Biz Buzz: Clean slate at DBP
As we said earlier, what’s happening at the Securities and Exchange Commission is linked to the fortunes of the state-owned Development Bank of the Philippines, the state-owned bank that David Balangue is reported to be keen on joining in lieu of the corporate watchdog. DBP president Francisco Del Rosario Jr., after all, is set to leave by September 30, saying he’s getting older, wants to slow down and needs to avoid stress that may lead to “spondylolysis” (some defect of the vertebra).
But if we were to abide by the DBP charter, Balangue cannot assume the post of president and chief executive officer because the bank’s charter requires a minimum of 10-year banking experience to qualify for the post. Thus, the latest buzz is that Balangue is instead being considered by Malacañang to replace the chair, Jose Nuñez, whose tenure has been very controversial from day one.
Still widely seen as a strong contender to the DBP presidency is BPI senior executive vice president and chief operating officer Gil Buenaventura, who is, incidentally, retiring from the Ayala-led bank by September 30—the same date of Del Rosario’s departure. Earlier asked about this, Buenaventura neither confirmed nor denied and only avoided the topic (with a grin) by saying: “Chismis lang yun (It’s just a rumor).”
The buzz, however, is that Buenaventura does not want to assume the DBP presidency too soon after his retirement. The longtime banker wants to take some nice vacation, according to the grapevine, but is willing to become a public servant later on.
Whether Buenaventura can be persuaded to fill the urgent vacancy looming in the DBP at a tiny fraction of what he’s getting from BPI remains to be seen. As for the unattractive compensation, it’s not something that a presidential directive can’t adjust.—Doris C. Dumlao
Fix the court fixer
A number of businessmen have expressed growing apprehension over an official of this agency, which supervises the country’s lower courts that—if our sources are to be believed—has been wielding undue influence over the outcome of several business cases.
According to one source, this official has become notorious in legal circles as well as among litigants for his “special abilities” in the field of getting local judges to decide on cases for one side or the other. But it’s not like all the judges he tries to influence go along willingly. On a few occasions, our source said this official had to threaten judges with sanctions if they did not bend to his will.
So influential is this official that he has even managed to get lower-court judges to reverse their own decisions (much to the latters’ consternation) with the help of some arm twisting. Not a few in the business community are hoping that Chief Justice Lourdes Sereno will start her clean-up of the judicial system with this official. (Clue: His initials are not M.M.)—Daxim L. Lucas
Change of ‘CPA’ at SEC?
Since auditing veteran Dave Balangue has not claimed his seat at the Securities and Exchange Commission that was already reserved for him since July, the government has been on the lookout for a replacement and the name of another certified public accountant (CPA) and SGV alumnus is now on the spotlight.
According to the reliable grapevine, being considered to join the lawyer-dominated SEC en banc is Antonieta Ibe, a former chair of the Professional Regulation Commission. Last year, the President appointed Ibe as a member of the board of trustees and administrator of the Local Water Utilities Administration, but she may now fill the looming vacancy at the SEC.
Like Balangue, Ibe is said to be backed by Finance Secretary Cesar Purisima.
Meanwhile, Raul Palabrica, a former PLDT official and Inquirer ombudsman, has carried over the term that expired last March.—Doris C. Dumlao
Paying with phones
Network upgrade issues notwithstanding, Globe Telecom is in the process of introducing a new mobile wallet service that—if successful—may revolutionize the way one pays for goods and services locally.
Using a technology called Near Field Communication, or NFC, the Ayala-controlled telco will soon launch the system based on its GCash service where a user can simply tap his phone on a point-of-sale reader at the counter, with a beeping sound confirming that the transaction has been successfully executed. (Users familiar with Hong Kong’s Octopus payment scheme will be familiar with the system, although this will use the mobile phone as a platform instead of a smart card.)
The new service lessens the need to carry bills or struggle with change, and it will work with iPhones, most Blackberries and, soon, on Android phone. The system is now being pilot-tested at various Starbucks outlets (note the GCash contact pads at the counters) and will eventually be expanded to other specialty shops and retail stores nationwide.—Daxim L. Lucas
BSP in cyberspace… soon
The Bangko Sentral ng Pilipinas is soon ready to embrace the social media, whether via Twitter, Facebook or YouTube, through which it plans to broadcast key briefings and speeches made by BSP Governor Amando Tetangco Jr. and other top officials.
But while the BSP has yet to join the Twitter world, an unauthorized account has been in existence and at one point, even listed as a verified account by the government’s official gazette (@gov.ph). The unauthorized account posts real links to the BSP website.
BSP director Fe de la Cruz said the central bank recognized that social networking could be a tool to boost its advocacy on financial literacy and would soon build its presence in cyberspace. For the meantime, @gov.ph said news from the BSP can be followed at @bspwebupdates.
The lesson for institutions is that if they don’t establish their presence in social networking soon enough, someone else may do it for them.—Doris C. Dumlao
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