Filipino Entrepreneur Biography

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William S. Go
Bernie Cahiles-Magkilat, Manila Bulletin

William S. Go has had sad experience with his joint venture with foreign investors but such experiences have not deterred his intentions to move forward. It's a matter of principle, he would say. Continue below.

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His latest battle was against giant U.S. retailer PriceSmart. After a long protracted legal fight, both parties signed the settlement agreement last August 12 that gave Go the management control of this high-end warehouse shopping facility.

PSMT Philippines was organized in 2000 with PriceSmart U.S. owning the majority of 52%, 38% by E-Class Corp. of Go and 10% by First Metro Investment Corp.

The company started operations in March 2001 and posted a net income of P9.87 million on its first year. The net income dropped to P1.3 million in the succeeding year before turning to a huge loss amounting to about P500 million in 2003 although sales exceeded P4.4 billion of that year.

PSMT operates 4 warehouse clubs in Alabang, Congressional Road in Quezon City, Fort Bonifacio and Baclaran. It closed its outlet in Ortigas and is now under lease.

Under the original joint venture agreement with PriceSmart U.S., Go served as chairman of the board.

"While I was chairman I have no management control," he recalled.

"I know what was going on so I started asking questions on the details of the reports that were regularly submitted to me," he said.

If only he was satisfied with the management's answers, he would have stopped asking.

"But they cannot answer satisfactorily," he recalled.

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