VIABILITY OF PUTTING UP A HONEY BLISS

In Partial Fulfillment of the Requirements for the degree

Of Bachelor of Science in Accountancy

By:

Jundy Mhea A. Bayagen

Rocsin T. Gobi

Karen Gayle N. Liwen

Rozel L. Montevirgen

Hazel Mae L. Og-oget

Lovely D. Pagawan

December 2020
 2

Approval Sheet

This Feasibility Study entitled VIABILITY OF PUTTING UP

HONEY BLISS prepared and submitted by Jundy Mhea A. Bayagen,
Rocsin T. Gobi, Karen Gayle N. Liwen, Rozel L. Montevirgen,
Hazel Mae L. Og-oget, and Lovely D. Pagawan in partial
fulfillments of the requirements for the degree Bachelor of
Science in Accountancy, has been examined and is recommended
for acceptance and approval for ORAL EXAMINATION.

Michael Karl M. Barnuevo, MBA, MICB

Adviser

APPROVED by the FEASIBILITY EXAMINATION COMMITTEE

Member
JAKE T. ALTIYEN, CPA, MBA

Member Member
ORLANDO A. ANANEY, CPA FLORENCE T. ANAPER, MBA

Proposal Defense Date: _____________ Rating:__________

Final Oral Examination Date: ____________ Rating:_________

Accepted and approved in partial fulfillment of the

requirements for the degree Bachelor of Science in
Accountancy.

Noted:

Jake T. Altiyen CPA _________

Dean, College of Accountancy Date
 3

ACKNOWLEDGEMENT

The researchers would like to express their sincere

gratitude to all the following persons for their invaluable

support and help in the completion of the study.

First of all, to the Almighty God, who gave the

researchers their wisdom, strength, patience, perseverance

and determination for the fulfillment of the study.

Mr. Jake T. Altiyen, the Dean of College of Accountancy

of King’s College of the Philippines-Benguet Campus, for

approving the researcher’s request to conduct the study.

To Mr. Chrisitian I. Baniaga, researcher’s instructor,

the proponents wish to express their deepest gratitude for

their encouragement, insightful comments and suggestions for

the improvement of the study.

To Mr. Michael Karl M. Barnuevo, researcher’s adviser,

this thesis would not have been possible if without his

invaluable support and assistance, words of encouragement

and moral support.

Members of the panel, Mr. Jake T. Altiyen, Mr. Orlando

A. Ananey and Ms. Florence T. Anaper for devoting their time

and rendering their professional advice and for the comments

that greatly improved the study;

 4

To the restaurants, coffee shops and snack houses who

willingly answered the questionnaires that helped the

researchers gather information to be used in the study; and

To their parents who always give them support both

financially and morally, love, care and understanding.

J.M.A.B

R.T.G

K.G.N.L

R.L.M

H.M.L.O

L.D.P
 5

TABLE OF CONTENTS

PAGE

TITLE PAGE. . . . . . . . . . . . . . . . . . . . . 1
APPROVAL SHEET . . . . . . . . . . . . . . . . . . 2
ACKNOWLEDGEMENT . . . . . . . . . . . . . . . . . . 3
TABLE OF CONTENTS . . . . . . . . . . . . . . . . . 5
LIST OF TABLES. . . . . . . . . . . . . . . . . . . 7

LIST OF FIGURES . . . . . . . . . . . . . . . . . . 8

EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . 9
CHAPTER 1: Marketing Aspect
Introduction . . . . . . . . . . . . . . . . . 17
Product Description . . . . . . . . . . . . . 18
Target Market. . . . . . . . . . . . . . . . . 22
Questionnaire Analysis. . . . . . . . . . . . 23
Demand Analysis. . . . . . . . . . . . . . . . 28
Demand Projection. . . . . . . . . . . . . . . 31
Supply Analysis. . . . . . . . . . . . . . . . 32
GAP Analysis . . . . . . . . . . . . . . . . . 35
Pricing Strategy . . . . . . . . . . . . . . . 37
Promotion and Advertising Strategy/ies . . . . 38
SWOT Analysis. . . . . . . . . . . . . . . . . 43

CHAPTER 2: Management Aspect

Introduction . . . . . . . . . . . . . . . . . 46
Business Name. . . . . . . . . . . . . . . . . 47
Business Logo. . . . . . . . . . . . . . . . . 47
Vision . . . . . . . . . . . . . . . . . . . . 48
Mission. . . . . . . . . . . . . . . . . . . . 48
Philosophy . . . . . . . . . . . . . . . . . . 48
Form of Ownership. . . . . . . . . . . . . . . 49
Organizational Charts. . . . . . . . . . . . . 51
Officers and Personnel’s . . . . . . . . . . . 51
Hiring Process . . . . . . . . . . . . . . . . 55
Work Schedule and Day-offs . . . . . . . . . . 57
Employee Benefits. . . . . . . . . . . . . . . 58
Company Policies . . . . . . . . . . . . . . . 60
 6

CHAPTER 3: Technical Aspect

Introduction . . . . . . . . . . . . . . . . . 66
Product/Service Description. . . . . . . . . . 66
Description of Project Activity. . . . . . . . 67
Gantt Chart. . . . . . . . . . . . . . . . . . 71
Production/Service Process . . . . . . . . . . 72
Business Location. . . . . . . . . . . . . . . 81
Business Hours . . . . . . . . . . . . . . . . 81
Business/Plant Layout. . . . . . . . . . . . . 82
Plant Size and Capacit.y . . . . . . . . . . . 83
Construction/Renovation Cost . . . . . . . . . 83
Equipment and Supplies . . . . . . . . . . . . 87
Waste Disposal . . . . . . . . . . . . . . . . 98

CHAPTER 4: Financial Aspect

Introduction . . . . . . . . . . . . . . . . . 101
Major Financial Assumptions. . . . . . . . . . 103
Capital Contribution/Sources of Financing. . . 104
Financial Statements . . . . . . . . . . . . . 105
Notes on Financial Statements. . . . . . . . . 116
Ratio Analysis . . . .. . . . . . . . . . . . 131

CHAPTER 5: Socio-Economic Aspect

Introduction . . . . . . . . . . . . . . . . 135
Business Community . . . . . . . . . . . . . . 136
Environment. . . . . . . . . . . . . . . . . . 136
Government . . . . . . . . . . . . . . . . . . 136
Employees. . . . . . . . . . . . . . . . . . . 137
Customers. . . . . . . . . . . . . . . . . . . 138
APPENDIX
Request Letter-Municipal . . . . . . . . . . . 139
Consent Letter-Respondents . . . . . . . . . . 140
Questionnaire. . . . . . . . . . . . . . . . . 141

REFERENCES. . . . . . . . . . . . . . . . . . . . . 151

CURRICULUM VITAE. . . . . . . . . . . . . . . . . . 152

 7

LIST OF TABLES

Table 1: Marketing Aspect

1.1 Historical Population of Restaurants,

Coffee Shops and Snack House . . . . . . . . . . . 29
1.2 Projected Populations. . . . . . . . . . . . . . . 32
1.3 Restaurant, Coffee Shops and Snack House
Annual Projected Demand. . . . . . . . . . . . . . 32
1.4 Historical Supply of Honey Production
in La Trinidad, Benguet. . . . . . . . . . . . . . 34
1.5 Projected Supply of Honey in
La Trinidad, Benguet . . . . . . . . . . . . . . . 35
1.6 Gap Analysis (in liters) . . . . . . . . . . . . . 35
1.7 Market Share (in liters) . . . . . . . . . . . . . 36
1.8 Projected Prices (2021-2025) . . . . . . . . . . . 38

Table 2: Management Aspect

2.1 Partners and their Capital Investment . . . . . . . 49

2.2 Salary Schedule of Employees. . . . . . . . . . . . 51
2.3 Working schedule of the Employees . . . . . . . . . 57

Table 3: Technical Aspect

3.1 Plant Capacity. . . . . . . . . . . . . . . . . . . 85

3.2 Cost of land and building . . . . . . . . . . . . . 85
3.3 Cost of building and land improvement . . . . . . . 85
3.4 Cost of office supplies . . . . . . . . . . . . . . 87
3.5 Cost of office machineries and equipment. . . . . . 91
3.6 Cost of office furniture and fixtures . . . . . . . 92
3.7 Production of machine and delivery equipment. . . . 93
3.8 Production of furniture and fixtures. . . . . . . . 94
3.9 Cost of farming supplies. . . . . . . . . . . . . . 95
3.10 Cost of cleaning supplies. . . . . . . . . . . . . 97
3.11 Cost of utilities expense. . . . . . . . . . . . . 98

Table 4: Financial Aspect

4.1 Initial projected cost. . . . . . . . . . . . . . . 103

4.2 Capital contribution. . . . . . . . . . . . . . . . 105
4.3 Statement of projected income . . . . . . . . . . . 105
4.4 Statement of financial position . . . . . . . . . . 106
4.5 Statement of owner’s equity . . . . . . . . . . . . 109
4.6 Statement of cash flow. . . . . . . . . . . . . . . 111
 8

List of Figures

Table 1: Marketing Aspect

1.1 Honey products . . . . . . . . . . . . . . . . . 18

1.2 Honey composition. . . . . . . . . . . . . . . . 19
Table 2: Management Aspect

2.1 Honey bliss logo. . . . . . . . . . . . . . . . . 47

2.2 Organizational chart. . . . . . . . . . . . . . . 53

Table 3: Technical Aspect

3.1 Production flowchart. . . . . . . . . . . . . . . 72

3.2 Business location . . . . . . . . . . . . . . . . 82
3.3 Plant layout. . . . . . . . . . . . . . . . . . . 83
 EXECUTIVE SUMMARY

I. COMPANY PROFILE

The organization will launch “Honey Bliss Business", a

honey production that targets restaurants, coffee shops and

snack houses especially, honey is good as it strengthens the

immune system which is beneficial to fight against this

virus.

The COVID-19 virus is a new virus linked to the same

family of viruses as Severe Acute Respiratory Syndrome

(SARS) and some types of common cold. Symptoms can include

fever, cough and shortness of breath. In more severe cases,

infection can cause pneumonia or breathing difficulties.

More rarely, the disease can be fatal according to World

Health Organization.

The company’s main product is Honey which can also be

used to make other products like wax. The honey is

pasteurized but it contains no added ingredients.

The business shall operate as a general partnership

composed of six (6) partners. The business operates as a

partnership because of the following reasons:

1. Ease of formation

2. Ease of securing financing because more capital for

the business from any or all the partners is

available and
 10

3. Tax advantages

The business wants to establish itself to be the leading

producer and supplier of honey in the Philippines. It

promotes wholesome living and environment.

Honey Bliss will be located at Botiwtiw, Ambiong, La

Trinidad, Benguet. The business is financed through the

capital shared by the partners. Each partner will contribute

equal amount for the business. The Covid-19 pandemic brought

environmental changes in the modern marketing history. With

the changes, Honey Bliss not only resist unethical business

practice but also proactively engaged in social

responsibility activities such as not inflating the prices

of honey and donating PPE’s and disinfectants.

II. BUSINESS CONCEPT

Honey Bliss offers honey to restaurants, coffee shops and

snack houses. The honey is produced locally and it contains

no preservatives. Therefore it is a versatile product for

better health. Demand for pure honey in the market is quite

high while its supply is less. To establish a honey

production business will help meet the demand in the market.

Honey Bliss will harvest honey twice a year. This production

will only cater a portion of the unsatisfied demand.

The customers will place their orders, then after

collecting the orders, the business will be setting a day to

 11

deliver the products directly to the restaurants, coffee

shops and snack houses preferred place of delivery using the

delivery truck.

The business is profitable in many reasons such as:

there are no many bee farms found in the locality so the

demand for the product will be higher. The product cost is

lower than that of the competitors and there is no

substitute for honey.

III. NAME OF PROPONENTS

Jundy Mhea A. Bayagen Bauko, Mt. Province

Rocsin T. Gobi Buguias, Benguet
Karen Gayle N. Liwen Mankayan, Benguet
Rozel L. Montevirgen LaTrinidad, Benguet
Hazel Mae L. Og-oget LaTrinidad, Benguet
Lovely D. Pagawan LaTrinidad, Benguet
IV. BUSINESS OPERATIONS

Honey Bliss will formally begin its operation on

January 2022. The business will be working from

Monday to Saturday, 8:00 AM - 5:00 PM covering an

eight duty hours barring one-hour break, except for

the 3 farmers whose duty will be from Monday to

Sunday, 8:00 AM – 5:00 PM with a designated one day-

off weekly. But the business will not open during

holiday seasons.

V. BUSINESS LOGO
 12

The proponents choose this as the business logo because

it portrays the nature of the business.

The honeycomb background represents the pureness of the

product and the prosperity of the business. The honeybee

represents the nature of the business being a supplier of

honey.

MARKETING ASPECT

The proponents floated 137 questionnaires to the target

market of the study that were willing to buy the product to

final consumers around La Trinidad.

Based on the proponent’s survey, out of 137

respondents, 119 of them were interested in Honey Bliss.

This is significant for the study because it means more than

50% can be possible customers.

The advertising and promotion of the company is through

brochure and direct advertising.

MANAGEMENT ASPECT

Honey Bliss chooses General Partnership as its legal

form of business. It would be composed of six (6) partners.

 13

The operating hours of the business will be from 8 o’clock

in the morning until 5o’clock in the afternoon.

Working schedule of the Employees

Position Number of Hours Days

General Manager 8:00am-5:00pm Monday-Saturday
Marketing Manager 8:00am-5:00pm Monday-Saturday
Honey Bliss Manager 8:00am-5:00pm Monday-Saturday
Bookkeeper 8:00am-5:00pm Monday-Saturday
Beekeepers 1/driver 8:00am-5:00pm Monday-Sunday
Beekeepers 2/driver 8:00am-5:00pm Monday-Sunday
Beekeepers 3/driver 8:00pm-5:00pm Monday-Sunday
DAY OFFs SCHEDULE
Mon Tue Wed Thu Fri Sat Sun
Beekeepers 1/driver              
Beekeepers 2/driver              
Beekeepers 3/driver              

TECHNICAL ASPECT

The proponents introduce Honey as their main product.

It is made with pure honey without sugar added.

Honey is a sweet food made by bees using nectar from

flowers. The variety produced by honey (the genus Apis) is

the one most commonly referenced, as it is the type of honey

collected by beekeepers and consumed by humans.

FINANCIAL ASPECT

The initial investment for the proposed business would

be ₱3,900,000.00. The breakdown of capital contribution is

presented below.

Capital Contribution

PARTNERS CONTRIBUTED AMOUNT

 14

Jundy Mhea A. Bayagen ₱ 650 000.00

Rocsin T. Gobi 650 000.00
Karen Gayle N. Liwen 650 000.00
Rozel L. Montevirgin 650 000.00
Hazel Mae L. Og-oget 650 000.00
Lovely D. Pagawan 650 000.00
TOTAL ₱ 3 900 000.00

SOCIO-ECONOMIC

Honey Bliss considers the interest of the society by

being responsible for the impacts of its activities on

customers, employees, government, environment, and other

industries.

To the employees, the business will provide the

employees and their families their source of income that

eventually improves their standards of living.

