By the time you receive this issue, we have started a new fiscal year for the club. The current fiscal year ending September 30 has been a relatively good year, despite the many challenges we had to face.
The in-depth audit of our F&B Operations by an external Consultant has just been completed. The findings and recommendations arising from this audit will serve as the basis for implementing a concerted program to streamline and improve our F&B Operations and make it profitable and comparable to the best in the industry. This will be a priority area for management to focus on in the efforts to turn around the financials of the club.
We hope that by now, you have experienced the pleasant ambience of our newly refurbished Lanai and look forward to seeing more of you drop by to have a relaxing meal or snack.
As part of our clean-up of delinquent accounts, 28 delinquent shares were put to auction last July 30, 2016. More than 20 members, assignees and dependents participated in the auction. Of the 28 shares auctioned, 13 shares (11 regular proprietary and 2 Corporate) were sold, 9 shares were re-acquired by the club, and the balance of 6 shares will be scheduled for auction again in the near future. The highest bid received for the regular proprietary share was P 350,000.00, while that for the Corporate share was P 510,000.00. The net proceeds from this auction of P4.2M will be used to fund the new retirement provisions in the CBA we signed with the Union last December 2015.
Again, my heartfelt thanks for your continuing support and loyalty to our country club.
FRANCISCO C. EIZMENDI, JR.