Magic number

MANILA, Philippines - It would seem the “magic number” nowadays is $10 billion. First, the government got an offer for the same amount from San Miguel Corp.’s Ramon Ang to buy PAGCOR. The Philippine STAR headline yesterday bannered the same amount for the government’s plan to set up a $10-billion fund to finance infrastructure projects. Ideally, that seemed like a perfect match – sell the cash cow agency PAGCOR and have the money to cover the infrastructure requirements of the administration. It seems however this is not so. Finance Secretary Cesar Purisima sent me a text message saying that the $10 billion figure may have been misquoted from BIR Commissioner Kim Henares during a forum sponsored by investment firm ATR Kim Eng Financial. Purisima clarified the government is set to raise low cost interest funds for its infrastructure projects, but not quite amounting to $10 billion.

Strike while the iron is hot

During the US trip of Secretary Purisima and DTI Secretary Greg Domingo to New York, US Ambassador to the Philippines Harry Thomas informed us that the Philippines’ image especially within the New York financial circles is at an all time high. We were told that Cesar and Greg could not accommodate seeing a long line of people who were interested to see what the country could offer. With the recent change in administration, the Philippines can take advantage of this new-found interest in the Aquino government and the highly positive image it currently enjoys. Additionally, Asia is becoming more and more attractive to North American businessmen who are encouraged by the prospects in countries like China with its lower production costs and higher yields. Another plus for the Philippines is the approval of the $434 million grant (equivalent to P20 billion) from the Millennium Challenge Corp. (MCC) to fund several major projects and combat corruption in government. PNoy should take advantage of all of these and strike while the iron is hot.

What’s in a name?

If there is anything that President Aquino can take advantage of, it’s his famous name. International leaders and businessmen have shown a lot of interest in meeting the new President of the Philippines. They all want to meet him – not his representatives. Even Barack Obama has shown significant interest in meeting PNoy, reiterating his invitation for a visit to the White House. So even if the President does not particularly like to travel, he may well be advised to consider a lot more trips and take advantage of the interest generated by his famous name – and bring home the bacon, so to speak.

‘Gecko grip’

Staunch Aquino supporter and Former Trade Secretary Johnny Santos was first offered the Ambassadorship to Washington DC but declined it, preferring to stay close to home. So PNoy is set to appoint him as the new Social Security System Chairman to replace Thelmo Cunanan (husband of former Inquirer columnist Belinda Cunanan). One problem that Johnny Santos will have to contend with though are the midnight appointees of the previous administration who are clinging to their positions with a “gecko grip,” or what we call in Tagalog as kapit-tuko. The SSS has several board seats in different private and public corporations, so these appointees are not about to give up their fat director’s fees and excessive perks that amount to millions in one year.

From the rumor mill: Divorcing with money

A wealthy businessman who had been wanting to get rid of his wife of 20 years is rumored to be ready to spend millions and lobby for the divorce bill to be passed by Congress. According to the rumor, the wife refuses to accept a legal separation and promised to “clean him out” before she accepts any kind of separation. When all is said and done according to the businessman, “love is all about money.”

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