Alphaland now privately owned

For those worried about their acquisitions in Alphaland projects such as Balesin Island Club, the City Club and the Makati Place condominium  there’s good news! Investors should be happy to know that the group of Bobby Ongpin has finished complex negotiations for a final agreement with the UK-based Ashmore Group.

While disagreeing with the Philippine Stock Exchange interpretation that Alphaland’s disclosure violated PSE rules, Ongpin disclosed that he is looking forward to doing more projects with Alphaland as a private corporation following the company’s delisting from the PSE which took effect yesterday. He laments, however, the imposition of a disqualification penalty on Alphaland president Mario “Babes” Oreta and corporate secretary Rodolfo Ponferrada, saying the two had nothing to do with the disclosure process since they were simply following his specific instructions.

Earlier, Bobby had also written to the PSE categorically stating that Babes Oreta “had nothing to do at all with the disclosures in question,” adding that a serious injustice would be committed if the two Alphaland executives are subjected to a five-year disqualification from serving as directors or officials in any company applying for PSE listing. In his latest letter to the PSE, Ongpin reiterated his position, saying he accepted the disqualification meted on him but appealed to the PSE board of directors to spare Babes Oreta and Ponferrada.

Moving on, however, Bobby is looking forward to numerous development projects for the exclusive Balesin Island Club with P2.5 billion in additional funds made available for the delisted company – Alphaland. There is currently an agreement with Philippine Airlines for regular chartered flights (most likely the twin turbo-prop Q300s by Canadian manufacturer Bombardier) to the island beginning November. This should make transport arrangements more smooth and comfortable specially with the upcoming holiday season.

Work on the Balesin Royal Villa is also ongoing full speed with inauguration targeted by the end of this month. The Royal Villa will feature four grand suites plus an additional 10 suites that can accommodate 56 people. Those privy to the development say the Royal Villa will be a great venue for family events, company conferences and weddings as well given its location which faces sunset over Lamon Bay.

Associate memberships for the Balesin Island Club will also be launched next month, and these will offer all the standard features of a regular membership but priced at only P2 million – half the price of a regular membership currently placed at P4 million. Existing regular Balesin members – regardless of the price they paid – are given the option to convert their membership into two associate memberships. Those who have had the opportunity to visit Balesin were also happy to note that the club has ramps and elevators in all villas that make it easy for those in wheelchairs and the physically challenged to go around the facilities. 

Bobby Ongpin is once again upbeat, telling us – “all’s well that ends well.”

PAL passengers welcome back Jimmy Bautista

With Ramon Ang stepping down as PAL president after the group of “El Kapitan” Lucio Tan regained control of the flag carrier, Jimmy Bautista is now expected to be officially named president and CEO. Judging from the feedback we have been getting, a lot of people who have been flying with PAL since the ‘80s are happy to see Jimmy back at the helm, liking the man for his low key, genial personality and easy to approach management style

Jimmy, who was El Kapitan’s main man during the buyback negotiations, will most likely continue with some of the plans initiated by the group of Ramon Ang in the two years that they ran the airline. However, some changes are in the offing, among them the deal involving Airbus A320 aircraft with Bautista wanting to do a reevaluation of the orders from the previous management group which he feels have been “too many.”

Obviously, a renegotiation with the Airbus deal has to do with the financial aspect, with PAL needing a bigger portfolio and mulling the possibility of going into strategic partnerships to cope with the intense global competition especially for the long haul market. PAL has been aggressive in its expansion plans with new routes having opened and more flights mounted to the US since the Federal Aviation Administration lifted the Category 2 rating previously slapped on the Philippines.

We got the reassurance from Jimmy that PAL passengers can look forward to continued enhancements in the services offered by the country’s flag carrier.

Canada ready with Ebola vaccine

Hope is riding high that Canada’s experimental vaccine will be able to help contain the deadly Ebola virus that has killed over 4,500 people in West Africa with fears of a pandemic spreading across the globe. The government will be shipping to the World Health Organization 800 vials of an experimental drug developed for more than a decade from the research arm of the Canadian Department of Defense.

According to reports, about $7 million has been funneled into the research for the experimental drug since 2002 as part of the Canadian government’s efforts to protect its citizens from all kinds of security threats. Even Canadians are surprised to discover that their government, via the National Microbiology Laboratory, has been busy developing a drug for a disease that has never occurred in Canada.  According to sources, a top German scientist who has worked on the Marburg virus which is closely related to Ebola, was recruited for the project. Little did the developers know that what started out as a counterterrorism (bioterrorism) measure now has the potential to avert a global outbreak of the lethal virus.

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