Biz buzz: ‘Old rich’ scandal

What started as a dispute on weekend parental custody has turned into an ugly legal saga between the scions of two storied Spanish-Filipino families who were the big boys of corporate Philippines in yesteryears. And the rift has deteriorated into something that no Christmas spirit could patch up.

At the center of the controversy is the chief of a shipping and maritime recruitment firm and his girlfriend, both of whom have been sued by the husband of the latter for adultery under Article 333 of the Revised Penal Code.

The husband—a photographer by profession and the scion of what was once a big construction firm that built some of the country’s upscale villages—accused the businessman of shacking up with his wife despite the fact that she was still married to him.

In his affidavit, the husband said he worried, as a father, about his two kids who are exposed to such an illicit relationship. The affidavit also listed a string of alleged indiscretions that made the scorned husband regret rushing into marrying this woman in the first place.

But apparently, it was the wife who was the first to fire the first shot, accusing the husband twice in court for alleged violence against women and children. The hubby was also accused of molesting the wife’s 17-year-old daughter out of wedlock, which the former had vehemently denied.

It was a cordial break-up between the couple at first, with the two even going out on double dates with their respective new partners. But the relationship soured—and erupted into a series of court cases— when the father was denied custody of their two children. On the other hand, the maritime businessman appears ready to defend his ladylove.

The legal counsels hired by the families are now sharpening their legal swords for what could turn out to be a prolonged and ugly battle.   At least a dozen court cases have now been filed in relation to this telenovela-like feud. —DORIS DUMLAO-ABADILLA

At work on Christmas

As the world celebrated Christmas day, businessman Manuel V. Pangilinan went to the office to, well, work.

Pangilinan, who leads PLDT and several of the country’s biggest utility companies, is known for spending long hours at the office. Pangilinan’s Dec. 25 was typically spent in the First Pacific Group’s office in Hong Kong, where he mercifully spends just a “half day” attending to the group’s various business interests. (There would be time to relax and Pangilinan said he hoped to catch the “Rogue One” Star Wars movie.)

“It’s my vow, my penitence,” the businessman quipped.

Those habits matter, not just for his companies’ stakeholders, but for his eventual pick for PLDT CEO, a role Pangilinan had assumed since Napoleon Nazareno retired in Dec. 2015.

Pangilinan famously said the next PLDT top executive should be an individual “ready to die for the job.” That was an explicit way of saying someone who would give his or her all for the company.

Pangilinan’s Christmas message for this new individual, which he hopes to select by the latter part of 2017, was more or less the same. “We are looking for a one-of-a-kind person. To be CEO of a company like this,” he said. —MIGUEL R. CAMUS

Betting on Tetangco

For the head of President Duterte’s economic team, current Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. must stay in his post even as his second term ends in July next year—as no other candidate comes close.

“If you ask me, he (Tetangco) should be retained,” Finance Secretary Carlos Dominguez III said last week.

Asked if Tetangco has expressed any interest to stay on as central bank chief, Dominguez replied: “I hope so. The guy’s really good. He’s recognized abroad as one of the top central bankers for many years.”

Under the BSP charter, a governor can only serve two six-year terms. Tetangco was first appointed in 2005 by then President Arroyo and was reappointed by former President Aquino in 2011. Tetangco’s second term will end in July 2017.

Dominguez earlier said he himself had requested President Duterte to consider reappointing Tetangco to another six-tear term, which can only be done by amending the BSP charter. A number of legislators had said they would file bills to allow Tetangco to serve an unprecedented third term.

When asked if he would back the appointment of Tetangco’s deputies such as Deputy Governors Diwa Guinigundo or Nestor Espenilla Jr., Dominguez said he would stick with the current central bank chief. “It’s Tetangco—if you bet on a horse, you bet only once.”

As for “outsiders” such as EastWest Bank president Tony Moncupa and Foreign Affairs Secretary Perfecto Yasay who were also being rumored to be considered as next BSP chief, the Finance chief noted that “in other countries, it’s weird for a banker to be a central bank governor—they came from either the ranks or academe.”

Dominguez said he had told President Duterte that choosing the BSP governor for 2017-2023 would be “the most important job appointment you will ever make.”

“First of all, he has the same term as you, even longer. This guy can help you very much, especially in inflation control. And this guy knows how to do it. So if the guy knows how to do it, why would you want to change?” Dominguez supposedly told Duterte. —BEN O. DE VERA