Biz Buzz:P8-million dinner seat
P8-million dinner seat
Preparations are now underway for the Philippines’ hosting of the 23rd World Economic Forum on East Asia set for this summer.
The event will be held from May 21 to 23 at the Makati Shangri-La Hotel and this early, organizers are already busy sourcing the funds necessary to bankroll the international event.
In fact, we understand that a team from the Department of Finance has been doing the rounds, calling on large corporations and asking for their support (preferably in cash, rather than in kind, of course).
“Special thanks” sponsorship packages start below the P1-million mark, with companies in this category being entitled to have their logos and hyperlinks included in the event’s website.
“Bronze” sponsors have to shell out between P1 million and P3.9 million and be entitled to one slot to a “host country event,” in addition to one’s name being included in press releases and logos being included in official audio-visual presentations.
Those willing to pony up a little more cash can go for the “silver” category, with contributions between P4 million and P7.9 million. For this, a company will be entitled to two tickets to the host country event; be allowed to use the WEF event logo (subject to approval), and be allowed to distribute their promotional materials during the event.
Finally, companies that have money to burn can hand over P8 million and up to be a “gold” sponsor. Apart from prominent placements on press releases and billboards, a company representative will also be entitled to a seat at a dinner to be hosted by President Aquino.
Of course, some companies and conglomerates are more than eager to participate than others. Some, we’re told, have to be urged to participate with high-level boss-to-boss phone calls.
However, we hear that one generous conglomerate (which sponsors everything from concerts to barangay events) is specifically being ignored as a potential donor.
We wonder why. Daxim L. Lucas
Telco war
Bitter telecom rivals Smart and Globe took their business rivalry to new heights last Friday as they battled for the TNG (The Net Group) intercorporate football championship.
With bragging rights at stake, the all-employee teams fought with the same intensity as the UAAP matches between Ateneo and La Salle. Game spectators said both teams brought a contingent of security guards—just in case the heated competition would erupt into a rumble. After all, bragging rights were at stake.
Held at the Turf Field in Bonifacio Global City, not too far from Globe’s new headquarters, the game ended with an overwhelming 8-2 victory by Smart.
Smart’s all-employee team was powered by captain Johann Rabago and included executives like department heads James Bernas and Patrick Belicena. Doris C. Dumlao
PSE Edge app
For investors on the go, the Philippine Stock Exchange has made available a new app for mobile devices called PSE Edge app, one that will allow users to pick up disclosures real-time.
The app, which is available both on Android and Apple iOS, can now be downloaded from app stores.
It provides information on listed companies, company announcements, financial reports, disclosures, dividends and rights, trading halts and suspensions, exchange notices, exchange-traded fund (ETF) and other reports.
With this app, an investor can list his “favorite” stocks and whenever there are disclosures on these companies, these will automatically appear on his mobile device. The disclosures can be shared through SMS, e-mails and the like.
The app is now undergoing beta-testing and will be officially launched to the public soon. For Apple users who are still reluctant to migrate to the latest iOS, the bad news is that this app works only with iOS 6.1 or later. Doris C. Dumlao
The dead’s selling shares
Can deceased stockholders of a listed firm sell their shares through the local bourse years after their death?
This is what one shareholder of Philippine Bank of Communications wanted to know from the Philippine Stock Exchange.
In a letter to PSE president Hans Sicat, lawyers representing a Jovito Ong pointed out that PBCom shares owned by Zenaida Nubla (who passed away in 2005) and Vivian Nubla Sy (who passed away in 2007) were included in a block of shares sold to the group of businessman Roberto Ongpin in 2011.
The letter (which included copies of death certificates of the deceased) said that the “inevitable conclusion” was that their shares were included in the block sold to Ongpin—who has since divested from the bank—several years after their death.
“Based on the foregoing facts, our client would like to know how the shares of these deceased persons were sold through the trading floor of the PSE, considering that the supposed sellers died years before the transaction occurred,” lawyer Rex Bonifacio said.
Biz Buzz understands that the complainants also want to know if the proper estate taxes have been paid to the government on the sale of these deceased persons’ assets.
Meanwhile, we hear from the Nubla camp (one of the three families which used to control PBCom) that all this is part of an “extortion attempt” on them by the complainant who used to be their employee.
Who’s telling the truth? Watch this space. Daxim L. Lucas
Barring Kim
Not wanting to scare away customers—especially its rich and high-profile clientele—casinos operated by the state-owned Philippine Amusement and Gaming Corp. (Pagcor) now have strict instructions to its security guards: Do not allow entry for Internal Revenue Commissioner Kim Henares.
According to Pagcor chair and CEO Cristino Naguiat Jr., this policy was “nothing personal” and said he believed the feisty tax chief understands.
Naguiat said the BIR commissioner—popular (but notorious to those being investigated by the BIR) for aggressively running after suspected tax delinquents—should not be inside any of the casinos because it was essential to keep customers comfortable playing.
Asked for comment, Henares said that the Pagcor chair must have been kidding with reporters. “Government officials are not allowed in casinos,” she pointed out.
Since the start of the Aquino administration, the BIR under Henares’ leadership has filed more than 200 cases of tax evasion with the justice department.
To make sure the casino security personnel are able to follow the new policy faithfully, photos of the BIR commissioner have even been distributed to them.
“Although she is very popular, some may still be unable to recognize her, and so the guards have her photo,” Naguiat said.
Either way, don’t expect the BIR chief to be roaming around casinos anytime soon. Michelle V. Remo
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