2343 2775 Ebloc 4** Stall 103, Lvl. 1, eBloc Tower 4, Jose Maria del Mar St., Apas, Cebu City
2344 2703 Caltex Magallanes** MJ Cuenco corner Magallanes St., Cebu City
2345 2883 Albergo** Purok Malakas, General Santos City, South Cotabato
2346 2778 Gensan Malakas** Benigno Aquino and Lamdagan St., Brgy. Cogon, Tagbilaran City, Bohol
2347 2960 Tagbilaran Airport EGI Albergo Di Ferroca Building, #1 Villamor St., Brgy. Lualhati, Baguio City
2348 2756 ASEANA 3 Aseana Business Park Aseana Ave., cor., D. Macapagal Boulevard, Parañaque City
2349 2930 San Frans Terminal TS Building, Zamora St. cor. Aquino St., San Francisco, Agusan del Sur
2350 2844 Monarch Parksuites G11 GF Monarch Parksuites, Bradco Ave., Parañaque City
2351 2814 Xevera Bacolor** Xevera Calibutbut Market, Bacolor, Pampanga
2352 3035 GT Town Mall Ungka** McArthur Highway cor. Gerona Pura Road, Brgy. Abangon, Gerona, Tarlac
2353 2773 Gerona Crossing Ungka II, Pavia, Iloilo City
2354 2871 Pasay Rotonda** Unit No. P 01 to 05, Empire Center Mall, EDSA cor. Taft Ave., Pasay City
2355 3073 Cauayan Crossing** National Highway, Cauayan City, Isabela
2356 2521 Bamban 2** Brgy. Poblacion, Bamban, Tarlac
2357 2642 Tapaz Capiz** Marcos Highway, Brgy. Mayamot, Antipolo City
2358 2744 CPI Summerville** National Highway cor. Mati Rd., Poblacon, Lupon, Davao Oriental
2359 2807 Lupon Highway San Geronimo St., Poblacion, Tapaz, Capiz
2360 3128 Apollo** 711 Shaw Blvd., Mandaluyong City
2361 2369 Shaw Blvd 2 Luna St., Moonwalk Village, Las Piñas City
2362 2998 Hop Inn Aseana** Blk 5 Lot 9 Aseana Business Park, Brgy. Tambo, Paranaque City
2363 2596 Canumay West** Guzman St., Mandurriao, Iloilo City
2364 2759 Hibao-an Sur T. Santiago Rd., Brgy. Canumay West, Valenzuela City
2365 2999 Sto. Domingo Bay** Brgy. Sto. Domingo Bay, Laguna
2366 2669 Tagum Capitol Circumferential Rd. cor. Pagsabangan Rd., Brgy. Mankilam, Tagum City, Davao del Norte
2367 2979 Solano, Nueva Vizcaya** National Highway, Brgy. Poblacion, North Solano, Nueva Vizcaya
2368 2997 LRT Libertad** Victory Pasay Mall, Taft Ave. cor. Libertad St., Pasay City
2369 2901 Antipolo Doctors** M.L. Quezon Rd., Brgy. San Roque, Antipolo City
2370 3060 Ormoc Lopez Jaena** Lopez Jaena St., Poblacion, Ormoc City, Leyte
2371 2836 Marilao Exit** Along Duhaat Street corner Patubig Road, Marilao Bulacan

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 111
2372 2704 HNU** J.A. Clarin St., Dampas, Tagbilaran City, Bohol
2373 2909 Tobias Fornier** Poblacion Norte, Tobias Fornier, Antique
2374 2898 St. Lazarus St. Lazarus Village, Brgy. San Rafael, Sto. Tomas, Batangas
2375 2965 San Frans Rotonda** Poblacion, Aritao, Nueva Vizcaya
2376 3018 Aritao Brgy. 5, San Francisco, Agusan del Sur
2377 3147 Malolos Provincial Hospital** Mabini St., Majon, Malolos City, Bulacan
2378 3045 LIIP Mamplasan** LIIP Business Center Building, Blk. 10 Lot 4 LIIP Ave., Mamplasan, Biñan, Laguna
2379 2847 Malaybalay BPH** Brgy. Impalambong, Malaybalay, Bukidnon
2380 2941 Gensan Fatima** Miranda St., Sto. Entierro, Angeles City, Pampanga
2381 2892 Callejon Taytay** 42 Visayas Ave., Project 6, Quezon City
2382 2846 Sto. Entierro Employees Village Barangay Fatima General Santos City, South Cotabato
2383 2946 Visayas Ave Callejon 1st Street, corner Rizal Ave., Taytay, Rizal
2384 2781 C Plaza** Pajac-Maribago Rd., Brgy. Pajac, Lapu-Lapu City, Cebu
2385 3050 Calaocan, San Jose Cardenas St., Caloacan, San Jose City, Nueva Ecija
2386 3137 Clark M.A. Roxas Highway** Clark Freeport Zone, Clark Field, Pampanga
2387 3017 Julugan Tanza Florentino Joya St., Brgy. Julugan I, Tanza, Cavite
2388 3081 Dasca Center G/F Dasca Centre, Aguinaldo Highway, Brgy. Zone 1-A, Dasmariñas, Cavite
2389 3074 Santiago 3 ** Brgy. Villasis, Santiago City, Isabela
2390 2859 Casa Bacobo** 1000 J. Bocobo St. cor. Kalaw Ave., Ermita, Manila
2391 3015 Gensan Labangal** GF, Royale Asia Bldg., Blk 2 Lot 3 & 4, CAA Road, BF Martinville,
Pulang Lupa Dos, Las Piñas City
2392 2853 CAA Road** No. 1 Lopez Jaena St., Pavia, Iloilo
2393 2848 Pavia Plaza Makar Road, Brgy. Labangal, General Santos City
2394 2975 Balabag Pavia Brgy. Balabag, Pavia, Iloilo
2395 2863 CPI Cugman** C.M. Recto, Cugman Highway, Cagayan de Oro City
2396 3071 Balanga Highway** Brgy. Bagong Silang, Balanga City, Bataan
2397 2936 CPI Upper Session** Caltex Gasoline Station, GSIS Compound, Upper Session, Marcoville, Baguio City
2398 2755 Shell Makilala** Digos-Sultan Rd., Makilala, North Cotabato
2399 3014 Ginatilan** #9 New York St. cor. E. Rodriguez Sr., Ave., Brgy., Pinagkaisahan, Cubao, Quezon City
2400 3087 Teresa 2** NitroFuel Gasoline Station, Tacloban-Baybay Rd., Palo, Leyte
2401 2878 New York, Aurora San Roque, Ginatilan, Cebu
2402 2920 Pawing, Palo Sumulong Highway cor. Pantay-Buhangin Road., Brgy. Bagumbayan, Teresa, Rizal
2403 2702 Cogeo Market** NHA Ave., Brgy. Dela Paz, Antipolo Rizal
2404 2693 Bani** Poblacion, Bani, Pangasinan
2405 2982 Ajuy Poblacion** Real St., Poblacion, Ajuy, Iloilo
2406 3179 Tubod Iligan** Brgy. San Miguel, Iligan City
2407 2967 Pamplona Uno** 50 Alabang-Zapote Road, Pamplona Uno, Las Piñas City
2408 2971 Pandi 2** 174 Mapulang Lupa, Pandi, Bulacan
2409 3046 Santiago 1** Dubinan East, Santiago City, Isabela
2410 2757 L&Y Plaza** L&Y Plaza, Ortigas Ave. cor. C5 Rd., Quezon City
2411 3006 Taft Ave. Extension** Baclaran Saulog- Taft Ave. Extn., Pasay City
2412 3132 Panit- an Capiz** Brgy. Sto. Tomas, Pasig City
2413 3003 MH Del Pilar Pasig Poblacion Tabuc, Panit-an, Capiz
2414 2969 Urban Deca** Urban Deca Tower, EDSA Shaw, Brgy. Highway Hills, Mandaluyong City
2415 3026 Estancia Iloilo** Poblacion Zone II, Estancia, Iloilo
2416 2990 Alabel Poblacion Garcia St., Alabel Poblacion Sarangani Province
2417 2991 Sutherland** Quirino Ave., Davao City
2418 2682 Nakpil Dormitel** Lot 10 cor. Taft Ave., Nakpil St., Manila City
2419 3104 Pooc Talisay** Surallah Poblacion, South Cotabato
2420 3131 Surallah Poblacion** Western Nautical Highway, Brgy. Poblacion, Victoria, Oriental Mindoro

