Polo Club in financial turmoil

Several Manila Polo Club members emailed me saying they are getting very concerned about the financial situation of the club which has been operating at a deficit of P14,885,861 in 2012 and P14,324,168 in 2013 (both periods ending June 30). Current president Violeta Gallego-Kramer admitted in her message to members that the new board must work harder to get the club back to a positive operating cash flow position, stressing that  “there was weak financial oversight by the previous management group” – with an obvious reference to the presidency of Roman Azanza.

Aside from the belt tightening the current management must undertake to “limit the increase” in the club’s debt level, members also have to put up with increased membership dues from P,3584 to P4,500 effective this January. Fees for the use of the club’s sports and other facilities are also being increased, along with the prices for food and beverage.

The club’s P57-million capital budget for 2014 was also put on hold because the current board has to pay bills first for the work completed the previous year. Members are definitely complaining at being made to pay for the “financial mismanagement” of the club, with some mulling the idea of filing a complaint or perhaps even a civil case against those who mismanaged the club’s finances.

Members are also demanding for a cash flow projection for this year from the current board to avoid “surprises” such as the imposition of a P500,000 capital contribution to regular transfer applicants – a scheme that was allegedly kept under wraps intentionally until the last minute, with the previous president announcing this on the last day of his term.

A lot of people aspire to become a member of the exclusive club, which has seen its shares hitting a high of P17 million last year. However, Manila Polo Club share prices are experiencing a slump, having gone down to P10 million because of the current financial turmoil, not to mention the intrigues, controversies and allegations of conflict of interest and other issues that have been hounding the MPC.

An outspoken member is now going around discouraging others from giving their proxies to just about anybody, warning that certain people who hold proxies can handpick whoever they want to sit on the board and have the advantage of managing club affairs “from outside,” without the responsibility and accountability that goes with being an official or a member of the board. By the way, some members of the previous board also sit on the current board. 

‘High end’ use for skyways

One of our readers, Jose Mari Aldecoa, sent an interesting suggestion on how skyways can be more useful.  Aldecoa is proposing the possibility of another road (or bike lane) that could be suspended under the Skyways through the use of an all-metal platform which is possible for much lighter loads.

The roadbeds can function as a roof for motorbikes, which could convince car owners to switch to two-wheelers if concerns about sun, rain and fatal collisions with much bigger vehicles can be minimized with this “high end” travel option. Besides, that will free up more space on the traditional roads. If this option could not be implemented immediately, then a minor addition to the beams supporting the roadbed could be made. 

On the other hand, the most immediate modification is to provide dowels (those things driven into walls as anchors) or hooks under the beams for later use. Of course, stronger, costlier beams and columns will be required down the line, along with a financial study to determine the cost of work versus potential income since toll fees will be charged.

MOPC welcomes Ambassador Goldberg

Not very many people are aware that the Manila Overseas Press Club was started by American Time-Life photojournalist Karl Mydans in 1945, the time when he chanced upon three emaciated foreigners inside a tent within the ruins of the University of Sto. Tomas. Recognizing Manila Times editor David Boguslav and radio commentator Dave Sternberg, Mydans exclaimed, “It’s Dave! This has got to be the MOPC!”

Even before the official founding of the MOPC at the historic Manila Hotel in 1945, American correspondents had been known to informally gather in Mydans’ room at the Bayview Hotel almost every night, discussing issues like the war in Europe and how it would eventually affect Asia.

Since that time, the Manila Overseas Press Club has distinguished itself as being the oldest press club in the Philippines and perhaps even in Asia, with the membership composed of a unique mix of people from across a variety of sectors – from local media to foreign correspondents to business giants, government officials and diplomats who would gather to discuss current issues and their impact in the country.

In spite of the fact that the Philippines gained independence from the United States in 1946, the MOPC continued to be under American rule with the first five presidents of MOPC being Americans, starting with William Wilson until Rodolfo Nazareno became the first Filipino to sit as president in 1951. Over the years, the MOPC saw itself moving its residence, at one point even located almost directly in front of the US Embassy along Roxas Boulevard. It was during that time that then-US Ambassador Nicholas Platt became a regular member. It has since become a continuing tradition for the MOPC to welcome the new US ambassador which is why a cocktail reception is being held tonight in honor of Ambassador Philip Goldberg, hosted by the new MOPC Board (where we sit as president) with chairman emeritus Emil Jurado, chairman Tony Lopez, VP Elpi Cuna, AVP for External Affairs Mike Toledo, secretary Eric Canoy, treasurer Nelia Gonzalez, auditor Beth Lee, legal counsel Manuel Lazaro, and board members Rollie Estabillo, Bong Osorio, Butch Raquel, Maloli Espinosa-Supnet, Art Lopez, Hector Villanueva and Japanese Embassy press attaché Kenji Hirai as ex-officio member.

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