To the government, the business ensures to pay tax

because taxation is an exercise of the sovereign power

on persons, properties and transactions to raise revenues

to defray the expenses of the government.

To the environment, the business assures that we will

not have a negative effect to the people and the community.

To the customers, the business will make sure that the

price paid for the product will be worth it.

15
MARKETING
ASPECT
 17

INTRODUCTION

Bee keeping nowadays is becoming popular as it is

economically feasible due to low-production cost and a job

that you would feel too complicated, time-consuming, or

dangerous. But actually, beekeeping, which is one of the

world’s oldest occupations, is a relatively easy activity,

inexpensive after the initial investment of supplies, and

vastly rewarding to beekeepers. Plus, you’ll be enjoying

your own local honey made on your own property.

According to Grange Co-op’s bee expert, Hazel Thomas,

“Honey beekeeping is a great hobby for people. It’s

rewarding, interesting, and not very expensive. It’s a good

value and very economical. After you’ve invested, then

you’ve got your kit and you’re good to go. You can leave the

hives alone for two to three weeks at a time without

worrying about them needing attention.”

Having a bee keeping which is the entire habitat where

beehives are kept, can be a wonderful addition to our life

as honeybees supply tasty and beneficial honey, and they

naturally pollinate our vegetables, flowers, garden plants

and trees. (Grange Co-op)

PRODUCT DESCRIPTION
 18

Figure 1.1 Honey Products

Honey has an extremely

favorable effect upon us. It

is a biologically active

product and has a very rich

and complicated composition. The exact composition of honey

depends on the flowers that bees pollinate. Everything it

contains is necessary and useful for human health. There

are over 300 substances found in honey, which favorably

affect the metabolic processes in the body. (S. Ahmed, 2013)

Raw honey has been used as a folk remedy throughout

history and has a variety of health benefits and medical

uses. It’s even used in some hospitals as a treatment for

wounds. Many of these health benefits are specific to raw,

or unpasteurized, honey. (N. H. Othman, 2013)

The high heat kills unwanted yeast, can improve the

color and texture, removes any crystallization, and extends

the shelf life. Many of the beneficial nutrients are also

destroyed in the process.

 19

Figure 1.2 Honey Compositions

Benefits of honey according to Apis India, 2020:

1. Useful in weight Management

According to the famous author and nutritionist Mike

Mc Innes, honey burns body fat even while when you are

sleeping. It is one of the best foods for losing weight.

Doctors recommend having a spoonful of honey before going

to bed. Honey is also good for improving your overall

health.

2. Strengthens Immune system

Honey has countless medicinal properties that naturally

help in curing a sore throat. Its antioxidants and bacteria-

 20

fighting assets also help against fighting infections that

are caused by viruses, bacteria and fungi.

3. Nourishes your skin and face

Using Honey for skin is very useful because of its

moisturizing and nourishing properties. Honey is the best

natural moisturizer, especially for your dry skin and it is

also very easy to apply. Raw honey not only unclogs pores

but it also helps moisturize parched skin. It also helps

curing cracked lips during winters. 

4. Boosts your memory

Honey not only increases brain power and memory but

also makes you a healthier person altogether. Consumption of

honey prevents metabolic stress and helps calm and soothe

the brain, which helps in augmenting memory in the long run.

The natural antioxidants and therapeutic properties in honey

help in boosting brains’ cholinergic system and circulation

and receding cells that cause memory loss.

5. Home Remedy for Cough

Honey is known to be one of the best home remedies for

dry cough as well as wet cough. Research has also shown that

drinking a tablespoon of honey can reduce irritation in the

throat. Honey is the preferred natural remedy for cough,

especially for kids, as it helps to relieve nocturnal cough,

allowing proper sleep.

 21

6. Natural home remedy for Dandruff

Honey is one of the best natural home remedies for

dandruff. It not only provides nourishment to dry hair but

it also gives you smooth and soft hair. You can also use

honey and lavender with green tea to prevent hair fall.

7. Used for Healing Wounds

Honey has antibacterial, antifungal, and antioxidant

properties, which is why honey is used for healing wounds.

After any skin injury, bacteria that live on your skin can

infect and penetrate the wound site. Honey, has been found

to destroy these bacteria.

8. Eases sinus issues

With increasing pollution and dust many people these

days suffer from sinus related issues. Sinuses are small

cavities in the skull that produce mucus to guard the

respiratory system from allergies and infections. When we

suffer from infections the viruses block the sinus, traps

the air and mucus which causes distress. Honey on the other

hand is a natural anti-bacterium and anti-septic that helps

to clear the infections and reduce inflammations. Honey also

soothes throat and reduces coughs and strengthens the immune

system thereby causing less sinus attacks.

 22

9. Helps with gum diseases

Honey’s anti-bacterial and infection healing properties help

in treating and healing wounds. Teeth and gum diseases like

gingivitis, bleeding and plaque can be treated to a great

extent with the regular use of honey. Honey is known to

release antiseptic hydrogen peroxide which acts as anti-

microbial agent that prevents the growth of bacteria.

Target Market

Honey will be sold in selected local markets within La

Trinidad, Benguet, particularly Restaurants, Coffee Shops

and Snack Houses because people living in La Trinidad

usually visits Restaurants, Coffee Shops and Snack Houses

and these establishments will be the main target market.

Honey is included in the inventory and recipe of these

establishments so it will be a great potential in marketing

the honey and its by-products.

According to Roslyn Frenz, 2010 Business-to-business

clients order more products and spend more money than retail

clients. This means that business-to-business sales have the

potential to make more money than business-to-people sales.

Business-to business sellers need fewer clients than retail

sellers because of the amount of money a single business

client can generate. This is why Honey Bliss focuses on this

kind of establishment rather than individual consumers.

 23

Honey is marketable for all ages except for children

under the age of two. Considering all the health benefits it

contributes, honey is in demand. People nowadays are getting

more conscious of their health considering the adverse

effect of the Corona Virus. One’s health mostly depends on

what they feed on their body and diet is everything in

getting a fit and healthy body. Honey should be part of

everyone’s diet for it provides a range of health benefits.

It has plenty of antioxidants that is a good treatment for

acute cough and common colds, which are commonly the

symptoms of the COVID-19.

There are only few people or organization who ventures

in beekeeping in La Trinidad so Honey Bee can enter into the

market. By offering a substantially lower price than their

competitors the proponents will offer their products in

order to secure a greater market.

Questionnaire Analysis

The main instrument used in gathering data for the

demand is a survey questionnaire. The survey was conducted

within the area of La Trinidad, Benguet in order to fulfill

the needed sample size. The respondents of the conducted

survey were 137 Restaurants, Coffee Shops and Snack House

around La Trinidad, Benguet.

Question 1. Is honey included in your inventory/recipe?

 24

a. If yes, how often do you include it in your

recipe/inventory?

Cafe's and Restaurants who are

currently purchasing honey
1% 2%
5%
1-3 liters
4-6 liters
7-9 liters
10 liters up

91%

b. How often do you purchase honey?

How often do they purchase?

33% once a week

twice a week
thrice a week
51% others: once a month

6%
10%
 25

Among the 137 respondents, the result shows that there

are 91% or 74 representatives of restaurants, coffee shops

and snack houses who do include honey in their

inventory/recipe. When they were asked how often they

purchase honey, 51% or 41 of them answered once a week, 10%

or 8 of them answered twice a week, 6% or 5 of them

answered thrice a week, and 33% or 26 of them answered once

a month.

This implies that most restaurants, coffee shops, and

snack houses include honey as part of their recipe. This

means that Honey Bliss will have a potential customer.

c. If no, are you

Willingness to include willing to include
honey
it in your

recipe/inventory?
30% YES On the other hand,
NO
45% MAYBE there were 30% among

the 137 respondents who

are willing to include

26% honey in their

inventory/recipe. The
 26

26% or the 19 respondents aren’t interested at all in

purchasing honey. While the remaining 44% or 33

respondents are willing to include honey in their future

recipes.

This means that the respondents who answered maybe are

still thinking whether to add a recipe in which honey

would be included. In that case if they chose to include

it in the future honey bliss’s customer would increase.

Question 2. Where do you

Where do they usually usually purchase honey?
purchase?
The result shows that

16%
16% or 19 representatives
grocery store
online store
3% local store of restaurants, coffee
local suppliers
shops and snack houses
53%

27% purchased honey at the

grocery store, 4% or 4 of

them choose to buy from

online store, while 27%∨32 representatives purchased from

local store and the remaining 53% or 62 of them purchase

from the local suppliers.

The result shows that most of the respondents purchase

honey from local suppliers meaning those distributors who

supply them with products or raw materials from different

places which implies that there is no fix supplier of honey

 27

here in La Trinidad meaning to say that Honey Bliss will a

great business to pursue.

Cafe's and Restaurants willing to avail

from Honey Bliss

14%

YES
NO

86%

Question 3. If we are to open a honey production here in La

Trinidad are you willing to avail from us?

From the result, 86% or 119 from 137 respondents of

restaurants, coffee shops and snack houses answered that

they are willing to avail or purchase honey from the Honey

Bliss if it is to be opened in Botiwtiw, Ambiong, La

Trinidad, Benguet. On the other hand, 14% or 18 of the

respondents answered that they aren’t interested in buying

honey simply because these establishments aren’t using honey

in their recipe.
 28

The result shows that if the proponents are to open

Honey Bliss, the products will be sold.

Proposed prices per 250 ml

9%

13%
₱ 250.00
₱ 275.00
₱ 300.00

78%

Question 4. At what price per bottle (250 ml) are you

willing to pay for your purchase?

From the result, 78% or 91 respondents of the demand

considers ₱250, which is the lowest price, as a reasonable

 29

price of honey per 250 ml. And from the remaining

respondents, 13% of them chose ₱275 and 9% of them chose

₱300 in purchasing honey.

Most of the respondents prefer to buy honey at the

lowest possible price that the proponents offer which is

₱250.00.

Demand Analysis

Demand is an economic principle referring to the

consumer’s behavior regarding their willingness and ability

to buy products at various prices during a period of time.

Analysis of the demand is necessary in making decisions

regarding the production, cost allocation, product pricing

and financial decisions. This analysis involves the

estimation of market demand and its future projection.

Table 1.1 Historical Population of Restaurants, Coffee

Shops and Snack House

Restaurant, Coffee Shops and Snack Increase

Year
House in %

2016 104 0%

2017 125 20.19%

2018 153 22.4%

2019 196 28.10%

 30

2020 208 6.12%

SOURCE: MPDO of La Trinidad Municipal Hall

Thus, the annual average percentage of the population of

restaurant, coffee shops and snack house is 19.20% as shown

below.

20.19 %+22.4 %+28.10 % +6.12 %

Annual Average Increase =
4 years

From the collected data, sample size of the survey was

obtained using the Slovin’s Formula. 95% level of confidence

was used in determined the sample size. Since not all of the

respondents are willing and able to purchase from the

business.

Formula:

n = ___N___

1+Ne2

n = ___208_____________

1+(208*(.05*.05))

n = ___208________

1+(208*.0025)

n = ___208______

1+.52

n = ___208___

1.52

n = 137
 31

Where:

n = no of samples

N = total of population

e = error margin

Table 1.2 Projected Populations (2021-2025)

Year Restaurant, Coffee Shops and Snack House

2022 248

2023 296

2024 353

2025 421

2026 502

The projected population of restaurant, coffee shops

and snack house until the next five years was computed based

on annual average increase of 19.20% . Thus, this will be

the basis for the computation of its annual projected

population for the next five years as shown in Table 2.

Demand Projection
 32

For the restaurants, coffee shops and snack houses 86%

of them patronize the product. The formula below is used to

compute the demand and its projection for next 5 years.

Restaurants, Coffee Shops and Snack Houses’ Demand

Demand = [(Population of restaurant, coffee shops and snack

house) x (% of patronage) x quantity x frequency x number

of months]

Demand = [(Population of restaurants, coffee shops and snack

houses) x (86% ) x 3 liters x 4 times per month x 12 months]

The quantity will be the number of liters that

restaurants, coffee shops and snack houses are willing to

purchase. Based on the survey question number 1, most of the

restaurants, coffee shops and snack houses answered 1 – 3

liters, thus this will be the basis for the computation of

their demand.

Table 1.3 Restaurants, Coffee Shops and Snack Houses Annual

Projected Demand (in liters)

Restaurants, Coffee Shops and Snack Houses

Year
Annual Demand (in liters)
2022 30,712.32

2023 36,656.64

2024 43,715.52

2025 52,136.64
 33

2026 62,167.68

Supply Analysis

Supply is a fundamental economic concept that describes

the total amount of a specific good or service that is

available to consumers. Keeping the right amount of product

in stock is critical to businesses. Having too little means

running out at inopportune times, causing customers to buy

elsewhere. Having too much means paying unnecessarily high

costs for storage and inventory management. This part then

aims to explore the past and current supply of honey in La

Trinidad, Benguet in order to project how much the current

market can offer in the future.

A producer or supplier is driven by his determination

to earn profit in the finance, the main objective of the

businessman is the maximization of the wealth therefore, and

every undertaking must have its own economic benefit.

Competition makes a business challenging.

Based on the information gathered and thoroughly

evaluated and analyzed by the proponents, Honey Bliss is not

new anymore in the market. Although honey is commonly sold

we make sure that our product will stand out from other

alternative sweeteners. And upon thorough interview and

analyzation, the proponents considered the retailers and

 34

small stores selling honey as indirect competitors. These

competitors may have different honey with their own features

but not as unique as what “Honey Bliss” has to offer to the

market.

There are 5 beekeepers in the whole municipality of La

Trinidad which the proponents acquired from the LGU. Most of

these beekeepers are beekeeping for personal consumption.

The proponents considered one of the beekeeper as their

direct competitor in terms of the honey being produced and

sold in La Trinidad. Other beekeepers were not included

because they are no longer in operation as of to date.

Furthermore, some beekeepers were not registered such as

those who secretly collect honey from the wild. The

beekeepers were interviewed by the proponents. The

proponents got the average amount of honey a beekeeper can

collect annually. 

The following then presents the historical supply of

honey production.

Table 1.4 Historical Supply of Honey Production in La

Trinidad, Benguet (in liters)

Year Historical %of decrease

supply
2016 3000 0%
2017 2700 10%
2018 2500 7.41%
2019 2400 4%
 35

2020 2000 16.67%

Source: Researchers interview

Based on the historical data of raw honey supply

gathered from the beekeepers, the annual average decrease in

supply of raw honey in the entire Municipality of La

Trinidad is 9.52, which was computed as follows:

Annual Average decrease = 10%+7.41%+4%+16.67%

4
= 9.52

Table 1.5 Projected Supply of Honey in La Trinidad, Benguet

(in liters)

Year Supply Projected supply

2022 2000 1809.6
2023 1809.6 1637.3
2024 1637.3 1481.4
2025 1481.4 1340.4
2026 1340.4 1212.8

Demand-Supply GAP Analysis

A part of determining the feasibility of this study,

the gap has to be determined. The gap indicates a portion of

the population who is not satisfied with the current supply

in the market. By using the demand-supply analysis, the

proponents will determine if there is enough demand for the

business.

Table 1.6 presents the demand, supply and the gap

between them and the market share.

