Fiscal year is January-December. All values PHP Millions. 2020 2019               Cash & Short Term Investments 57,461 23,022     Cash Only 21,361 20,892     Short-Term Investments 36,100 2,130     Cash & Short Term Investments Growth 149.59% -4.75%               Cash & ST Investments / Total Assets 27.26% 12.28%     Total Accounts Receivable 7,050 5,906     Accounts Receivables, Net 5,796 5,370     Accounts Receivables, Gross 6,455 5,762     Bad Debt/Doubtful Accounts -659 -392               Other Receivables 1,253 537     Accounts Receivable Growth 19.36% 21.46%     Accounts Receivable Turnover 18.34 30.41     Inventories 10,727 12,016     Finished Goods - 9,116     Raw Materials 7,680 228     Progress Payments & Other 3,048 2,673     Other Current Assets 4,802 4,675     Prepaid Expenses 4,661 4,436     Miscellaneous Current Assets 141 239     Total Current Assets 80,041 45,619     Net Property, Plant & Equipment 62,908 75,059     Property, Plant & Equipment - Gross 100,648 110,183     Buildings 7,963 7,509     Land & Improvements 1,041 1,070     Construction in Progress 3,751 3,709     Transportation Equipment 621 626     Other Property, Plant & Equipment 53,047 54,802     Accumulated Depreciation 37,739 35,123     Buildings 2,459 2,187     Land & Improvements - 8     Construction in Progress 20 -     Transportation Equipment 504 468     Other Property, Plant & Equipment 34,756 32,461     Total Investments and Advances 7,936 7,443     LT Investment - Affiliate Companies 7,330 6,832     Other Long-Term Investments 607 611     Long-Term Note Receivable 255 411     Intangible Assets 50,365 50,981     Net Goodwill 14,097 14,497     Net Other Intangibles 36,267 36,484     Other Assets 3,209 3,497     Deferred Charges 37 161     Tangible Other Assets 3,171 3,336     Total Assets 210,827 187,460     Assets - Total - Growth 12.47% 24.53%     Asset Turnover - -     Return On Average Assets - -               Liabilities & Shareholders' Equity         All values PHP Millions. 2020 2019     ST Debt & Current Portion LT Debt 27,075 32,633     Short Term Debt 15,875 22,180     Current Portion of Long Term Debt 11,199 10,453     Accounts Payable 11,666 14,405     Accounts Payable Growth -19.01% 10.01%               Income Tax Payable 197 392     Other Current Liabilities 19,991 19,915     Dividends Payable 579 88     Accrued Payroll 2,741 2,775     Miscellaneous Current Liabilities 16,671 17,053     Total Current Liabilities 58,928 67,345     Current Ratio 1.36 0.68     Quick Ratio 1.18 0.5     Cash Ratio 0.98 0.34     Long-Term Debt 106,360 59,450     Long-Term Debt excl. Capitalized Leases 73,755 19,180     Non-Convertible Debt 73,755 19,180     Capitalized Lease Obligations - -     Provision for Risks & Charges 3,953 3,046     Deferred Taxes -2,259 -277               Deferred Taxes - Credit 3,856 4,173     Deferred Taxes - Debit 6,114 4,449     Other Liabilities 269 58     Other Liabilities (excl. Deferred Income) 269 58     Total Liabilities 173,366 134,073     Total Liabilities / Total Assets 82.23% 71.52%     Common Equity (Total) 38,556 53,488     Common Stock Par/Carry Value 1,122 1,110     Additional Paid-In Capital/Capital Surplus 9,914 8,797     Retained Earnings 9,870 23,879     Cumulative Translation Adjustment/Unrealized For. Exch. Gain -478 832               Unrealized Gain/Loss Marketable Securities - -     Other Appropriated Reserves 16,431 17,172               Unappropriated Reserves 1,877 1,877     Treasury Stock -181 -181               Common Equity / Total Assets 18.29% 28.53%     Total Shareholders' Equity 38,556 53,488     Total Shareholders' Equity / Total Assets 18.29% 28.53%     Accumulated Minority Interest -1,095 -101               Total Equity 37,461 53,387     Liabilities & Shareholders' Equity 210,827 187,460             Question: What types of working capital policies is JFC using based from it’s financial statements?