No show

Bank notes 1: Metropolitan Bank and Trust Co. chairman George Ty has lent his Rolls Royce (for as long as it is needed) to the Philippine consul in Shanghai. Not to worry. Mr. Ty has another RR to ferry him about town.

As everybody knows, Metrobank is the only Philippine bank with a branch in Shanghai.

Mr. Ty was the only taipan who attended the Philippine trade show in Shanghai during the last weekend of March.

Lucio Tan was supposed to be represented by his brother, Philippine Airlines director Harry Tan, but nobody saw him.

Rizal Commercial Banking Corp. chairman Alfonso Yuchengco was expected to show his face, if only because he traces his roots to Shanghai instead of Fujian. Al Yuchengco was also a no show.

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Bank notes 2: There’s a task force or two within the Government Service Insurance System currently evaluating all those government-owned real estate in the United States.

You see, government wants to sell these properties and, well, GSIS president and general manager Winston Garcia wants to buy them, in part to save the patrimony of 80 millioin Filipinos and in part as an investment.

This early, Mr. Garcia expects to get flak for the plan. For one, GSIS is a government financial institution buying government property (a case of the left hand giving to the right hand).

For another, the increased share of real estate to the total investment portfolio might bring down the average yield, endangering the ability of the pension fund to deliver the promised benefits to its members.

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Bank notes 3: Philippine National Bank director Feliciano Miranda is busier than ever. Okay, so Feli Miranda is still helping make the transition easier for president Lorenzo Tan.

Outside PNB’s core commercial banking operations, Mr. Miranda’s duties are even more, uh, encompassing.

Right now, Mr. Miranda is pushing for the closing down of at least one subsidiary and integrating the financial service into the bank – to save on the cost of supporting a whole board of directors, senior officers, and a separate workforce.

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Bank notes 4: He’s now being called the dark horse in the race for the governorship of the Bangko Sentral, which will be vacated by Rafael Buenaventura in mid-2005. You see, the management contract of this banker ends about this time.

While the majority stakeholder would dearly want to renew the banker's management contract, having his man at the Bangko Sentral is an objective to be dearly wished for.

Needless to say, the banker is tickled pink. After all, being Bangko Sentral governor is a banker’s ultimate dream (whatever many might say to the contrary).