Table 1.6 Gap Analysis (in liters)

 36

Projected Estimated Unsatisfied

Year
Demand Supply Demand
2022 30,712.32 1809.6 28902.72
2023 36,656.64 1637.3 35019.34
2024 43,715.52 1481.4 42234.12
2025 52,136.64 1340.4 50796.24
2026 62,167.68 1212.8 60954.88

Unsatisfied Demand was derived from subtracting the

values from projected demand to the estimated supply.

Projected demand values were based from the demand analysis

while estimated supply was derived from the competitors’

analysis result.

From the presented result, there is a positive

difference between the demand and supply acquired each year,

therefore the proposed business has a potential demand to

serve.

Table 1.7 Market Share (in liters)

Unsatisfied Consumer Market Normal

Year
Demand Rate Share Capacity
2022 28902.72 86% 24856.34 2700
2023 35019.34 86% 30116.63 2700
2024 42234.12 86% 36321.34 2700
2025 50796.24 86% 43684.77 2700
2026 60954.88 86% 52421.2 270
Table 1.7 reflects the market share of the Honey Bliss

which was computed from multiplying the unsatisfied demand

to the consumer’s rate of 86%. 

 37

The market gap as a whole does not represent the total

quantity of production of the proposed business. Out of the

demand gap, the proposed business will only cater 50% market

share because of the very high unserved demand considering

as well as the production portion capacity and the financing

from the proponent.

The business will utilize 30 bee hives annually on its

operation which produces normal capacity of 2700 liters of

honey on its first year of operation and its succeeding

years. The production of honey will be thrice a year.

Table 1.7 shows a big gap between the unsatisfied

demand and the normal capacity. Thus, the business can only

satisfy minimal portion of the unsatisfied demand

considering there are new competitors being established.

Pricing Strategy

Setting a price for a product depends on a procuring

and packaging and also what was spent to make the product.

Pricing is very important part of effective marketing as you

must ensure that it will be affordable to your prospective

customers but not also to make your business worse off,

profits wise.

The pricing of each bottle will depend on its volume

and be based on the prices of the main ingredient of the

proposed product plus the mark-up cost. Any changes in the

 38

price of the product will have an effect and will be taken

into consideration.

Also, based on the conducted survey, majority of the

prospective consumers are not willing and able to buy higher

than ₱300. The business strategy on pricing is to set the

retail price of the honey at ₱250 per 250ml. Each year the

price will increase by 10%.

Presented below is the price to be set for the next

five years.

Table 1.8 Projected Prices (per 250ml)

Year Price
2021 ₱ 250.00
2022 275.00
2023 302.5
2024 332.75
2025 366.02

*Price increases 10% yearly.

Promotion and Advertising Strategy

Promoting guarantees that the business is applying the

best way on how to advance and promote the products.

Promoting and publicizing are most likely the effective

methods to let their business be taken note by target

customers. Sale promotion will induce drive purchase,

 39

increase deals and construct client fulfillment. Advertising

would serve as the proponents’ mode of communication to

inform their target market about their great service, top

quality and reliable supply.

Advertising Strategies:

 Direct Marketing

The proponents will directly communicate to the

selected restaurants, coffee shops, and snack houses

within La Trinidad, Benguet.

 Brochure

The proponents will distribute a brochure which

contains summary information that is promotional in

character to the eatery and café establishment in La

Trinidad, Benguet.

Cost per brochure: ₱ 55.00

Quantity: 150 pieces

Total: ₱ 8,250.00

The brochure will contain the business contact

information, five benefits of honey, honey bliss pure

honey, nutrition facts, related references in making

the brochure and others.

40
41
 42

SWOT Analysis
 43

SWOT analysis is a technique commonly used in business

circles to assist in identifying strategic issues for a

company or organization. It accomplishes this by assessing

an organizations strength (what an organization can do) and

weaknesses (what an organization cannot do) in addition to

opportunities (potential favorable conditions for an

organization) and threats (potential unfavorable conditions

for an organization).

Strengths:

 Reasonably priced

 Life experience

 Unique product selection

 Bee keeping has positive environment benefits

Weaknesses:

 Threatened bee source

 Lack of customer awareness about the product benefits

Opportunities:

 Increase awareness for local honey

 Increase number of beehives in their production

facility

 Education concerning how vital bees are to the

ecosystem and food supply

 44

Threats:

 Competitors

 Substitute sweeteners

 Cheaper product

 Land restriction

 Limited differentiations in the honey itself

MANAGEMENT
ASPECT
 46

Introduction

Management is one of the important aspects in

establishing a business. To achieve this, management must be

able to plan all activities to become productive and

competitive in the industry through human resources,

financial capability and new technologies. This includes a

study of ownership, organizational chart, officers and

personnel’s, hiring process, working schedule, employee

benefit and company policies.

Management in all business and organizational

activities is the act of getting people together to

accomplish desired goals and objectives using available

resources efficiently and effectively. The various functions

of management are classified as Planning, Organizing,

Directing and Controlling. Thus, management is important

factor for the business operation ant its success.

The following would be the management study of proposed

project name HONEY BLISS to be located at Botiwtiw, Ambiong,

La Trinidad, Benguet.

Business Name

The business name is the first image that the business

projects. It is what the customers will remember (good or

bad) about the business that will either draw them to it or

send them to a competitors' business.

 47

Honey Bliss is the name chosen by the proponents

because it is easy for customers to remember and it attracts

attention, more than that our potential customers are able

to recognize what our company is selling by looking at the

name. Bliss means happiness and contentment, and it is what

the product wants to offer to anyone who consumes it. Honey

has been used as part of the business name because it is the

primary product of the business.

Business Logo

Figure 2.1: Honey Bliss Logo

A logo gives the business an identity. It

is the stamp of what the business is all about and how it is

recognized. It helps increase the brand recall value. This

means that consumers can immediately recognize the business

upon seeing the logo.

The proponents choose this as the business logo because

it portrays the nature of the business.

The honeycomb background represents the pureness of the

product and the prosperity of the business. The honeybee

 48

represents the nature of the business being a supplier of

honey.

Vision

Honey Bliss envisions itself to be the leading producer

and supplier of locally sourced fresh honey in Philippines.

Mission

To promote a wholesome living and environment through

organic and healthy beekeeping practices.

Objectives

To promote brand awareness among restaurants and cafés

and to secure potential buyers by the end of the year.

Philosophy

As engaged and devoted entrepreneurs in the beekeeping

industry, the proponents followed a basic philosophy of “if

the bees don’t bring it into the hive, then it doesn’t get

put into the hive with good success”. In bee keeping, hard

work and patience must be in the qualities of every worker.

And quality is incorporated in the products to expand the

business locally.

The proponents believed that hard work, patience and

dedication to your job will make a business successful and

produce better quality products to deliver customer

satisfaction.

Form of Ownership
 49

Honey Bliss chooses General Partnership as its legal

form of business. It would be composed of six (6) partners.

By the contract of Partnership, two or more persons

bind themselves to contribute money, property or industry to

a common fund with the intention of dividing the profits

among themselves.

Contribution of the partners is presented below.

Table 2.1 Partners and their Capital Investment

NAME CAPITAL ADDRESS

INVESTMENT
Jundy Mhea A. Bayagen ₱ 650,000.00 Bauko, Mt. Province
Rocsin T. Gobi 650,000.00 Buguias, Benguet

Karen Gayle N. Liwen 650,000.00 Mankayan, Benguet

Rozel L. Montevirgin 650,000.00 La Trinidad,

Benguet
Hazel Mae L. Og-oget 650,000.00 La Trinidad,

Benguet
Lovely D. Pagawan 650,000.00 La Trinidad,

Benguet
Total ₱ 3,900,000.00

The proponents consider this kind of partnership because

of the reasons below:

1. Ease of Formation – partnership is perfected by the

mere agreement or mutual understanding of the partners.

2. Joint Resources – the partnership provides an

opportunity to pool the abilities, experiences, and

resources of two or more persons.

 50

3. Simple operating structure – a partnership is fairly

simple to establish and run. No forms need to be filed

or formal agreements drafted (although it is advisable

to write a partnership agreement in the event of future

disagreements).

4. Less Government Supervision – receive less government

regulation than corporations do.

5. Flexibility – because the owners of a partnership are

usually its managers, the partners can introduce any

change they consider desirable to meet the changed

circumstances being free from legal restriction.

Organizational Chart

Figure 2.2 Organizational Chart

General Partners

General Manager

Marketing Manager Honey Farm Manager

Bookkeeper Laborers/Farmers

Salary Schedule of Employees

Table 2.2 Salary Schedule of Employees

 51

Number of Monthly
Job Title Rate
Employees Salary
General Manager 1 ₱ 600 ₱ 15,600
Marketing Manager 1 500 13,000
Honey Farm
1 450 11,700
Manager
Bookkeeper 1 400 10,400
Laborers/Farmers 3 380 9,880
Total ₱ 60,580

Officers and Personnel’s

1. General Partners

The partners which are composed of (6) members will

have the authority to act on behalf of the business. They

have the right to implement rules and regulation for the

management of the business, supervision for the employees

and personnel’s. The general partners have unlimited

liability for the debts of the business.

2. General Manager

The general manager will oversee the day-to-day

operations of the business. He/she will ensure the creation

and implementation of a strategy and goals designed for the

growth of the business as well as the overall delivery and

quality of the business' offerings to customers. He/she will

supervise in the recruitment and training of new employees

and engage with corporate officers in broader organizational

strategic planning.
 52

Job Specification

 Must be a Filipino citizen and resident of the

Philippines

 Preferably with a bachelor’s degree typically in

Business Administration

 Must have a knowledge of the business process and

functions

 Excellent communication skills

 Outstanding organizational and leadership skills

 Male/Female

 25-40 years old

3. Marketing Manager

The marketing manager will manage the promotion and

positioning of the brand or the products and services that

the business sells. He/she will analyze the types of

customer that the business wants and how to attract them.

Also, he/she will be responsible for developing pricing

strategies and be in charge of developing and managing the

business’s advertising campaigns.

A successful hire will handle the business’ social

media, public relation efforts, and content marketing.

He/she is also in-charge of directing, planning and

 53

coordinating marketing efforts and communicating the

marketing plan.

Job Specification

 Preferably with bachelor’s degree or master degree in

marketing or business administration

 Experienced with creating a marketing campaign,

marketing strategy, and marketing plan.

 Must be good with communication skills and

understanding of public relations

 Male/Female

 23-35 years old

4. Bookkeeper

The bookkeeper/cashier will record all the business’

spending, including purchases, invoices and sales and

provide accurate information on all outgoings for the

purposes of filing accounts. He/she will handle as well the

cash register.

Job Specification

 Male/Female

 Must be of legal age

 Graduate of any bookkeeping related course or degree

 Well organized

5. Honey Farm Manager

 54

The honey farm manager will be in-charge in overseeing

the daily operation of Honey Bliss.

Job Specification

 Male/Female at least 25 years of age

 Preferably a graduate of agriculture or any related

degree

 Experienced honey production

6. Farmers/Laborers

The job of farmers/laborers is to care for the honey

bees, making sure that their queen hasn’t died. They must

ensure that the bee hives are not damaged also, they are

responsible for harvesting the honey as well as its

packaging and labeling. They are also the ones who will make

the products available to the customers.

Job Specification

 Hardworking

 Willing to be trained and undergo seminars

 18-45 years old

 At least one with driver’s license

Hiring Process

a. Advertisement of Job Vacancies

 55

Honey Bliss will hire employee based on the

qualification of applicants. Job vacancies for the specific

job will be published and advertised by the management

through newspaper, flyers and the business official page

with the following required documents to be submitted:

 Application Letter

 Curriculum Vitae

 An original copy of PSA Birth Certificate

 NBI Police Clearance

 Medical Certificate

 Certificate of Employment

Applicants must personally submit their required documents

b. Acceptance of the job short listing

The partners will review and select qualified

applicants from the submitted requirements. These selected

applicants will be given a call or an email for an interview

in the office.

c. Interview with the Partners

Qualified applicants will be scheduled for interview.

They will be interviewed individually by the partners. The

interview is used to select the suitable applicant for the

job and to know about their background, experiences and

 56

capacity. Those who are fit for their applied position shall

be considered for further evaluation.

d. Selection of Employees

After the interview, applicants shall be evaluated

based on the credits they have earned on the interview

conducted by the applicants shall be hired. Chosen

applicants shall then be called for orientation, training

and seminars.

e. Orientation and Training

The hired applicants shall undergo orientation and

training to facilitate proper office management and farm

management.

f. Employment

Upon complying with all the trainings and seminars

conducted by the partners, the employee is now part of the

company’s endeavor. Thus, signing contract of employment

shall be facilitated.

Work Schedule and Day-offs

To ensure an order and create a good flow of business,

the following table of schedules shall be followed by every

employee:

Table 2.3 Working schedule of the Employees

 57

Position Number of Hours Days

General Manager 8:00am-5:00pm Monday-Saturday
Marketing Manager 8:00am-5:00pm Monday-Saturday
Honey Bliss 8:00am-5:00pm Monday-Saturday

Manager
Bookkeeper 8:00am-5:00pm Monday-Saturday
Beekeepers 8:00am-5:00pm Monday-Sunday

1/driver
Beekeepers 8:00am-5:00pm Monday-Sunday

2/driver
Beekeepers 8:00pm-5:00pm Monday-Sunday

3/driver
DAY OFFs SCHEDULE
Mon Tue Wed Thu Fri Sat Sun
Beekeepers 1/driver              
Beekeepers 2/driver              
Beekeepers 3/driver              

Employee Benefits

1. Holiday Pay

Employees who are required to work on holidays shall be

paid compensation in addition to his regular rate depending

on the category of the holiday (regular: 100% of daily rate,

special: 30% of daily rate).

2. Maternity/Paternity Leave

Any pregnant woman employee who will give birth whether

normal or caesarean delivery shall be given 105 days leave

with full pay and 7 days paternity leave. In case of

miscarriages, a maternity leave of 60 days with full pay.

3. Hazard Pay
 58

The company shall shoulder the medical expenses of an

employee who meets an accident within the company premises

and not due to negligence and pay it accordingly.

4. Thirteenth Month Pay

All employees shall be given payment equivalent to the

average of the salary he receives in a given year.

5. Christmas Bonus

An equal amount of bonus will be given to every

employee who is dependent on the income from the operation

of the company.

6. Paid vacation leave or sick leave

Employees that have rendered service to the company for

more than six (6) months are entitled to pay fifteen (15)

days’ vacation in a year and fifteen (15) days sick leave.

Vacation leave must be filled at least two (2) weeks

before the intended date of leave. Sick leave shall be

filled with attached medical certificate (if applicable)

when an employee will resume to work.

7. Phil Health Contribution

Granted to the employees and their families as a means

to afford an adequate healthcare.

8. Social Security System (SSS)

 59

This will benefit the employee in case of disability,

sickness, maternity, old age and death. The amount to be

deducted will be based on the table prescribed by the SSS.

9. Pag-Ibig Fund (HDMF)

Membership is mandatory for those employees who are

earning at least Php4000 a month and those covered b

SSS/GSIS.

Company Policies

A. Work Schedule

1. Employees shall be required to render at least eight

(8) hours of work each day and must be present during the

core working hours on regular working days from Monday to

Friday.

