Quantcast
Latest Stories

BIZ BUZZ

Oil firms beware



Times must really be tough for some party-list organizations on the financial front. According to our sources, there is at least one party-list group out there that has been trying to raise campaign funds by victimizing oil firms.

How does it work? Well, according to one source who’s been on the receiving end of this particular activity, the modus operandi goes like this: The group—which shall remain unnamed, for now—would have some of its members gas up at a gasoline station of their target oil firm. After this, they would start spreading stories about alleged inaccuracies committed against their members and, by extension, the consuming public.

Then they would seek an audience with top officials of the oil firm involved, and—here’s the clincher—threaten to expose the alleged illegal activity to media.

During one such meeting with company executives, the officials of the party-list group indicated that, for a price, they could make the incident go away and just forget about the whole thing.

So who is this party-list group? Hint: their livelihood is tied directly to that of gasoline stations.  Daxim L. Lucas

Value accretive

SM Prime Holdings chief finance officer Jeffrey Lim has recently been active in the affairs of SM Development Corp., leading to speculation that once SM property units were consolidated, he would be named as the new president of the residential property unit.

“He was requested to assist because we just wanted to understand each other. This has something to do with consolidation. We just wanted to look into the details,” SM Prime Hans Sy said in a press briefing. Lim affirmed he was “just helping” out for now, denying talks he has been seconded to become SMDC’s acting president. “We’ll know next week (during SMDC’s annual stockholders’ meeting) if it will be permanent,” Lim later told Biz Buzz.

Sy said the timetable for the consolidation would still be within the year but noted that studies were still ongoing. He acknowledged that there were concerns from some investors who had bought into SM Prime because of the pure shopping mall play on the prospective impact on the valuation of SM Prime. “That’s why we have to make sure that valuation is done very carefully,” adding he was confident that majority of SM Prime investors would consent to the transaction.

Lim added that this prospective consolidation would not drag down the valuation of any of the SM units involved. Apart from SMDC and SM Prime, he said the consolidation could also include Highlands Prime and the unlisted SM Land. Instead, he said this should be “value accretive.”

“It should provide us the scale and develop real estate projects in the future,” Lim said.  Doris C. Dumlao

‘Fortress Philamlife’

Insurance giant Philamlife has a spanking new headquarters in Bonifacio Global City to compliment its iconic tower along Paseo de Roxas in Makati, but not everyone is cheering, it seems.

According to a source, the insurance firm’s agents have been complaining about the access (or lack of it) that agents are forced by management to endure.

In particular, our source was upset about the contrast between Philamlife’s new building in the ultra-modern Taguig City business and entertainment district and the insurance firm’s old head office along UN Avenue in Manila.

In the latter office, agents were supposedly allowed to transact business and interact with officers more or less freely. In the new Global City office, however, agents are allowed only until the ground floor lobby, we were told.

One agent, wanting to consult with officials in the underwriting department, managed to go up the fifth floor where the person she was supposed to talk to holds office. But the lobby guards were unaware that agents were not allowed to go past the lobby. So up the agent went and—viola—the guard she met upstairs was “horrified” to see her and sent the agent back down.

The agent ended up “waiting for hours” at the lobby for the right official to come by, to no avail.

Other complaints included one about a group of agents supposedly being slated for a tour of the new office, but being restricted to a meeting in the lobby instead. There were also complaints about agents’ queries to officials—via e-mail or phone—not getting appropriate and timely replies. Naturally, all this left some agents pining for the “good old days” under Philam chair Jose Cuisia Jr.

But all is not lost. New Philam president and CEO Rex Mendoza told Biz Buzz that he has been made aware of the issues and acknowledged that their security personnel needed more customer service training to focus on courtesy and sensitivity.

On the other hand, he said agents would also have to get used to the new scheme at Philam where agents would have access only to specific areas or departments where they needed to conduct their business (“a given for all modern buildings”).

“Hey, we just moved here a few weeks ago,” Mendoza said. “We have to improve on both ends.” Daxim L. Lucas

Get business alerts and a preview of Biz Buzz the evening before it comes out. Text ON INQ BUSINESS to 4467 (P2.50/alert).


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Biz Buzz , Business , column , oil firms , partylist groups , philamlife , SM Prime Holdings

  • Chrisnadal19

    PISTON b ito?



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Marketplace