Biz Buzz: Battle of Manila Bay
Long after the Battle of Manila Bay in 1898 started the Spanish-American War, the place known for its spectacular sunsets has once again become a modern-day battleground.
Some parties in this battle are involved in the name of business and progress, some in the name of the environment, and some for an opportunity to master-plan a potentially vast new tract of land that will be reclaimed from the sea.
But while property giants Ayala Land Inc. and SM Land Inc. are fighting over a P54.5-billion, 300-hectare reclamation project proposed by the Pasay City government along Manila Bay, whoever emerges victorious (SM has the upper hand, being the proponent of the unsolicited project) still needs to convince one very influential person—a 2016 presidential contender at that—to support the project.
While we know that a big landlord in the area, the state-owned pension fund Government Service Insurance System, has been opposing the project since 2012 when the reclamation project (initially only at 60 hectares) was first considered, it turned out that the Office of Vice President Jejomar Binay has its own qualms as well. After all, the Coconut Palace is the official residence of the country’s deputy chief executive.
Apart from environmental concerns, Binay’s office cited the historical and cultural heritage of the Coconut Palace, noting this was “one of the crown jewels of the city that was designed and built by architect Francisco Mañoza in 1978 upon being commissioned by then First Lady Imelda Marcos for the visit of the late Pope John Paul II.” The office added: “It prides itself with the panoramic view of the Manila Bay.”
Being the official residence of the Vice President, this office has also put on record another major concern: “We were informed by our security group that the proposed reclamation and subsequent buildings thereon in proximity with the Coconut Palace poses security threats.”
But long before the Pasay City reclamation project became a hot item, neighboring Manila’s reclamation project has likewise raised concerns among environmentalists since the time Alfredo Lim was mayor. The Department of Environment and Natural Resources is set to conduct on Nov. 18 a public hearing on the environmental impact assessment report of the project proposed by Manila Goldcoast Development Corp.—Doris C. Dumlao
Country’s strongest bank
The banking arm of the George Ty group, Metropolitan Bank and Trust Co., is the bank with the strongest balance sheet in the Philippines this 2013, according to banking magazine The Asian Banker. This is the second time for Metrobank to receive the recognition.
Metrobank ranked 44th in The Asian Banker 500, an annual study on all commercial banks with the strongest balance sheets in the Asia-Pacific region. It was the only Philippine bank in the top 50.
Banks were evaluated on a transparent balanced scorecard approach, weighed against six crucial elements, such as scale of operations, balance sheet growth, risk management, profitability, asset quality and liquidity.
In presenting the award, Foo Boon Ping, managing editor of The Asian Banker, commented that “Metrobank achieved a record in profits, supported by the country’s sound macroeconomic fundamentals, while improving the asset quality and maintaining strong risk profile and liquidity.
“It is a great honor to be recognized as the strongest bank in the Philippines for the second time,” said Metrobank president Fabian Dee. “This recognition reaffirms that the strategies we implemented are on track to sustain growth and increase profitability. Metrobank will continuously strive for excellence to ensure world-class banking experience for our clients.”—Doris C. Dumlao
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