2. The core working hours shall be from 8:00 a.m. to

5:00 p.m. on Mondays to Fridays. Hence, if you report for

work beyond 8:00 a.m. during Mondays to Fridays, you shall

be considered tardy and if you leave before completing 8

hours of work you shall be considered undertime. Such period

corresponding to your tardiness and/or undertime shall be

deducted from your vacation leave credits. Likewise,

tardiness in the morning cannot be off-set in the afternoon

by extending hours of work beyond the official work

schedule.
 60

3. You shall be entitled to a one-hour lunch break from

12:00 noon to 1:00 p.m.

B. Record of Attendance

1. To record the time you spend in the office, you are

required to use the prescribed attendance recording system

(e.g., biometric clock) at the time you arrive in the office

in the morning, your time off at lunch break, your reporting

back to office after lunch, and your departure in the

afternoon. For back up purposes, you also have to record

your time in/out on the official logbook of attendance in

your office.

2. Your Daily Time Records (DTRs) shall be sent to you

after end of the month for your signature and for approval

of your head of office or his/her authorized representative.

You have to submit your signed DTRs to the supervisor within

five (5) working days from receipt of such. Failure to

submit DTR/s on the deadline set shall result in the

withholding of your salary.

C. Official Business Slip

Every time you are assigned to do business outside the

office premises, you have to fill up and secure an official

business slip before actually proceeding to fieldwork. OB

slip should form part of the Daily Time Record (DTR) when

submitted to the supervisor.

 61

D. Leave Credits

1. You are entitled to a 1 day vacation leave and 1 day

sick leave for every 24 days of actual service or a total of

15 days vacation leave and 15 days sick leave annually with

full pay.

2. Your vacation and sick leave shall be cumulative and

any part thereof which may not be taken within the calendar

year may be carried over to the succeeding years.

3. If you have accumulated at least 15 days vacation

leave credits, you may be allowed to monetize a minimum of

10 days, subject to the availability of funds. Monetization

of 50% or more of vacation/sick leave credits may be allowed

for valid and justifiable reasons.

E. Leave of Absence

1. If you want to take a leave of absence, whether with

or without pay, you have to file an application for leave

using the CSC prescribed form.

2. When you fail to file your leave application within

the prescribed period, your absence shall be considered

unauthorized, hence, be disapproved by your head of office

or his/her duly authorized representative.

Unauthorized/disapproved leave means outright deduction from

your salary and may be a ground for disciplinary action.

 62

3. When you are continuously absent without an approved

leave for at least thirty (30) working days you shall be

considered on absence without official leave (AWOL) and

shall be separated from the service or dropped from the

rolls without prior notice.

F. Habitual Tardiness and under time

One of the key factors of organizational productivity is

good employee attendance. Thus, you are encouraged to

refrain from committing habitual tardiness and undertime.

You are considered habitually tardy if you incur tardiness,

regardless of the number of minutes per day, ten (10) times

a month for at least two (2) consecutive months during the

year or for at least two (2) consecutive months during the

year or for at least two (2) months in a semester. The

following sanctions shall be imposed when committed habitual

tardiness:

First Offense - Reprimand

Second Offense - Suspension for one (1) to thirty (30) days

Third Offense - Dismissal

If you incur undertime, regardless of the number of minutes,

ten (10) times a month for at least two (2) months in a

semester or at least two (2) consecutive months during the

year, you shall be liable for Simple Misconduct and/or

 63

Conduct Prejudicial to the Best Interest of the Service, as

the case may be.

G. Habitual Unauthorized Absences You shall be considered

habitually absent if you incur unauthorized absences

exceeding the allowable 2.5 days monthly leave credits under

the Leave Law for at least three (3) months in a semester or

at least three (3) consecutive months during the year.

The following shall be considered Unauthorized

Absences:

a. Those which were disapproved for justifiable reasons;

b. Those which were not filed

c. Those which were not filed within the prescribed period.

Disciplinary Actions:

1st Offense –Suspension for 6 months and 1 day to 1 year

2nd Offense - Dismissal

TECHNICAL
ASPECT
 65

Introduction

This aspect focuses on the technical aspect of the

proposed bee keeping, the proposed location with the plant

lay-out and vicinity map. It also covers the project

description, production process, the availability of

resources, equipment and facilities to be used in the actual

operation of the proposed business.

Product Description

Product is a good or service that most closely meets

the requirements of a particular market and yields enough

profit to justify its continued existence.

Honey is a sweet food made by bees using nectar from

flowers. The variety produced by honey (the genus Apis) is

the one most commonly referenced, as it is the type of honey

collected by beekeepers and consumed by humans. Honey

produced by other bees and insects has distinctly different

properties.

Honey gets its sweetness from the monosaccharide,

fructose, and glucose, and has approximately the same

relative sweetness as that of granulated sugar. It has

attractive chemical properties for baking, and a distinctive

flavor that leads some people to prefer it over sugar and

other sweeteners. Most microorganisms do not grow in honey

because of its low water activity of 0.6.

 66

Honey has a long history of human consumption, and is

used in various foods and beverages as a sweetener and

flavoring. It also has a role in religion and symbolism.

Flavors of honey vary based on the nectar source, and

various types and grades of honey are available. It is also

used in various medicinal traditions to treat ailments.

We will register our business to the Bureau of Foods

and Drugs since our operation is mainly on food production.

The proponents will offer a quality and nutritious

honey to its customers.

Description of Project Activity

The project activity for Honey Bliss is designed to

serve the guideline so that the planned activities would be

achieved on the scheduled period of time.

A. Project planning or feasibility study

It is the very first essential step before a business

exits. This is the stage of studying the different aspects

necessary in order to know if the planned project is

feasible or not. This includes the marketing, management,

socio-economic, technical and financial aspect. It will be

conducted from October to December of year 2020.

B. Partnership formation

The partnership formation will start on January 2021 and

will be completed also in January 2021. This includes the

 67

formation of the Articles of Partnership, By-laws and other

documents required by the Securities and Exchange Commission

for the business to operate.

C. Obtaining financing

This is the span of time given to the partners to obtain

capital to finance the start of the business. A month is

allotted to the partners to give their contributions

comprising the month of February 2021.

D. Acquisition Of land, building and securing of permits

The land to be used for the business site will be bought

by the company from the owner of the private property at

Botiwtiw, Ambiong, La Trinidad, Benguet. This stage includes

the processing of the transfer of ownership of the land,

application for the business permit, sanitary permit, and

Registration in the Department of Trade and Industry, Bureau

of Food and Drugs and Bureau of Internal Revenue. This

activity will commence on the month of March and April of

year 2021.

E. Farm fencing and building renovation

Fencing of the farm and building renovation will be held

3 months from May to July 2021 on a contractual basis. The

partnership will hire workers from the construction firm to

renovate and supervise the renovation.

F. Acquisition of equipments and bees

 68

Acquisition of equipment’s, machineries and office

supplies to be used in the operation will be acquired from

contact suppliers on August year 2021 simultaneous with the

purchasing of Honey Bees and to be delivered on September

and to be installed on the month of September.

G. Advertisement

Advertising of the product to the establishments takes

on October of 2021.

H. Recruitment of employees

Cleaning and furnishing of the site will be done by the

month of November to December 2021 also with the

installation of equipment by the recruited employees. The

industry’s introduction to the public will begin on the

month of September. Advertisements will be made or printed

through brochure. The advertisement will introduce and

promote the business and its products as well as job

openings which will include the descriptions and

qualifications. Thus, recruitments, selection of employees

and workers will be finished on the early days of October.

I. Start of business operation

The business will commence its formal operation on

January year of 2022 after settling all the prior activities

and after preparing all the needed materials for production.

The company’s policies will also take effect

 69

2020 2021 2022

Activities
OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN
Feasibility
Study
Partnership
Formation
Obtaining of
Finance
Acquisition of
Land, Building
and Securing
of Permits
Farm Fencing
and building
renovation
Acquisition of
Equipment and
Bees
Advertisement

Recruitment of
Employees a
Start of
Business
Operation
Table 3.1 Gantt Chart
 70

PRODUCTION PROCESS

Figure 3.1 Production Flowchart

COLONIZED BEE HIVES

HARVESTING HONEY

HONEY EXTRACTION

PACKAGING

SALES

We adopted the procedure of Robin Edmonson of Dengarden.

1. Purchasing Of Bee Packages (takes 3 months)

The personnel will

purchase bee colonies

composing of a three kind

of bees the queen bee,

worker bees, and drone

bees.
 71

2. Installing Your Package of Bees into your Hive (1 – 3

hours)

a. Spray your bees

Spray bees with

sugar water. Using

a new bottle to not

harm the bees with

unwanted chemicals,

and mix one part

water to one part sugar. When the bees are sprayed

with sugar water they begin to eat the water, and

full-bellied bees make quiet and calm bees. Plus,

bees in a package do not have a hive, honey, or

queen they are trying to protect. They are usually

docile.

b. Spray your frame foundation

Pull out every

frame in your hive

body and spray each

side of the

foundation with the

sugar water.

Replace the frames when you have finished spraying

 72

them down; a few squirts of sugar water per side is

sufficient.

c. Use hive tool to remove sugar water container

When removing the canister, be careful not to drop

the queen's cage

inside the package.

Once you have

removed the sugar

syrup canister, you

can place it on top of the frames. There will

probably be a few bees stuck to the canister; you

can brush them off into the hive.

d. Remove the queen’s cage from the package

Remove the cap and scoop out a portion of the

paste so that the queen can eat through it and be

released into the hive in a few days.

It is important

for the queen to

remain in her cage

within the hive for a

few days so that she

can release her

pheromones and let

 73

the other bees know that she is their queen. If she is

released too soon, her bees may either kill her or fly

away. Hook a wire around an opening in the cage and

hook it onto one of the frames in the hive. In three

days, you can remove the cage by unhooking the cage

from the frame and see if she has been released.

e. Shake the bees over the hive

Now that the queen is

installed in the hive, you

can add her bees to the

mix. Hold the package

firmly with two hands and

shake your bees over the

hive. If your bees are sticking to the sides, you can hold

the bees a couple inches off of the ground and drop them

gently to get them moving. Continue to shake the package

over the hive until a good majority of the bees are out.

Place the package angled toward the hive entrance and allow

the rest of the bees to leave the package to go to their

queen.

f. Add Pollen Cake, Sugar Syrup Feeder, and Cover

 74

After about an hour, most of the

bees will have moved inside of the

frames. You can then add one pollen

cake on top of the frames, and place

your hive cover and telescoping cover on

the hive.

g. Remove queen bee’s cage and

regular checking

About three days after you have installed your bees,

remove the queen's cage.

And continue to monitor

the sugar water syrup. It

should be available for

the first month. The bees

can drink it quickly.

3. HARVESTING (3 – 5 hours)

a. Light the smoker

Use dry branches, hay or

newspaper. The smoke dulls

the bees' receptors, and

prevents them from releasing

the alarm odor, a volatile

 75

pheromone. The smoke also makes bees gorge on honey,

which further pacifies them.

b. Prepare supers

The frames with honey comb are transported in

supers. Have them handy. You

may also want to have a cloth

to cover the super with frames

full of honey to prevent bees

or other insects from getting

to them.

c. Open Lid

Using the hive tool, lift

the hive lid and blow some

smoke in the hive. Open lid

slowly.

d. Honey frame inspection

Pull the frames

out of the super

and inspect the

honey combs.

Depending on how

busy the bees

 76

were, how warm it was and if the hive didn't swarm,

you may have anywhere between 20 to 100 pounds of

honey. Inspect frames uncapped cells with some

nectar in it are not harvested; only sealed frames

are.

e. Put in the harvest super

Pull out the frames with honey and put them in the

harvest super. All the cells should be sealed. Each

frame can hold on average 6.5 lbs of honey.

f. clean the frame

Take

the

frame of

capped

honey.

Mount

the frame above the tub for wax

and honey. Use the heated knife to unseal the cells.

Lean the heated knife on the edges of the frame and

under 30 degree angle and move "fast". Repeat for

both sides of the frame.

The heated knife takes off most of the caps. For

the leftover ones, use the uncapping fork and gently

shave off the caps.

 77

4. Production (48 – 52 hours)

a. Extraction

The honeycombs are inserted into an

extractor, a large drum that employs

centrifugal force to draw out the

honey.

As the extractor spins, the honey is pulled out

and up against the walls. It drips down to the

cone-shaped bottom and

out of the extractor

through a spigot.

Positioned under the spigot

is a honey bucket topped by

two sieves, one coarse and

one fine, to hold back wax

particles and other debris. The honey is poured into drums

and taken to the processing facility.

b. Processing/Refining

Modern processing facilities include heating and

cooling units, filter presses and pump that deliver the

finished product to the packing line. Following are the

key steps during refining process of honey:

 Liquefaction
 78

 Pre-Heating and Straining

 Micro-filtration

 Inactivation of Yeast Cells (Processing)

 Vacuum Evaporation/moisture reduction

 Cooling of Hone

c. Filling

Lines include bottle

cleaning, filling, capping,

front and back labeling and

packing. All finished goods are

delivered to storage areas by a

system of conveyors

d. Labeling

Pre-printed front and back labels are pasted through

machines to make certain that

accurate names and sizes match up

with every bottle turns out.

e. Warehousing

Finally, the finished products

are stored in the warehouse and distributed

according to the

plan throughout the year as shelf life of honey

is generally higher than other perishable items.

 79

f. Sales

The finished products are sold every end of March,

June, and October when orders are complete. It will

be delivered by the delivery truck.

Business Location

The Honey Bliss will be located at Botiwtiw, Ambiong.

La Trinidad, Benguet with a total area of 600 square meters.

The primary reasons in choosing the location are as

follows:

1. The colonies should be located in a forage zone with

abundant nectar, pollen, water and propolis.

2. The colonies are secluded, well drained, safe from

flash floods, and protected against strong winds and

heavy rains.

3. The site is safe from destructive enemies of bees and

preferably from toxic chemicals

4. The site is free from disturbances caused by human

beings and animals.

Operating Days

For the whole year, the number of days in the manufacturing

area would be 296.

 80

Operating days

Total days per year 365

Holidays (18)
Non-working days due to some events (10)
Normal working days 337

Business Hours

The operating hours of the business will be from 9 o’clock

in the morning until 5 o’clock in the afternoon.

