Entrepreneur 2: FILEMON BARBASA

FILEMON BARBASA - Mining a Rich Lode of Old Magazines

Business: Filbar's

Category: From Rags-to-Riches

"With my first salary I bought my mother and father a hankerchief each. Yun lang ang nakaya ko kasing bilhin."

After graduating from Colegio La Purissima Concepcion in Roxas City, Capiz, in 1973 with a Commerce degree, he worked as a stenographer and only earns P100.00  Then he decided to leave for Manila as advised by his father to look for a better job with good compensation. He rented a room from his aunt that costs  him P32.00 per month and when it rains the room gets flooded.

He landed a job at a medical company  as a clerk then transferred to another company as a medical representative for P8.00 a day. For two years he only eat galunggong in every meal. Three kilos of galunggong would already take him 15 days of complete meals. To be able to earn more he solicited subscriptions for Reader's Digest as a sideline from his relatives, friends, and nurses. He won't leave not until they subscribes. And because of his record in Reader's Digest he was hired by Philippine Education Company as a Subscription Specialist - Salesman with P16.00 per day. He attended a seminar on his first day and the top sales agents was introduced. And he said to himself that "If they did it then I can do it!". He planned to become one of the top five sales agent and in just one month he was already among the top four and became the star salesman after some months.

He was pirated by one company and was given a quote of P6,500.00 but instead reached P200,000.00. When he saw the warehouse full of back issues that the company only sells for P.25 centavos per kilo, he talked to the President to buy for the stocks at the price he wanted. And he opened his Filbar's outlet at the Manila bank Arcade in Greenhills. It took him P10,000.00 to expand and to open a branch and developed a comic book clientele when the magazines starts to slow down and they're always sold out.

He makes his first million at the age of 30.

"I'm proud to say I made my first million at age 30. I have much to be grateful for, so I shared my blessings by giving regular contributions to the Angel's Home Project, my favorite charity for street children and to the Sta. Monica Church in my hometown Capiz. I wouldn't have reached this level of success if I were afraid to take risk."

GOLDEN RULE:

"Don't be afraid to make bold decisions. The greatest risk you are about to take may just be the source of your biggest profit. Before the Death of Superman (the comicbook hero), my supply for that title was only 200 copies. I know it would sell so I took chance and askes my supplier for 15,000 copies and everything was sold."