Home developer Revolution Precrafted said it has settled most of its payables to suppliers.
“Majority have since been put to rest and we are fulfilling our obligations to clients and suppliers where these contracts are deemed due or expired indeed, ” said company founder Jose Roberto Antonio, adding the company is now focused on maintaining its position in the property technology sector.
He did not elaborate the amount settled.
“Revolution Precrafted is an asset-light intellectual property-based company founded on the idea of making world-class designer houses accessible, practical, fast and affordable especially for a rapidly expanding middle class. The vision to utilize IP (intellectual property) and technology for the future remains the same,” said Antonio.
“How we pivot now involves leveraging on our IP or intellectual property — the compelling designs that are really at the heart of our enterprise — and licensing them to any developer or end user who would like the designs for their own homes or projects using their own contractors. Our pivot entails focusing on what is truly Revolution Precrafted’s core business, selling designs,” he added.
A number of Revolution Precrafted suppliers sought the help of National Bureau of Investigation early this year to investigate Antonio for alleged P150 million unmet deals in Revolution Precrafted.
Revolution Precrafted said it had to trigger “force majeure stipulations” in the contract due to the coronavirus disease 2019 pandemic and was ready to settle with suppliers.
Revolution Precrafted supplies property developers with designer homes whose international marketing rights Revolution acquired. In the Philippines, to tap a wider market, the company has offered since 2018 the option of traditionally constructed homes as well.