Annual Report 2019

112 # Store Name Address
2421 2614 Victoria Mindoro Mohon Rd., Brgy. Pooc, Talisay City, Cebu
2422 2919 Dulong Bayan Bacoor** Tirona Highway, Dulong Bayan, Bacoor City, Cavite
2423 3067 Multinational Village** LTG Y12 Building, KM. 9, BO., Pampanga, Sasa, Davao City
2424 2834 Dona Pilar GF, ECG Building, Multinational Ave., Multinational Village, Parañaque City
2425 2924 Eastwood Rodriguez** Medical Center Imus, Diversion Rd., Palico Imus, Cavite
2426 3056 MCI Hospital Eastwood Greenview Subd., Phase 4 San Isidro, Rodriguez, Rizal
2427 3118 Valencia SAIT** Magsaysay St., Alicia, Isabela
2428 3054 Oton Highway** Quezon Ave. Extn., Palao, Iligan City
2429 3091 Concepcion Naga** Main Road, San Jose, Malino, Mexico, Pampanga
2430 2748 Alicia Cor. Mabini Roxas St., Valencia City, Bukidnon
2431 3055 Palao Iligan J.C Zulueta & Benedicto Sts., Poblacion South, Oton, Iloilo
2432 3062 San Jose Malino Pan-Philippine Highway, Brgy, Concepcion Grande, Naga City, Camarines Sur
2433 3011 Pag-asa Binangonan** Brgy. 50, Airport Road, Laoag City, Ilocos Norte
2434 2988 Laoag Airport Road Villamayor Compound, Brgy. Pag-asa, Binangonan, Rizal
2435 2931 Bayani Road 2 L21 B86 AFPOVAI Western Bicutan, Taguig City
2436 3164 Sto. Niño Cotabato Brgy. Sto. Niño, Norala, South Cotabato
2437 3027 Moalboal 2** Poblacion, Moalboal, Cebu
2438 2843 Parkwest** Unit 108, Parkwest, Veriton Fort, FBG, Taguig City
2439 3076 Roxas Plaza Isabela** Don Mariano Marcos Ave., Rizal, Isabela
2440 3175 Nabas Aklan** Poblacion Nabas, Aklan
2441 2868 Tibiao Antique** A.T. Lim cor. J. Mendoza St., Poblacon, Tibiao, Antique
2442 2566 Maginhawa 129 Maginhawa St., Teachers Village East, Diliman, Quezon City
2443 3178 Padre Garcia Batangas** Poblacion, Padre Garcia, Batangas
2444 3200 CPI C5 Extension** C5 Road Extension Project, Pasay City
2445 3139 Quezon Isabela** National Highway, Brgy. Samonte, Quezon, Isabela
2446 3064 Sucat Muntinlupa** 630 M.L Quezon St., Purok 4, Brgy., Sucat, Muntilnlupa City
2447 2667 Alabang NB Exit 2** Etal Property, Camp Lapu-Lapu Rd. Apas, Cebu City
2448 3150 Apas Lahug 384 East Service Rd., Alabang, Muntinlupa City
2449 3034 Dapitan 3** 1345 Dapitan St. cor. Rosarito, Sampaloc, Manila
2450 3077 Canaynay 2** Borromeo St., Brgy. Washington, Surigao City, Surigao Del Norte
2451 2921 Taysan Poblacion #185 Angelina Canaynay Avenue, San Dionisio, Sucat, Parañaque City
2452 3052 Surigao Plaza Brgy. Poblacion 2, Taysan, Batangas
2453 2937 Tagum Manga Purok Sampaguita, Visayan Village, Tagum City
2454 3058 Leon Iloilo** Poblacion Leon, Iloilo
2455 3031 Sta. Barbara Plaza** Jacildo Bldg. cor. Rodriguez-Taft St., Sta. Barbara, Iloilo
2456 3141 Guimba 2 Brgy. Saranay, Guimba, Nueva Ecija
2457 3188 Basud Camarines Norte** Pan-Philippine Highway, Brgy. Poblacion 2, Basud, Camarines Norte
2458 3120 Petron Surallah** Surallah Poblacion, South Cotabato
2459 3059 Ibayo, Marilao** McArthur Highway, Brgy. Ibayo, Marilao, Bulacan
2460 3024 Blumentritt Extension 2278 G. Tuazon cor. Panay St., Sampaloc Manila
2461 3033 Kidzania Manila** Rizal Blvd., Brgy. Tagapo Sta. Rosa City, Laguna
2462 3146 Hop Inn Tomas Morato** A. Bonifacio St. cor. General Valdez St., Uppper Bicutan, Taguig City
2463 3025 La Brea Sta. Rosa Kidzania Manila, Park Triangle Mall, 3245 North 11th ave., Bonifacio Global City, Taguig City
2464 3095 Upper Bicutan 2 GF Hop Inn Tomas Morato, 312 Tomas Morato Ave., Diliman, Quezon City
2465 1715 Pier 1** No. 21, Legaspi Extension, Cebu City
2466 3030 San Vicente Laguna** Brgy. San Vicente, San Pedro City, Laguna
2467 3182 Cabatuan Highway** National Highway, Poblacion, Cabatuan, Isabela
2468 3082 Hop Inn Alabang** Lot 2 Blk 4 Madrigal Business Park, Brgy. Ayala Alabang, Muntinlupa
2469 2916 San Jose Antipolo** L. Sumulong Circle, cor., M. Santos St., Brgy. San Jose, Antipolo City
2470 3155 Tandag Plaza** Quezon St. cor. Quirino St., Brgy. Bungtod, Tandag City, Surigao Del Sur

