MANILA, PHILIPPINES — Pharmally’s financial statement for 2020 shows that its sales that year was a whopping P7.49 billion – indicating that all these may have come solely from the P7.9 billion contracts that it got from the government.
After the Duterte government awarded Pharmally Pharmaceutical Corporation P7.9 billion worth of contracts in 2020 despite the latter having only P625,000 in paid-up capital, the newly registered company declared a net income of P264.7 million that year.
The company – whose executives have links to an ex-adviser of President Rodrigo Duterte and some of them wanted in Taiwan – is poised to earn more as the government has awarded them at least four additional contracts in 2021 totalling P2.3 billion.
- P507.3 million for 517,613 PPE (personal protective equipment sets) for P980 per unit; awarded by Procurement Service-Department of Budget and Management (PS-DBM) on May 19, 2021
- P774.3 million for 17,000 RT-PCR test kits for P45,550 per unit; awarded by PS-DBM on June 2, 2021
- P37.9 million for 2 million face shields for P18.88 per unit; awarded by the Department of Health (DOH) on June 11, 2021
- P1 billion for 26,970 RT-PCR test kits for P37,450 per unit; awarded by PS-DBM on July 26, 2021
Pharmally’s financial statement for 2020 shows that its sales that year was a whopping P7.49 billion – indicating that all these may have come solely from the P7.9 billion contracts that it got from the government.
Duterte, Malacañang, and COVID-19 plan chief implementer Carlito Galvez Jr. have all defended the government deals with Pharmally, saying it was the supplier who could deliver at the time.
This was despite former PS-DBM chief Lloyd Christopher Lao acknowledgment before senators that he could have been negligent in vetting suppliers like Pharmally. and Senator Risa Hontiveros’ revelation that Pharmally’s biggest shareholder, Huang Tzu Yen, and his father had been wanted for various forms of financial fraud in Taiwan since December 2020.