Splash eyes growth as Filipinos want to feel, look good

MANILA, Philippines - Local beauty and personal care Splash Corp. has started introducing sachets as Filipinos are feeling the brunt of weak economy but the listed company remains upbeat on its performance for the second quarter. Splash president Jessin Soriano said the company would record a "single-digit" growth this quarter after posting a four-percent increase in net income. “Even during crisis, people still want to look good and feel good. That's a proven concept, when the economy is down, the personal care industry goes up. People don't stop using products but they somehow reduce usage," he said. Maxi-Peel, SkinWhite and Extract whitening products are market leaders. "We have started penetrating the tertiary market or the sari-sari stores," he said. Splash chief finance officer Ramon Trajano said the company owned by the husband-and-wife team Rosalinda and Rolando Hortaleza allocated an advertising budget similar to last year's P916 million. “It's more or less the same level as last year. We expect to spend more for advertising in the second half," he said. Splash will invest more in research and development of new products, Soriano said, even if it plunged 68.18 percent to P3.5 million in 2008 from P11 million the previous year. It will expand its presence in two more countries from 34. “We plan to continue investing in research and development this year especially for an industry like ours. We will also continue to penetrate the international market," he said adding Splash will forge additional distributorship agreement. -GMANews.TV