If Makati’s Mayor Jojo Binay has chosen to make the nation’s "financial center," a political battleground blocking off Ayala Avenue – our local equivalent of New York’s Wall Street – then he mustn’t be surprised that business is fleeing his town. In fact, some businesses are already leaving the country – while "planned" (not just potential) investments have made a U-turn and pulled out.
That is the toll the moves to unseat President GMA, plus the current turmoil engendered by those who’re trying to create a new political order, have taken. What did we expect? A quick "fix" to everything by the mere takeover of the Vice-President, or some other "leader" as demanded by the impatient and self-righteous reformers and "crusaders"?
The Iron Chancellor of Germany Otto von Bismarck was never more right than when he asserted that "war is politics with bloodshed, while politics is war without bloodshed." On second thought, old Otto wasn’t completely right. Our economy and our prospects as a nation have been "bloodied" by the almost hysterical political warfare still raging, in which too many in media, alas, seem to have been engaged not as reporters but as combatants.
By the way, some 15 years or so ago this writer visited the great Hanseatic town of Gottingen in Germany. In those days, Gottingen had a population of 130,000, plus an additional population of 30,000 students – most of them enrolled in venerable Gottingen University. America’s Benjamin Franklin had studied there in 1766. Also the great German poet Goethe (after whom all those Goethe Houses around the world are named).
The university’s most famous student came there, at the age of 17, straight from Berlin, to take up courses in Logic, Math, Law and Metaphysics. This was Otto von Bismarck. He turned out to be the life of every party, dispensing the largesse of his father’s fortune liberally. He was also a drunk and a troublemaker, shooting off his pistol at servants (but hitting the ceiling mostly) each time they displeased him. At length, the Rector of the University banished frisky, troublesome Otto to virtual "outer darkness" – compelling him to transfer his living quarters to a small cottage at the edge of the wall of the old town.
Since Bismarck grew up to become the great "Iron Chancellor", venerated as the man who led Prussia to the unification of Germany (formerly composed of many fiefdoms, duchies, princely "states", principalities and enclaves ruled by elector-bishops) – and the war-lover whose armies humiliated France – his student-day cottage has become a place of pilgrimage. When we went there, a blind curator reeled off Bismarck’s pranks and achievements, while we admired the crossed duelling epées on the wall. He was a real heller, Otto was.
The occasion is the annual gala Diplomatic Night, starring Foreign Affairs Secretary Alberto G. Romulo (not to be confused with his now controversial cousin, "Triple R" Roberto R. Romulo). The dinner sponsored by our Manila Overseas Press Club, owing to fast-moving current events, has become more significant than just a "diplomatic" affair – which is not to say that Ambassadors and foreign diplomats won’t be much in attendance (most have confirmed). This is because Bert Romulo, whose courtesy "resignation" La Presidenta immediately refused to accept will be speaking out on our country’s efforts to cope with the escalating oil and energy crisis, among other ongoing problems of the day.
If you’ve noticed, Romulo has been doing the rounds of "friendly" oil-producing countries, for instance, last July 3, making a visit to H.R.H. Crown Prince Abdullah bin Abdul Aziz al-Saud (who virtually runs the Kingdom since King Fahd bin Abdul Aziz al Saud has for the past few years been ailing).
He had a dialogue with Crown Prince Abdullah in Riyadh (accompanied by DFA Undersecretary for Special Concerns Rafael Seguis, our expert on relations with Middle East, i.e. Arab countries; Undersecretary for Migrant Workers Jose "Chito’ Brillantes (who next month takes over as Ambassador to Canada); and our Ambassador to Saudi Arabia, our friend Bahnarim Guinomla.
Immediately after that frank discussion – its importance enhanced by the fact that Saudi ARAMCO owns half of our Petron, our national oil company – Bert flew back to Manila in time to accompany GMA to the US Independence Day celebration.
Romulo also zoomed over to Yemen for the OIC (Organization of the Islamic Conference) ministerial meeting. He told me later he’s confident that, since Russia was "admitted," the Philippines will eventually be given observer status by the OIC. He also, thoughtfully, brought this writer a jar of the famous "Yemeni Honey" which, he quipped, "is supposed to infuse a person with energy, vim and vigor." He brought home the honey, as the old expression goes – hope, in time, his efforts will help bring home the oil, too.
Unfortunately for us, and other oil-hungry nations, increasingly industrially-powerful China is gobbling up 12 percent of the globe’s oil production to fuel its progress and expansion. This isn’t Beijing’s fault, it’s simply a fact of real life. Truth to tell, our increasingly good relations with the People’s Republic of China are vital – not just in terms of geographical and strategic concern but those of trade and investment. The Chinese are "financing" our North Rail project (the one attacked by Senator Frank Drilon in his breakaway move) and on the verge of investing about $1 billion in mining – although the latter has a few snags which need ironing out).
What makes Bert particularly interesting as a speaker is the fact that he also used to be Executive Secretary to GMA, as well as a former Secretary of Finance (1986 to 1987 under President Cory C. Aquino), also a Governor of the Asian Development Bank, a Governor of the World Bank Group, and Alternate Government of the International Monetary Fund (IMF).
He was also Secretary of Budget and Management (1986-1987) under Cory, and Member of the Monetary Board.
In politics, he served as Majority Leader of the Senate for five years – after winning two terms in the Senate (1992-1996).
I spoke with the new Finance Secretary, our old friend former Congressman Margarito "Gary" Teves (also former Land Bank president and CEO) and he confirmed he’s coming. Also at the dinner will be the just-appointed Secretary of Trade and Industry Peter B. Favila.
I’ve known Peter for years, even before he assumed the presidency of the Philippine National Bank (PNB) where my late brother Manny used to be Vice-President in charge of Europe, based in London.
Favila, of course, is Chairman of the Philippine Stock Exchange – now they’ll have to elect a new PSE Chairman. He was President and CEO of Allied Bank, following his stint in PNB. His 30 years of experience in the management of financial institutions covering investment merchant banking, treasury, credit operations, human resources and general management included being president of Security Banking Corp., Senior Vice-President of Metro Bank, and director of Jardine Fleming Exchange Capital.
If you’ll recall, Peter was a member of the Central Bank/Bankers Association of the Philippines (BAP) crisis team at the height of the foreign debt and foreign currency exchange crisis of 1983. When he was PNB President, he was responsible for the recovery of the Marcos accounts which had been placed in escrow with the bank. Under his leadership, PNB was "professionalized," leading to the privatization of the former government bank (which used to have the most outlets and agencies nationwide as well as operations overseas).
As an advisor to the Speaker of the House (the indomitable Joe de Venecia, who I must say has been speaking forthrightly on TV during the current controversy, even when badgered by one television interviewer), Favila provided useful inputs for legislation of the Anti-Money Laundering Law (AMLA) and the creation of the Special Purpose Asset Vehicle (SPAV) Law.
The new Budget Secretary Romulo Neri and the incoming Customs Commissioner will be with us tonight, too.
But I’ve run out of space for this "commercial." Abangan.