Who would have thought that a singe bus ride would take a group of entrepreneurs on the ride of their lives?
Jasper Jean Services, Incorporated (JJSI), one of the country leading passenger transport companies began with just one bus “That was seven years ago,” says Edwin P. Costes, president of JJSI. “Without prior knowledge about the local transport industry, we ran the company with the entrepreneurial charm and a gung-ho approach to business. And I can say that time, we actually did our very well.”
For two years, that one bus gave the company a steady flow of income. “ But in the back of our minds, we are hoping for an expansion.” Their answer came when several businesses partners who are mostly family members joined and poured in much needed capital. With that, it took only a year for the company to increase its fleet to about 18 units. They then hire Costes, who ranked 30th in the May 1996 Board Exam for Civil Engineers with an MBA from Ateneo and the Asian Institute Management, to help oversee operations and harness the full potential of the business.
JJSI secured the necessary permits and extended the company’s line, which originally included Dasmariñas, Cavite to Baclaran all the way to the Navotas Terminal via EDSA and vise versa – presently the longest route among EDSA operators. “The company also purchased several more buses, now totaling 61 units. “Presently, we have pending licenses to run Baclaran to Malanday via EDSA and Cavite City to Baclaran via Coastal Road routes.”
JJSI has undeniably come a long way. But with rising fuel costs in the world market, the company had to find ways to increase service efficiency with minimal operations cost. “The company considered it necessary to purchase its own tow truck, calibrating systems and radio systems among other equipment that will lower our expenditures,” says Edwin. “More importantly, we have embarked on a very ambitious project that will replace our entire fleet. We needed a reliable partner to provide us with the funding, and we found it in Algo Leasing and Finance Incorporated (ALGO).The business loan they extended to us helped us to meet the challenges of the times and enabled us to pursue our expansion plans,” he adds.
One of the newest yet most aggressive players in the industry, ALGO offers competitive financial products with the expedient processing to the middle market, its chosen segment. The company headed by former Equitable Bank chairman Antonio L. Go, has seasoned workforce extremely knowledge able in the crucial business areas of product development, marketing scanning, and credit and risk management. ALGO gathers and uses timely market information to develop products that help small and medium enterprises through leasing, commercial loans, term contract discounting and even consumer loans.
“Their commercial loan covered mostly our fleet renewal project,” explains Edwin. “Almost 70 percent of the buses acquisition value was financed by ALGO.” To minimize acquisition costs, JJSI manufactured its own bus body, consequently creating more jobs for its already huge workforce of 270.
So far the company has successfully replaced 56 bus units, with target of renewing the entire fleet before the end of the year. “Sometimes a company needs external funding just so it can make improvements to increase profits,” says Edwin. “It’s great that we have ALGO to help us out.
For inquiries, on ALGO’s products and services, call 893.8843 / 817.9847 or e-mail ALGO@equicomsavings.com.ph or visit its offices at the G/F, ODC Building, 219 Salcedo Street Legaspi Village, Makati City.