Good choice for Equitable-PCIB chief

There is a little "coup" that is happening in the board oom of Equitable-PCIB in Makati City. If you remember Ms. Clarissa Ocampo, the trust officer whose testimony in the Senate led to the ouster of Erap - this is her bank, one of the biggest in the country.

But this coup is not exactly unwelcome, unlike the last disturbance that was intended to oust the government. It is believed to be welcomed by the majority of the owners. It has also no victim, because the one replaced by the coup was a transition chair.

Ms. Corazon de la Paz, President and chief executive officer of the Social Security System (SSS), has been elected chair of the EPCIB. She holds that post because she represents 29% of the shares, aside from getting the votes of the Government Service Insurance System (GSIS) and the bloc of shares owned by Mr. Henry Sy of Shoemart.

De la Paz is trusted to preside over the bank because of her background. A former senior partner of the biggest accounting firm, she has a reputation for professionalism and honesty. I recall that she was personally handpicked by President GMA to head the SSS after the previous chair resigned. In her new post, she would be in a position to protect the interests of the SSS workers whose investments are partly in EPCIB.

One of the contentious issues to be resolved under the watch of Ms. De la Paz as chairman of EPCIB would be the proposed swap of shares between Banco de Oro and EPCIB. Some members of the board are opposed to the plan being introduced by the Sy family.

At present, the issue is being debated in the board. I am sure that Ms. De la Paz will not shun away from this debate but would resolved this in a manner acceptable to all parties.

* * * Liberal Party splits

The big political story here - aside from the lifting last Friday of the state of emergency- was the split in the Liberal Party. Although the party has been divided on the issue of GMA and her continues stay in power, the split did not deteriorate to the level of the organization until Friday.

On that day, Manila Mayor Lito Atienza convened a meeting of pro-GMA Liberals and constituted themselves as the true members of the party. Atienza was henceforth elected President while presidential chief of staff Mike Defensor was elected chairman.

Expectedly, Senate President Franklin Drilon, who is the president of the party, complained. Calling it a rump convention, he mobilized the former presidents of the party to declare the Atienza meeting as fraudulent. Drilon said he will initiate legal proceedings in the Comelec and the courts to determine who really is the true Liberal.

It is easy to understand the origin of the split. Sometime in July last year, party president Drilon, along with members of the party, organized a meeting to call for the resignation of President GMA. That was the root of the problem because there were many Liberals who were pro-GMA. Among them was Mayor Atienza who called for a press conference on the same day to support GMA.

According to Butch Abad, there were efforts to unite the party after the split that started last year. But he said the situation has deteriorated with the formal election of Atienza as LP President, I predict that it would take a long time before unity can be achieved. As they say in Tagalog, nagkaduguan na, which means the problem has gone beyond negotiations.

* * *

BRIEF NOTES. It is rare that the new dean of the UP College of Law speaks. But we had Dean Salvador Carlota last Saturday where he made an analysis of Proclamation 1017...... Asked to predict how the Supreme Court will decide on the various petitions now pending, Carlota said that the SC will behave as usual, similar to what it said in Executive Secretary vs. Sanlakas....... In that case where a state of emergency was also decided, the SC said the proclamation was done in "utter superfluity" but, at the same time, the SC said that the move was not unconstitutional...... Asked if the SC will decide on the issue since the President has lifted 1017. Carlota said that it is the prerogative of the SC to conduct "judicial review" of the question for purposes of the future.... It's hard to fathom what has happened to former senator Gringo Honasan who is now charged with rebellion. A few days before the emergency, Honasan was a guest in a media forum where he sounded conciliatory to the administration. He was even open to an offer of a cabinet post in the GMA government..... Up to now, Gringo has not spoken about the case against him........ The story about the involvement of former congressman Peping Cojuangco is getting to be funny. Pinned down by a Time Magazine story that a coup was hatched in his house, the former congressman is now doing the rounds of media to deny that he ever plotted with one Mr. Boy Saycon..... The bad thing is that Ms. Nelly Sindayen, the Time Magazine correspondent in the Philippines, is now under pressure to talk about the incident. It appears that the people upstairs want to forgive Peping and Boy Saycon, but at whose expense....