I am running out of words to describe Dennis Uy’s multibillion peso deals – “buying spree, aggressive expansion, acquisition mode..”
I’ve used up all the terms, but it seems I’m going to need a lot more creativity to describe another possible transaction.
The business grapevine is abuzz with talk that Dennis is going to be the country’s third telco player.
Industry sources said China Telecommunications Corp., China’s state-owned company, and Uy are partnering for a third telco bid and are now just waiting for the final terms of reference for the selection process.
Even officials at the Department of Information and Communications Technology said they have “heard about it.”
His empire
Dennis already has a massive business empire – oil, shipping, logistics, real estate, education, convenience stores, and gaming.
It’s been quite a rapid expansion over the last two years.
Sometime last month, Dennis, speaking before a crowd of businessmen and tycoons about success and disruption said, “I don’t have anything you don’t have.“
I smiled at the irony. Of course he does.
In fact – and I am sure people in the audience had the same thought – Dennis seems to actually have that one thing many of them don’t have – a most valued friendship with President Duterte. And in the Philippines where business and politics are perfectly mixed, being friends with the highest official of the land counts a lot.
Of course, it’s not Dennis’ fault that his long time friend from Davao became the country’s 16th president. When people ask him about his secrets to success, he simply says that it’s really all about hard work and timing. And his timing is always impeccable.
‘Not true’
When I asked Dennis to clarify the third telco rumors, he said, “It’s not true.”
But that was last week. Things can change in the wink of an eye.
Take for instance his casino venture. Initially, he said it’s not true he would venture into gaming. His company would later announce plans to build a sprawling Las Vegas-style casino in Cebu. When I asked if he would build a second casino, he said it’s not true. But there is indeed a second casino and it will rise in his new business district in Clark.
Last February, his company Phoenix Petroleum disclosed there were no discussions with the CNOOC Group of China for an LNG project in the Philippines. Last week, the company said there would indeed be an agreement.
Dennis once explained to journalists that there are deals he can’t reveal yet when discussions are in the early stage.
I don’t know if this is one of those deals. Only time will tell.
In any case, whether it’s Dennis or any other local partner, a third telco in the Philippines would surely be a welcome addition. Competition is always good.
But the government needs to make sure that Chinese telcos have enough security measures.
Papa Securities, for instance, has previously reported that “there has been 76 state-sponsored cyber attacks linked with China since 2005.”
Sammie Uy
Speaking of Duterte’s pals, another friend and campaign contributor, Samuel Uy, has joined another Lucio Tan-owned company, MacroAsia, as independent director. He is also in the board of Philippine Airlines, Tan’s carrier.
Who is Sammie Uy? Duterte once described him as his biggest campaign contributor.
When Anthony Bourdain came for a drink
Not too long ago at the Oarhouse Pub, a second home to journalists, artists, writers, the dreamers, and the rest of the bohemian crowd, I met the famous Anthony Bourdain. He was in Manila to shoot an episode of Parts Unknown and part of it was a scene in that Malate pub.
I found him at the end of the bar with a bottle of ice-cold beer, quiet and by himself. The camera wasn’t rolling yet. But even after the shoot, he was always quiet and reserved, different from the Bourdain the whole world saw on television.
And that’s just how it is. There will always be “parts unknown” in each of us – fragments nobody could ever see – not our partners, parents, friends, or lovers. These are gaping holes in between our dreams and nightmares, in between the swagger looks and the boisterous laughter. And nobody can do anything about it.
R.I.P, Sir. It’s an honor to have met you and to be part of your Manila episode, which showed not so much how good Filipino food is, but how it takes away the bitterness in the everyday life in this land of mayhem. Our close encounter with you that afternoon was a fleeting, but perfect moment that will linger for a long time. And isn’t life like that? As you said, we move through life and this world and things change slightly. “Most of the time, those marks – on your body or on your heart – are beautiful. Often, though, they hurt.” I’ll drink to that.
Iris Gonzales’ e-mail address is eyesgonzales@gmail.com