That was foul and very deceiving: The filing of a complaint with the Ombudsman against former Social Security System Chairman Carlos ‘Chuckie’ Arellano and former Labor Secretary Bienvenido ‘Benny’ Laguesma by some eight officers of the SSS. And what was below the belt was the erroneous and deceptive anchor of the SSS officers’ complaint: That the purchase of PCIBank shares was overpriced. According to the records, SSS paid P290 per share for the controlling interest of the bank at a time when the market price was only P250 per share. In other words, the alleged overprice is P40.
What the complainants, wittingly or unwittingly, failed to realize or ignore is a basic business reality and practice called "premium". In the business community, it is common that in the purchase of any business, especially a giant entity like one of the country’s biggest banks, the buyers must pay a premium – and the premium is usually for the controlling interest of the business entity. For the record, in the sale of PCIBank, the investors paid a premium equivalent to a ratio of 1.5 times book value and gained control of the bank.
Looking back at previous similar transactions, a premium of 2.5 times book value was paid by Metrobank when it purchased Solidbank. And Far East Bank even considered bidding for PCIBank at P340 per share, at two times book value. Note that SSS purchase price for each PCIBank share was only P290.
And here is another interesting and enlightening fact. When First Pacific bought the Philippine Long Distance Telephone Company shares of SSS, it paid P1,250 per share. At that time, the market price of PLDT was only P900 per share. This transaction, which netted SSS a huge amount, was done during Chuckie Arellano’s tenure at SSS. For the record once more, this is called "premium".
The complaint against Chuckie Arellano and Benny Laguesma looks, from this corner, like mere harassment. Or an unfair effort to glorify the image of a fallen icon. But doing this at the expense of two fine Ateneans is most deplorable.
There are indications the Senate hearing into the charges of high crime lodged by Col. Voltaire Corpus against Senator Panfilo Lacson is going to turn into a blockbuster
telenovela. The sudden appearance of Mary Ong alias Rosebud, not only at the Senate witness stand but in television talk shows and print interviews, has ignited intense public interest in the case.
Intrigue, a love affair, murder, Mafias and Triads, tons of money, secret bank accounts, double agents, tapes from hidden cameras, heels and heroes – all these plots and more are going to serve as dramatic backdrops to the ongoing Senate investigation. With public interest in the
telenovela rising feverishly, there is no way the Senate probe can now be terminated, as proposed by some senators who have apparently lost touch with the people’s pulse.
For Victor Corpus, the emergence of Rosebud as his star witness is heaven-sent. Now, the tables are turned, and he obviously has the upperhand in his psychological warfare against Lacson. Countless people watching the
telenovela are almost certainly wondering how Lacson is going to squirm out of this, as Rosebud, who looks like a shrewd psywar expert herself, remains the center of public attention.
Here is an update on the Siamese twins from Pangasinan, Aila and Maya Dulay, who are about to undergo surgical operation at the Makati Medical Center, through the kindness of Dr. Raul Fores, hospital director. The operation is scheduled tomorrow, September 4, with the following medical team composed of topnotch general surgeons: Dr. Raul Fores, Dr. Vicente Arguelles, and Dr. Jose Ozamis. During the next several days, I will provide a regular medical bulletin on the Siamese twins, and also an update on the Good Samaritans who are lending a helping hand to Aila and Maya.
Margie Juico, director of the Philippine Charity Sweepstakes Office and a dedicated civic leader, handed over to me an article,
The Fate of Sand Castles, written by Rubel Shelby. The article is short, but it imparts a very important lesson that everyone, especially those in the public service, should take to heart.
Let me share with you this thought-provoking article from Margie, and I hope you will pass it on to your kin and friends:
You’ve watched it, too. I’m not the first and only person who has seen it. But there is a lesson in it that we both may have overlooked.
There are some children on a beach. They’re playing and giggling – building sand castles all the while. They seem so intent on the project. You get amused at how meticulous and careful they are with crumbly corners and towers. The looks on their faces as they screw their mouths and stick out their tongues make you smile. Their resolute concentration on the task is priceless.
Then a big wave begin building and starts toward shore. But the kids don’t panic. Instead, they do the strangest thing. They jump to their feet, scream with delight, and watch the torrent of water wash away their creations. There is no panic. No sadness. No bitterness. Even children know the inevitable end of sand castles. They are neither surprised nor angry about what has happened.
You and I should be so wise. The stuff of this world is about as lasting and durable as children’s sand castles on the beach. Yet we grownups can get so caught up in it, defensive of its, and depressed over the loss of it.
God didn’t create you to be famous, get rich, live in the biggest home, or drive the fanciest car. He created you for His glory. He put you in the world to love people and do holy things. Your destiny is not bound up in physical things, but spiritual. So living to be a hundred is far less important than living well – even if for a short time. Beautifying your body is far less urgent than purifying your soul.
Children know that their sand castles are brief joys destined to disappear with an incoming tide. So they don’t fret as the waves approach. They watch their creations get swept away without shedding tears. Again, we should be so wise.
Everything about this life is fleeting and perishable. The incoming wave of human mortality is going to sweep it all away. Like sand castles, nothing done for the sake of this world can last. Only what we do for eternity will survive.
What would the loss of your job or business do to you? What if your house were lost to fire or storm? What if a strange pain sent you to your physician and led to the discovery that you have only a few weeks to live? These things really do happen to people, you know. We are all as vulnerable as sand castles.
Life is God’s gift. Revel in every good thing. But as you enjoy your creations in the sand, just remember not to get overly attached to them. Thoughts for Today:
Remember, you are worth
not for what you have,
not even for who you are,
but what others have become
because of you. There’s a gift of quiet blessing
only friendship can impart . . .
for a friend shares life with gentle hands,
kind words, and a caring heart. My e-mail address:
<jaywalker@skyinet.net> and
<jaywalker@pacific.net.ph>