Biz Buzz: Cabinet men for ‘A’
We all grew up assuming the symbol on Superman’s chest stood for his initial when he isn’t playing pretend reporter like we all do here in the Inquirer.
But in the 2013 “Man of Steel” reboot, we learned two things: Superman has chest hair and the “S” emblem meant “hope” in his home planet Krypton.
So why are we talking about a man who wears his pants first, boxer briefs last and a blanket to cover his rear?
You see, President Aquino has a Cabinet official who wears an “A” badge on his chest underneath his Barong Tagalog.
The “A” icon supposedly stands for the initial of a business family based in Metro Manila for whom the Cabinet official worked for before joining government.
As it turned out, the “A” sign actually stood for another business family based in the Visayas which gave the Cabinet official his first big break on the corporate ladder. This Cabinet official has scored enough appointments and concessions for the Visayas family to tide it over until the next administration.
But let’s shed no tear for the Metro Manila family as it managed to corner juicy deals from this administration through the help of another Cabinet official who coincidentally has the same “A” badge on his chest.
So what does the “A” actually stand for? If you ask both Cabinet officials, they’d say “A” is for Aquino. Awesome. Gil Cabacungan
SEC’s big loss
THE COUNTRY’S corporate regulator is set to lose one of its best and brightest officials next week, as Commission Secretary Gerard Lukban of the Securities and Exchange Commission ends his government stint at the end of business hours on April 30.
You heard it right, Lukban—the 44-year-old lawyer who has also served as an all-around troubleshooter and spokesperson of the SEC—is set to retire.
Retire at 44?
Yes. Lukban said he had served the government and the nation for two decades now, having joined SEC during the Ramos administration, from the Accra Law Office, and having been appointed to his current post of Commission secretary almost a decade ago.
Lukban, who was instrumental in helping the government confront the pre-need industry crisis, various investment scams and countless big-ticket corporate disputes, said it was now time to enter a more rewarding (in more ways than one) phase in his career in the private sector.
Mind you, the man didn’t leave government service due to poverty, as SEC officials are exempt from the Salary Standardization Law, just like the Bangko Sentral ng Pilipinas. (We hear his monthly wage is in the six-figure region.) We understand that he just feels he needs a bigger challenge now after almost 20 years as a corporate regulator, and while he still has enough productive years to make a difference in the corporate world.
It’s a shame that the SEC will never benefit from his skills as a full-fledged commissioner. There were three vacancies on the commission en banc—the highest policy making body of the SEC—during Lukban’s 10-year stint as Commission secretary but he was passed over each time.
Biz Buzz asked around why, and what we heard was jaw dropping. He was not appointed to the most recent available slot because of his friendship with a former Cabinet member (someone he’s known since his younger years). Talk about flimsy reasons!
Oh well. The government’s loss is the private sector’s gain. Expect Lukban to resurface in the corporate world after his requisite one-year post-government cool off period. Daxim L. Lucas
Mega flight delay
ON MOST days, being one of the most powerful business personalities in the Philippines means enjoying benefits not available to mere mortals.
A person running a conglomerate, can ill afford to be stuck in transit while waiting for a flight on a business trip, for example.
But that’s exactly what happened last Tuesday evening to the country’s most powerful businesswoman, Tessie Sy-Coson.
You see, the vice chair of the SM conglomerate was on her way back to Manila from Jakarta after having co-chaired a regional meeting for the World Economic Forum from Monday to Tuesday in the Indonesian capital.
After they boarded their aircraft for their return flight to Manila, Indonesian authorities put all flights on hold, to give way for numerous arriving presidents, prime ministers and other heads of state who would participate in the Asia-Africa Summit in Jakarta the very next day.
The result was a derriere-numbing wait of almost seven hours in an airplane for Sy-Coson and her staff on the tarmac of the Jakarta airport (they couldn’t deplane as the jet was already queued up along with other departing aircraft).
We hear that Sy-Coson was “livid” at the poor coordination of the organizers that led to the long delay. Mind you, to a person running a multibillion-dollar conglomerate a seven-hour delay is equivalent to millions of dollars of lost executive time—time that could be used more productively than staring out the window of an airplane (even if it was a chartered private jet).
Note that the time they spent waiting on the tarmac was equivalent to the flying time needed to fly the Jakarta-Manila leg twice over.
In any case, we hear that the SM scion and her party finally arrived in Manila way after midnight. The unfortunate result was that they were all too fatigued to attend the stockholders meeting of BDO Leasing and Finance the next morning.
After her harrowing experience, we’re guessing Ms Sy-Coson won’t be returning to Jakarta anytime soon. Daxim L. Lucas
Win-win for Customs broker
A FORMER Bureau of Customs official is reportedly back in operation at his old hunting grounds in Manila’s seedy port area, but this time around, as a broker.
This official was among the dozens who were swept out of the BOC in the broad purge that followed then Customs chief Rufino Biazon’s resignation in 2012.
After being eased out by new management, the ex-BOC official worked in the private sector for a company that incidentally depends on massive importation of dutiable goods.
This BOC official, however, proved so inept in his new job that the company’s owner thought it wiser to make full use of his skills and connections at the BOC. The BOC official resigned and was retained as a consultant.
The move has turned into a win-win for both sides as the BOC official has not only made up for his less than dignified exit but he has also become a productive asset to his private boss, if you know what we mean. Wink, wink. His well-respected ancestors must be turning in their graves. Gil Cabacungan
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