Being entrepreneurial, they charge fellow market vendors a minimal fee to make sure the high-denominated bills no need to check P20s and P50s being passed by customers are for real.
For one, the SPVs are expected to demand an extreme haircut or large discount for these NPAs. For another, the banks arent exactly willing to publicly admit that they have not fully provisioned for those soured loans.
GSIS is headed by president and general manager Winston Garcia, who is said to be stepping down by end-June because hes not, uh, popular in certain sectors. After insisting last year that the pension fund insure 80 percent of the insurance requirement of the National Power instead of the usual 20 percent, Mr. Garcia recently insisted that GSIS insure LRT-1 instead of passing it for reinsurance to somebody else.
Earlier, Gabby Singson did some bridging work for government and Lucio Tan to put together that five-year rehabilitation program of the Philippine National Bank.
And, of course, Mr. Singson was recently only a phone away from both Henry Sy Sr. and Alfonso Yuchengco, resulting in the sale of Al Yuchengcos stake in China Banking Corp. to Mr. Sy.
Aside from PNB, Mr. Tan is majority owner of another bank, Allied Banking Corp. with the China Bank purchase, Mr. Sy also holds majority shares in two banks, the other one is Banco de Oro Universal Bank. Mr. Sy is in the process of buying the shares of the Social Security System in Equitable PCI Bank.
Mr. Yuchengco is majority owner of Rizal Commercial Banking Corp., which cant seem to keep a chief executive officer for long. Mr. John is the majority owner of Robinsons Savings Bank, which intends to spend more on technology to reach more consumers rather than on buying the branch network of another bank.