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 113
2471 2694 Bacood** 3610 Lubiran St., Bacood, Sta. Mesa, Manila
2472 3041 Baliuag District Hospital Carpa Vill. Subd., Brgy. Sabang, Baliuag, Bulacan
2473 3122 Salay H-way National H-way, Salay, Misamis Oriental
2474 3185 Heritage Homes Main Road, Metrogate 2, Loma de Gato, Marilao, Bulacan
2475 2974 San Jose Patag Sta. Maria-San Jose Road, Brgy. San Jose Patag, Sta. Maria, Bulacan
2476 3144 USM Kabacan Cor. USM Ave., Kabacan, North Cotabato
2477 3020 Baltazar St.** GF, Kamias St., Signal Village, Taguig City
2478 2278 Zamora Pasay 10 Baltazar St., 6th Ave., Grace Park East Caloocan City
2479 3219 Pag-asa Taguig 2485 Zamora St., Pasay City
2480 3257 Compostela Terminal** Purok 1, Poblacion Compostela, Compostella Valley
2481 3075 Baliuag Public Market** Brgy. Tangos, Baliuag, Bulacan
2482 3174 Cabagan, Isabela** Anao, Cabagan, Isabela
2483 3037 CPI Libertad** RT Building, Bon-bon St. cor. JC Aquino Ave., Brgy. Libertad,
Butuan City, Agusan del Norte
2484 3040 Quezon Plaza** Brgy. II, Quezon, Nueva Ecija
2485 3140 Pueblo de Panay** Poblacion, Tumauini, Isabela
2486 3036 Tumauini, Isabela Unit 8, ePerformax Center, Sacred Heart Avenue, Pueblo de Panay, Brgy. Lawaan, Roxas
City, Capiz
2487 3123 Felisa Bacolod ** Unit 12 Metrobank Center, Juan Luna St., Brgy. Poblacion, Palo, Leyte
2488 3019 Palo Church** Brgy. Paldit, Sison, Pangasinan
2489 2499 Sison, Pangasinan Bangga Totong, Brgy. Felisa, Bacolod City, Negros Occidental
2490 3159 Batia Bocaue** Babak-Camudmud Rd., Babak, Island Garden City, Samal, Davao del Norte
2491 3153 Saog Marilao** Brgy. Julugan 8, Dr. Solis St., Tanza, Cavite
2492 2776 Samal Babak** GF Unit 2- Alona Entertainment Bldg., Tawala, Panglao
2493 3210 Julugan 2** Sitio Malingin, Punta Engano, Lapu-Lapu City, Cebu
2494 3068 Alona Panglao B17, Gliserio Bautista St., Batia, Bocaue, Bulacan
2495 3084 Punta Engaño along T. Mendoza St., Brgy. Saog, Marilao, Bulacan
2496 3049 Calatrava** Uniit 74, GF, Acienda Designer Outlet, Km 48, Aguinaldo Hway cor. Balubad Rd., Brgy.
Lalaan I, Silang, Cavite
2497 3161 Claver** Suburban Phase 1F, Brgy. San Jose, Rodriguez, Rizal
2498 2885 Acienda Designer Outlet National Highway, Brgy., Suba, Poblacon Calatrava, Negros Occidental
2499 3121 Suburban Rodriguez Brgy. Ladgaron, Claver, Surigao del Norte
2500 3085 Makiling Calamba Brgy. Makiling, Calamba City, Laguna
2501 3193 Miranda Extension, Angeles** Blk 1 Lot 1, Sadle St. cor. Miranda Extn., Angeles, Pampanga
2502 3156 Diffun, Quirino National Rd., Brgy. Andres Bonifacio, Diffun, Quirino Province, Cagayan Valley
2503 3005 Samat Unit 26, NLEX Drive and Dine, KM 17, North Luzon Expressway,
Brgy. Canumay, Valenzuela City
2504 2987 Ibarra** Opol, Misamis Oriental
2505 3047 CPI NLEX 2** Poblacion, Santiago City, Isabela
2506 3069 Opol Genabe Lot 1 Blk 35 Rizal Ave. cor. Samat St., Tondo, Manila
2507 3259 Santiago 2, Isabela Ibarra St., Sampaloc, Manila
2508 2875 Bakhaw** Brgy. Mabigo, Canlaon City, Negros Oriental
2509 3218 Leganes Poblacion** Ilejay-Revencio Bldg., Poblacion, Numancia, Aklan
2510 3171 Calamba Medical Center** Concepcion St., Sampaloc, Manila
2511 3207 Petron Lugait** Brgy. Washington, Surigao City, Surigao del Norte
2512 2649 Canlaon City Lot 3210-I, Brgy. Bakhaw, Mandurriao, Iloilo City
2513 3043 Numancia Aklan Poblacion Leganes, Iloilo
2514 3204 Parkway Suite-Concepcion Crossing, Calamba City, Laguna
2515 3236 Surigao Medical Center Poblacion, Lugait, Misamis Oriental
2516 3242 Kapasigan A. Mabini St., Brgy. Kapasigan, Pasig City
2517 2940 Bermuda Antipolo 52 Bayugo-Buliran Rd., Brgy. San Luis, Antipolo City