Business/Plant Layout

Figure 3.1 Business Location

 81

Figure 3.2 Plant Layout

(a)

(b)
 82

(c)

(d)
 83

(e)

Construction/Renovation Costs
 84

TABLE 3.2 Cost of Land and Building

DESCRIPTION VALUE (in peso)
Land 600 Sq. Mt. @ 3 000 per Sq.Mt. 1,800,000.00
Abandoned building 95,000.00
Total cost 1,895,000.00

TABLE 3.3 Cost of Building and Land Improvement

MATERIALS QUANTITY UNIT PRICE TOTAL COST
#16 tie wires 12 pcs 25.00 300.00
#3 gravel 120 cubic 650.00 78,000.00
meter
adobe stones 90 cans 195.00 17,750.00
boysen paint 5 pcs 386.00 1,930.00
thinner b0340
4l
boysen 4 pcs 1 048.00 4,192.00
permanent flat
latex tulle
white 16l
bulbs 10 pcs 95.00 950.00
ceiling 16 pcs 30.00 480.00
receptacle 4"
cement 58 bags 225.00 13,050.00
check value 1" 3 pcs 165.00 495.00
common nails ¼ 10 kg 20.00 200.00
concrete nails 15 kg 30.00 450.00
¼
deformed bar 45 pcs 83.00 3,735.00
g33
electrical wire 12 pcs 18.50 222.00
#12
gate value 1"us 3 pcs 315.00 945.00
hammer 5 pcs 254.00 1,270.00
high density 2 pcs 1 800.00 3,600.00
fibre moulded
door 80*210cm
hollow block 4” 930 pcs 6.00 5,580.00
kd s4s wood gl 112 pcs 60.00 6,720.00
lumber wood (2*2*8) 212 pcs 120.00 25,440.00
nail for wires 13 kg pcs 35.00 455.00
pdx 14 pcs 45.00 630.00
wire#14/25#12/2
6
pencil cedar 45 pcs 216.00 9,720.00
 85

faced plywood
philflex 6 pcs 45.00 270.00
thin/twin
electrical wire
plywood 1/4" 15 pcs 330.00 4,950.00
pvc door w/ 5 pcs 1,300.00 6,500.00
laver brown
60*210
pvc junction 5 pcs 15.00 75.00
box4*4
pvc pipe 1" 8 pcs 125.00 1,000.00
blue
pvc pipe 1/2" 8 pcs 65.00 520.00
blue
pvc pipe 3/4" 8 pcs 90.00 720.00
blue
quick dry 5 pcs 440.00 2,200.00
enamel 4l
range outlet 3 pcs 32.00 96.00
reinforcing 32 pcs 34.75 1,112.00
bar12mm"*20’
rolling steel 1 pcs 10,000.00 10,000.00
shutter door
semi-gloss 4l 4 pcs 530.00 2,120.00
sink faucet us 3 pcs 185.00 555.00
soil pipe 4"*5"s.m 4 pcs 175.00 700.00
soil pipe y 8 pcs 60.00 480.00
4"*4"
steel 9m 52 pcs 155.00 8,060.00
switch 4 pcs 160.00 640.00
umbrella nail 10 kg 72.00 720.00
Sub-Total 216,832.00
Labor rate 0.3
Labor cost 65,049.6
TOTAL COST 281,881.60

Equipment and Supplies

TABLE 3.4 Cost Of Office Supplies (Yearly)

PARTICULARS QTY UNIT PRICE TOTAL COST

(PHP)
 86

calculator 2 pcs 350.00 700.00

record book 5 pcs 200.00 1,000.00

Ballpen 5 box 65.00 325.00

cash receipt 10 pads 25.00 250.00

folders 200 pcs 10.00 2,000.00

bond paper, long 5 reams 190.00 950.00

bond paper, short 5 reams 150.00 750.00

 87

adhesive tape 5 pcs 28.00 140.00

delivery receipt 10 pads 25.00 250.00

envelopes 50 pcs 6.50 325.00

Fastener 4 boxes 25.00 100.00

paper clip 2 boxes 20.00 40.00

pencil 1 box 95.00 95.00

pentel pen 1 box 180.00 180.00

 88

printer ink 8 box 279.00 2,232.00

push pins 2 boxes 34.00 68.00

Puncher 1 pc 150.00 150.00

Scissors 2 pcs 49.00 98.00

Stapler 2 pcs 89.00 178.00

staple wires 10 boxes 15.00 150.00

sticky notes 2 pads 32.00 64.00

 89

whiteboard marker 4 pcs 28.00 112.00

whiteboard eraser 2 pcs 15.00 30.00

TOTAL 10,187.00

Table 3.5 Cost of Office Machineries and Equipment

EQUIPMENT QTY UNIT PRICE TOTAL COST

(PHP)
Computer Set 2 15,000.00 30,000.00

Telephone 1 2,900.00 2,900.00

Bundy clock 1 3,599.00 3,599.00

Fire extinguisher 1 1,100.00 1,100.00

 90

Printer 1 6,800.00 6,800.00

Water dispenser 1 2,199.00 2,199.00

with purifier

TOTAL Php 46,598.00

TABLE 3.6 Cost Of Office Furniture And Fixtures

EQUIPMENT QTY UNIT PRICE TOTAL

(PHP) COST
office desk 2 3,500.00 7,000.00

file cabinet 1 5,300 5,300.00

garbage bin 2 135.00 270.00

 91

monoblock chair 10 260.00 2,600.00

office chairs 2 999.00 1,998.00

table, long 1 1,595.00 1,595.00

TOTAL 18,763.00

TABLE 3.7 Production of Machine and Delivery Equipment

EQUIPMENT QTY UNIT PRICE TOTAL COST

(PHP)
Delivery truck 1 400,000.00 400,00

Electric generator 1 15,000.00 15,000.00

 92

Digital Thermometer and 2 450.00 900.00

Hygrometer

Pushcart 2 1,200.00 2,400.00

Honey Extractor 2 18,999.00 37,998.00

TOTAL 456,298.00

Table 3.8 Production of Furniture and Fixtures

Production Depreciation
Unit Cost Total Cost
Furnitures and Qty (years)
(Php) (Php)
Fixtures
Wooden Table

2 10 1,800 3,600

Monoblock chair

10 10 260 2,600

TOTAL     ₱6,200

TABLE 3.9 Cost of Farming Supplies

 93

EQUIPMENT QTY UNIT PRICE TOTAL COST

Beehives with super 30 14,700 441,000.00

Smoker 3 898.00 2,694.00

Hive Tool 10 230.00 2,300.00

Queen Catcher 2 272.00 544.00

Bee Suit 3 877.00 2,631.00

Gloves 12 222.00 2,664.00

Feeder Frame 15 521.00 7,815

 94

Queen excluder Sheet 20 499.00 9,980.00

Queen Maker 2 499.00 998.00

Bee Brush 3 125.00 375.00

Uncapping Knife 3 250.00 750.00

Drone Trap 3 350.00 1,050.00

Wire embedder 2 250.00 500.00

Bee colonies (apis 4 7,000.00 28,000.00

 95

millifera)

TOTAL 501,301.00

TABLE 3.9 Cost of Cleaning Supplies

PARTICULARS QTY UNIT TOTAL

PRICE COST
(PHP)
Disposable Gloves 5 boxes 150.00 750.00

Disinfectant 10 Pcs 400.00 4,000.00

Face mask 5 Boxes 140.00 700.00

Face shield 50 Pcs 10.00 500.00

Alcohol solutions 3 Gallons 500.00 1,500.00

TOTAL 7,450.00
 96

Utilities

Table 3.10 Cost of Utilities Expense

Electricity 38,000.00
Water bills 23,000.00
Telecommunication and Internet 18,000.00
Service Provider
Fuel 15,000.00

Total utilities 94,000.00

WASTE DISPOSAL

According to Webster’s Dictionary, wastes are unwanted

by-product of a manufacturing or chemical process. Proper

waste disposal is an important activity of every business

and corporation in order to have a respectable and reputable

name. Customers nowadays also support and patronize

businesses that are environmental friendly. In order to

maintain customer’s good relationship, proper waste disposal

of waste should be implemented.

FINANCIAL
ASPECT
 98

INTRODUCTION

Products being the central needs of a business but

business can’t ignore the fact that finance is also

important. Finance is one of the most important aspects of a

business. To be specific, financial management helps the

organization determine what to spend, where to spend and

when to spend. It gives a better view of the financial

status of the organization, which further outlines the

financial processing of the same.

Feasibility aspect assesses the economic viability of

the proposed business by evaluating the capital investment

and start-up cost, operating expenses, cash flow and

financial assumptions.

This aspect is very important in evaluating and

assessing the business’ capacity to remain profitable or

better to expand its operation.

MAJOR FINANCIAL ASSUMPTIONS

Major Assumptions are the fundamental concepts or

principles and basic notions that provide the foundation of

the accounting process (Millan, 2016). These assumptions

serve as the foundation or bedrock of accounting in order to

avoid misunderstanding but rather enhance the understanding

and usefulness of the financial statements (Valix and

Peralta, 2014).
 99

1. It will operate under a calendar year basis with 26

days monthly operation and will have 16 days of

holiday. It will be open from 8:00 in the morning until

5:00 in the afternoon. Therefore, business operation

would be 8 hours. Operating days would be 296 days, net

of holidays.

2. The estimated amounts reflected in the financial

statements would be in Philippine Peso monetary

currency and would be rounded off to the nearest

centavo.

3. The financial resources in putting up the business and

operations would be coming from the partners’ capital

contribution.

 Supplies purchased for will increase 3% annually.

 Income Tax Payable is equal to the 30% of the

business’s income. The tax will be paid on the first

quarter after the year of the expense.

 Salaries Payable will increase 3% annually. The

increase will motivate the employees to improve

their performance.

 SSS, Phil Health and HDMF Payable are equal to the

year-end contribution of both the employee and
 100

employer. It shall be based on the table provided by

the concerned agencies.

 Electricity consumption will increase 3% each year

while internet and water consumption is assumed to

remain the same.

 Delivery Expense is expected to increase 2% each

year.

 Advertising expense will remain the same.

Table 4.1 Initial projected cost (annual)

Land 1,800,000 1,800,000

Building 95,000 95,000
Building renovation 281,881.60 281,881.60
Raw materials 26,200.00
Direct labor 355,680.00
Factory overhead 143,739.00
Total production 525,619.00
cost
Office supplies 10,187.00
Office machines and 46,598.00
equipment
Office Furniture and 18,763.00
fixtures
Production machinery 456,298.00
and equipment
Production fixtures 6,200.00
and furniture
Farming Supplies 501,301.00
Cleaning Supplies 7,450.00 1,046,797.00

TOTAL PROJECTED COST 3,749,297.60

Capital Contribution/Sources of Financing

 101

The initial investment for the proposed business would

be ₱3,900,000.00. The breakdown of capital contribution is

presented below.

Table 4.2 Capital Contribution

PARTNERS CONTRIBUTED AMOUNT
Jundy Mhea A. Bayagen ₱ 650 000.00
Rocsin T. Gobi 650 000.00
Karen Gayle N. Liwen 650 000.00
Rozel L. Montevirgin 650 000.00
Hazel Mae L. Og-oget 650 000.00
Lovely D. Pagawan 650 000.00
TOTAL ₱ 3 900 000.00
 102

Table 4.3 Projected Income Statement

Honey Bliss
Projected Income Statement
For the Years Ended December 31, 2022-2026
Pre-
Particulars Note operation 2022 2023 2024 2025 2026
Sales 1   1,800,000 1,980,000 2,178,000 2,395,800 2,635,344
Less: Cost of
Sales 2   480,073.40 493,120.28 476,632.65 461,255.13 446,246.59
Gross Profit     1,319,926.60 1,486,879.72 1,701,367.35 1,934,544.87 2,189,097.41
Less: Operating Expenses
Office
Supplies exp. 3   7,130.90 7,487.45 7,861.82 8,254.91 8,667.65
Farm Supplies
exp. 4   350,910.70 368,456.24 386,879.05 406,223.00 426,534.15
Cleaning
Supplies
Expense     5,215.00 5,475.75 5,749.54 6,037.01 6,338.87
Utilities
Expense 5 - 94,000.00 80,900.00 82,895.00 84,989.75 87,189.24
Depreciation 100,293. 100,293. 100,293. 100,293. 100,293.
Expense 14,15   21 21 21 21 21
Repairs &
Maintenance
Expense 6   26,392.95 31,671.54 38,005.85 45,607.02 54,728.42
Delivery
Expense 7   30,240.00 31,147.20 32,081.62 33,044.06 34,035.39
 103

Advertising
Expense 8 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00
Taxes and
Licenses 10 11,885.00 9,485.00 9,485.00 9,485.00 9,485.00 9,485.00
building
renovation
expense
  281,881.60          
General &
Administrative
Exp. 12   424,612.50 480,022.60 495,110.42 510,022.40 525,261.51
13th Month pay 13   80,340.00 82,750.20 85,232.71 87,789.69 90,423.38
Percentage tax
exp. 20 - 81,000.00 107,730.00 110,963.52 114,203.52 117,718.92
Total   302,016.60 1,217,870.26 1,313,669.18 1,362,807.72 1,414,199.56 1,468,925.73
Net Income
Before Tax   (302,016.60) 102,056.34 173,210.54 338,559.63 520,345.31 720,171.68
Less: Income
tax     30,616.90 51,963.16 101,567.89 156,103.59 216,051.50
Net Income   -302,016.60 71,439.44 121,247.38 236,991.74 364,241.72 504,120.17

Table 4.4 Projected Statement of Financial Position

Honey Bliss
Projected Statement of Financial Position
For the Years Ended December 31, 2022-2026
ASSETS
Current Pre-
Assets Note operation 2022 2023 2024 2025 2026
Cash   2,551,186.40 3,144,330.42 3,297,081.64 3,449,275.74 3,663,970.48 3,949,148.87
Office
Supplies 3 10,187.00 3,056.10 3,208.91 3,369.35 3,537.82 3,714.71
 104

Farm
Supplies 4 501,301.00 150,390.30 157,909.82 165,805.31 174,095.57 182,800.35
Cleaning
Supplies   7,450.00 2,235.00 2,346.75 2,464.09 2,587.29 2,716.66
Total
Current
Assets   3,070,124.40 3,300,011.82 3,460,547.11 3,620,914.48 3,844,191.16 4,138,380.59
Non-current Assets
Office
Machineries
&Equipment 14 46,598.00 37,744.38 28,890.76 20,037.14 11,183.52 2,329.90
Production
Machineries
& Equipment 14 456,298.00 432,727.18 409,156.36 385,585.54 362,014.72 338,443.90
Office
Furniture &
Fixtures 15 18,763.00 15,198.03 11,633.06 8,068.09 4,503.12 938.15
Production
Furniture
and Fixtures 15 6,200.00 5,022.00 3,844.00 2,666.00 1,488.00 310.00
Total Non-
Current
Asset   527,859.00 490,691.59 453,524.18 416,356.77 379,189.36 342,021.95
TOTAL ASSETS   3,597,983.40 3,790,703.41 3,914,071.29 4,037,271.25 4,223,380.52 4,480,402.54
LIABILITIES
Current Liability
Accrued
Salaries
payable 16   74,308.10 76,573.94 78,829.56 81,177.05 83,678.56
Accrued
Utilities
payable 5   7,833.33 6,741.67 6,907.92 7,082.48 7,265.77
SSS Payable 17 - 9,660.00 11,005.00 11,445.00 11,595.00 12,045.00
 105

HDMF Payable 18 - 3,213.60 3,577.80 3,685.13 3,795.71 3,909.57

PhilHealth
Payable 19 - 2,209.36 2,459.75 2,538.48 2,609.94 2,687.80
Percentage
tax payable 20   20,250.00 26,932.50 27,740.88 28,550.88 29,429.73
Income Tax
Payable 21 - 39,525.90 92,453.81 93,301.61 93,625.93 94,382.48
Total
Current
Liabilities   - 157,000.29 219,744.48 224,448.57 228,436.98 233,398.92
Non-current
Liability     - - - - -
Total Non-
current
Liability   - - - - - -
TOTAL
LIABILITIES   - 157,000.29 219,744.48 224,448.57 228,436.98 233,398.92
EQUITY
Bayagen,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
Gobi,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
Liwen,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
Montevirgen,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
Og-oget,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
Pagawan,
Capital   599,663.90 605,617.19 615,721.13 635,470.45 665,823.92 707,833.94
 106

