Summer windfall

With the seasonal habagat wind whipping our summer days to more tolerable levels of relief, Ping Lacson has reason nowadays to heave a sigh of relief. For the time being, though. Eyespies disclosed that the Palace is continuing its support for Lacson. It is reportedly funding him through the kindness of a Chinese businessman. With this summer windfall, Lacson will have the werewithal to stay in the race and finish it. Keeping the opposition divided will assure victory for GMA. Logical, neh? Despite this note of optimism, there are hints of dark clouds from the distance. Another spyring revealed that there is a disturbing dagdag-bawas plan afoot. If things fall into place, FPJ votes will be shaved to pad Lacson’s. This way, Lacson’s final tally can close in to that of GMA’s and FPJ’s making the victor’s slim plurality credible. After Lacson tormented Pidal last year, it is a puzzlement how he now benefits from his former prey. This could be the world’s first case of a political Stockholm Syndrome.

Why Shipping Firm Is Facing Garnishment Proceedings

Earspy Popeye reported that a shipping firm is now facing garnishment proceedings on its Prudential Bank account after failing on its commitment to settle its accounts, worth over P100 million, with a Japanese drydocking firm. The unsettled drydock services date back to 2002. The complainant sought the intervention of the court under the "Admiralty Law" which allows a Sheriff of the Court to attach any vessel at a port for unpaid accounts.The vessel attachment proceedings were actually served by a Sheriff of the Court last March 12 in Manila. One of the firm’s ships was then at port but was able to set sail the same day. With this development, the Japanese firm then proceeded with its filing of a garnishment case against the bank accounts of the shipping firm, whose management reportedly received said garnishment orders last March 13. This issue brings to fore the allegation of some shipping insiders that the shipping firm is "cooking their books". After declaring a net income after tax of P103 million in its 2002 financial report to the SEC after a P1.8- billion consolidated net loss in 2001, the company is now subject of a SEC probe on alleged discrepancies in its financial report coupled with certain accounting lapses. While the shipping firm cited that among the contributing factors for the turnaround was a drop in operating and maintenance expenses, the decline according to the SEC was traced to an unexplained change in accounting policy that the firm used for computing expenses resulting in a decline in its repairs and maintenance cost to P23 million in 2002 from P76 million in 2001. Insiders however said that changes in the financial report were intentionally done by its auditors to give a picture of profitability to the company. Looks like rough seas ahead for this firm.

Oh, Jose Can You See?

US security officials were seen by a civilian in the Palace grounds last week. The sighting made our excitable friend assume that there were joint political "interoperability" exercises scheduled for this summer. Before he made a run for ANC, he was corrected about his impressions. US officials regularly go to the Palace for official security liaison. The days when the Col. Edward Lansdales held office in the Palace are long past. They just email and fax their directives now. Still, Palace officials should be more discreet and circumspect in being seen with US officials nowadays.

From ‘Best Employer’ To Employee

A TV industry eyespy revealed to us that a desperate maintenance worker of one of the biggest chemical firms went to see a TV personality a few days ago. The worker complained that he had no money to send his children to school or feed his family because his employer has not paid his salary since Jan. 15. The TV personality’s staff promptly called the employer to help the plight of the poor casual worker. They learned that the employer ran out of money to finance his business. Apparently, the respected firm, twice named as the "Best Employer in Asia" has not paid its’ contractors for the last quarter of 2003. In one department alone, the firm has 120 casual workers. Their wages were paid by the contractor until January 2004. This contractor has not been paid since September. This employer certainly can’t look forward to another "Best Employer" award pretty soon because he’ll have to look for employment himself.

Spybiz Rumor

Is it true that Jose Pidal has bought into a major newspaper? Earspies whispered that the gentleman acquired a 51 percent majority of the broadsheet in exchange for an extension on a long-term lease for a prime government property. Now that’s what you call horizontal integration of media resources. With tri-media support, we can expect Jose Pidal to be more enduring than Jose Velarde. But not necessarily more endearing.

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