Boracay on the way down

The holidays saw an upsurge of balikbayans, local tourists and foreign visitors trooping to Boracay, named as the world’s 13th top destination for New Year according to a survey by a popular online hotel booking site. That Boracay has become world famous with its reputation as a “party” place is indisputable, but the over commercialization and the over development is a big cause for disappointment among foreign visitors.

In fact, netizens are talking about the blog by a Polish-American traveler (check out annaeverywhere.com/boracay) who called Boracay the worst island she has ever visited.  Apparently, everything started off on the wrong foot for this traveler, recounting a headache-inducing two-hour bus ride from Kalibo airport to a ferry that would transfer visitors to the famed island because of these unruly teenagers who played blaring music in the bus and threw chips at each other, followed by the overcrowded ferry terminal with people pushing and shoving each other.

“I knew Boracay was a place to party, but I thought I could enjoy the stunning beach during the day,” she said. No such luck, however, because she recalls being constantly besieged by vendors offering all kinds of souvenir items or services (“massage, Madame?”), and she was dismayed to find herself surrounded by all these fast-food restaurants right on the beach.

While the blogger found the island and the white-sand beach beautiful, she was aghast to discover that the place is “constantly being destroyed by consumerism.” The worst part, she recalls, is seeing all those drunken partygoers passed out on the beach till morning, with all the trash and garbage from last night’s revelries littering the sands of Boracay. 

Sadly, we’ve done this again – destroying what’s supposed to be a haven with overdevelopment and crass commercialism like what is happening to Baguio and Tagaytay.  I wonder which one we will destroy next: Palawan? Or perhaps Panglao Island in Bohol? 

Asia’s top billionaire shakes up business empire

The announcement that Asia’s richest man, Li Ka-shing, is set to restructure his business empire with plans to move the headquarters from Hong Kong to the tax friendly Cayman Islands has strengthened speculation that the Occupy Central movement that shook China’s Special Administrative Region may have been a major factor. This was immediately denied by a director, saying the plan for restructuring has been in the pipeline for quite some time and had nothing to do with the disruptive (some say polarizing) demonstrations by thousands of students demanding electoral reforms.

It’s no secret that China has been engaged in a thinly-veiled loyalty check, asking Hong Kong tycoons whether they are for the demonstrators or not. Li was even pinpointed in an article by a state-run news agency saying the billionaire was unclear in his position. In the past year, Li has also been divesting some of his assets in Hong Kong and China.  The business tycoon, nicknamed “Superman” due to his ability to make businesses very profitable, denied accusations of disloyalty saying that his companies remain registered in Hong Kong and that in the past decade or so, over 70 percent of newly listed companies in the SAR are incorporated in the Cayman Islands. It’s a not a matter of confidence but convenience, he remarked. 

Li, whose rags-to-riches story has been the subject of numerous features, shocked business circles at the disclosure that the assets of his two flagship companies Cheung Kong and Whampoa Hutchison would be poured into a new and bigger conglomerate which would then be split into two new listed companies – CK Hutchison that would be the main holding company for non-property assets, and Cheung Kong Property that would become the holding company for all real estate/property assets.

Shareholders are expected to approve the restructuring as it is could spell even better returns, aside from attracting investors since it would streamline the current corporate structure where diverse businesses are mixed together. The 86-year-old billionaire’s business interests range from mobile phones to real estate and the ports business. In fact, Li Ka-shing became a partner of Ricky Razon when ICTSI sold a major chunk of its overseas assets to Hutchison Ports Holdings (a unit of Whampoa Hutchison) in 2001.

Maynilad airs side

The International Chamber of Commerce decision upholding the rate adjustment proposal of Maynilad Water Services has stirred a hornet’s nest, so to speak, with some groups vilifying the water concessionaire and calling the move another cross that would burden consumers. Lost in the din however is the fact that Maynilad – despite a two-year delay in the adjusted rates, has signified willingness to stagger the collection until 2018, or “payment by installment” to mitigate the impact to costumers, said Maynilad chief finance officer Randolph Estrellado.

Many could still remember how, prior to the privatization of the operations of MWSS, many areas such as Parañaque and Pateros had to buy their water from vendors via delivery trucks (many of them looking dirty and rusty) at very high rates, while others sourced water from deep wells that also required electricity to operate.  According to a report made by the Philippine Institute for Development Studies in 1996, the year prior to the privatization, over 80 percent of households buying vended water were actually buying MWSS water indirectly for washing, bathing and other needs and also spending thousands for mineral water.

In any case, the rebasing would enable Maynilad to implement further modernization that includes sewerage coverage expansions and improvement of water pressure in households – which ultimately spells better service and supply of potable water for Metro Manila residents serviced by the concessionaire.

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