Annual Report 2019

114 # Store Name Address
2518 3114 Heart Building** Unit No. 101, GF Heart Building, 7461 Bagtikan St., San Antonio Village, Makati City
2519 2870 Golden Gate #32 Topland Ave., Golden Gate Subd., Brgy. Talon 3, Las Piñas City
2520 3148 Savannah Jibao-an Pavia** Zone 3 Brgy. Jibao-an, Pavia, Iloilo
2521 3152 Soliven** Village East, Cainta, Rizal
2522 2443 Glan Poblacion Barrio Santolan, Pasig City
2523 3205 Village East Hombrobueno St., Glan Poblacion, Sarangani Province
2524 3080 Bayugan Rotunda Poblacion, Bayugan City, Agusan del Sur
2525 2857 Koronadal City Hall Gensan Drive, Purok Villegas Zone 3, Koronadal City, South Cotabato
2526 3116 Looc Calamba Lot No. 1D Block No. 1 Vermont Place, Brgy. Looc Calamba, Laguna
2527 2873 Rizal Capitol Circumferential Rd., Brgy. San Roque, Antipolo City
2528 3267 Trento** Salvador Extn., Labangon, Cebu
2529 2966 Casa Mira Brgy. Poblacion, Trento, Agusan del Sur
2530 3142 College Ave** College Ave. cor. Caritan Hway, Tuguegarao City, Cagayan
2531 3310 MCNP Tuguegarao** Caggay National Highway, Tuguegarao City, Cagayan
2532 3234 Solana, Cagayan** Poblacion, Solana, Cagayan
2533 3211 Valley Hotel** Balzain Road, Centro 11, Don Domingo St., Tuguegarao City
2534 3086 Sct. Torillo** Insular Prison Road, Southville 3 Poblacion, Muntinlupa City
2535 2735 Southville Muntinlupa** #72 Timog Ave. cor. Sct. Torillo St., Quezon City
2536 3124 Kalayaan 2** Kalayaan Road, San Sebastian, Kawit, Cavite
2537 3119 Cauayan City Hall** #105 Rizal Ave., District III, Cauayan City, Isabela
2538 3284 Tabuk City Hall** Quezon St., Brgy. Dagupan Centro, Tabuk City, Kalinga
2539 2106 Parian Cebu Mabini St. cor. Zulueta St., Cebu City
2540 3162 M. Dela Cruz Pasay M. Dela Cruz St. cor. Arnaiz Ave., Pasay City
2541 3127 Malita Public Market** Lot 1-A Blk 1, MacArthur Highway, Brgy. Ninoy Aquino, Angeles City, Pampanga
2542 3065 VMMC One Network Bank- Malita Branch Building, M.L. Quezon St. between Abbas and Manuya
Sts. Poblacion, Malita, Davao del Sur
2543 3239 Angeles Rotonda GF, Veterans Memorial Medical Center North Avenue, Diliman, Quezon City
2544 3016 Manggahan Rodriguez** University Tower, P. Noval, Samplaloc, Manila
2545 3214 P. Noval 2 J.P. Rizal St., Brgy. Manggahan, Rodriguez, Rizal
2546 3208 Lucena 6** Barcelona St. cor. Quezon Ave., Lucena City, Quezon
2547 3225 Dau Uno** C 107 Highway, San Roque Dau 1st, Lubao, Pampanga
2548 3143 Bayugan Taglatawan PurokTaglatawan, Buyugan City, Agusan del Sur
2549 3184 Calumpang 2 JP Rizal St. cor. MH Del Pilar St., Brgy. Calumpang, Marikina City
2550 3168 Harvard Cubao 115 Harvard St., Cubao, Quezon City
2551 3042 Lemery Iloilo** Lemery Poblacion, Iloilo
2552 2270 RCC Angeles, Pampanga** Plaridel St., Angeles City, Pampanga
2553 3048 Talavera Junction Maharlika Highway, Bakal III, Talavera, Nueva Ecija
2554 3177 Bucal By-pass Road** Brgy. Bucal, Calamba City, Laguna
2555 3268 Malabañas Angeles** Zeppelin St. cor. Richthnofen St., Malabanas, Angeles City, Pampanga
2556 3130 Quintos** Tradetown (San Jose Terminal), Funda-Dalipe, san Jose de Buenavista, Antique
2557 2949 Angono Boundary #1871 EMPG España Arcade Bldg., España Blvd. cor. Quintos St., Sampaloc, Metro Manila
2558 3105 Dalipe Antique Manila East Road, Brgy. Isidro, Angono, Rizal
2559 3203 Nestle Cabuyao 542 Niugan, Cabuyao City, Laguna
2560 2989 Carmen Bohol** Central Nautical Highway cor. Loay Interior Road, Poblacion Sur, Carmen, Bohol
2561 3321 Echague 2, Isabela** Echague, Isabela
2562 3345 Piy Margal** Purok 6 Poblacion, Prosperidad, Agusan del Sur
2563 3021 Bahbah Prosperidad #1655 Don Quijote St. cor. Piy Margal St., Sampaloc, Manila
2564 3331 Prince Hotel** South Montillana Blvd., Brgy. Diego Silang, Butuan City
2565 2777 Dusit D2 BGC** CPG North Ave., Manga District, Tagbilaran City, Bohol
2566 2824 De Ocampo Trece Dusit D2 The Fort-Manila/GF-02, Mckinley Parkway, Bonifacio Global City, Taguig City

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 115
2567 3107 Manga Brgy. De Ocampo, Tanza-Trece Rd., Trece Martires, Cavite
2568 3357 Dingalan, Aurora** Brgy. Sala, National Highway, Cabuyao City, Laguna
2569 3133 Roxas Baybay** Poblacion, Lingayen, Pangasinan
2570 2953 CPI Sala Poblacion, Dingalan, Aurora
2571 3198 Lingayen 3 Brgy. Baybay, Roxas City, Capiz
2572 2926 Sycamore Victor Buencamino St., ARO Building, Cupang, Muntinlupa City
2573 3245 Milagrosa Carmona** San Jose St., Brgy. Milagrosa, Carmona, Cavite
2574 3078 Atimonan Highway Brgy.Tagbakin, Atimonan, Quezon
2575 3288 Petron Bluebay Petron, Roxas Blvd., Pasay
2576 3368 Petrolero San Jose,
National Road, Brgy. San Jose, San Fernando, Pampanga
Pampanga**
2577 3126 Shell M'lang Poblacion, M'lang, North Cotabato
2578 3002 Deca Indangan** Deca Indangan, Cabantian Rd., Indangan, Davao City
2579 3135 Legarda 3** #255 Lardizabal St. cor. Sta. Teresita St., Sampaloc, Manila
2580 3157 Cordon, Isabela** Brgy. Roxas, Cordon, Isabela
2581 3004 Red Hotel Cubao Red Hotel, EDSA, Quezon City
2582 1704 NAIA Garden Residences** GF NAIA Garden Residences 412 NAIA Road, Brgy. Tambo, Parañaque City
2583 3172 Benavidez 411 Benavidez St., Binondo, Manila
2584 3318 Linamon Centro** Poblacion, Linamon, Lanao del Norte
2585 3110 Ortigas-Tramo** Camp 7, Baguio City, Benguet
2586 3340 Kennon Road #6 C. Raymundo Ave., Ortigas Ave. Extn., Rosario, Pasig City
2587 3459 Jones 2** Cagayan Valley Road, Unity Foo20 3010, Malipampang, San Ildefonso, Bulacan
2588 2906 Moises Padilla** Dona Leona Velez St., Apovel, Cagayan De Oro City
2589 2993 Tebag Pangasinan Osmena Blvd., Kamagayan, Cebu City, Cebu
2590 3167 CPI San Ildefonso, Bulacan Quezon St., Brgy. 5, Moises Padilla, Negros Occidental
2591 3338 Patag Apovel Tebag West, Sta. Barbara, Pangasinan
2592 2670 Gaisano North** Gaisano Grand Mall Mandaue North, Central Nautical Highway, Brgy. Basak,
Mandaue City, Cebu
2593 3170 St. Vincent School of Q.C.** 99 West Ave., Brgy. Bungad, Quezon City
2594 3213 Heneral Uno Heneral Uno, Brgy. Pasong Kawayan 2, Gen. Trias, Cavite
2595 2435 Alaminos-San Pablo
Alaminos-San Pablo Boundary, San Pablo City, Laguna
Boundary**
2596 2893 Bulan, Sorsogon** De Castro St. Brgy. Zone 4, Bulan, Sorsogon
2597 3186 Holland Park Unit A1-A4 Holland Park Residences, Southwoods City, Binan, Laguna
2598 3292 RFC Mall** Molino Rd., Brgy. Molino II, Bacoor City, Cavite
2599 2897 P. Guevarra Sta Cruz** Level 1, Avida Tower 2, Unit 9, Inez Villa St., Cebu IT Park, Cebu City
2600 3187 Avida IT Park** Nautical Highway, Brgy. Marfrancisco, Pinamalayan, Oriental Mindoro
2601 3201 Pinamalayan Highway Brgy. Poblacion, Sta. Cruz, Laguna
2602 3195 Lucsuhin Calatagan Brgy. Lucsuhin, Calatagan, Batangas
2603 3228 Cebu Lite Port Brgy. Tejero, Cebu City, Cebu
2604 3330 Kalilangan Centro** Poblacion, Kalilangan, Bukidnon
2605 3097 Azure Urban Residences** R10 Maldives Building, The Azure Urban Residences,
West Service Road, Bicutan, Parañaque City
2606 2978 Bayombong, Nueva Vizcaya** Poblacion, Bayombong, Nueva Vizcaya
2607 3254 Maasim** Brokenshire Hospital, Brokenshire Heights, Madapo Hills, Davao City, Davao del Sur
2608 3260 Tiniwisan** Brgy. Poblacion, Calatagan, Batangas
2609 2914 Malapatan Proper** National Road, Bacuyangan, Hinoba-an, Negros Occidental
2610 3051 Jasaan Centro Green Oil Maasim, Maasim Poblacion, Sarangani Province
2611 3089 Brokenshire Brgy. Tiniwisan, Butuan City, Agusan del Norte
2612 3305 Calatagan Poblacion Poblacion Malapatan, Sarangani Province
2613 3341 Hinoba-an Lower Jasaan, Jasaan, Misamis Oriental

