PSE reforms underway

The abolition of standing committees in the recent board meeting of the Philippine Stock Exchange (PSE) will complete the reforms initially undertaken by the Exchange, insiders disclosed. Only three were retained, namely the Nominations and Elections Committee, the Compensation and Remuneration Committee, and the Audit Committee in keeping with the PSE manual on corporate governance. The board also decided to hold over for a period of six months the Floor Trading and Arbitration Committee to pave the way for the smooth transition of specialized procedures and turnover to PSE management. Insiders said the move is in keeping with efforts to reform the Exchange by streamlining its operations and strengthening its performance relative to other bourses in the region. The abolition of all standing committees would give management more responsibility and say-so in the decision making process. Initial reform efforts included the allowance of non-brokers to hold majority of the seats in the board. Once the Securities and Exchange Commission approves the changes, PSE will be more empowered to perform its mandate in helping develop and regulate the stock market, observers noted.

A ‘graying’ DFA

If retreads at the DFA continue to get term extensions, the Philippines may soon have the oldest diplomatic complement in Asia. The Foreign Service Act is clear regarding the age criterion for foreign service officers: All officers and employees who have reached the age of 65 shall be compulsorily and automatically retired from the service. The Civil Service regulation also states the same that those who have reached 65 shall not be appointed to any position in government. The only exceptions are for "meritorious cases" but even then, it can only be for six months and a maximum of one year for those who would have rendered 15 years of service provided under GSIS law. Ironically, the very person who’s supposed to be the watchdog on matters concerning professionalism and uphold the merit system is being denounced for being the chief violator. DFA Assistant Secretary for Personnel Ophelia Gonzales retired last April but asked for an extension, which was granted. Now, there is reportedly a pending proposal in Malacañang giving her another three-month extension, despite rules to the contrary. Many career officers are opposing the extension of Gonzales’ term. Complaints are also being made against the term extension of Ambassador to Vietnam Estrella Berenguel who retired in February this year, and Susan Castrence in New Zealand who’s retiring this September, making DFA people wonder who’s backing her. The appointment of 71-year-old retired Chief Justice Hilario Davide as permanent UN Representative in New York is also being questioned. It’s mind-boggling to many why government keeps appointing old ones when it can activate young and energetic people like businessman Antonio Rufino, who is more than willing and could very well serve as a good ambassador.

Padded consultation fee

Spybiz received a complaint about the dishonest staff of a female endocrinologist in a well-known hospital in a premier business district. The patient was made to pay a higher consultation fee than the rate two months ago, and was simply told "It’s the VAT" when she asked why. When the woman insisted on getting a receipt, that’s when the older assistant pretended to ask the other assistant, who was pregnant, a certain test was conducted. The patient answered, "no." Either the two assistants were deaf because the older one repeated the question, but the pregnant one pretended not to hear. That’s when the older staff gave the receipt, explaining that the amount should have been lower than what was earlier charged. The incident is making the patient suspect that the two women are playing some con game on unsuspecting patients, and the endocrinologist, who has so many patients every day, may not even be aware of it. BIR advise: Always ask for an official receipt.

Rotary Manila honors the principal

A new flagship project by the Rotary Club of Manila would certainly boost not only the morale of educators, but more importantly the quality of education in public schools. Dubbed "Honoring the Principal," the project aims to give awards and recognition to the heads of public elementary and secondary schools that attain the highest improvement in their National Achievement Test (NAT) results over the previous year. Data revealed that only 20 percent of grade six pupils and less than one-half of one percent of senior high school students in public school make the 75 percent norm in the NAT. Mean Percentage Scores in the NAT likewise showed that NCR, with its distinct advantages such as modern facilities and computers, only attained 45 percent, tied up at No. 11 with the Central Luzon Region (out of 17 regions). There are some 52,000 public school principals and head teachers in the country and each one could significantly contribute in improving the quality of education through teacher training and cooperation with Parent-Teacher Associations and the community at large. The first "Honoring the Principal" awards will be held in April 2007. Expected to participate in this project are the 600-plus Rotary Clubs in the country, whose 24,000 members are entrepreneurs and at the helm of corporations. Leading the project launching was DepEd Acting Secretary Fe Hidalgo, with a Covenant of Cooperation signed by RCM’s Dr. Cesar Ubaldo, president; Glicerio Sicat, Education Committee chair; and representatives from public elementary and secondary schools associations.

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