CEBU’S oldest and only sugar milling firm, Bogo-Medellin Milling Company Inc. (Bomedco), is now feeling the pinch of the sugar crisis.
This was confirmed by Medellin Mayor Benjun Mondigo Wednesday, Aug. 17, 2022.
He said the 94-year-old milling company located in Barangay Luy-a is now struggling to sustain its operations as some of its planters have opted to have their sugar milled in Negros.
According to the Department of Social Welfare and Development in Central Visayas (DSWD 7), Bomedco directed some of its employees, especially administrative staff and factory workers, to stop reporting to work from June 15 to Aug. 15.
Based on DSWD 7 data, about 240 of its workers have been under the “No Work, No Pay” arrangement for a month now.
To help the affected Bomedco workers, the DSWD as well as the local government of Medellin and national government have allocated P5,000 in cash aid and 10 kilos of rice for each of them.
The mayor has called for a special session of the Municipal Council to look into the problem and provide solutions.
Bomedco is a publicly listed company on the Philippine Stock Exchange. It first started operations on June 4, 1928, with a production capacity of 3,000 tons of sugar cane which are processed into sugar.
Based on its latest financial quarterly report, the company reported a P12.8 million net income as of end June 30, 2022. / ANV, CSL