Biz Buzz: A tale of two elections: PH and PSE
On May 7, or two days before the May 9, 2016 national polls, members of the Philippine Stock Exchange (PSE) will cast their votes to elect a new set of officers.
The two elections are as intertwined as the fates of two of its protagonists—one seeking the highest position in the land, and the other, a co-respondent in a plunder case, reportedly seeking a fresh term on the PSE board.
As the submission of nominees for PSE directors comes to a close at midday today, bourse observers are waiting with bated breath to see if this businessman will declare in the nomination form a pending plunder complaint filed against him last year in the Office of the Ombudsman.
Based on the Nomination, Acceptance and Questionnaire form approved by PSE’s Nomination and Election Committee (Nomelec), a nominee who accepts his/her nomination for the post of president, broker-director, non-broker director and independent director must certify that he/she has not been subjected and convicted by final judgement in any administrative, civil or criminal offenses that could impair his/her ability to carry out his/her duties as one of the capital markets’ gatekeepers.
A nominee must also certify that he is not the subject of a case involving any of 12 listed offenses. This leads to the big question: Can a PSE board nominee who is facing plunder charges, but not yet convicted by final judgement be eligible for election or, in this case, reelection? But like in any democratic exercise, the fate of any aspirant rests in the hands of the electorate. In this case, the final say rests in the hands of PSE members who will either elect or reject a nominee accused of being involved in a questionable. Abangan! Daxim L. Lucas
Madonna concert: behind the scenes
FOR those two nights that “Queen of Pop” Madonna wowed Filipinos at SM Mall of Asia Arena, SM Prime Holdings Inc. president Hans Sy was omnipresent at the concert venue—not so much to dance to tunes but to keep the house in order. As host of such a much-awaited event, the big boss himself took active command of every night’s watch.
READ: Madonna fans will agree: Madonna’s Rebel Heart Tour was worth the 57,000-peso ticket price
“While it’s very exciting, you don’t know the work that goes on behind the scenes—the security side. It was a bit intense. We had to make sure that the area was safe,” Sy told reporters during the turnover ceremony of the P400-million UP BGC building. “As I always believe, barking dogs don’t bite, kung tahimik dun ako natatakot (when it’s all quiet, that’s when I’m fearful).”
READ: Singapore archbishop warns flock against Madonna concert
But Sy said he was glad everything had gone smoothly, noting that Madonna—who performed in this part of the world for the first time—was herself “very cooperative.” All told, he said the two-day “Rebel Heart” run was among the best-reviewed events at the Arena (excluding criticism from the clergy and the historical commission).
Based on Sy’s personal assessment, there had been two superb events so far held at Arena: the 2016 Madonna concert and the 2012 Lady Gaga performance (which likewise courted criticism from the clergy).
What made these two gigs stand out from others, Sy said, was that both artists had brought in most of the props (in Madonna’s case, elaborate mechanics and creative use of video walls/floors outclassed other major production seen in this venue).
What’s the next big thing? Sy said SM was still working to bring Irish rock band U2 and, for the younger folks, British band Coldplay is slated to perform next year.
“I’m very happy that a lot of these foreign artists are coming here. Hopefully we can bring a lot of surprises,” he said. Doris Dumlao-Abadilla
Balesin frequent fliers
ALL is set for the local chapter of the Association Cambiste Internationale (commonly known as ACI) to hold its annual summer convention on the resort island of Balesin this weekend, and Biz Buzz learned that this group of bankers and financial market professionals was finally able to snare a guest speaker after the initial troubles of finding one.
After Bangko Sentral ng Pilipinas Governor Amando Tetangco and a few other government officials demurred to grace the annual event, Biz Buzz learned the group finally got the nod of the all important guest speaker. Of course, historically, it’s usually the central bank governor who gives the all important speech before this group of professionals, but whenever he can’t make it, he usually sends his treasury chief, Winnie Santiago, to speak on his behalf.
Well, Biz Buzz heard that ACI was able to bag Winnie as a speaker for this weekend, but it won’t be BSP’s Santiago. Instead, it will be Cory Aquino-era Economic Planning Secretary and television personality Solita
“Mareng Winnie” Monsod who will deliver her message to them in her inimitable way.
That’s not a bad deal, given the initial difficulties the group had in securing a guest of honor.
For some ACI members, this will be their first time to set foot on the uber-exclusive and uber-pricey Balesin resort island.
Fortunately, they’ll have some top ACI officials who will be able to show them around the seven-resort themed villages. That’s because these ACI officials had previously visited the island not once, but twice. They were first there for an ocular inspection (when the group was still trying to decide where to hold the convention) and the second time for a planning meeting (which in the past was always held in a Makati hotel). Nice. Daxim L. Lucas
No IPO yet
AFTER SM Investments Corp. announced the consolidation of all its retail businesses under SM Retail Inc., speculation emerged that an initial public offering (IPO) for the firm could be on the horizon.
But the Sy family has no such plan at this time, said SM Prime Holdings chief Hans Sy.
“It’s just that we felt that was the next step after we consolidated all the property (businesses into SM Prime). We really don’t have any decision yet whether we’ll do an IPO,” Sy said.
SM Retail is now the only core business unit under the SM group that’s not separately listed but it is the same big business that brings added value to flagship conglomerate SM Investments Corp. Sy agreed that if it were to be listed separately, SMIC would have no other business to pitch to investors. “So I don’t think that’s really part of the plan… but you’ll never know,” he said. “What we’re trying to do now is tidy up the house.”
While on this topic of consolidation, we asked whether the consolidation of the group’s banking units was next in line. Merging the bank of the big boys (China Bank) with the bank of the big sister (Banco de Oro) could create a “super” (at least by Philippine standards) bank with a combined market capitalization of about P432 billion.
Sy just laughed and added, “I will get you as the consultant.” Doris Dumlao-Abadilla
Ortigas to Ayala loop
AMID worsening traffic in the metropolis, Gokongwei-led Robinsons Land Corp. has teamed up with HM bus liner to regularly deploy 45-seater aircon buses to bring people to and from the Ortigas and Makati central business districts at designated pick-up and offloading points and at regular 30-minute intervals.
This is seen as a way of decongesting the corner of Edsa-Ortigas Avenue (apart from instilling the discipline of having designated pick-up and offloading locations) as people going to Makati can do away with cars and get on and off the bus at designated areas.
From Ortigas, they can ride the bus from Robinson’s Galleria at the south corner of Edsa Shrine and disembark at Robinson’s Summit Tower along Ayala Avenue. From Makati, the loading area is at Park Square in front of Dusit Hotel. Then the bus travels back to Ortigas in the same loop.
This Ortigas to Makati loop (which is offered as an additional service to shoppers) started last Feb. 29 at no cost to commuters. It will only be free until this Sunday. Come Monday, March 7), the bus service will charge an introductory fee of P30 one-way, which is still cheaper than the usual bus fares for the same distance.
The buses will be dispatched from Robinsons Galleria every 30 minutes from 5:30 a.m. to 8 p.m. However, during the off-peak hours of 11 a.m. to 3 p.m., the interval will be every hour. From Ayala to Ortigas, the bus service will run from 10:30 a.m. to 8:30 p.m. at 30-minute intervals except a one-hour interval from 3 to 4 p.m. Doris Dumlao-Abadilla
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