About a year ago, the exclusive Manila Polo Club went through a crisis. The Board of Directors dismissed long-time waiters who served the club for over 30 years. Then came "Triple R," claiming good governance and transparency when he initiated the ouster of the group of board member Charlie Rufino. The other day during a town hall meeting, a well-respected member Tommy Toledo asked about the finances of the Club. After the meeting, without any provocation whatsoever, Triple R approached Toledo and told him he was full of "bullshit." Now that is
arrogant, abrasive and
antipatiko for a man who claims to be transparent. Someone should initiate the expulsion from the Club of Triple R for character unbecoming of an officer of a supposedly gentleman’s club. For a man whose only claim to fame is to ride on his paternal name, he’s certainly a "Triple A."
| Three Stooges In A Merry-Go-Round |
Haven’t you noticed how the musical chairs in Philippine business circles have been played, as if there were only three qualified people to run the Philippine Chamber of Commerce and Industry, the Employers Confederation of the Philippines and the Philippines Exporters Confederation? One of our email senders is obviously annoyed at this scenario – that only Donald Dee, Sergio Ortiz-Luis Jr. and Miguel Valera are doing the rigodon in all three positions. "All three are running other business leaders in circles, alternating each other for the top positions in three business organizations." Ortiz-Luis is the chairman of the Export and Industry Bank while Dee is a board member of the same banking institution. The same people also occupy seats in the Social Security Commission, allegedly enjoying all the perks and privileges that come with their membership in this governing body that handles the employees’ pension funds of the private sector. Is there really a dearth of fresh talent and people of executive ability in this country? Will somebody else please step forward?
When President George W. Bush stepped down from Air Force One last Oct. 18 at the Villamor Air Base, many wondered about the name Aegis, which was the hangar that handled Air Force One. Some were wondering if Aegis was a CIA front. In truth, Aegis is a well-respected ground handling and maintenance firm for serious C-D checks owned by a certain Ed Salamanca. This is the only local aviation firm the US Armed Forces trusted to handle
and maintain their own aircraft. With the shutting down of the US bases, its business went down dramatically. Then Aegis got the contract to service FedEx, but when FedEx decided to move its ground handling operations to China, Aegis’ fortunes dipped again. Our sources say there are certain "corporate assassins" that are out to slit Aegis’ throat and run it out of business. This is the kind of "gangster-ism" that will surely bring the Philippines down. If we’re to become the aviation hub of Asia, we have to put time and effort to nurture world-class firms that would help lead the way for the development of a top-of-the-line aerospace industry in the next
25 years. Good business acumen beats the hell out of having airheads and gangsters to run the industry.
During two joint defense meetings with the Pentagon’s Defense & Security Cooperation Agency’s Ed Ross, DND Chief Eduardo Ermita allegedly wasted so much time on useless details regarding the 30,000 M-16s and 30 Huey Helicopters committed to the Philippines by Americans that it provoked some US participants to walk out of the room. This likewise irked US Ambassador Francis Ricciardone, who reportedly rebuked Ermita twice, saying, "Mr. Secretary, we’re here to move RP-US security relations forward, not to get stuck in details." According to our ear-spies, it is this reported attitude of General Ermita (not to mention the General’s supposed temper) that’s causing all the purported apathy and inactivity in the Defense Department.
| GSIS On Buying Spree Of Meralco Shares |
Stock brokers are wondering why GSIS is accumulating shares of Meralco in recent weeks. The consistent buying pattern of GSIS in the local bourse seem directed towards buying enough shares of Meralco to get a board seat in the utility company. It isn’t that expensive to buy nine percent of Meralco these days, given the depressed stock market price of the once bluest of blue chips. A seat only costs roughly P1.8 billion, based on market quotes, well within the capability of GSIS to afford. Since Meralco is not expected to declare dividends in a long while, GSIS couldn’t be buying to fatten its investment portfolio. Could it be that it is planning another PCIBank-type deal? Or will it, together with government’s share now represented by three directors on the board, flip control of Meralco to a well connected and well-financed private sector group? Maybe the proposal of former Finance Secretary Lito Camacho for government to buy out Meralco’s controlling interests is still alive. Or maybe there is nothing to it at all. GSIS just got bored buying paintings.
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