Action speaks louder than words

Nothing better drove home the government’s determination to make the country investor friendly than the quick action initiated by DTI Secretary Mar Roxas in the S & R Price Club case. When a judge from the Las Piñas Regional Trial Court issued an order closing down the warehouse store at Fort Bonifacio on a Friday afternoon, Mar lost no time in mobilizing the government machinery to correct this travesty of justice.

By Tuesday afternoon, the Court of Appeals had issued another order superceding the lower court’s. All’s well that ends well... so far, anyway. Given the questionable timing and procedure taken by the lower court judge and the fact that the Appeals court decided to overrule him, the Supreme Court ought to investigate and mete out proper disciplinary measures. The event shows how much work still needs to be done by way of cleaning our court system. But the event also showed the system works to correct itself.

More than anything however, the response of the Arroyo administration conveys a reassuring message to investors that once they are here, government is ready to defend their rights. As it is, one of the things investors worry about is our judicial system. The executive branch says one thing but a judge in some obscure sala somewhere can make things academic without due notice. This is the recurring nightmare of people who invite investors to come over.

One of the toughest jobs in government today belongs to Mar Roxas. Trying to attract investors to come here or even stay here, given our conditions today, is an act of faith. It is no fun going home at the end of a hard day, frustrated that the trade missions you have worked so hard for many months to bring here have sent word that they are not coming. Yet, there is little you can do to reassure them that the time is right to make a bet on the Philippines.

I realize that Mar reported a 90-percent increase in the value of new investments registered with the BOI. But then again, how many of those projects will actually see the light of day? Registering for incentives is not the same as actually bringing in the investments that will use those incentives.

The roadshow Mar, Paeng Buenaventura and Lito Camacho at Finance are thinking of is a good idea. But perhaps, this is something that should be done later rather than sooner. Given our limited resources, we have to get the greatest bang for every depreciated peso we will spend on such an overseas mission. This means, going abroad when the conditions are ripe to make the world listen to what we have to say. That will happen after we have fixed up the Abu Sayyaf and the Metro Manila peace and order situation first. It will also be better if the roadshow happens after Congress convenes and both Mar and Lito are already confirmed in their positions. This gives them more clout to commit for the country. A Congress in session and clearly in support of the GMA administration is also an obvious plus factor.

What Mar did in the S&R case is an example of a government that is on the ball. This is precisely what investors, foreign and local, are looking for. Mar’s action spoke louder than all the words said so far to attract investors here.

Filipino $ billionaires

Who cares about Bill Gates and his $58 billion net worth! Three Filipinos made it to the Forbes list of top billionaires in the world this year. On number 387 is Henry Sy with net worth at $1.3 billion; tied for number 421 are taipan Lucio Tan and the Jaime Zobel de Ayala family at $1.2 billion each.

Given the depreciating peso exchange rate, it takes a lot to be a dollar billionaire these days. Given that both Henry Sy and Lucio Tan were from dirt poor Chinese immigrant families, their achievements are all the more astounding. It is a tribute to their hard work and business acumen.

But because they started off dirt poor also means that all the wealth they now have came from this country, not China. And even if they initially inherited their wealth, neither do the Zobels owe any of their present wealth to Spain.

I point these things out to emphasize the tremendous responsibility our $ billionaires have to their adopted homeland. They have an obligation to reciprocate the hospitality and the opportunity they have been afforded to make their fortunes. And I don’t mean in terms of charity dole outs but in terms of dealing fairly with the Filipinos who contributed immensely to their wealth.

More specifically, how well do they treat the small guys like the laborers, sales clerks and bank tellers who made it possible for them to earn their billions? At the very least, their Filipino employees should be given their due under our labor laws in terms of pay and security of tenure. Business practices must be fair, specially to the budding Filipino entrepreneurs who supply goods and services to them. And not to forget, these $ billionaires should be paying the right amount of taxes to finance the government services that help them make their billions.

We are living in very difficult and dangerous times. As we congratulate our $ billionaires for making it in this exclusive international circle, they have to acknowledge the immense responsibility they have to this country and to the Filipino people who made them $ billionaires. Our cash strapped government should be able to depend on their generosity as expressed in philanthropic projects. Also expected of them is their performance of their duties as citizens of this country who happen to be blessed with the privilege of being in the best position to contribute to the well being of the Filipino people.

As the Good Book says, to those who have been given much, much is expected. So too do we expect much from the Forbes billionaires in our midst.

LTO, again!

Reader Orlando Ledesma wrote to say that he didn’t have any trouble getting his 16-year-old daughter a driver’s license at the LTO office near MIA. "I accompanied my daughter to get her student’s driving permit at the LTO near MIA. Though there were lots of people and we had to squeeze through, we were nevertheless out in about 10-15 minutes WITHOUT dealing with any fixer. No TIN or TAN was required of her."

Now I really feel bad. We also tried getting the license through the Philippine Motor Association and then through one of the mall-based driving schools and both came back with the same results. It is a new regulation, both institutions explained. In fact, the driving school reluctantly returned the tuition for the lessons and you know how bad they must feel about that.

I guess I should have remembered my own suspicion about the incompetence of the LTO bureaucracy. The further you are from the main office, the longer it takes for new rules to take effect. How stupid of me to forget that!

New product

Now, here’s the latest innovation from the US of A from Dr. Ernie E. The success of the "Wonder Bra" for under-endowed women, has encouraged the designers to come out with a bra for over-endowed women. It’s called the "Sheep Dog Bra."

It rounds them up and points them in the right direction.

(Boo Chanco’s e-mail address is [email protected])