The Oil Deregulation Law was passed sometime in 1998. That’s a full seven years ago, and nothing has been done about Shell’s IPO. Under the Oil Deregulation Law, Pilipinas Shell as a refiner, should list its shares in the stock market within three years of the passing and approval of the bill. Though the Securities and Exchange Commission (SEC) has put in place some general safeguards for all oil firms operating in the country to disclose their profitability through the regular submission of financial statements, the public is not kept abreast of these oil companies’ profitability picture. Since it is the consumer who bears the brunt of oil price increases, and precisely because the government has pulled the plugs on all restraints on pricing, the oil firms’ accountability to the public has never been stronger. Why should they be allowed to rake in profits by raising the ceiling on prices, with virtually no watchdog from the government’s side save for the citizens’ voluntary arm to look over their shoulders and cast a furtive glance at their balance sheets?
This all started with idle murmur in the coffee shops, but the murmur has since picked up and it’s now a loud chatter: if the prescription period is three years at most, why have they gotten away with it for about seven years now? They claim that the time is not right to go into this much-delayed IPO, but they are preparing for it, laying the groundwork for it and waiting for the right time to do so. Waiting for seven years? When is the right time?
The chatter in coffee shops is loudest about the insinuated possibility of Shell’s shutting down its refinery if forced to go into this IPO. Government is naturally concerned about the possibility of paring down the employment in the huge Shell refinery should this happen. If indeed this happens, employment will just be pared down because Shell, like Caltex, will just opt to import the finished product instead of operating its refinery.
While many brewed coffee buffs appreciate the government’s concerns on employment, they believe we should not be held hostage by such concerns and allow giants to test the limits of the government’s and public’s tolerance. They maintain that the independent body tasked to review the oil deregulation law should look into this and weigh our options against the adverse effects of this possibility. The committee has up to June 15 to come up with recommendations on possible revisions in the oil deregulation law, and I also think it’s about time. What better way to disclose to the public a company’s profitability than through a publicly-listed share which the SEC screens stringently? The bourses enjoy a very high rating in public confidence as the latest surveys show, certainly much more than the government agencies enjoy. And many caffeine addicts agree with Ronnie Concepcion who says that the Philippine bourses have been performing very well under the circumstances, maintaining a lead among its Asian counterparts since early this year.
Energy Secretary Raphael P.M. Lotilla would do well to heed the loud chatter in the coffee houses these days. The Consumer and Oil Price Watch will be watching the developments in this issue very closely.
Now widely regarded as the best among the casino hotels in the country, the new Hyatt Hotel & Casino Manila is fast becoming a lifestyle destination in the heart of downtown Manila. It is a mixed-use complex, and the hotel, casino and residences of the Hyatt are housed in 94,000 square meters, 32-story establishment. It has a nine-story podium, and the hotel has 378 guests rooms, all stylishly equipped, has 113 executive floor rooms, 61 suites and five Presidential Suites. It also has three innovative restaurants and bars and three banquet facilities. I tried the hotel’s restaurants and the experience merits another column because of the innovative dining experience they offer. More on that later.
All hyped about the new Hyatt Hotel & Casino Manila’s remarkable suitesis its Austria-born General Manager, the always animated Gottfried Bogensperger. He was emphatic about the presidential suites that are really huge, with a minimum of 220 sq. meters in size, complete with spacious living and dining areas. The suites are tastefully designed, very elegant and luxurious as befitting a presidential suite, but what is doubly attractive about it is the 180-degree view of the bay that it offers. The panoramic view enjoyed from the elegant surroundings of these presidential suites belies the reputation that most casino hotels have earned over the last few years.
"Casino aficionado or not, the new Hyatt Hotel is fast becoming a pleasant alternative to the other pricey five-star hotels in the country" added the hotel’s very friendly GM who has been with the Hyatt International since 1986 bringing with him a wealth of experience having worked in Austria, Switzerland, Mexico, Japan, Korea, Malaysia and most recently in Singapore.
And the restaurants are a major attraction of the hotel. The Market Café leads the way in inter-active dining, and the innovative approach heretofore alien to five-star hotels is received enthusiastically by the hotelís guests. I should know – we had to line up for our food here at the Market Café, and it was well worth the wait. From friends who have tried the hotel’s other restaurants, I will be trying next the Li Li restaurant of the new Hyatt. It is a Cantonese restaurant with a comprehensive combination of sight, smell, touch, taste, and even sound! The Cantonese chefs are from Hong Kong. Who is Li Li? She is supposedly an affluent Chinese lady born to the elite. She grew up in Hong Kong, studied art in Paris and met her husband Vince in Geneva. Though she has decided to make Europe her home, Li Li’s love affair with Cantonese cuisine has never taken a back seat in her worldly pursuits, and the restaurant is a tribute to this world-class lady’s elegant culinary tastes. Each piece of china, glass and silver, each piece of Chinese and European wares in the Li Li restaurant is part of Li Li’s collection which she has acquired over her many years of travel. These form the restaurant’s chi chi ambience and is well worth a trip to this destination.
I haven’t sampled the Li Li’s cuisine. Must line up this new culinary adventure in my calendar for my family one of these days because of the excellent feedback from friends who have enjoyed their gustatory fares.
Mabuhay!!! Be proud to be a Filipino.
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