C02257-2018

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Apr 10, 2018
2. SEC Identification Number
AS094-006309
3. BIR Tax Identification No.
004-451-425-000
4. Exact name of issuer as specified in its charter
Boulevard Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
1704 Peak Tower, 107 L.P. Leviste Street, Salcedo Village, Makati City Postal Code 1227
8. Issuer's telephone number, including area code
(632)753-1405
9. Former name or former address, if changed since last report
Not applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Number of Shares of Common Stock Outstanding 12,000,000,000
Amount of Debt Outstanding 232,526,883
11. Indicate the item numbers reported herein
4-12

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Boulevard Holdings, Inc.BHI

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

PSE query dated April 6, 2018 with respect to the news article entitled “Boracay closed for 6 months effective April 26” posted in philstar.com on April 5, 2018
Source Philstar.com April 5, 2018
Subject of News Report Boracay closed for 6 months effective April 26, 2018
Date of Publication Apr 5, 2018
Clarification of News Report

Dear Mr. Zuño III,

This is in response to your query dated April 6, 2018 with respect to the news article entitled “Boracay closed for 6 months effective April 26” posted in philstar.com on April 5, 2018. The article reported in part that:

“MANILA, Philippines — Boracay will be closed for six months to allow the government to rehabilitate the world-famous tourist destination, Malacañang said yesterday.

“Boracay is closed for six months effective 26 April,” Presidential spokesman Harry Roque said in a Twitter post.

Senior Deputy Executive Secretary Menardo Guevarra said the six-month closure was approved by President Duterte during yesterday’s Cabinet meeting in Malacañang.

Friday’s Holdings, Inc., owner and operator of Friday’s Boracay Beach Resort, despite 100% full DENR/DILG compliant is affected by the impulsive pronouncements by the government to close Boracay for six months effective 26 April 2018.

1) The closure and prior threats in the press are right in the middle of our summer high season; and this has caused almost Php 22 million in advanced deposit cancellations from places like China and Germany.

2) Total estimated losses due to fixed costs and expenses to be incurred representing utilities, maintenance, repairs, depreciation, personnel costs for engineering, housekeeping, accounting and other general expenses would be around Php 35 million with an estimated monthly foregone revenues of Php 6.5 million for seven months from April to October 2018.

3) Our poor staff of 80 receiving 15k to 20k per month will mostly be laid off.

4) Of our people only 15 to 20 will be transferred to the new hotel, Friday’s Puerto Galera Beach Resort, a 100% full environmentally compliant structure in that tourist destination which soft opened in December 2017. We lament and cry for what the other 60 employees of 12 years avg. loyal service told us yesterday: they will go home to Roxas, Kalibo, and Iloilo; and raise vegetables and live off the plants at home until Boracay is re-opened.

5) This 6-month closure came suddenly and whimsically, without rigorous thinking. Maybe it could be shortened as suddenly by the government at least for non-violators like our heavily invested Fridays Boracay Resort at the current market price of 120k per sq.m. without the value of the building, the hotel’s 1.5 hectare prime beach frontage parcel is valued at Php1.8 billion, and it will soon not be yielding anything good to support BHI's livelihood. BHI and its people will be living on razor thin earnings because of the close of our crown jewel.

6. We are currently planning to ramp up faster than later, the sales at Fridays Puerto Galera, targeting an increase from barely 4m in April to 10m in May, 9m in June, and 9.5m each month until the high season in November. We shall update the exchange when our managers have agreed on the probabilities and the range for each room, f&b, and diving sales segment.

7. The immediate financial impact of the 6 months closure of Boracay is negative both for Boulevard Holdings, Inc. and for Friday’s Boracay Beach Resort’s financial operations, financial conditions and their respective businesses but when Boracay re-opens for business it will give optimistic outcomes due to improved yields in the future: higher revenues in terms of higher average room rates and occupancy rates since various resorts which are DENR/DILG non compliant will be permanently closed for business which will ultimately reduce the available room keys in Boracay Island.

Thank you.

Mauro B. Badiola
Other Relevant Information

None
Filed on behalf by:
Name Mauro Badiola
Designation VP Finance/ Chief Corporate Information Officer & Alternate SEC Compliance Officer