Corporate hatchet job

The president and CEO of the 64-year-old bank along Ayala Avenue – Isidro C. Alcantara Jr. – may be the unwitting victim of a corporate demolition job of which he has no knowledge of and may be above his league. Apparently, some people are envious about the president’s numerous successes ever since he took office in the bank, transforming the backward bank and cleaning up its NPL and NPA problems. According to our spyring investigators, the rigid pursuit and implementation of good banking governance, best corporate practices and a recovery program, which are reportedly about to be completed, have made the recovered bank highly valuable again, and profitability assured forward movement. Many staff members fear that other "interested parties" may now want to gain control of the bank and the president’s victories may stand in the way. Upon further investigations of the bank’s decisions on asset foreclosure, the opposite appears to be true. We learned that a process was put in place under his watch where an Asset Disposal Committee decides on all foreclosures, pricing and recoveries. Some members of this committee are directors and reportedly bank owners themselves, and all disclosures and disposals are reviewed and approved by the EXCOM, not by one man. According to our investigations, collections, foreclosures, and well-engineered restructuring in 2001 and 2002 produced a very high P2.134 billion and P3.679 billion with ROPOA sales of P249.1 million and P567.3 million, respectively, providing substantial income for the bank. Well, well. It appears there’s a hatchet job underway and whoever is behind it is probably after the bank president’s post. Or worse, trying to take over the entire bank. This is a clear case of power and greed coming into play.

Acer to remain after Payumo exits

Our Subic Bay Metropolitan Authority (SBMA) ear-spies revealed that SBMA Chair Tong Payumo would neither be retained nor his term of office extended by the Chief Executive. When word of this reached Acer – Taiwan’s largest PC maker - they reportedly celebrated. Our ear-spies overheard that after pulling out of the Bay Area for the difficulties hurled at them allegedly by Payumo’s men, Acer officials are said to be looking forward to a less "hostile" and "acerbic" business environment in Subic. There really is something rotten in the "lone state" of SBMA. The hardly-observed Naval Magazine is one example. These supposedly cavernous mountainside warehouses used to have $500,000 steel blast doors. No one knew (except the culprits) why these highly visible doors simply vanished. This is really embarrassing. Can a Filipino-run area or organization ever maintain or preserve assets? The government should ask Payumo to submit an asset inventory before he steps down.

Getting close with contributions

According to our Palace insiders, on one hand, the KNP brass has been informing potential fundraisers by word of mouth to knock on a prominent lady senator’s plush private subdivision doors to drop off campaign contributions. On the other hand, LAKAS contributors have been advised to visit presidential business crony "Double R." He will then make a line item, and hand over the day’s collection to the Palace. GMA is heard to be going out of her way to have grip and grin sessions with contributors for two hours each day no matter how rigorous her schedule is on any given day.

ATM beware!!!

There’s an email circulating in the Internet about a possible modus operandi used by high-tech thieves to steal your hard-earned ATM money. The email, complete with very revealing photos, disclose that ATMs on the street and even in the malls are the more susceptible units for this scenario. The supposed operation goes down like this: A high-tech device is placed on the ATM unit looking like the usual ATM card slot. This bogus slot copies all information from your card including your name, bank account and pin numbers. Another gadget that looks like a pamphlet holder is placed alongside the bogus slot. The device carries within a micro digital camera underneath, and it is positioned to view the ATM keypad and monitor, and can send pictures up to a range of 200 meters. According to the email, these banks don’t even know the devices, which look like the regular ATM attachments, are there. Technology, obviously, has fallen into the wrong hands, and it’s up to the public to protect their hard-earned cash. It seems, the public cannot bank on their banks to do it.

Spy tidbiz

Our ear-spies overheard that when FPJ met a prominent business group at the Polo Club last week, the arrogant director of the club gave the president of the club a call and asked, "Why did you allow these bastards to come into the Club?" Although it was not clear who this elitist board member was referring to - FPJ or the media who covered the event - it was apparent that the board member displayed extreme prejudice against the candidate. It was said that this pompous and abrasive board member took the helm of "power" in the club by replacing the arrogant and powerful clique that used to hold sway in it. Now, he is guilty of the same thing.

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