Senators should also protect shareholders

Many who watched the Senate hearing on the land deal between Alphaland Corp. and the Boy Scouts of the Philippines (BSP) were under the impression that certain senators already had “ready made” conclusions regardless of the explanations given by resource persons that included Alphaland chairman Roberto “Bobby” Ongpin and president Mario “Babes” Oreta.

Former Makati vice mayor Ernesto Mercado had made allegations that Vice President Jojo Binay made money in the land deal – something that Alphaland vehemently denies, subsequently filing a P100 million libel complaint against Mercado.

At the hearing, Ongpin explained that the joint venture agreement was above board and that the original P600 million investment of the BSP (in the form of land) is now valued at P3 billion contrary to the claims of Mercado – an erstwhile ally of Binay until things turned sour – that the deal was onerous or disadvantageous to the Boy Scouts. Many also admitted being confused by the technical jargon and the various numbers recited during the hearing – plus discussions on toilets and cabinets – prompting some to comment that Mercado et. al. should just file a case in court if they have documents to prove the allegations.

Bobby Ongpin is used to controversial situations like the one currently being conducted by the Senate Blue Ribbon subcommittee, but it is different in the case of Babes Oreta, known by colleagues in the law profession and construction industry as decent and straight.

As Oreta told the Senate hearing, he spent half of his life in the practice of law, being a founding and managing partner of the Tanjuatco Oreta and Factoran Law Offices with the late Emigdio “Ding” Tanjuatco (a cousin of Cory Aquino in the Sumulong side of the family) and Cory-era Environment Secretary Fulgencio “Jun” Factoran as partners.

Those who know Oreta aver that the lawyer-businessman did not take advantage of his association with the relatives and associates of the late President Cory, and that he earned his success in the construction business by keeping all transactions legal and above board. As the Alphaland executive stressed, he would not do anything that would sully the reputation or tarnish the name of his family built over the years.

Obviously, the target of the Senate hearing is Vice President Jojo Binay with Alphaland as collateral damage – something that senators should be careful with since this would be unfair to the shareholders who invested in Alphaland Makati Place in good faith. They may be biased against the Veep, but the senators should be considerate to the other shareholders.

Luckily, Alphaland continues to show strong performance despite the controversies, among them the “divorce” with the UK-based Ashmore Group. The company’s 2014 audited financials showed a 12 percent increase in the book value per share from P23.6 per share in 2013 to P26.4 per share in 2014 – remarkable considering that late last year, the Ashmore Group completed its divestment from Alphaland, exchanging all its shares for four assets and leaving the group of Bobby Ongpin as majority owner.

The high-end developer also posted a net income of almost P5 billion with a total comprehensive income of P5.5 billion, and a net equity value of P37.5 billion. Not surprisingly, investors continue to show strong interest in the company’s projects, among them the exclusive Balesin Island Club, The City Club and The Residences at Alphaland Makati Place, with the Baguio Mountain Lodges project still pushing through.

E-trikes ‘ZÜM’ to Yolanda-stricken Leyte

Manila Overseas Press Club associate member and EMotors president Beth Lee has just delivered a fleet of Züm e-trikes to Typhoon Yolanda-devastated areas in Palo, Leyte. According to Beth, the company was chosen by foreign donors to supply the e-trikes in support of the livelihood needs of the people in Barangay Candahug, a fishing and farming community.

The new owners were given training on the use and maintenance of the electric vehicles which will be used as a means of livelihood, helping provide for the families and serving the transport needs of the community. The Züm e-trikes are clean and green, zero-emission vehicles that will give the community an opportunity to start with a “clean slate” since the primary means of transportation in rural areas is the gasoline-fed tricycle – an air and noise pollutant whose carbon emissions exacerbate climate change.

E-Motors happens to be the country’s first and only 100 percent Filipino owned manufacturer and assembler of the three-wheeled zero-emission electric vehicle, and Beth considers it a great privilege to help the residents in the typhoon devastated areas recover by providing affordable, low maintenance and easy-to-use “green” vehicles that are not only income generating but also help clean the air.

This clean and green vision is something that Meralco also shares, with plans to build e-vehicles and power charging stations according to Meralco SVP Al Panlilio. In fact, the country’s largest power distribution company unveiled the e-vehicle power station at the Ateneo campus in Quezon City last December. The “EV charging station” will supply the power requirements of Ateneo’s four electric jeepneys that serve the transport needs of students and faculty around the Katipunan campus.

Another EV power station was also unveiled at the Bonifacio Global City by Meralco which partnered with property developer The Net Group for the project. Two charging bays were installed at the covered parking area of the Net Lima building in Bonifacio. The Meralco-designed charging station is a weather proof and rustproof mobile facility that can be deployed to any location and is flexible with regard to the source of power, whether from the electric grid or from renewable sources. It also has the capability to recognize when the battery is full, which then automatically cuts off the flow of electricity.

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