Annual Report 2019

116 # Store Name Address
2614 3287 Villamor 3 P19-01 cor. 10th St. & 7th St., Brgy. 183, Villamor Airbase, Pasay City
2615 3319 Ospital ng Tondo** Abad Santos Ave., Tondo, Manila
2616 3371 Fatima Antipolo Antipolo Valley Mall, Km23 Sumulong Highway cor. Ambassador F. Neri ,
Brgy. Sta. Cruz, Antipolo City
2617 3302 Dumanjug Central Poblacion Dumanjug, Cebu
2618 3325 Bristol Alabang Retail 1, Bristol at Parkway Place, Filinvest City, Alabang, Muntinlupa City
2619 3417 St. Peter Cathedral** Ortiga St., Brgy. III, San Fernando, La Union
2620 3396 CPI San Fernando Poblacion, Tuguegarao City, Cagayan
2621 3094 Malolos Central School** F. Estrella St., Sto. Rosario, Malolos, Bulacan
2622 3388 Cateel Brgy. Poblacion, Cateel, Davao Oriental
2623 3038 Bantud** Sitio Bantud, Brgy. Manoc-Manoc, Malay, Aklan
2624 3264 Meridian Park 2** EDSA cor. Macapagal Ave., Pasay City
2625 3176 Capitol Drive Butuan** Lot 19 Blk 19 Capitol Drive Butuan City, Agusan Del Norte
2626 3099 Malolos Junction** Brgy. Dakila, Malolos, Bulacan
2627 3173 Tala, Caloocan** Tala, Caloocan City
2628 3352 PITX** Level 1, Unit 142 PITX, Kennedy Ave., Brgy. Tambo, Paranaque City
2629 3100 Carranglan Digdig, Brgy. Joson, Carranglan, Nueva Ecija
2630 3439 Regal Condo 95 R. Layug St. cor. FB Harrison St., Pasay City
2631 2850 Ayala Smallville GF, RU 124B Iloilo Technohub building.
2632 3230 Gaisano Grand Roxas** Arnaldo Blvd., Roxas City Capiz
2633 2842 MC Market Balintawak 1181 EDSA, Balintawak, Quezon City
2634 3373 Hagnaya Port** Hagnayan, San Remigio, Cebu
2635 2249 San Nicholas Dasma Brgy. San Nicholas II, Dasmariñas City
2636 3001 Makati Cinema Square Makati Cinema Square, Chino Roces Ave., Makati City
2637 3083 Bakakeng Road Baguio** Bakakeng Rd., Baguio City, Benguet
2638 3232 Jalandoni Pansol** Brgy. Pansol, Calamba, Laguna
2639 3079 Shell Bislig** Cor. Montero St., Poblacion, Bislig, Surigao Del Sur
2640 2929 Real Quezon** 79 Banlat Road, Brgy. Tandang Sora, Quezon City
2641 3243 Amaia Scapes Gen Trias** Poblacion, Isabela, Negros Occidental
2642 3022 Nova 5** Mayon St., Brgy., Sta. Teresita, Sta. Mesa Heights, Quezon City
2643 2942 Teresa Poblacion MLQ Ave., Brgy. Poblacion 1, Real, Quezon
2644 3293 Hagonoy Crossing Space No. 1 & 2, Touchgold Complex, Arnold Highway, Brgy. Santiago, Gen. Trias, Cavite
2645 3351 Banlat Road 216 General Luis St., Brgy. Novaliches Proper, Novaliches, Quezon City
2646 3354 Isabela Negros Lexar Bldg., Brgy. Poblacion, Teresa, Rizal
2647 3378 Mayon 2 1398 San Agustin, Hagonoy, Bulacan
2648 3013 Gensan NLSA Cor. Leon Llido, NLSA Rd., Brgy. Lagao, Gen. Santos City
2649 3274 Northview** Lot 1-A & Lot-B Block 8 Batasan-San Mateo Rd., Batasan Hills, Quezon City
2650 3358 Petron Tagudin** Brgy. Libtong, Tagudin, Ilocos Sur
2651 2671 Yapak Boracay** Sitio Hagdan, Yapak Malay, Aklan
2652 2639 Marcos Highway Baguio** Marcos Highway Santo Tomas, Baguio City
2653 3093 Carmen Zaragoza, N.E. Sta. Rosa-Tarlac Road, Brgy. Carmen, Zaragoza, Nueva Ecija
2654 3323 TIP Aurora** 936 Aurora Blvd., Quezon City
2655 3379 Laguna Doctors** #401 Visayas Ave., Tandang Sora, Quezon City
2656 3363 Visayas Ave. 2** Laguna Doctors Hospital, Brgy. Pagsawitan, Sta. Cruz, Laguna
2657 3414 Gapan San Lorenzo** Tinio St., Brgy. San Lorenzo, Gapan City, Nueva Ecija
2658 3280 Diego Cera** 453 Quirino Ave., Pulang Lupa Uno, Las Pinas City
2659 3400 La Fuente** Brgy. Lourdes, Sta. Rosa, Nueva Ecija
2660 3515 LTI Square** Technopark Square, Laguna Technopark, Binan City, Laguna
2661 3309 CPI Mariveles** Brgy. Bantug, Roxas City, Isabela
2662 3191 Maranding Lala Brgy. Batangas II, Mariveles, Bataan

