‘Pambansang Ginoo’ David Licauco shares some insights on how his food business coped with the soaring prices of goods in 2023.

Actor, model, and entrepreneur David Licauco admitted that 2023 was a pretty difficult year for his food business Kuya Korea as it was affected by the soaring prices of goods.

According to the available data from the Philippine government, the inflation rate in the country for the whole year of 2023 was at 6.0 percent, but it even reached as high as 8.7 percent in January 2023.

Image Source: davidlicauco (IG)

The International Monetary Fund (IMF) defines inflation as the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

GMANetwork.com got the chance to talk to David at the sidelines of the Maggi and Nestle Cream Food Creator Network event held at The Blue Leaf Events Pavilion, Taguig City yesterday, June 7 He and on-screen partner Kapuso Primetime Princess Barbie Forteza are endorsers of the popular seasoning Maggi Magic Sarap.

The Pambansang Ginoo told GMANetwork.com that he had to think of creative ways not to increase prices and instead focus his strategy of attracting more customers by promoting his business online.

“I think there’s always like a thin line with ‘yung like a decision you have to make whether to increase your prices or remain the same. Siyempre, mataas ‘yung [price ng] supplies. So what we try to do is just to like maybe market it better, tsaka, kasi as much as possible, I don’t want to increase prices,” David explained.

“Price sensitive ang mga Pinoy, so I think that has been a challenge for me every time but ayun, kaya naman. Siguro I just use my platform na rin pino-post ko sa Instagram, para mabawi na kahit hindi ganun kataas ‘yung markup, kikitain ko, e, nababawi by getting more people,” he added.

David also recently celebrated a new milestone as a businessman by opening a new branch of Kuya Korea in SM Clark in Pampanga. Despite the hectic schedule of managing his burgeoning food business and his career as an actor, the Pulang Araw star stated that he relishes the challenges since he loves what he does.

“Mahirap mag-balance of course, but I think I just have to focus on my goal. And as long as it makes me happy and I love what I’m doing kasi kaya whatever things na will come my way- challenge ‘yun, gagawin ko dahil mahal ko siya,” David said.

Meanwhile, he also gave some helpful tips for aspiring food entrepreneurs like himself that he learned along the way.

“Siguro be brave, take risks, tsaka be self-aware. Dahil I started my business during the pandemic. I was in this self-awareness state all the time through meditating, working out ganiyan. So, one day I went to Cash & Carry to buy supplements, tapos I came across this samgyup in a bowl concept,” he shared.

“So during that time again I was meditating, tapos sabi ko sa sarili ko: Ah! parang okay tong concept na to ah.

“So kung nung time na ‘yun hindi ako self-aware, baka wala ‘yung Kuya Korea ngayon. So, now magli-limang branch na pero ayun siyempre hindi siya madali. It’s not easy, maraming failures, maraming roadblocks but I guess you just have to keep going, keep going every day.”

Aside from the GMA Prime soap Pulang Araw, he is also set to star in the rom-com movie That Kind of Love with Barbie as well.