A GROUP of young entrepreneurs is capitalizing on the flourishing food and beverage sector in Cebu, which is primarily fueled by the still prevalent “revenge spending” trend post-pandemic.
The owners of 1521 Bistro Bar are gearing up for an expansion in Cebu, and are in fact, actively engaged in negotiations to secure new locations for the brand’s growth.
“The group aims to deliver on our promise to elevate the Cebu food and beverage scene. We look forward to introducing new concepts very soon,” said managing group partner Melissa Basubas Padayhag.
1521’s flagship outlet is located in Bonifacio District in Cebu City.
Padayhag said they’re encouraged by the success of the flagship outlet and they are inspired to take an active role in Cebu’s vibrant dining and nightlife scene.
“We are currently in the process of negotiating new locations for other new exciting concepts,” she said.
1521 Bistro Bar, whose name was inspired by the year Ferdinand Magellan landed in the Philippines, is among the innovative ventures that emerged after the Covid-19 pandemic.
It is owned by cousins-turned-entrepreneurs Melanie and Mark Pepino, Melissa and Paul Padayhag II, Mytha and Mikko Canoy, Patrick and Genevieve Benedicto, Niko and Pinky Basubas, and other investors.
“1521 Bistro Bar was born out of the interest of the family to introduce to Cebu a diverse selection of both Western and Eastern-inspired dishes, elevating Cebu’s dining experience further,” said Padayhag.
“Since we are about six heads deciding on our final menu, all our favorite cuisines from the Philippines and abroad are all represented in our dishes,” she added.
The owners put in a hefty investment knowing there’s a multitude of restaurants that have sprouted in the city post-pandemic, each wanting to get a good share of the dining market that is into celebratory spending.
“We really invested in our menu. We had it created by a French chef who used to work for Shangri-La Dubai,” said Padayhag.
1521 Bistro Bar’s story and its expansion plans mirror the optimism of businesses in the months ahead amid the uncertainties in the global economy due to wars, high inflation and rising interest rates.
Business outlook
According to the Third Quarter Business Expectations Survey (BES) of the Bangko Sentral ng Pilipinas, business confidence for the fourth quarter of this year was more buoyant as the overall confidence index (CI) rose to 53.8 percent from 46.4 percent a quarter ago.
The firms’ more bullish outlook for this quarter stemmed from their expectations of stronger demand for products and services and higher revenues mainly driven by holiday spending and other seasonal factors such as the peak of the sugar milling season; better economic conditions amid the lifting of the state of public health emergency due to Covid-19; more expansion and business opportunities, and new customers and projects.
Moreover, for the next 12 months, business confidence was similarly more upbeat as the overall CI increased to 59.7 percent from 58.5 percent in the previous quarter.
The firms’ more favorable outlook for the next 12 months was attributed primarily to their anticipation of brisker demand for goods and services across all sectors, improved business climate amid a fully reopened economy, further expansion and new business opportunities, additional clients and projects, and easing inflation.
More upbeat
The third quarter BES also revealed that business confidence in most regions outside of the National Capital Region, like Central Visayas, was largely more upbeat in the fourth quarter and in the next 12 months.
The BES was conducted from July 5 to Aug. 15, 2023, and surveyed 1,549 firms nationwide.