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 117
2663 3212 Roxas Highway, Isabela Barrio Maranding, Lala, Lanao del Norte
2664 3039 Shell Mangagoy** A. Soriano Ave. cor. John Bosco Mangagoy, Bislig City, Surigao Del Sur
2665 3070 CPI Cabadbaran** Brgy. 8 Poblacion cor. Asis St., Cabadbaran City, Agusan del Norte
2666 3479 Vista de lago 44 Bagong Calzada St., Brgy. Ususan, Taguig City
2667 3241 Isulan Roundball Isulan Roundball, National Highway, Isulan, Sultan Kudarat
2668 3455 CGH Times Square Food Court Chinese General Hospital #286 Blumentritt St., Sta. Cruz, Manila
2669 3431 Bauan AG&P** Perez Boulevard, Dagupan City, Pangasinan
2670 3424 Kiwalan Centro** Montilla Blvd. cor. Rosales St., Butuan City, Agusan Del Norte
2671 3270 Perez Boulevard Dagupan National Highway, Brgy. Manghinao, Bauan, Batangas
2672 3389 SJIT Montilla Butuan-Cagayan-Iligan Road, Kiwalan, Iligan City, Lanao del Norte
2673 3265 Pembo** Blk 210 Lot 4 & 5 Sampaguita St., Pembo, Makati City
2674 3471 Maligaya Square Sampaguita St. cor. Ilang Ilang St., Maligaya Park Subd., Pasong Putik, Quezon City
2675 3566 Fiesta Mall Lipa** Brgy. Maraway, Lipa City, Batangas
2676 3355 Toboso Negros Poblacion, Toboso Negros Occidental
2677 3382 Valley Golf Cainta Lot 1 Blk 1, Don Celso S. Tuazon Ave., Cainta, Rizal
2678 2808 Don Fabian Blk 1 Lot 19, Lot 14, Lot 18 and Lot 15, DFV, HOA, Brgy. Commonwealth, Quezon City
2679 3285 Ma-ao Brgy. Maao, Bago City, Negros Occidental
2680 3194 Bucana Nasugbu Martinez St., Bucana, Nasugbu, Batangas
2681 3393 Makato Aklan** Poblacion, Makato, Aklan
2682 3298 BF Bayanihan 293 Aguirre Ave. cor. Gov. Santos, BF Homes, Paranaque City
2683 3365 The Rise** LC Square Burgos St. cor. Rizal St., Poblacion, Ormoc City, Leyte
2684 3029 Ormoc Downtown** Poblacion, Patnongon, Antique
2685 3221 Patnongon Antique Unit 2 The Rise Makati, Malugay St., Makati City
2686 3339 Tamsui Imus Tamsui Ave., Brgy. Bayan Luma 2, Imus, Cavite
2687 3296 T'Boli Poblacion T'Boli, South Cotabato
2688 3297 Alabang SB Exit 9006 R.P. Landrito Bldg., West Service Road, Alabang, Muntinlupa City
2689 3442 Sky 1 Tower** Sky 1 Tower, No. 68 Dasmarinas St., Binondo, Manila
2690 3189 CPI Surigao** Capitol Rd. cor Sering St., Brgy. Washington, Surigao City, Surigao del Norte
2691 3111 CTS-Mactan** Basak-Marigondon Rd., Basak, Lapu-Lapu City, Mactan Cebu
2692 3581 Victoria Sports Tower** Centro Poblacion, Ilagan City, Isabela
2693 2977 Mainit** Osmeña St. cor. Pakiad Road, Brgy. Mohon, Arevalo, Iloilo City
2694 3433 Xentro Mall Ilagan, Isabela** Blk 55 Lot 35 Floraville St., Brgy. Rizal, Makati City
2695 3226 Mohon Unit UG2 GF, Victoria Sports Tower, 799 EDSA South Triangle, Quezon City
2696 3475 Rizal Makati Mongaya Bldg., Brgy. Magpayang, Mainit, Surigao del Norte
2697 3416 Palayan City Hall** Brgy. Atate, Palayan City, Nueva Ecija
2698 3266 Calumpang Binangonan 341 National Road, Calumpang, Binangonan
2699 3342 Calamba RD Poblacion 2, Calamba City, Laguna
2700 3247 Jade Residences** #321 Brgy. Malagasang 1, Imus, Cavite
2701 3423 SCC Midsayap** Quezon Ave. Road, Poblacion, Midsayap, North Cotabato
2702 3420 Samat Mandaluyong** #4 Samat St. cor King's Road, Brgy. Highway Hills, Mandaluyong City
2703 3281 Prosperity Heights Prosperity Heights Condominium, Tandang Sora Ave., Quezon City
2704 3316 Phoenix Diversion** Brgy. Caritan, Tuguegarao City, Cagayan Valley
2705 3314 Tuguegarao City Hall** Caggay,Tuguegarao City, Cagayan
2706 3096 Oxford Cubao** 26th cor. 9th Ave., Bonifacio Global City, Taguig City
2707 3222 Finance Center BGC Aurora Blvd., Brgy. E. Rodriguez, Cubao, Quezon City
2708 3460 SSS Village 2 Lot 2-B Block 11, RPJ Building, Sapphire St. cor. Lilac St., Concepcion Dos, Marikina City
2709 3503 Herencia, Telabastagan** Mawing Plaza, Brgy. Telabastagan, San Fernando, Pampanga
2710 3528 Town and Country Cainta** Unit 2, Town and Country Arcade, Marcos Highway, Cainta, Rizal
2711 3088 Tacloban Real** Real St., Tacloban City, Leyte
2712 2927 T. Santiago Valenzuela** Balibago, Angeles City, Pampanga

