Joey Concepcion has long preached the gospel of entrepreneurship to small businesses. In the first quarter, the RFM Corp. chief appeared to be applying the same playbook inside one of the Philippines’ better-known food companies: sell more, reinvest harder, and accept a little cash-flow discomfort along the way. RFM’s first-quarter numbers had the look of a company leaning into growth. Revenue rose 10% to ₱4.97 billion , while net income climbed 10% to ₱341 million , helped by stronger operations and higher other income. The company said sales were driven by improved volumes across both its Consumer and Institutional segments, with the broader investor read being that volume gains were complemented by pricing actions in key product lines. But beneath the earnings growth was a more complicated cash-flow story. RFM generated ₱115 million in operating cash flow in the quarter, then spent ₱194 million on property, plant and equipment. On that basis, free cash flow swung negat...