The single most important economic decision President Duterte will make.”
That was how Finance Secretary Carlos Dominguez III described the Chief Executive’s choice for the next governor of the Bangko Sentral ng Pilipinas, along with three other members of the Monetary Board—four appointments signaling a shift in the majority of the policy-making body that, in recent years, has protected the country against external financial crises and helped the economy grow at above-average rates.
And though it remains unclear at this point whom the President will choose to be BSP governor come July 2, it is clear that Dominguez will play a key role in that selection process.
The normally transparent finance chief is, however, keeping his cards close to his chest when it comes to the issue of which candidate he prefers to help steer the Philippine economy through the uncharted waters ahead.
Instead of subjecting President Duterte to aggressive lobbying by would-be candidates and their proxies, Dominguez said he preferred that the aspirants be subjected to a competitive selection process that would, among other things, entail a thorough review of each one’s credentials (as opposed to simply their connections).
Dominguez also wanted the President to have one-on-one “face time” with the short-listed candidates to afford the appointing authority a better personal feel of what kind of character his choice would have.
The finance chief outlined these criteria to reporters during Tuesday night’s induction of officers of the Economic Journalists Association of the Philippines (led by its new president, Manila Bulletin’s Chino Leyco), and Dominguez assured anxious journalists that there was a formal search process being conducted for the next governor even if sometimes it was being by a “Committee of One,” referring to himself.
Three of the four candidates—BSP Deputy Governors Diwa Guinigundo and Nestor Espenilla and East West Bank president Antonio Moncupa—were present at that event when Dominguez made these pronouncements, although reported “frontrunner” Peter Favila was not around.
Whom did Dominguez prefer? He wouldn’t say just yet. But some in-the-know people suggested that rearranging the finance chief’s initials would yield the initials of his favored candidate? True? Abangan! —DAXIM L. LUCAS
Entrepreneurs welcome
In this $8-billion club, Pinoy entrepreneurs are welcome.
Nonprofit Endeavor Philippines celebrated its second-year anniversary with a bold declaration of its target to bring six more high-impact entrepreneurs into Endeavor’s global network in 2017 to help them scale up their businesses.
The global organization, which boasts of a network of more than 1,300 entrepreneurs and total revenues of over $8 billion, set up the Philippine chapter in 2015. First to get into its program were Nix Nolledo of Xurpas, followed by Vivek Padmanabhan of PSG Global Solutions and Steve Benitez of Bo’s Coffee.
Endeavor helps entrepreneurs grow their businesses by connecting them to a global network of more than 3,000 business leaders who have volunteered to provide mentoring and connections focused on access to markets, capital and talent. Its High-Impact Entrepreneurs, a term coined by Endeavor founder Linda Rottenberg, refers to entrepreneurs with the ability to create large, successful businesses that disrupt their industries and have the desire to “pay it forward” by nurturing other entrepreneurs. It’s not easy considering the likes of Nolledo, who has been successful with Xurpas, still had to face a panel of Silicon Valley-based mentors to be labeled an Endeavor Entrepreneur. His mentee, Farouk Meralli of mClinica, also went through the same process and was branded an Endeavor Entrepreneur a year after.
For the aspirants, the local chapter’s board consists of business leaders Bobbit Panlilio, Jaime Augusto Zobel de Ayala, Gabby Lopez, Anton Huang, Jun Sy, Bong Consing and Injap Sia. To date, Endeavor Philippines has a network of 40 mentors, most of whom are business leaders like JV Emmanuel de Dios, Billy Valtos, David Guerrero, Ginbee Go and Hans Sicat. They are a tough bunch, but those who successfully join this 2017 would sure learn more than a thing, or two, or a hundred from these guys. —DAXIM L. LUCAS
Telco competition
Globe Telecom holds its full-year financial briefing today, its first since being crowned the country’s leading mobile player in subscriber market share.
Of interest would naturally be details on the company’s financials, but more importantly, its direction, especially now that it has a “frontrunner” status. The latter, we suspect, matters not just for the investing public, but to Globe’s employees as well.
Interviews with various officials have painted a picture of a company reveling in its success, but not too much. After all, complacency is an almost sure path to eventual decline—especially in the fast-paced world of technology.
For some in Globe, taking a leading role was a prospect even they didn’t expect in their lifetimes, especially when up against a behemoth like PLDT Inc.
The biggest turning point came a few years ago, when the company made a decision to gamble the core business—then traditional calls and text messaging—for more internet-centered offerings. Massive investments were likewise poured, with a focus on mobile internet.
Gambling extended even to the partnerships it made. There was, of course, free Facebook, and even more unusual deals— at least for that time.
A favorite internal story involved Globe officials, including general counsel Froi Castelo, on a chilly Barcelona morning to meet with the young folks behind Spotify. That resulted in an early partnership with Globe. Of course, Spotify turned out to be a giant in the music streaming business today.
Globe might have the momentum, but PLDT remains a formidable foe with massive resources and drive. We expect competition in this space will remain fierce. —MIGUEL R. CAMUS
Dalmore store opens in PH
The spanking new Uptown Parade in Uptown Bonifacio will soon host the first store in the Philippines to be dedicated to all things The Dalmore, the British luxury single malt whisky with a history dating back to 1839.
The flagship store with design inspired by the outlets of luxury brands like Louis Vuitton, Prada and Burberry will be the centerpiece of the Uptown Parade development.
The 55 square-meter The Dalmore store, which is scheduled to open its doors to the public on Feb. 24 this year, will be home to the most expensive single collection of “the magnificent and bold” The Dalmore Constellation.
The collection is priced at a hefty P18 million and as such will be The Dalmore store’s focal point.
It will also be home to the limited vintage collection of The Dalmore, of which only a few hundred bottles are available the world over.
The Dalmore store will also have a lounge called “Keeper’s Den” where select, invited VIPs may display their own bottles (only those aged at least 20 years are allowed) in locked, personalized glass vaults.
Only 84 slots are available and strictly by-invitation only, mostly to friends of
Andrew L. Tan, the tycoon responsible for bringing The Dalmore to the Philippines. —TINA ARCEO-DUMLAO