Annual Report 2019

118 # Store Name Address
2713 3428 One Euphoria T. Santiago St., Valenzuela City
2714 3190 Casa Esperanza Lacson St., Sampaloc, Manila
2715 3412 Alex Blum 792 Blumentritt Rd., Sampaloc, Manila
2716 3227 Jamindan** Brgy. Poblacion, Jamindan, Capiz
2717 3138 Velasquez Taytay** Velasquez St., Brgy. San Juan, Taytay, Rizal
2718 3106 CPI Diokno Caltex Area-Diokno Blvd., Aseana City, Parañaque
2719 3413 Calzada Balayan** Cagayan de Oro-Dominorog-Camp Kibanitan Road, Brgy. 4, Talakag, Bukidnon
2720 3196 Pangantucan Centro Brgy. Calzada, Balayan, Batangas
2721 3255 Biclatan Gen. Trias National Highway, Poblacion Pangantucan, Bukidnon
2722 3332 QualiMed Hospital Nuvali Brgy. Biclatan, Gen. Trias, Cavite
2723 3464 Bali Garden Retail 4 and 5, GF, QualiMed Hospital. Nuvali, Sta. Rosa City, Laguna
2724 3507 Shell Talakag Ground Floor, Bali Garden Residence, Zuzuarregui St., Matandang Balara, Quezon City
2725 3409 ASU Kalibo** G/F Garcia Commercial Bldg., Roxas Ave. Extn., Kalibo, Aklan
2726 3301 Golden City Sta. Rosa Golden City Subd., Brgy. Dila, Sta. Rosa City, Laguna
2727 3269 Bauan Port ** National Road, Brgy. Bolo, Bauan, Batangas
2728 3353 Norala Poblacion Poblacion, Norala. South Cotabato
2729 3333 San Luis Antipolo Marcos Highway cor. Boncan Road, Brgy. San Luis, Antipolo City
2730 3604 Sta. Lucia Resettlement** Sta. Lucia Resettlement, Magalang, Pampanga
2731 3166 Loboc, Bohol** Loay Interior Road, Poblacion, Loboc, Bohol
2732 3271 Alaminos Municipal** Brgy. Poblacion III, Alaminos, Laguna
2733 3273 Lifehomes 2** #22 Pres. Quezon, Lifehomes Subd., Rosario, Pasig City
2734 3289 Paseo Verde- Las Pinas No. 301 Real St., Quirino Ave. cor C5 Ext., Pulang Lupa Uno, Las Pinas City
2735 3010 Calapan Market Juan Luna St., San Vicente, Calapan City, Oriental Mindoro
2736 3248 Quisao Pllilla J.P. Rizal St., Brgy. Quisao, Pililla, Rizal
2737 3500 Bayanan Market 247 National Rd., M. Dolleton Bldg., Brgy. Bayanan, Muntinlupa City
2738 3369 San Jose City Hall** Brgy. Fe Marcos, San Jose, Nueva Ecija
2739 3611 Viverde Lofts Pasay** Arcaplaza #73 Maysan Road, Valenzuela City
2740 3440 Arcaplaza Dominga-Sandejas St., Pasay City
2741 3329 TPI Ayala** Balaoan Poblacion, La Union
2742 3217 Balaoan Poblacion** Diversion, San Leonardo, Nueva Ecija
2743 3209 San Leonardo Diversion Unit 2A-Bank of Makati Bldg., Ayala Avenida, Makati City
2744 3376 Janiuay Hospital Brgy. Jibolo, Janiuay, Iloilo
2745 3434 Pennsylvania, La Union** Pennsylvania Catbangen, San Fernando, La Union
2746 3470 Oroquieta Highway** Lower Langcangan, Oroquieta City, Misamis Occidental
2747 3300 Tayabas Intersection** Calumpang, Tayabas City, Quezon
2748 3151 M. Dela Fuente 2 Esperanza Place, 903 M. Dela Fuenta St. cor. España Blve., Sampaloc, Manila
2749 3299 Countryside Lot 5 Blk 1 Countryside Ave., Countryside Village, Sta. Lucia, Pasig City
2750 3514 Pacific Star 2** Apalit Resettlement, Floridablanca, Pampanga
2751 3334 Floridablanca Resettlement** Brgy. Dila, Golden City Subd., Sta. Rosa City, Laguna
2752 3465 Pooc Sta. Rosa** 406 Robes, Brgy. Maharlika, San Jose Del Monte, Bulacan
2753 3399 Skyline G/F Pacific Star Bldg., Gil Puyat Ave. cor. Makati Ave., Makati City
2754 3564 Calasiao 2** 101 Petroluem MacArthur Highway, Calasiao City, Pangasinan
2755 3422 BPI Corporate Center** Poblacion, Kapatagan, Lanao del Norte
2756 3350 Kapatagan Centro** Brgy. Sahud Ulan, Tanza, Cavite
2757 3215 Sahud Ulan Tanza CPI Corporate Center Cebu, Archbishop Reyes Ave. cor. Luzon Ave.,
Cebu Business Park, Cebu City
2758 3327 Looc Cardona Manila East Road, Brgy. Looc, Cardona, Rizal
2759 3392 CPI San Jose Tacloban Brgy. 88, San Jose, Tacloban City, Leyte
2760 3614 Paco Arena** Brgy. Longos, Kalayaan, Laguna
2761 3550 8 Waves Resort Paco Arena, Apacible cor. Leroy St., Paco, Manila

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 119
2762 3553 Kalayaan Laguna National Highway, San Rafael, Bulacan
2763 3552 Eugenio, San Jose** Eugenio St., Rueda, San Jose, Nueva Ecija
2764 3467 Fort Magsaysay Purok 1, Brgy. Barrio Militar, Fort Magsaysay, Palayan City, Nueva Ecija
2765 3608 CPI Cantilan** Pag-antay, Cantilan, Surigao del Sur
2766 3335 Nasipit Centro** Brgy. 4, Nasipit, Agusan del Norte
2767 3322 LISP 1 Gate 4** Brgy. Diezmo, Cabuyao, Laguna
2768 3249 Impalambong San Isidro** Impalambong, Malaybalay City, Bukidnon
2769 3436 Panipuan** EGI Gasoline, Panipuan, San Fernando, Pampanga
2770 3277 Woodlane Imus Brgy. Malagasang 1, Malagasang Road, Imus, Cavite
2771 3374 C. Colago San Pablo** Maningcol, Ozamiz City, Misamis Occidental
2772 3362 Mhars Gen Hospital C. Colago, San Pablo City, Laguna
2773 3540 Montefaro Homes** G.S. Bldg., Cagayan Valley Rd., Sta. Rita, Guiguinto, Bulacan
2774 3529 Maysilo Malabon** GF Tejeros Market, Pasong Triad cor. Aranda St., Brgy. Tejeros, Makati City
2775 3278 U.N. Ave 2 NIA Rd., Brgy. Carsadang Bago, Imus, Cavite
2776 3441 Sta. Rita 2 205 M.H. Del Pilar St., Brgy. Maysilo, Malabon City
2777 3451 Tejeros Makati 1239 U.N. Ave. cor. Tangue St., Manila
2778 3495 Concentrix Nuvali 2/F Pantry Area, Bldg. 1, Technopod, Nuvali, Sta. Rosa-Tagaytay Rd., Sta. Rosa, Laguna
2779 3487 San Carlos 3 PNR Site, San Carlos City, Pangasinan
2780 3494 New Corella Rizal St., Brgy. Poblacion, New Corella, Davao del Norte
2781 3109 Barasoain Church** Brgy. Liyang, Malolos, Bulacan
2782 3387 Malolos Old Cityhall** Sto. Nino Poblacion, Malolos, Bulacan
2783 3306 Bais** Rizal Ave., Brgy. Sta. Ana, Taytay, Rizal
2784 3102 Kalayaan Park Taytay National Highway (Quezon St.) cor. Aglipay St, Brgy. 1, Bais City, Negros Oriental
2785 3453 Tacurong New Isabela** Purok Yellow Bell, Brgy. New Isabela, Tacurong City, Sultan Kudarat
2786 3312 Solano 2, Nueva Vizcaya** Maharlika Highway, Solano, Nueva Vizcaya
2787 3523 Mantalongon** Corners Bermejo-Serrano Streets, Brgy. Zone 3 and Zone 10, Poblacion, Cabatuan Iloilo
2788 3315 P. Gomez** Carrascal Poblacion, Surigao del Sur
2789 3229 Cabatuan 2 Iloilo Brgy. Mantalongon, Barili, Cebu
2790 3098 Carrascal 954 J.P. Rizal cor. P. Gomez St., Brgy. Poblacion, Makati City
2791 3336 Guiguinto Crossing** Brgy. Poblacion, Alubijid, Misamis Oriental
2792 3419 Petro Gazz Silang Taliptip, Bulakan, Bulakan
2793 3626 Park Avenue Pasay Petro Gazz Station, Purok 5, Brgy. Pasong Langka, Silang, Cavite
2794 3445 San Manuel, Isabela Park Ave. cor. Ignacio St., Pasay City
2795 3279 Amaia Steps Bacolod Disrict 3, San Manuel, Isabela
2796 3372 Golden City Taytay Space Nos. C-105 & C-106, GF, Amaia Steps Capitol Central, San Juan Street.,
Brgy 8 Bacolod City Negros Occidental
2797 3253 Albuera Leyte Blk 1 Lot 2 Golden City Subd., Brgy. Dolores, Taytay, Rizal
2798 3517 Alubijid Centro National Highway, Poblacion, Albuera ,Leyte
2799 2851 UNP Vigan Quirino Boulevard, Brgy. Tamag, Vigan City, Ilocos Sur
2800 3595 Norzagaray Rotonda** Brgy. Ahungin, Norzagaray, Bulacan
2801 3532 Central Bloc** Verde Oro Bldg., 535 Commonwealth Ave., Quezon City
2802 3408 Verde Oro Commonwealth Central Bloc, Inez Villa St., IT Park, Lahug, Cebu City
2803 3461 Happy Go Shopping Mall Bignay, Valenzuela City
2804 3492 Lipata** Lipata Port, Montenegro Shipping Line, Surigao City
2805 3447 Bolbok Diversion** Bolbok Intersection, Brgy. Bolbok, Batangas City
2806 3499 Avida Prime Taft** Cabrera Rd., Brgy. Dolores, Taytay, Rizal
2807 3563 Sterling Industrial** 1075 J.P. Rizal, Guadalupe Viejo, Makati City
2808 2740 Cabrera Rd. Taytay Retail 7, GF Avida Prime Taft, Taft Ave., Pasay City
2809 3513 Guada Viejo Brgy. Iba, Guevarra St., Meycauyan, Bulacan
2810 3468 Tagbina Poblacion** Rizal St., Ballesteros, Cagayan

