Biz Buzz Scripted applause
Scripted applause
President Aquino’s 102-minute State-of-the-Nation Address (Sona) last week may have been less applauded than his speech before Congress last year, but it was good enough to bring good tidings to the stock market.
It was reported that the audience at the Batasang Pambansa had applauded 88 times during the speech (less than the 120 times in 2012) but some of this may not be as spontaneous as it seemed.
If you happened to be seated at the second gallery of the session hall, equivalent to the lower box or the section after the ringside, there were key persons issuing command via radio. The guests could actually hear commands like “applause,” “standby for applause,” and “OK, applause” to the designated “cheerleaders” similar to the cue given to the audience of a variety show.
Our eyewitnesses who were seated in the second gallery were aghast at such lack of discretion in stirring up audience participation. We’re not sure if this was common practice in previous speeches (our sources who attended previous Sonas did not notice it before) or under previous administrations, but if so, our sources think it could have at least been managed with more finesse.
“Why not use earphones instead of (open hand-held) radios?” one eyewitness asked. That’s a food for thought for the next Sona or any similar public engagement requiring cheerleading assistance. Doris C. Dumlao
Not invited
President Aquino recently hosted dinner at his official residence for some taipans to show his appreciation for their generous contributions to his wildly successful 2010 presidential campaign.
The venue was Bahay Pangarap in Malacañang Park, which made the event a “must attend” for the movers and shakers of the Philippine economy since it denoted a certain level of personal intimacy, as compared to, say, if it were an official function in Malacañang Palace.
One member of the official family who was politely kept away from the high-powered event was Internal Revenue Commissioner Kim Henares—supposedly a specific request of the taipans, who wanted a relaxing evening, and not one where they would have to keep their guards up. Henares apparently did not mind either, since she did not want to put the President’s campaign contributors in an uncomfortable position (at least not on that evening).
There was, however, one notable absence among the members of the President’s official family: Finance Secretary Cesar Purisima. We’re told the guest list was prepared and vetted by no less than Interior Secretary Manuel Roxas II. Both gentlemen are, of course, quick to dismiss this as “just intrigue.” But rumors of a rift are persistent. draw your own conclusions. Daxim L. Lucas
Upbeat Chinoy
Hans Sy, president of what is soon to be Southeast Asia’s largest property firm SM Prime Holdings, isn’t too disheartened after recent events resulting in the Catilaloys gaining an edge over the Chinoys in the battle for control of the Ortigas holding firm. This was after the Catholic Church—the swing vote in this battle— sided with Ayala Land in the boardroom.
Sy doesn’t share the assessment that this is a defeat (of the bid for control of Ortigas Holdings). “For me, I’m always very positive. We’ll come up with something very good. I believe something good will still come out of it,” Sy said in a chance interview, adding it’s also possible for the parties to “work together.”
Meanwhile, he is also very upbeat about the consolidation of the companies under the Sy group. In six months, the group will present to everyone a consolidation program for the group. “I’m very gung-ho about it,” he says.
In a recent interview with CNBC’s Christine Tan in segment “Managing Asia,” Sy also revealed what could be part of SM Prime’s domestic growth strategy: that SM would be open to acquiring already existing stand-alone shopping malls across the country, especially those in the countryside. SM has of course grown its shopping mall empire by building each from scratch over the years. For the mall business in China which focuses on third-tier rather than the major cities, Sy said once the network in the mainland reaches 10 malls, that would be the time for SM to spin off the overseas business (and probably list in an overseas bourse).
Another interesting insight shared by Sy with CNBC is that he and his siblings have agreed that they won’t force the second-generation Sys to work for the family business. Doris C. Dumlao
Maximizing Manila
Like the action stars he would play on the silver screen, Manila Mayor Joseph Estrada has been known to take big risks. He barely warmed his seat as Manila’s top government official when a controversial move to ban certain bus operators within the city took effect.
But one of Manila’s long running concerns is also the revitalization of one of the country’s most historic cities.
Our sources tell us that Estrada, known also by his nickname Erap, has taken a liking to an idea pushed forward by property expert and appraiser Ramon C.F Cuervo III, son of real estate pioneer Ramon Cuervo Jr.
Cuervo had proposed on his blog a plan by CCGA Real Estate Services, a company he chairs, to conduct a city-wide property audit of all government-owned lands and properties of Manila. The idea was to boost tax earnings by making an inventory of all the land and property that the city owns, and once their right market value and fair rental prices have been determined, the government can maximize their use.
In cases where the building has some historical value, Cuervo proposed that these be revitalized to allow them to bolster rental income while maintaining the city’s charm.
The plan would also extend to private landholders who have decided to leave prime properties idle. With an audit, Cuervo believes the prime properties held idle by their owners could be redeveloped into parking buildings, retail establishments, tourism sites, rest and recreation facilities and even business process outsourcing centers.
Estrada’s administration is reportedly in talks with CCGA although “no contract has been signed” just yet. Still, some remain skeptical whether a revitalized Manila would ever become a reality. This has been on the drawing board under several mayors and in several forms.
Estrada likes to call his stint as Manila mayor the last hurrah in his checkered political career but if he succeeds in pulling off its revitalization, it might also be his most lasting one. Miguel R. Camus
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