One, the blackmarket peso-dollar rate, which breached P54.60 early in the week. By the way, the so-called Binondo central bank is technically a misnomer since these guys, like everybody else (including the Makati-based banks), buy big volumes of dollars from those supposed hole-in-wall foreign exchange shops in the Malate district of Manila.
Two, kingmaker Lucio Tan has made known his choice for president of the Federation of Filipino-Chinese Chamber of Commerce and Industry, Inc. and it’s not current president John K.C. Ng. The federation will hold its convention on March 21. The president will hold a two-year term.
The idea is to promote coffee drinking, whether these are served hot or iced. While coffee is still drank at home for breakfast, there is an increasing trend to drink it on the road or nearer the office, in large part because of the traffic gridlock in Metro Manila.
Despite its ambience and the location of its anchor store at the ritzy Rockwell Center (which is also where Nestlé’s head office is located), Café Nescafe is basically geared towards the middle to low market. Even the location of its fourth and latest outlet in Alabang Town Center has been well thought out – it’s located near the jeepney terminal.
HSBC has two directors – president and chief executive officer Warner Manning and senior vice-president for corporate and institutional banking Andrew Tilke – on the Ortigas board. The bank's consumer banking operation is also nicely located, thank you, in the Ortigas central business district.
Of course, when the two sets of brothers (they’re cousins) are lumped together, the family can outvote HSBC. The company is headed by Rafael Ortigas Jr. as president and Francisco Ortigas III as treasurer. Rafa Ortigas’s brother, Ignacio Ortigas, is corporate secretary. The brother of Paqui Ortigas, Fernando Ortigas, is a director.
Running the company’s day-to-day business is chief operating officer Rex Drilon II, who retired the oldies (generously, it must be admitted) and halved the company’s manpower complement in the span of 18 months.
Mr. Drilon completed the restructure of the senior management last month with the hiring of Cathy Casares-Ko as manager of the real estate division. In her previous job, Ms. Casares-Ko reported to Filinvest Group co-founder Mercedes Gotianun.