New woman PNP chief?

One would think that the New Year would usher in a time of change and of new beginnings. Yet, at Forbes Park last Jan. 1, our eye-spies stood as helpless witnesses to what seemed like a heightened alert call, or was it a veiled attempt at police harassment? Well, the report goes that these policemen who came in three big vans marked "Tourist Police" and "Makati Police" were supposedly securing a disputed and foreclosed yard (with a swimming pool) of a ninety-something year old widow. Many, that day, were curious to find out what kind of threat this old widow could pose to deserve such a high-intensity police response. The supposed new owner of the foreclosed property – a female investment banker turned real estate magnate – arrived with three vans of policemen screaming at the top of her lungs, claiming that the property was hers. Could this new owner, by any chance, be the new Chief PNP? She seemed to be in command that day. She was so rude, according to our ear-spies, she urged the police officers not to allow the old widow to even take out her personal collection of flowers and plants! From the looks of it, the old widow was the one who may have needed police protection from the new owner who allegedly acted like a "terrorist" minus the AK-47. Some who were privy to the issue reportedly said the police officers were given money and women as "gifts" to protect the foreclosed property 24/7 – the "grease" coming allegedly from the widow’s next door neighbor who is also an investment banker and a close friend of the new owner. Is this what the PNP has come down to – a bully of old and hapless women instead of protector of the citizenry? Has life become so hard in this country that some investment bankers sideline as terrorists of widows? Some food for thought...

Banking on Immediate Holiday Sale

What is happening at the SSS? Recently, our ear-spies reported that the private pension fund entered into a memorandum of agreement with the Banco de Oro group (Shoemart fame) to sell their 25 percent equity stake, which translates roughly to 180 million shares in Equitable PCI-Bank for an alleged bargain price of P43.50 per share, 30 percent over the last traded price but less than half of the original price they paid for, which was about P90 per share. The purported sale comes to a total loss of about P8 billion on its investment. But why is the sale being rushed now at a loss when the bank is steadily progressing? Given that EPCI’s stock has been increasing at a range of P30-36 and has even gained ground from its early 2002 price of P16, it seems strange now for the SSS to be selling its shares at a low price, in particular to Banco de Oro supposedly without any bidding announcements or invitations to other banks interested in its hefty stake at PCI-Equitable. Only the government, which is supposedly neck deep in losses and so used to deficits, would entertain such a paltry offer for their valuable stock from only one bidder. The big question is why the rush to sell right off the holidays when companies and people are still recovering from the holiday high. Is the government in such immediate need of cash that any offer will do? Or is this agreement rife with political implications and trade-offs? The owner family, in gaining the Equitable PCI stake, in effect would then have more than three banks in their portfolio, the others being China Bank and Banco de Oro. And with government’s supposed "green light" on the deal, will the family’s appreciation translate into political gratitude straight into election contribution coffers? According to our ear-spies, in the private sector, this allegedly anomalous transaction would be immediate grounds for the SEC to step in and investigate. Unfortunately, the government, in this case, is above its own laws. Or is it?

Journalism and Politics

Many are wondering how Kabayan Noli de Castro could still hold on to his public affairs program while being the president’s running mate for 2004. Can journalism and politics actually coexist in one man? How will Noli de Castro be able to keep an objective head above his shoulders when he is now "forced" to say a good word or two for the administration? In this day and age when pronouncements could be wet with political color, a half-truth could be more dangerous than an outward lie. If this would be the case, he wouldn’t like being at the other side of the "ulo ng mga nagbabagang balita!"

Pillow Talk

According to our spies within the gay community, Victor Agustin allegedly applied to be a talk show host on Channel 5, which he entitled "Intimate Conversations with Vi Agustin." He reportedly proposed that his program be pitted against ABS-CBN’s talk show "Private Conversations with Boy Abunda." ABC-5’s Board of Directors headed by Antonio Cojuangco flatly refused.

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