Annual Report 2019

120 # Store Name Address
2811 3240 Ballesteros, Cagayan** Retail 5, Cyberpark, Tower 2, Cubao, Quezon City
2812 3634 Cyberpark Tower 2 P-3 Sto. Nino, Poblacion, Tagbina, Surigao del Sur
2813 3703 Bongabong Mindoro** Strong Republic Nautical Highway, Brgy. Poblacion, Bongabong, Oriental Mindoro
2814 3129 Barbaza Antique** National Road-Ybera St., Brgy. Poblacion, Barbaza, Antique
2815 2995 Puerto Galera Town** Manila East Rd. cor. E. Rodriguez Ave., Tanay, Rizal
2816 3009 Tanay Hi-way Poblacion, Puerto Galera, Oriental Mindoro
2817 3504 CPI San Juan Batangas** 21 Abanao St., Shagem St., Baguio City
2818 3237 Abanao 2** Poblacion Banga, South Cotabato
2819 3478 Petron Banga Brgy. Mabalanoy, San Juan, Batangas
2820 3520 Hinatuan** North Poblacion, Bacong, Negros Oriental
2821 3777 Bacong Negros** Stotsenberg, Medical Center Building, Ninoy Aquino Ave. Clark Freeport Zone, Pampanga
2822 3493 Clark Stotsenberg Brgy. Aquino, Hinatuan, Surigao Del Sur
2823 3134 Camella Sta. Maria** Poblacion, Anda, Pangasinan
2824 3574 Topacio Imus** Brgy. Pinagpanaan, Talavera, Nueva Ecija
2825 3596 Neptune Makati Diko Square, Pulong Buhangin, Sta. Maria, Bulacan
2826 3610 P. Herrera Pateros Gen. E. Topacio St., Brgy. Poblacion, Imus, Cavite
2827 3562 Paseo de Aklan Neptune St., Bel-Air, Makati City
2828 3591 Anda, Pangasinan 882 P. Herrera St., Brgy. Aguho, Pateros, Manila
2829 3231 Pinagpanaan Talavera Paseo de Aklan, Mabini St., Kalibo, Aklan
2830 3438 Balagtas 2, Bulacan** E. Rodriguez, Cubao, Quezon City
2831 3575 Bacoor Coliseum** Maharlika Highway, Macanaya Rd., Aparri, Cagayan
2832 3690 Benedicto College** EDSA cor. Bernardino St., Guadalupe Veijo, Makati City
2833 3367 15th Ave. Cubao Borol 1st, Balagtas, Bulacan
2834 3380 Aparri Junction Springville Ave., Brgy. Molino 3, Bacoor City, Cavite
2835 3592 EDSA Loyola GF Benedicto College, Don Bernardo St., Cebu City, Cebu
2836 3403 Paombong Poblacion** Caltex Gasoline Station, MCX Poblacion, Muntinlupa City
2837 3621 CPI MCX** Florante Bldg., McArthur Highway, San Juan, Balagtas, Bulacan
2838 3343 San Juan Balagtas Poblacion, Paombong, Bulacan
2839 3541 Tejeron 2** 6 Maricavan, Pasay City
2840 3485 Golden City Imus** De Los Reyes Street, Brgy. Poblacion, Municipality of Sebaste, Province of Antique City
2841 3454 Kasiglahan Rodriguez JLW Bldg., Tejeron St. cor. Sampaguita St, Sta. Ana, Manila
2842 3569 Sibonga Poblacion Blk 67 Lot 39 & 40, Anabu II-F, Imus, Cavite
2843 3549 Maricavan Pasay Kasiglahan Village, San Jose, Rodriguez, Rizal
2844 3497 Sebaste Antique Sibonga-Dumanjug Rd. cor. Bacalso National Highway, Poblacion, Sibonga, Cebu
2845 3158 La Torre, N.E.** Brgy. La Torre, Talavera, Nueva Ecija
2846 3609 Tangub Centro** Poblacion, Tangub City, Misamis Occidental
2847 3326 San Juan Cainta** Sagebrush St., Greenland Executive Village, San Juan, Cainta, Rizal
2848 3642 Medina Centro** Poblacion Medina, Misamis Oriental
2849 3356 Mimosa** Montevista Village, Acacia Drvie, Mimosa Leisure Estate, CFZ, Angeles, Pampanga
2850 3449 Unioil Almanza** Manila Access Rd. cor. Alabang-Zapote Rd. Almanza Uno, Las Pinas City
2851 3632 San Dionisio Poblacion** National Highway, Naujan, Oriental Mindoro
2852 3405 Naujan Highway Poblacion, San Dionisio, Iloilo
2853 3283 Sta. Ana Highway,
National Highway cor. Santiago-San Agutin Rd., Ipil Junction, Echague, Isabela
Pampanga**
2854 3639 Echague 1, Isabela** Strong Nautical Highway, Brgy. Maligaya, Gloria, Oriental Mindoro
2855 3613 Gloria Poblacion Jose Abad Santos, Sta. Ana, Pampanga
2856 3347 Tampakan Poblacion** 2 London St., Cypress Village, Imelda Ave., Cainta, Rizal
2857 3469 Madrid Surigao Pine St., Tampakan Poblacion, South Cotabato
2858 3666 Caraga Madrid Poblacion, Surigao del Sur
2859 3370 Cypress Cainta Surigao-Davao Coastal Rd., Brgy. Central, Caraga, Davao Oriental

Bearing Fruit: Reaping Innovation’s Rewards

 # Store Name Address 121
2860 3496 San Enrique Negros Brgy. Poblacion, San Enrique, Negros Occidental
2861 2932 Lopez Jaena Lopez Jaena St., La Paz, Iloilo City
2862 3580 SJDM Heights** 485 Boni Ave., Brgy. Plainview, Mandaluyong City
2863 3092 Boni- San Joaquin Zone 1 Muzon, San Jose del Monte, Bulacan
2864 3588 P. Campa 3 ** GF of KB Lepanto Building II, SH Loyola, Sampaloc, Metro Manila

Annual Report 2019

7th, 11th, and 12th Floors, The Columbia Tower
Ortigas Avenue, Mandaluyong City 1550

www.7-eleven.com.ph