Total
Partner's
equity   3,597,983.40 3,633,703.12 3,694,326.81 3,812,822.68 3,994,943.54 4,247,003.62
TOTAL
LIABILIIES
AND EQUITIES   3,597,983.40 3,790,703.41 3,914,071.29 4,037,271.25 4,223,380.52 4,480,402.54

Table 4.5 Projected Statement of Cash Flow

Honey Bliss
Projected Statement of Cash Flow
For the Year 2022-2026
Particulars Pre-operation 2022 2023 2024 2025 2026
OPERATING CASH FLOW

Sales Revenue   1,800,000.00 1,980,000.00 2,178,000.00 2,395,800.00 2,635,344.00

Total Cash
Inflow   1,800,000.00 1,980,000.00 2,178,000.00 2,395,800.00 2,635,344.00
Cash Outflows

Payment for
Office Supplies 10,187.00   10,610.25 11,140.76 11,697.80 12,282.69

Payment of Farm
Supplies 501,301.00   556,856.30 612,541.93 673,796.12 741,175.74
Payment of
Cleaning
Supplies 7,450.00   7,822.50 8,213.63 8,624.31 9,055.52
Payment for
Merchandise   387,071.46 95,442.23 141,201.08 138,489.42 134,522.85
 107

Payment of
Utilities   86,166.67 74,158.33 75,987.08 77,907.27 79,923.47
Payment for
Repairs and
Maintenance   26,392.95 31,671.54 38,005.85 45,607.02 54,728.42
Payment of
Delivery   30,240.00 31,147.20 32,081.62 33,044.06 34,035.39

Payment for
Advertisement 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00
Payment for
Taxes and
Licenses 11885.00 9485.00 9485.00 9485.00 9485.00 9485.00

payment of
building
removation
expense 281,881.60          
Payment of
Income tax   118,577.69 277,361.44 279,904.82 280,877.79 282,121.49

Payment of
General and
Administrative
Expense   424,612.50 480,022.60 495,110.42 510,022.40 525,261.51

Payment of 13th
Month pay   80,340.00 82,750.20 85,232.71 87,789.69 90,423.38

Payment
Percentage tax     101,047.50 110,155.14 113,393.52 116,840.07
Total Cash
Outflow 820,954.60 1,171,136.27 1,766,625.09 1,907,310.03 1,998,984.40 2,098,105.52
 108

Net Cash Flow

from Operating (820,954.60) 628,863.73 213,374.91 270,689.97 396,815.60 537,238.48
INVESTING CASH FLOW
Investing Cash Inflow

LESS: Investing
Cash Outflow            

Payment of Office
Machineries and
Equipment 46,598.00          
Payment of
Production
Machineries and
Equipment 456,298.00          

Payment of Office
Furniture and
Fixtures 18,763.00          
Payment of
Production
Furniture and
Fixtures 6,200.00          
Total 527,859.00          

Net Cash Provided

by Investing
Activities (527,859.00) - - - - -
FINANCING CASH FLOW
Financing cash
inflow            
 109

Initial Capital 3,900,000.00   - - - -

Total financing
cash inflow 3,900,000.00   - - - -
Financial Cash
outflow            
Drawings - 35,719.72 60,623.69 118,495.87 182,120.86 252,060.09

Total financing
cash outflow - 35,719.72 60,623.69 118,495.87 182,120.86 252,060.09
NET FINANCING
CASH FLOW 3,900,000.00 (35,719.72) (60,623.69) (118,495.87) (182,120.86) (252,060.09)
TOTAL NET CASH
FLOW 2,551,186.40 593,144.02 152,751.22 152,194.10 214,694.75 285,178.39
Add: Cash,
beginning - 2,551,186.40 3,144,330.42 3,297,081.64 3,449,275.74 3,663,970.48

CASH BALANCE END 2,551,186.40 3,144,330.42 3,297,081.64 3,449,275.74 3,663,970.48 3,949,148.87

Table 4.6 Projected Statement of Owner's Equity

Honey Bliss
Projected Statement of Owner's Equity
For the years ended December 31, 2022-2026
  BAYAGEN GOBI LIWEN MONTEVIRGEN OG-OGET PAGAWAN TOTAL
Contribution 650,000.00 650,000.00 650,000.00 650,000.00 650,000.00 650,000.00 3,900,000.00
Pre-operating -50,336 -50,336 -50,336 -50,336 -50,336 -50,336 -302,016.60
expense
Total 599,663.90 599,663.90 599,663.90 599,663.90 599,663.90 599,663.90 3,597,983.40
               
 110

Beginning 599,663.90 599,663.90 599,663.90 599,663.90 599,663.90 599,663.90 3,597,983.40

balance
Add: Share 11,906.57 11,906.57 11,906.57 11,906.57 11,906.57 11,906.57 71,439.44
on
profit/loss
Total 611,570.47 611,570.47 611,570.47 611,570.47 611,570.47 611,570.47 3,669,422.84
Less: 5,953.29 5,953.29 5,953.29 5,953.29 5,953.29 5,953.29 35,719.72
Drawings
Ending 605,617.19 605,617.19 605,617.19 605,617.19 605,617.19 605,617.19 3,633,703.12
balance -
2021
               
Beginning 605,617.19 605,617.19 605,617.19 605,617.19 605,617.19 605,617.19 3,633,703.12
balance
Add: Share 20,207.90 20,207.90 20,207.90 20,207.90 20,207.90 20,207.90 121,247.38
on
profit/loss
Total 625,825.08 625,825.08 625,825.08 625,825.08 625,825.08 625,825.08 3,754,950.50
Less: 10,103.95 10,103.95 10,103.95 10,103.95 10,103.95 10,103.95 60,623.69
Drawings
Ending 615,721.13 615,721.13 615,721.13 615,721.13 615,721.13 615,721.13 3,694,326.81
balance -
2022
               
Beginning 615,721.13 615,721.13 615,721.13 615,721.13 615,721.13 615,721.13 3,694,326.81
balance
Add: Share 39,498.62 39,498.62 39,498.62 39,498.62 39,498.62 39,498.62 236,991.74
on
profit/loss
Total 655,219.76 655,219.76 655,219.76 655,219.76 655,219.76 655,219.76 3,931,318.55
 111

Less: 19,749.31 19,749.31 19,749.31 19,749.31 19,749.31 19,749.31 118,495.87

Drawings
Ending 635,470.45 635,470.45 635,470.45 635,470.45 635,470.45 635,470.45 3,812,822.68
balance -
2023
               
Beginning 635,470.45 635,470.45 635,470.45 635,470.45 635,470.45 635,470.45 3,812,822.68
balance
Add: Share 60,706.95 60,706.95 60,706.95 60,706.95 60,706.95 60,706.95 364,241.72
on
profit/loss
Total 696,177.40 696,177.40 696,177.40 696,177.40 696,177.40 696,177.40 4,177,064.39
Less: 30,353.48 30,353.48 30,353.48 30,353.48 30,353.48 30,353.48 182,120.86
Drawings
Ending 665,823.92 665,823.92 665,823.92 665,823.92 665,823.92 665,823.92 3,994,943.54
balance -
2024
               
Beginning 665,823.92 665,823.92 665,823.92 665,823.92 665,823.92 665,823.92 3,994,943.54
balance
Add: Share 84,020.03 84,020.03 84,020.03 84,020.03 84,020.03 84,020.03 504,120.17
on
profit/loss
Total 749,843.95 749,843.95 749,843.95 749,843.95 749,843.95 749,843.95 4,499,063.71
Less: 42,010.01 42,010.01 42,010.01 42,010.01 42,010.01 42,010.01 252,060.09
Drawings
Ending 707,833.94 707,833.94 707,833.94 707,833.94 707,833.94 707,833.94 4,247,003.62
balance -
2025

Financial Notes and Schedules

 112

NOTES 1: SALES REVENUE

Year First Batch Second Batch Third Batch Sales Revenue

2022 400,000 600,000 800,000 1,800,000
2023 450,000 650,000 880,000 1,980,000
2024 500,000 700,000 978,000 2,178,000
2025 550,000 750,000 1,095,800 2,395,800
2026 600,000 800,000 1,235,344 2,635,344

NOTES 2: COST OF SALES

Cost of
Manufacturing pre-operation 2022 2023 2024 2025 2025

Raw Materials   26,200.00 25,414.00 24,651.58 23,912.03 23,194.67

Direct Labor   355,680.00 345,009.60 334,659.31 324,619.53 314,880.95
Factory Overhead   143,739.00 139,426.83 135,244.03 131,186.70 127,251.10
Total COS   525,619.00 509,850.43 494,554.92 479,718.27 465,326.72
Accrued Salaries   38,233.10 39,409.89 40,562.59 41,752.27 43,060.04

Payment of accrued
salaries     (38,233.10) (39,409.89) (40,562.59) (41,752.27)

Accrued
SSS/PhilHealth/HDMF   7,312.50 8,240.86 8,528.72 8,744.75 9,027.62

Payment of
SSS/PhilHealth/HDMF     7,312.50 8,240.86 8,528.72 8,744.75
Total Accrued   45,545.60 16,730.15 17,922.27 18,463.14 19,080.13
 113

Total Payment of
COS   480,073.40 493,120.28 476,632.65 461,255.13 446,246.59

NOTES 3 - OFFICE SUPPLIES AND EXPENSES

  pre-operation 2022 2023 2024 2025 2026

10,187.00        
Office supplies, beg.  

Purchases 10,187.00   10,610.25 11,140.76 11,697.80 12,282.69

total 10,187.00 10,187.00 10,696.35 11,231.17 11,792.73 12,382.36

Office supplies, end 10,187.00 3,056.10 3,208.91 3,369.35 3,537.82 3,714.71

Office supplies expense - 7,130.90 7,487.45 7,861.82 8,254.91 8,667.65

NOTE 4 - FARM SUPPLIES AND EXPENSE

pre-
  2022 2023 2024 2025 2026
operation
farm supplies,
  501,301.00        
beg.
Purchases 501,301.00   556,856.30 612,541.93 673,796.12 741,175.74
total 501,301.00 501,301.00 526,366.05 552,684.35 580,318.57 609,334.50
farm supplies,
501,301.00 150,390.30 157,909.82 165,805.31 174,095.57 182,800.35
end
farm supplies
- 350,910.70 368,456.24 386,879.05 406,223.00 426,534.15
expense
NOTE 5 - CLEANING SUPPLIES AND EXPENSE

pre-
  operation 2022 2023 2024 2025 2026
 114

Cleaning
Supplies, beg.   7,450.00        
purchases 7,450.00   7,822.50 8,213.63 8,624.31 9,055.52
total 7,450.00 7,450.00 7,822.50 8,213.63 8,624.31 9,055.52
cleaning
supplies, end 7,450.00 2,235.00 2,346.75 2,464.09 2,587.29 2,716.66
cleaning
supplies
expense   5,215.00 5,475.75 5,749.54 6,037.01 6,338.87

NOTE 6 - UTILITIES EXPENSES AND PAYABLE

  2021 2022 2023 2024 2025

Utilities
payable, beg.   7,833.33 6,741.67 6,907.92 7,082.48
Electricity
exense (increase
5% yearly) 38,000.00 39,900.00 41,895.00 43,989.75 46,189.24
Communication
Expenses 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00
water biils 23,000.00 23,000.00 23,000.00 23,000.00 23,000.00
fuel 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00
total 94,000.00 80,900.00 82,895.00 84,989.75 87,189.24
Utilities paid 86,166.67 74,158.33 75,987.08 77,907.27 79,923.47

Accrued Utilities
7,833.33 6,741.67 6,907.92 7,082.48 7,265.77
payable

NOTE 7 - REPAIRS AND MAINTENANCE

Particulars Pre-operation 2022 2023 2024 2025 2026

 115

Office Machineries
  ₱2,329.90 2,795.88 3,355.06 4,026.07 4,831.28
and Equipment’s

Office Furniture’s
  938 1,125.78 1,350.94 1,621.12 1,945.35
and Fixtures

Production
Machineries and   22,814.90 27,377.88 32,853.46 39,424.15 47,308.98
Equipment’s
Production
Furniture’s and   310.00 372.00 446.40 535.68 642.82
Fixtures
Total (Increase 1%
  ₱26,392.95
per year) ₱31,671.54 ₱38,005.85 ₱45,607.02 ₱54,728.42

NOTE 8 - DELIVERY EXPENSE

Particular 2021 2022 2023 2024 2025

Delivery Expense 30,240.00 31,147.20 32,081.62 33,044.06 34,035.39
TOTAL 30,240.00 31,147.20 32,081.62 33,044.06 34,035.39

NOTE 9 - ADVERTISING EXPENSE

Particulars Pre-operation 2022 2023 2024 2025 2026

Brochure 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00
TOTAL 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00 8,250.00

NOTE 10 - TAXES AND LICENSES

 116

  Preoperation 2022 2023 2024 2025 2026

SEC Verification 2,400.00          
and Registration
Fee

Community Tax 500.00 500.00 500.00 500.00 500.00 500.00

Certificate
Barangay Clearance 300.00 300.00 300.00 300.00 300.00 300.00
Municipal Licenses 8,185.00 8,185.00 8,185.00 8,185.00 8,185.00 8,185.00
and Other Fees

BIR Registration 500.00 500.00 500.00 500.00 500.00 500.00

Total 11,885.00 9,485.00 9,485.00 9,485.00 9,485.00 9,485.00

NOTE 11 - BUILDING RENOVATION EXPENSE

Pre-
  2022 2023 2024 2025 2026
operation
Building
Renovation - - - -
Expense 281,881.60 -
Total 281,881.60 - - - - -

NOTE 12 - GENERAL AND ADMINISTRATIVE EXPENSE

Employee 2022 2023 2024 2025 2026

General Manager 187,200.00 192,816.00 198,600.48 204,558.49 210,695.25

Marketing Manager 156,000.00 160,680.00 165,500.40 170,465.41 175,579.37

Bookkeper 124,800.00 128,544.00 132,400.32 136,372.33 140,463.50

Total 468,000.00 482,040.00 496,501.20 511,396.24 526,738.12
Accrued Salaries 36,075.00 37,164.05 38,266.97 39,424.78 40,618.52
 117

Payment of accrued
  (36,075.00) (37,164.05) (38,266.97) (39,424.78)
salaries

Accrued
7,312.50 8,240.86 8,528.72 8,744.75 9,027.62
SSS/PhilHealth/HDMF

Payment of
  (7,312.50) (8,240.86) (8,528.72) (8,744.75)
SSS/PhilHealth/HDMF

Total Accrued 43,387.50 2,017.41 1,390.78 1,373.84 1,476.61

Total Payment 424,612.50 480,022.60 495,110.42 510,022.40 525,261.51

NOTE 13 - 13TH MONTH PAY EXPENSE

Employee 2022 2023 2024 2025 2026

General Manager 15,600.00 16,068.00 16,550.04 17,046.54 17,557.94

Marketing Manager 13,000.00 13,390.00 13,791.70 14,205.45 14,631.61

Mushroom Farm
11,700.00 12,051.00 12,412.53 12,784.91 13,168.45
Manager
Bookkeeper 10,400.00 10,712.00 11,033.36 11,364.36 11,705.29
Farmer 29,640.00 30,529.20 31,445.08 32,388.43 33,360.08
Total 80,340.00 82,750.20 85,232.71 87,789.69 90,423.38

