Biz Buzz: Farewell, LJM
Biz Buzz mourns the loss of our beloved editor in chief and No. 1 fan, Letty Jimenez-Magsanoc—a journalism icon who had been the Inquirer’s heart and soul in the last 24 years.
As our president, Sandy Prieto-Romualdez, puts it, (for all our efforts to get the scoops), we had all been “out-scooped” on this big one. She had lived a long and fruitful life in service to this nation but we had no inkling about her failing health, which struck like a thief in the night and on Christmas eve at that.
It’s her confidence in the Inquirer business team that led to the creation in 2008 of this very news column, which has since then become your quintessential Monday-Wednesday-Friday reading. Collecting juicy tidbits about business and business personalities is our small contribution to LJM’s legacy of journalism that strives to uphold truth, justice—and surprises. Injecting humor or sarcasm once in a while (or as often as needed) is part of this surprise.
When a predecessor column left this space several years ago, LJM had full confidence that the business staff could fill the void. She also envisioned Biz Buzz to be driven by team effort instead of being the sole responsibility of one person. Thus was born a news column that thrives on shared responsibility. Even if one of us decides to do a Luke Skywalker or heaven forbid, joins the “dark side” (that’s what we jokingly use to refer to journalists who leave the profession to become spin doctors), this column can stay the course.
Whenever we contribute to this space, we uphold LJM’s legacy of going beyond the daily chore and seeking to make a difference—by bringing greater attention to an important issue, correcting an injustice, scrutinizing a crucial policy or highlighting good deeds. It’s something that inspires us, challenges us and gives us great fulfillment.
Over the years, LJM had let us function like a self-regulatory organization and the free market seemed to like the output. Once in a while, LJM would send an SMS to inquire about a blind item—after such item had been published—oftentimes ending her query with a spiritual note. “Who are they please? Thanks. Have a day full of answered prayers,” she said in one text.
Whenever one of us would win awards, she would personally make you feel like a rock star.
Ever the magnanimous boss, LJM had expressed in many ways that she was very proud of Biz Buzz but the truth is, we’re even prouder to be part of her legacy. Doris Dumlao-Abadilla
Hoping for a comeback
WHO is this former Cabinet member who is seeking a seat in Batasan primarily for his business interests?
This enterprising ex-Cabinet Secretary, who is into construction, real estate and backroom dealings is sitting on a massive property within a certain congressional district, which he has been trying to sell or unlock it’s value over the past six years (to no avail).
Our Buzzard told us this ex-Cabinet official was hoping that returning to power via Congress would enable him to pull enough weight in his district to finally bring to fruition his long-term plan for his property, which he acquired for peanuts during his heyday in the past administration.
The ex-Cabinet official had hoped to sell or lease off his property as an inter-modal transport hub. But it seems that being out of power has made him realize that he has feet of clay.
Will his would-be constituents vote him into office even after realizing he isn’t a hero because his land purchase (and the commercial structure built adjacent to it) had made life more miserable for them, no thanks to more flooding during typhoons? Gil Cabacungan
Giant killer
LOCAL personal hygiene magnate Cecilio Pedro’s no stranger to taking on giants. His company, Lamoiyan Corp., was the original industry disruptor long before the term became the revered buzzword it is today.
The company manufactures Hapee Toothpaste, a former off-brand product that, over the decades, has eaten into the market share of other rivals made by multinationals.
Despite Hapee’s success, however, Lamoiyan still struggles with its status as a smaller player in an industry where “Colgate” is both the leading brand and the generic term used by the masses for toothpaste.
Early in 2015, Lamoiyan was preparing a new ad campaign to boost sales. But to Lamoiyan’s frustration, the company could not secure a primetime ad spot with local TV networks, presumably because all the best blocs were already taken by bigger rivals.
Lamoiyan was instead offered a long-term deal to advertise during “All for Juan, Juan for All,” which was already a mildly popular segment of noontime show Eat Bulaga, but still not as prime as the company wanted. Somewhat disappointed, Lamoiyan had no choice. It took the deal lest its new ad campaign go to waste.
The risk paid off. That “All for Juan” segment is of course where the record-breaking “Kalyeserye” known as “Aldub” gained its popularity. It’s now the most-watched daily half hour of television in the country. And Maine Mendoza’s infectious smile? Well, that’s brought to you by Hapee. Paolo Montecillo
One for the books
BANGKO Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. is one of the world’s most decorated monetary policymakers.
Anyone wondering why the Philippine economy has improved to its current state (of course, much still needs to be done) need only turn their gaze to the central bank compound along Roxas Boulevard. It’s hard to miss these days with all the Christmas lights.
Finance Secretary Cesar Purisima’s office in the nearby building may have a better view as it overlooks Manila Bay, but from his fifth-floor office at the BSP, Tetangco has been putting out the fires that have threatened to burn down the Philippine economy for the past decade.
During the 2008 crisis, growth stayed positive. Inflation has been kept stable for the past six years, local banks are stronger than ever, and local microfinance regulations have gained international acclaim.
Tetangco’s 12 years as BSP’s leader, which ends in 2017, will likely be among the most talked-about stints in public office for any local unelected technocrat. And Tetangco wants to lead this conversation.
Biz Buzz recently learned that Tetangco has started working on an autobiography—a project he started after undergoing heart surgery in 2010. Like many of the BSP’s policies, Tetangco’s bypass was a preemptive measure to stem any bigger problem that may crop up down the line.
Tetangco declined to give a publication date, but it’s probably safe to assume that with everything the BSP still needs to get done, the book will have to wait until after 2017.
By then, a new central bank governor will be in office. That person will have big shoes to fill, as Tetangco did when he succeeded the late Rafael Buenaventura in 2005. Maybe Tetangco’s own account of his two terms as governor can serve as a helpful guide. Paolo Montecillo
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