Pharmally Pharmaceuticals is the company cited in the Senate investigation that the government awarded a multi-billion dollar contract for medical supplies in 2020.
According to the articles of incorporation of Pharmally with the Securities and Exchange Commission (SEC), it was registered in September 2019 only.
Its chairman is a Huang Tzu Yen, who controls 40 percent of the company.
The articles of incorporation state that he is a Singaporean and state that his shares are foreign-owned. But on another page of the document, it is stated that he is Filipino.
In 2019, the company made no profit, but it suddenly kicked off in 2020 when the pandemic erupted.
Its sales hit P7.5 billion while net income reached P265 million.
For certified public accountant or CPA and tax expert Mon Abrea, this is surprising, especially since the start-up capital or value of the company was only P600,000 in 2019 when it registered with the SEC.
So he wondered, how did Pharmally Pharmaceuticals manage to buy more than P7 billion in inventory to supply the government?
Pharmally Pharmaceuticals suspicious – tax expert
“Mapapansin natin na zero inventory in 2019, with P600,000 in probably cash as initial capital. Pero nag-purchase sila ng P7.2 billion inventory… In less than a week na-dispose niya ang inventory nila. Hindi siya usual for any company. As an accountant those are the numbers na mapapansin mo,” said Abrea.
For Abrea, it is hard to believe that such a small company has won contracts worth billions from the government.
Also, based on documents submitted by Pharmally Pharmaceuticals to the SEC, its debt after 2020 or P1.7 million is small compared to the inventory worth over P121 million.
Abrea’s question, where did their money come from to buy medical supplies?
From a loss of P25,550 in 2019, Pharmally’s revenue soared to almost P265 million in 2020.
And from zero sales in 2019, it had sales of almost P7.5 billion in 2020.
Meanwhile, Senator Ping Lacson and Richard Gordon were insulted by President Rodrigo Duterte after he opposed the Senate’s ongoing investigation into the allegedly anomalous purchase of PPEs in 2020.
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