NOTE 14 - PROPERTY, PLANT AND EQUIPMENT

 118

Annual
Particulars Cost 2022 2023 2024 2025 2026
Depreciation
Office Machineries and Equipment’s
Bundy clock 3,599.00 683.81 2,915.19 2,231.38 1,547.57 863.76 179.95
Desktop
30,000.00 5,700.00 24,300.00 18,600.00 12,900.00 7,200.00 1,500.00
computer
Printer 6,800.00 1,292.00 5,508.00 4,216.00 2,924.00 1,632.00 340.00
Telephone 2,900.00 551.00 2,349.00 1,798.00 1,247.00 696.00 145.00
Fire
1,100.00 209.00 891.00 682.00 473.00 264.00 55.00
Extinguishers
Water
dispenser 2,199.00 417.81 1,781.19 1,363.38 945.57 527.76 109.95
with purifier

Total 46,598.00 8,853.62 37,744.38 28,890.76 20,037.14 11,183.52 2,329.90

Production Machineries and Equipment’s

Digital
Thermometer
900 171.00 729.00 558.00 387.00 216.00 45.00
and
Hygrometer
Electric
15,000 1,500.00 13,500.00 12,000.00 10,500.00 9,000.00 7,500.00
Generator
Delivery
400,000 18,000.00 382,000.00 364,000.00 346,000.00 328,000.00 310,000.00
Truck
honey
37,998 3,419.82 34,578.18 31,158.36 27,738.54 24,318.72 20,898.90
extractor
               
Pushcart 2,400 480.00 1,920.00 1,440.00 960.00 480.00 0.00
Total 456,298 23,571 432,727 409,156 385,586 362,015 338,444
TOTAL PPE 502,896.00 32,424.44 470,471.56 438,047.12 405,622.68 373,198.24 340,773.80
 119

NOTE 15 - FURNITURE AND FIXTURES

Annual
Particulars Cost 2022 2023 2024 2025 2026
Depreciation
Office Furniture’s and Fixtures
File cabinet 5,300 1,007.00 4,293.00 3,286.00 2,279.00 1,272.00 265.00
Garbage bin 270 51.30 218.70 167.40 116.10 64.80 13.50
Monobloc
2,600 494.00 2,106.00 1,612.00 1,118.00 624.00 130.00
chair
Office chairs 1,998 379.62 1,618.38 1,238.76 859.14 479.52 99.90
Office Desk 7,000 1,330.00 5,670.00 4,340.00 3,010.00 1,680.00 350.00
Table, long 1,595 303.05 1,291.95 988.90 685.85 382.80 79.75
Total 18,763.00 3,564.97 15,198.03 11,633.06 8,068.09 4,503.12 938.15
Production Furniture’s and Fixtures
3,600.
Wooden Table 684.00 2,916.00 2,232.00 1,548.00 864.00 180.00
00
Monoblock 2,600.
494.00 2,106.00 1,612.00 1,118.00 624.00 130.00
chair 00
Total 6,200.00 1,178.00 5,022.00 3,844.00 2,666.00 1,488.00 310.00
TOTAL F&F 24,963.00 2,380.30 22,582.70 20,202.40 17,822.10 15,441.80 13,061.50

NOTE 16 - Accrued Salaries Expense

Employees 2022 2023 2024 2025 2026

COS-Labor

Honey Farm
129,966.00 133,790.58 137,737.10 141,809.21 146,250.69
Manager
Farmer 328,831.20 339,128.14 349,013.98 359,218.00 370,469.74
Total Annual
458,797.20 472,918.72 486,751.08 501,027.21 516,720.43
Salaries
 120

Divide by 12 12 12 12 12
Accrued Salaries 38,233.10 39,409.89 40,562.59 41,752.27 43,060.04

General Administrative Expenses

General Manager 173,208.00 178,387.44 183,729.46 189,238.95 194,920.92

Marketing Manager 144,300.00 148,576.20 152,987.89 157,779.12 162,474.10

Bookkeeper 115,392.00 119,004.96 122,486.31 126,079.30 130,027.28

Total Annual
432,900.00 445,968.60 459,203.66 473,097.37 487,422.29
Salaries
Divide by 12 12 12 12 12

Accrued Salaries 36,075.00 37,164.05 38,266.97 39,424.78 40,618.52

TOTAL ACCRUED
74,308.10 76,573.94 78,829.56 81,177.05 83,678.56
SALARIES

Monthly Annual
Employees Monthly Deduction Gross Salary Net Salary
Salary Deduction
    SSS HDMF PhilHealth      
General
15,600.00 620 312 234 187,200.00 13,992.00 173,208.00
Manager
Marketing
13,000.00 520 260 195 156,000.00 11,700.00 144,300.00
Manager
Bookkeeper 10,400.00 420 208 156 124,800.00 9,408.00 115,392.00
Honey Farm
11,700.00 460 234 175.5 140,400.00 10,434.00 129,966.00
Manager
Farmer 29,640.00 1200 592.8 444.6 355,680.00 26,848.80 328,831.20
TOTAL- 2022 80,340.00 3220 1,606.80 1,205.10 964,080.00 72,382.80 891,697.20
 121

General
16,068.00 640 321.36 241.02 192,816.00 14,428.56 178,387.44
Manager
Marketing
13,390.00 540 267.8 200.85 160,680.00 12,103.80 148,576.20
Manager

Bookkeeper 10,712.00 420 214.24 160.68 128,544.00 9,539.04 119,004.96

Honey Farm
12,051.00 480 241.02 180.765 144,612.00 10,821.42 133,790.58
Manager

Farmer 30,529.20 1200 610.584 457.938 366,350.40 27,222.26 339,128.14

TOTAL- 2023 82,750.20 3280 1,655.00 1,241.25 993,002.40 74,115.08 918,887.32

General
16,550.04 660 331.00 248.25 198,600.48 14,871.02 183,729.46
Manager
Marketing
13,791.70 560 275.83 206.88 165,500.40 12,512.51 152,987.89
Manager
Bookkeeper 11,033.36 440 220.67 165.50 132,400.32 9,914.01 122,486.31
Honey Farm
12,412.53 500 248.25 186.19 148,950.36 11,213.26 137,737.10
Manager

Farmer 31,445.08 1260 628.90 471.68 377,340.91 28,326.93 349,013.98

TOTAL- 2024 85,232.71 3420 1,704.65 1,278.49 1,022,792.47 76,837.74 945,954.74

General
17,046.54 680 340.93 255.70 204,558.49 15,319.55 189,238.95
Manager
Marketing
14,205.45 560 284.11 213.08 170,465.41 12,686.29 157,779.12
Manager

Bookkeeper 11,364.36 460 227.29 170.47 136,372.33 10,293.03 126,079.30

Honey Farm
12,784.91 520 255.70 191.77 153,418.87 11,609.66 141,809.21
Manager
Farmer 32,388.43 1320 647.77 485.83 388,661.14 29,443.14 359,218.00
 122

TOTAL- 2025 87,789.69 3,540.00 1,755.79 1,316.85 1,053,476.25 79,351.67 974,124.58

General
17,557.94 700 351.16 263.37 210,695.25 15,774.33 194,920.92
Manager
Marketing
14,631.61 580 292.63 219.47 175,579.37 13,105.28 162,474.10
Manager

Bookkeeper 11,705.29 460 234.11 175.58 140,463.50 10,436.22 130,027.28

Honey Farm
13,168.45 520 263.37 197.53 158,021.44 11,770.75 146,250.69
Manager
Farmer 33,360.08 1320 667.20 500.40 400,320.97 29,851.23 370,469.74

TOTAL- 2026 90,423.38 3,580.00 1,808.47 1,356.35 1,085,080.53 80,937.82 1,004,142.71

NOTE 17 - SSS PAYABLE

SSS-Cost of Sales 2022 2023 2024 2025 2026

SSS payable beg   4,980.00 5,040.00 5,280.00 5,520.00

SSS expense ER
39,840.00 42,240.00 44,160.00 44,160.00 46,080.00
share
SSS expense EE
19,920.00 21,120.00 22,080.00 22,080.00 23,040.00
share

Total SSS Expense 59,760.00 68,340.00 71,280.00 71,520.00 74,640.00

SSS paid 54,780.00 62,645.00 65,340.00 65,560.00 68,420.00

SSS payable, end 4,980.00 5,695.00 5,940.00 5,960.00 6,220.00

 123

SSS payable beg -

General& Admin.   4,680.00 4,860.00 4,980.00 5,100.00
Exp.
SSS expense ER
37,440.00 39,840.00 40,800.00 41,760.00 43,200.00
share
SSS expense EE
18,720.00 19,200.00 20,400.00 20,880.00 21,600.00
share

Total SSS Expense 56,160.00 63,720.00 66,060.00 67,620.00 69,900.00

SSS paid 51,480.00 58,410.00 60,555.00 61,985.00 64,075.00

SSS payable, end 4,680.00 5,310.00 5,505.00 5,635.00 5,825.00

TOTAL SSS Payable 9,660.00 11,005.00 11,445.00 11,595.00 12,045.00

NOTE 18 - HDMF PAYABLE

HDMF-Cost of
2022 2023 2024 2025 2026
Sales
HDMF payable beg   1,653.60 1,703.20 1,754.30 1,806.94
HDMF expense ER
9,921.60 10,219.20 10,525.80 10,841.64 11,166.84
share
HDMF expense EE
9,921.60 10,219.20 10,525.80 10,841.64 11,166.84
share
Total HDMF
19,843.20 22,092.00 22,754.80 23,437.58 24,140.62
Expense
HDMF paid 18,189.60 20,251.00 20,858.57 21,484.45 22,128.90
HDMF payable,
1,653.60 1,841.00 1,896.23 1,953.13 2,011.72
end
HDMF-General& Admin. Exp
HDMF payable beg   1,560.00 1,606.80 1,655.00 1,704.66
 124

HDMF expense ER
9,360.00 9,640.80 9,930.00 10,227.96 10,534.80
share
HDMF expense EE
9,360.00 9,640.80 9,930.00 10,227.96 10,534.80
share
Total HDMF
18,720.00 20,841.60 21,466.80 22,110.92 22,774.26
Expense
HDMF paid 17,160.00 19,104.80 19,677.90 20,268.34 20,876.41
HDMF payable,
1,560.00 1,736.80 1,788.90 1,842.58 1,897.86
end
Total HDMF
3,213.60 3,577.80 3,685.13 3,795.71 3,909.57
Payable

NOTE 19 - PHILHEALTH PAYABLE

PhilHealth -
2022 2023 2024 2025 2026
Cost of Sales
PhilHealth
- 1,136.86 1,170.96 1,206.08 1,242.26
payable beg

PhilHealth
6,821.16 7,025.76 7,236.48 7,453.56 7,677.12
expense ER share

PhilHealth
6,821.16 7,025.76 7,236.48 7,453.56 7,677.12
expense EE share

Total PhilHealth
13,642.32 15,188.38 15,643.92 16,113.20 16,596.50
Expense

PhilHealth paid 12,505.46 13,922.68 14,340.26 14,770.43 15,213.46

PhilHealth
1,136.86 1,265.70 1,303.66 1,342.77 1,383.04
payable, end
 125

HDMF-General &Admin. Exp.

PhilHealth
- 1,072.50 1,104.68 1,142.76 1,171.94
payable beg
PhilHealth
6,435.00 6,628.08 6,856.56 7,031.64 7,242.60
expense ER share
PhilHealth
6,435.00 6,628.08 6,856.56 7,031.64 7,242.60
expense EE share
Total PhilHealth
12,870.00 14,328.66 14,817.80 15,206.04 15,657.14
Expense
PhilHealth paid 11,797.50 13,223.98 13,675.04 14,034.10 14,450.04
PhilHealth
1,072.50 1,194.06 1,234.82 1,267.17 1,304.76
payable, end
Total 2,209.36 2,459.75 2,538.48 2,609.94 2,687.80

NOTE 20 - PERCENTAGE TAX PAYABLE

  2022 2023 2024 2025 2026

Percentage tax,
- 20,250.00 26,932.50 27,740.88 28,550.88
beg.
Percentage tax,
81,000.00 107,730.00 110,963.52 114,203.52 117,718.92
expense
Total 81,000.00 127,980.00 137,896.02 141,944.40 146,269.80
Percentage tax
60,750.00 101,047.50 110,155.14 113,393.52 116,840.07
paid
Percentage tax,
20,250.00 26,932.50 27,740.88 28,550.88 29,429.73
end

PERCENTAGE PERCENTAGE
YEAR ACTUAL SALES
TAX RATE TAX PAYABLE
2021 2,700,000.00 0.03 81,000.00
 126

2022 3,591,000.00 0.03 107,730.00

2023 3,698,784.00 0.03 110,963.52

2024 3,806,784.00 0.03 114,203.52

2025 3,923,964.00 0.03 117,718.92

NOTE 21 - INCOME TAX PAYABLE

  2022 2023 2024 2025 2026

Income tax,
- 39,525.90 92,453.81 93,301.61 93,625.93
beginning
Income tax
158,103.59 369,815.25 373,206.42 374,503.72 376,503.97
expense
Total 158,103.59 369,815.25 373,206.42 374,503.72 376,503.97
Income tax paid 118,577.69 277,361.44 279,904.82 280,877.79 282,121.49
Income tax, end 39,525.90 92,453.81 93,301.61 93,625.93 94,382.48

SCHEDULE 1: SALES REVENUE

*Raw Materials 2021 2022 2023 2024 2025

Comb foundation
₱5,200.00        
Sheet
sugar 21,000.00        
Total ₱26,200.00 25,414.00 24,651.58 23,912.03 23,194.67
 127

**Direct Labor

Farmer 1 118,560        

Farmer 2 118,560        

Farmer 3 118,560        

Total 3% 355,680 345,009.60 334,659.31 324,619.53 314,880.95

Factory Overhead

***Indirect Labor        

empty honey bottle 92,160.00        

sticker label 19,200.00        

bottle cap 30,720.00        

boxes 960.00        

plastic sealer 699.00        

135,244. 131,186.
Total Overhead 143,739.00 139,426.83 127,251.10
03 70

SCHEDULE 2: DEPRECIATION EXPENSE

Particulars Unit Cost Qty Total Salvage Depreciable Useful Annual Dep.
 128

Cost Value Cost Life (2021-2025)

Office Machineries and Equipment’s
68
Bundy clock ₱3,599.00 1 3,599.00 180 ₱3,419.05 5
3.81
Desktop 5,70
15,000.00 2 30,000.00 1,500 ₱28,500.00 5
computer 0.00
1,29
Printer 6,800.00 1 6,800.00 340 ₱6,460.00 5
2.00
55
Telephone 2,900.00 1 2,900.00 145 ₱2,755.00 5
1.00
Fire 20
1,100.00 1 1,100.00 55 ₱1,045.00 5
Extinguishers 9.00
Water
41
dispenser 2,199.00 1 2,199.00 110 ₱2,089.05 5
7.81
with purifier
Total ₱31,598.00   ₱46,598.00 ₱2,329.90 ₱44,268.10   ₱8,853.62

