A spokesperson for the Philippine startup, founded by its chief executive Robbie Antonio, said settlement discussions were in progress with company stakeholders.
“We are fully cooperating with the authorities on this and we are committed to address these issues with our contractors and suppliers,” said Revolution Precrafted director and corporate secretary Michael Bilgera.
Revolution Precrafted was working on several projects as a supplier of designer homes to landowner-developers when the pandemic struck, affecting its sales, collections, and operations. The firm said it was unable to collect receivables from landowners, which in turn limited its ability to pay contractors and suppliers.
“Like many companies, we were not exempt from the market challenges brought about by the coronavirus pandemic that significantly affected our sales, collections and operations,” said Robbie Antonio.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues. In parallel, we will also work in earnest to collect what is due the company,” he said.
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