Biz Buzz: Appointments waiting game
Over a month after the Duterte administration took office, the business community is still waiting for the announcement of some key appointments in several government agencies as well as government-owned and -controlled corporations (GOCCs).
And finding people to fill all these posts is no mean feat. There are hundreds, perhaps thousands, of slots to be filled, from the head of the agency or the GOCC, to their boards of directors, down to senior (and sensitive) positions.
Important financial institutions needing new top officials include Land Bank of the Philippines, Development Bank of the Philippines, Social Security System, and Government Service Insurance System, among others. Some names have been floated, but nothing is final, it seems.
Of course, the Palace had earlier said that all the appointees of the previous administration were to serve in a holdover capacity until July 31, and that date came and went. What’s with the delay? A number of sources have told Biz Buzz that the plan was to first wait for President Duterte to name the new head of the Governance Commission for GOCCs, who will then take care of vetting all the potential appointments to these sensitive (and often lucrative) posts.
The thing is, the new GCG head hasn’t been appointed yet. But have no fear. Word on the street is that the appointment is forthcoming and that official is said to be no other than lawyer Loreto Ata.
Ata is, of course, a partner in the Medialdea Ata Bello Guevarra & Suarez law office, the very same firm—and expected to be ‘The Firm’ for the next six years—where Executive Secretary Salvador Medialdea comes from.
Nonetheless, it is unlikely that all Aquino administration appointees will be replaced by the present dispensation. No less than the head of the economic team, Finance Secretary Carlos Dominguez III, had said that he intended to retain a number of “good performers.”
Unlike the policies of previous administrations when it came to appointments, Dominguez said of the current powers that be: “We are not the horde of Attila the Hun destroying everything.” Hopefully, that means no raping and pillaging, too. Daxim L. Lucas
Original Pitch
AFTER building a mass housing empire, businessman and art collector Januario Jesus “JJ” Atencio has set his sights on contributing to create a more favorable ecosystem for Filipino startups as well as enterprises entering their next stage of expansion.
Together with some friends, including veteran fund manager and entrepreneur Kevin Khoe, Atencio will launch by the middle of August a new venture capital firm called “Original Pitch,” which aims to help entrepreneurs who have good ideas but lack the funds to pursue their businesses.
“It’s not just direct equity funding for tech startups, it’s also a fund for ongoing enterprises that need capital for growth and expansion,” Atencio said. “It’s about an apparel store transforming itself into a millennial lifestyle company. It’s about dormitories made out of container vans, or a leveling up of a basketball uniform tailor into branded sportswear. It’s about funding tech startups for online receivables factoring or business analytics software development. It’s about common work areas, art galleries, motorbike retooling shops.”
Atencio’s group has set aside P50 million in seed money for the new venture capital, which will have an investment horizon of around five years. He told Biz Buzz that the group might allot a maximum of P10 million per enterprise. He himself will handle the business and management side while Khoe will handle equities and financials. Lawyer Ian Dato will handle legal and governance matters while Magellan Fetalino and Francis Simsim will be in charge of successful startup entrees.
Atencio said the new fund would not restrict itself to tech-related businesses, which is the “in” thing among venture capitalists these days. As the name implies, Original Pitch puts weight on the uniqueness of the concept, an innovative product or an industry-changing process. It’s also about commitment and tenacity, expertise and ability as well as the scalability and profitability of the enterprise. Doris Dumlao-Abadilla
Deal overhang
IT HAS been two months and there’s still no clarity on the ultimate fate of PLDT and Globe Telecom’s joint acquisition of San Miguel Corp.’s telecommunications unit last May 30.
That’s mainly on account of legal entanglements that emerged after the Philippine Competition Commission wanted to review the transaction the telco duopoly claimed deserved automatic approval.
This issue still loomed large over PLDT’s quarterly briefing Tuesday, with battle lines between both private and government camps having been firmly drawn.
The technical merits of their cases aside, PLDT chair and CEO Manuel V. Pangilinan did disclose that as important as the deal was to them, PLDT would still “survive” without it.
Of course, that comes with a caveat, which was the impact that the newly acquired—and previously unused—frequencies would have on improving mobile internet services.
Already, both PLDT and Globe have been quickly rolling out acquired radio frequencies across their networks. (They were allowed to do so by the National Telecommunications Commission). It’s an interesting argument, too, because of our ever growing need—some might say addiction, in certain cases—to internet services. Not be forgotten were public statements by President Duterte himself ordering both companies to address internet issues or face a far less hospitable business environment.
It looks like a fine balancing act for the courts and how this plays out would be interesting, not just for its impact on everyday lives but on the broader competitive landscape. We’ll keep a close watch on this. Miguel R. Camus
DTI shakeup
IT WILL soon be a mix of old and the new at the Department of Trade and Industry. Two undersecretary posts are currently waiting to be filled, while three incumbent officials are expected to be retained, according to Trade Secretary Ramon Lopez.
The trade chief said he would need an undersecretary for a new division to handle management services, human resources and legislative concerns, and another for the consumer protection group, which was recently left vacant by former Trade Undersecretary Victorio Mario A. Dimagiba.
Former Trade Undersecretary for special concerns Prudencio Reyes will no longer need a replacement since his position was not part of the original plantilla as he was only a political appointee.
Meanwhile, trade undersecretaries Ceferino S. Rodolfo (who heads the DTI’s industry development group), Nora K. Terrado (industry promotion) and Zenaida Maglaya (regional operations) have all been recommended to remain in their respective positions for continuity.
Lopez added that he was hoping to announce in the next two weeks his two new undersecretaries and the new director general of the Philippine Economic Zone Authority. It is hoped that the new appointees would perform like their predecessors, particularly Peza director general Lilia G. de Lima and Dimagiba, who both boast of an impressive list of accomplishments during their tenure. Surely, these will be tough acts to follow. Amy R. Remo
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