Production Machineries and Equipment’s

Digital
Thermometer 450
2 900 45 855 5 171.00
and .00
Hygrometer
Electric 15,000
1 15,000 750 14,250 5 2,850.00
Generator .00
Delivery 400,000
1 400,000 20000 380,000 5 76,000.00
Truck .00
honey 18,999
2 37,998 1899.9 36,098 5 7,219.62
extractor .00
               
1,200
Pushcart 2 2,400 120 2,280 5 456.00
.00
435,649 456,298. 22,81 433,48 86,69
Total    
.00 00 4.90 3.10 6.62
 129

Office Furniture’s and Fixtures

5,300
File cabinet 1 5,300 265 5,035 5 1007
.00
Garbage bin 135 2 270 14 257 5 51.3
Monobloc
260 10 2,600 130 2,470 5 494
chair
Office chairs 999 2 1,998 100 1,898 5 379.62
Office Desk 3,500 2 7,000 350 6,650 5 1330
Table, long 1,595 1 1,595 80 1,515 5 303.05
Total 11,789   18,763 938 17,825   3,565

Production Furniture’s and Fixtures

1,800 3,600. 3,42 68
Wooden Table 180 5
.00 2 00 0.00 4.00
Monoblock 260 2,600. 2,47 49
130 5
chair .00 10 00 0.00 4.00
2,060 6,200. 31 5,89 1,17
Total    
.00 00 0.00 0.00 8.00
Total
₱481,096.00   ₱527,859.00 ₱26,392.95 ₱501,466.05   ₱100,293.21
Depreciation
FINANCIAL RATIO ANALYSIS

Liquidity            
  Formula 2022 2023 2024 2025 2026
1. Current Current
2,400,001.82 2,560,547.11 2,720,914.48 2,944,191.16 3,238,380.59
Ratio Assets
Current
  157,000.29 219,744.48 224,448.57 228,436.98 233,398.92
Liabilities
  Ratio: 15.29 11.65 12.12 12.89 13.87

Interpretation: In every P1.00 of current liability in 2019, it is back up by P2.17 and increases in the
succeeding years.
 130

Quick Assets 2,244,320.42 2,397,081.64 2,549,275.74 2,763,970.48 3,049,148.87

2. Acid Test
Ratio Current
157,000.29 219,744.48 224,448.57 228,436.98 233,398.92
Liabilities
  Ratio: 14.30 10.91 11.36 12.10 13.06

Interpretation: For every P1.00 current liability, the business has P2.11 of cash to pay for it and
increases in the succeeding years.

Solvency  
Total
1. Debt Ratio 157,000.29 219,744.48 224,448.57 228,436.98 233,398.92
Liabilities
  Total Assets 2,890,693.41 3,014,071.29 3,137,271.25 3,323,380.52 3,580,402.54
  Ratio: 5.43% 7.29% 7.15% 6.87% 6.52%
Interpretation: The ratio of total liabilities to total asset is approximately 13%.
2. Equity
Total Equity 2,733,703.12 2,794,326.81 2,912,822.68 3,094,943.54 3,347,003.62
Ratio
  Total Assets 2,890,693.41 3,014,071.29 3,137,271.25 3,323,380.52 3,580,402.54
  Ratio: 94.57% 92.71% 92.85% 93.13% 93.48%
Interpretation: The ratio of total equity to total asset is approximately 87%.
3. Debt-to- Total
2,890,703.41 3,014,071.29 3,137,271.25 3,323,380.52 3,580,402.54
Equity Ratio Liabilities
  Total Equity 2,733,703.12 2,794,326.81 2,912,822.68 3,094,943.54 3,347,003.62
  Ratio: 105.74% 107.86% 107.71% 107.38% 106.97%
Interpretation: The ratio of total liabilities to total equity is approximately 15%.
Profitability
 
Ratios
1. Return on Net Income 71,439.44 121,247.38 236,991.74 364,241.72 504,120.17
Sales/ Profit
Margin Net Sales 1,319,927 1,486,880 1,701,367 1,934,545 2,189,097
  Ratio: 5.41% 8.15% 13.93% 18.83% 23.03%
Interpretation: Every year, there is a return of about 14%.
 131

Net Income 71,439.44 121,247.38 236,991.74 364,241.72 504,120.17

2. Return on
Total Asset Average Total
2,794,338.40 2,952,382.35 3,075,671.27 3,230,325.89 3,451,891.53
Assets
  Ratio: 2.56% 4.11% 7.71% 11.28% 14.60%
Interpretation: Every year, there is a retun of approximately 22% on the utilization of total assets.
Share of Net
3. Return on 71,439.44 121,247.38 236,991.74 364,241.72 504,120.17
Income
Partner's
Investment Initial
3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00
Investment
  Ratio: 2.38% 4.04% 7.90% 12.14% 16.80%
Interpretation: Every year, there is a return of about 23%.
Share of Net
4. Return on 71,439.44 121,247.38 236,991.74 364,241.72 504,120.17
Income
Partner's
Equity Average Total
2,715,843.26 2,764,014.96 2,853,574.74 3,003,883.11 3,220,973.58
Equity
  Ratio: 2.63% 4.39% 8.31% 12.13% 15.65%
Interpretation: For every P1 of investment, 25 centavos is being received within 5 years.
Payback Initial
3,000,000.00        
Period Investment
  Ave. NI 259,608.09  
  4.41        
Interpretation: It is estimated that the payback period will take 4 years to recover the total amount of
investment.
SOCIO-ECONOMIC
ASPECT
 133

Introduction

This study is concerned with the benefits that the

business will give to the society as a whole.

Social responsibility is one of the factors a business

must take into consideration. A company considers the

interest of the society by being responsible for the impacts

of its activities on customers, employees, government,

environment, and other industries. To be able to attain the

business’s goal, a company should contribute in the welfare

of the economy as a whole. Awareness regarding this matter

proves the business’ concern not only on profit maximization

but also to its internal and external environment. This

study will serve as an aid in determining the socio-economic

contribution that the company can offer to the society.

Local Community

Honey Bliss shall be established to provide pure and

natural honey to hotel and restaurants, fast food chains,

and other eateries who are in need. Another is to give an

opportunity to the residents to fill in the manpower need of

the business. The business will give employment to those

that cannot find job but are qualified to be part of the

team. Furthermore, it benefits the barangay where the

 134

business is residing and the LGU as well through the

additional income they get from clearances, licenses, and

taxes.

Business Community

Honey production in the municipality of La Trinidad is

not that enough to supply the demand of the market. Several

businesses that used it need to import from other places.

The establishment of Honey Bliss will then help to ease this

problem. Other than that, it will also help them reduce

cost.

Environment

Honey Bliss assures that the business will not have a

negative effect to the people and the community. Aside from

aiming income through the company’s employment, other

aspects of the community would gain as well. Cleanliness

defines every establishment; with this Honey Bliss aims to

provide the cleanest products that it can offer to its

customers, so as not to harm them and the community.

Government

Taxation is an exercise of the sovereign power on

persons, properties and transactions to raise revenues to

 135

defray the expenses of the government (Nick L. Aduana).

Without taxation the state can’t stand alone. Organization

for profit purposes mandated to pay taxes.

Honey Bliss is a for profit entity, which generate

profit through operations and obliged to pay Income

taxes and Business taxes to the Bureau of Internal Revenue

(BIR) that will be remitted to the government.

Employees

The business need employees that are able to perform

the tasks or jobs well because they are the assets of the

company and employees also will help to achieve the ultimate

goal or the overall success of the company.

The proposed business will provide the employees

and their families their source of income that

eventually improves their standards of living.

The employees would also be able to develop their skills

because the business would make sure that employees would

undergo training and seminars to enhance their capabilities.

The business will help them by giving proper development and

a continual motivation and empowerment.

 136

Customers

The most valuable asset to a company is their

customers. The customer is the bloodline of any company.

When a company is successful in sales or whichever service

they provide, the company will have greater power to grow.

The more customers are happy the more business they will

accrue.

Therefore, there is a need to treat them with kindness

and respect. Without them, a business won’t exist.

The business amidst the pandemic will provide benefits

that will prevent COVID 19. In this case the benefits of the

product “Honey Bliss” will be beneficial to its consumers.

It has been said that honey Strengthen Immune system that we

all must have to prevent the spread of the virus.

 137

APPENDICES

Appendices A

OFFICE OF THE MUNICIPAL MAYOR

Km 5, La Trinidad, Benguet
September 2, 2019

Hon. Romeo K. Salda

Municipal Mayor
La Trinidad, Benguet

A pleasant and blessed day ahead.

We, a student from King's College of the Philippines

currently enrolled in Management Consultancy are conducting
a research about honey consumption in La Trinidad in making
its demand analysis which is a part of the subject . In this
regard we humbly ask for the data regarding the population
of groceries, supermarkets and cafés in the said place. We
assure you that all the data will be treated with utmost
confidentiality.

Thank you and God Bless!

Respectfully yours,

Karen Gayle N. Liwen

Group leader

Noted by:

Michael Karl M. Barnuevo

Adviser

Appendix B
 138

November, 2020
Dear respondents:
Greetings!
We are the Bachelor of Science in Accountancy students and
are presently conducting a feasibility study about
“Beekeeping”. We would like to ask for your cooperation,
patience and honesty in answering the attached
questionnaire.

In this regard, all the data and information gathered shall

be treated with strict confidentiality and will be used for
the sole purpose of this study. Thank you very much.

Respectfully yours,

Karen Gayle N. Liwen

Group Leader

Noted by:

Michael Karl M. Barnuevo, MBA, MICB

Feasibility Study Adviser

Approved by:

JAKE T. ALTIYEN, CPA, MBA

Dean, College of Accountancy

Appendix c

Business Name: (Optional)_________________________

Address: __________________________________
 139

Direction: Please put a check mark in the appropriate box

your honest evaluation.

1. Is honey included in your inventory or recipe?

a.1. If yes, how many do you include in your

inventory/recipe?

 1-3 liters
 3-5 liters
 5-8 liters
 8-10 liters

a.2. How often do you purchase honey?

 Once a week
 Twice a week
 Thrice a week
 Others:(please specify)

b. If no, are you willing to include it in your

inventory/recipe?

 Yes
 No
 Maybe in the future

2. Where do you often purchase honey?

 Grocery store_________
 Online store
 Local store
 Local Suppliers

3. If we are to open a honey production here in La Trinidad,

are you willing to avail from us?

 Yes____
 No
 140

4. At what price per bottle (250 ml) are you willing to pay
for your purchase?

 P250
 P275
 P300

ATTACHMENTS
ATTACHMENT A

SSS Contribution Table

 141

Attachment B
 142

Bureau of Internal Revenue Certificate

Attachment C
 143

Business Permit
144
 145

Attachment D

Sanitary Permit
 146

Attachment E

Social Security System

Employment Report
 147

Attachment F

Fire Safety Certificate

 148

Attachment G

Social Security System ID

 149

Attachment H

Pag-ibig Contribution Table

Phil Health Premium Contribution Table

 150

REFERENCES

https://smallbusiness.chron.com/retail-customerbased-

selling-vs-solutionbased-26074.html

www.dole.gov.ph › 2019/04PDFEmployee-Guidebook-as-of-
2013 ... – DOLE

https://ag.tennessee.edu/EPP/Redbook/Apiculture
%20(Beekeeping)JS.pdf

http://www.nafis.go.ke/livestock/bee-keeping/apiary-
establishment/seasonal-management/
 151

CURRICULUM VITAE

Jundy Mhea A. Bayagen

FC-064 Central Balili, La Trinidad, Benguet

09091641220

PERSONAL INFORMATION

Date of Birth : September 06, 1999

Place of Birth : Sadsadan Trail, Bauko, Mt. Province

Citizenship : Filipino
 152

Civil Status : Single

Provincial Address : Sadsadan, Bauko, Mt. Province

Religion : Born Again Christian

Name of Mother : Judy Vina A. Bayagen

Name of Father : Sitor M. Bayagen Jr.

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level Bansa National High School

Bansa Monamon Norte, Bauko Mt. Province

Elementary Sadsadan Trail Elementary School

Sadsadan, Bauko, Mt. Province

Rocsin T. Gobi

La Trinidad, Benguet

09503410130

PERSONAL INFORMATION

Date of Birth : September 28,

1995

Place of Birth : Lutheran Hospital

Citizenship : Filipino

Civil Status : Single

 153

Provincial Address : Baculongan Norte, Buguias,

Benguet

Religion : Roman Catholic

Name of Mother : Cita T. Gobi

Name of Father : Rodolfo M. Gobi

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level Benguet State University Buguias

Loo, Buguias, Benguet

Elementary Bano-oy Elementary School

Baculungan Norte, Buguias, Benguet

Karen Gayle N. Liwen

IB – 97 Betag La Trinidad, Benguet

09073160790

PERSONAL INFORMATION

Date of Birth : October 8, 1997

Place of Birth : Benguet General Hospital

Citizenship : Filipino

Civil Status : Single

 154

Provincial Address : Lepanto, Mankayan, Benguet

Religion : Anglican

Name of Mother : Daisy June N. Liwen

Name of Father : Roy B. Liwen

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level San Jose School of La Trinidad

Buyagan, La Trinidad, Benguet

Elementary Benguet State University

Km5 La Trinidad, Benguet

Rozel L. Montevirgen

Piripin Bato pico, La Trinidad, Benguet

09105317897

PERSONAL INFORMATION

Date of Birth : November 05,

1998

Place of Birth : Antipolo city

Citizenship : Filipino
 155

Civil Status : Single

Provincial Address : Antipolo city, Rizal

Religion : Roman Catholic

Name of Mother : Lezel L. Montevirgen

Name of Father : Roger N. Montevirgen

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level Magsaysay National High School

New Lucban, Baguio City

Elementary Bagong Nayon I Elementary School

Bagong Nayon Antipolo City

Hazel Mae L. Og-oget

IB 102 Betag, La Trinidad, Benguet

03901409517

PERSONAL INFORMATION

Date of Birth : May 31, 1998

Place of Birth : Benguet General Hospital

Citizenship : Filipino
 156

Civil Status : Single

Provincial Address : Abatan, Buguias, Benguet

Religion : Anglican

Name of Mother : Rhonda L. Og-oget

Name of Father : Abelardo T. Og-oget

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level Wangal National High School

Wangal, La Triniad, Benguet

Elementary Benguet State University

Km5 La Trinidad, Benguet

Lovely D. Pagawan

AG 168 Ambiong, La Trinidad, Benguet

09288560326

PERSONAL INFORMATION

Date of Birth : November 22,

1998

Place of Birth : Baguio General Hospital

 157

Citizenship : Filipino

Civil Status : Single

Provincial Address : Benguet

Religion : Faith Assembly of God

Name of Mother : Violie D. Pagawan

Name of Father : Pacio S.Pagawan

EDUCATIONAL BACKGROUND

Tertiary Level Bachelor of Science in Accountancy

King’s College of the Philippines

Km5 Pico La Trinidad, Benguet

Secondary Level Dona Aurora National High School

Upper Malvar St. Baguio City

Elementary Lamut Beckel Elementary School

Lamut Beckel La Trinidad Benguet