Biz Buzz: Helicopter-worthy burger
The Villaraza Cruz Marcelo & Angangco law office may be rabid critics of the former administration, and businessman Enrique Razon may be one of the former First Family’s staunchest friends, but that doesn’t mean that The Firm and the port magnate don’t see eye to eye when it comes to food.
According to our sources, Mr. Razon has become such a fan of the food at the top-floor fine-dining restaurant at The Firm’s spanking new Taguig City building that he actually flies there—yes, he flies there, using his helicopter to land on the roofdeck helipad—to enjoy the wagyu burger served at the Rainmakers restaurant (run by Secretary Mar Roxas’ cousin, Gaita Fores).
Appropriately named “The Firm Burger,” we’re told that the dish is not available to any walk-in guest—even if you’re a client of the high-priced law office—but must be ordered in advance, and is available only to “top tier clients.”
(With Mr. Razon’s tycoon status, we assume this wagyu burger courtesy was extended to him even if he is not a client of The Firm.)
Apparently, food really does unite that which politics divides.—Daxim L. Lucas
Doctor frenemy
The group of businessman Manuel V. Pangilinan has a new “frenemy” (that is, sometimes friend, sometimes enemy) in its hospital business.
This particular frenemy has been giving MVP’s group some competition in collecting hospitals on the auction block. Our sources said this was the group’s stiffest rival during Metro Pacific’s takeover of one Metro Manila-based hospital.
The frenemy is The Medical City (TMC) led by former Health Secretary Alfredo Bengzon, who is also keen on expanding the group’s chain of premium hospitals. Though MVP’s group has a deeper pocket and a good track record in corporate turnarounds, TMC also commands a substantial level of respect in the medical industry.
Our sources said that the two groups, for instance, are now both bidding for a 200-bed hospital in Luzon.
So who’ll bring home the bacon? We’ll see soon enough.
Needless to say, the merger-and-acquisition scene in the hospital business has just become more exciting.—Doris C. Dumlao
Name game
Leading online stock brokerage CitisecOnline will soon rebrand itself to be able to expand into new businesses like mutual fund management and distribution, or opening its online retail trading platform to bonds.
The name-change has yet to be finalized but the company will likely drop “Citisec” and incorporate its stock market ticker COL in the new name.
Why does it have to rebrand in order to expand to other financial services? It’s because of an existing settlement with US global banking giant Citigroup on the use of “Citi.”
Apparently, the deal was that Citi won’t raise qualms in the use of “Citisec” for as long as the company sticks to the stock brokerage business, which Citi no longer has in the Philippines. But if it decides to offer other financial services, then the name-game is imperative to avoid a legal tussle with Citi.—Doris C. Dumlao
Not ADB’s own
The Asian Development Bank has sent word that the recent technical working paper discussed in its recent workshop—which has created a lot of buzz due to its interesting (and some eyebrow-raising) suggestions on how to improve the bond market—doesn’t reflect the institution’s own views.
The draft, which has circulated within the banking system, was made by foreign consultants and discussed in a recent workshop. As to how much of those suggestions the Philippines can realistically adopt remains to be seen.—Doris C. Dumlao
Enter the LCC giant
The local unit of budget carrier AirAsia—dubbed AirAsia Philippines—is set to take delivery of its first Airbus A320 aircraft, which will be based at its hub in Diodado Macapagal International Airport.
A team from the airline is already in France to pick up the brand-new aircraft from the Airbus factory in Toulouse, France (the first of several trips, we understand, as the fleet is built up).
The A320 will arrive at the Diosdado Macapagal International Airport on Monday, August 15, after a multi-hop trip from France, to the welcoming ceremonies being prepared by the Clark airport authorities (who are ecstatic at having been chosen as the airline’s hub over rival Subic).
And what do local airlines think about AirAsia’s impending operations out of the Philippines? We’re told that Philippine Airlines isn’t too worried given that they serve different markets.
PAL’s subsidiary Airphil Express is gearing up for greater competition by opening its own hub in Clark.
Cebu Pacific, on the other hand, well … they’re more “on alert” of late, we hear. After all, both airlines use similar low-cost carrier business models. And Cebu Pacific’s corporate slogan is “It’s time every Juan flies,” which came a couple of years after AirAsia’s “Now everyone can fly.”—Daxim L. Lucas
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