Biz Buzz: Envoy out, envoy in
Don’t look now, but media executive and Philippine Star columnist Jose Manuel “Babe” Romualdez may not end up holding fort at the Philippine Embassy in Washington after all.
Biz Buzz has learned that Romualdez— who has been asked by President Duterte at least twice now to serve as Manila’s ambassador to the United States—will likely beg off from the prestigious post, just a few weeks after having accepted it.
The reason? Well… medical reasons. We’re not kidding. Unlike other officials who resign from or decline posts due to the overused excused, it would seem that Romualdez’s “medical reasons” are legit.
How legit? A source close to the media personality told Biz Buzz that the Americanophile (who was the preferred candidate for ambassador because of his wide network of connections in the US capital) recently underwent delicate eye surgery for a detached retina. In the wake of this, he was advised by his doctor to refrain from strenuous activity while he is recuperating for the next six months, and one can bet that work in Washington nowadays would definitely be strenuous given the evolving Philippine-US relations. More importantly, the source told Biz Buzz that Romualdez was specifically prohibited by his doctor from getting on a plane because the reduced air pressure at high altitudes might harm his recuperating eyes.
(And even if Romualdez were just leveraging off his medical condition to dodge the burden on having to liaise with the Trump administration for the Philippine government, we can’t blame him either, as he has been known to his peers to be closer to the “Clintonite” Democrats, we’re told.)
Of course, no sooner had Romualdez informed the officialdom of the Duterte administration about his predicament than the jockeying for this coveted—now most likely vacant—post began once again.
One should wonder why anyone would want to be appointed Philippine ambassador to the US because the post requires a lot of expenditures from one’s own pocket—expenditures in the pricey US capital, like wining and dining officials or hosting cocktails—which are not covered by the standard budget allocation of the Department of Foreign Affairs.
Hence, like being appointed as ambassador to the Court of St. James in the United Kingdom, only the independently wealthy aspire for this post. But wait, Biz Buzz hears that there is at least one personality who is salivating over the prospect of taking over the slot that Romualdez vacates.
If what we’re hearing is correct, this gentleman—a prominent figure in the local business community—is not at all bothered at the prospect of having to spend his own money because, well, it seems his enterprise has fully recovered from being figuratively confined to the intensive care unit only a few years ago.
More importantly, this businessman has an ace up his sleeve that may aid his bid to become the country’s envoy to Washington: An ongoing relationship with President Trump and a close personal relationship with key members of the Duterte administration.
Despite this, not everyone in the local diplomatic circle is jumping for joy. A number of influential voices are worried about the potential conflicts of interest that President Trump and Mr. Ambassador Aspirant will likely have, going forward.
If this person gets to be ambassador, will it be the interests of his job first, or his business first? Politics and business are not supposed to mix, right? Or are they? We’ll know the answer soon enough, folks. —DAXIM L. LUCAS
BSP pageant
If you noticed the absence of Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. from the news these past few weeks, that’s because he really has been absent, physically speaking.
Tetangco—whose second and last term as the country’s chief monetary regulator ends this July—has been on leave for the last couple of weeks for a scheduled “vacation” to the United States that will last until the third week of February.
According to his staff, the highly decorated central bank governor is simply using up all his remaining leaves of absence before relinquishing the helm of the BSP to his successor in less than six months (although one senior Duterte administration official said that Tetangco was having a “medical checkup” in the United States).
In any case, Tetangco’s long vacation is being put to good use, apparently, in the bid to help select the country’s next central bank governor.
In his absence, the governor has appointed two of his top deputies to alternating terms as the officer in charge of the BSP. For a few days at a time, the man at the helm of the central bank will either be Deputy Governor Nestor Espenilla Jr. (who is in charge of bank supervision) or Deputy Governor Diwa Guinigundo (who runs the regulator’s economics unit).
Over the next few weeks, these two highly qualified gentlemen will take turns running the BSP and—as Tetangco apparently hopes —trying to strut their stuff to the public to show the appointing authority (President Duterte) and other stakeholders that they’re really ready for and worthy of filling the outgoing governor’s big shoes.
“This is really a chance for both of them to show us what they’ve got,” said one Tetangco confidant.
Of course, there’s no guarantee that either gentlemen will be appointed as the next BSP governor as neither of them are particularly close to any political camp. In the end, it may even be an outsider or a “practitioner” (meaning a banker) who will get the job. Meanwhile, lets sit back and enjoy the race. —DAXIM L. LUCAS
Bo’s Coffee steps up
The coming year means many things for all sorts of people. For Steve Benitez, founder of Bo’s Coffee, it’s likely a year of new highs—and not just the caffeine kind of boost.
Bo’s started off with getting new digs: A bigger head office in the Pioneer area in Mandaluyong, Biz Buzz just learned. The 800-square meter office, a step up from its old Chino Roces Extension, Makati, location, also included a “mock-up store” to train its expanding staff. We heard the extra space was needed to match the coffee chain’s growing ambitions.
Bo’s started in the mid-90s in Cebu and eventually competed and survived the onslaught of foreign coffee chains led by the most famous of all, Seattle, US-based Starbucks. It differentiated itself partly by having a strong local flair: All its coffee is locally grown.
With fresh private-equity backing, we understand Bo’s is set to hit 100 stores early this year. That’s expected to double in the next few years. As the chain pursues this path, let this serve as early notice to neighbors near Bo’s new headquarters. It might soon need the extra space. —MIGUEL R. CAMUS
