Biz Buzz: Tetangco becomes officially unemployed
All is set for outgoing Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. to walk off into the sunset as he ends his career as the country’s top monetary regulator.
Today, in fact, is his last day of work at the BSP and, come tomorrow, will officially be unemployed for the first time in his life (having joined the central bank immediately after a short stint with audit firm SGV & Co. right after graduation).
His first agenda as a retiree —like most other retirees capping a successful career—will be to go on vacation with his wife Elma.
Tetangco will also serve as an unofficial consultant for the BSP for the near term in case a financial crisis requires his expertise (knock on wood). He may be engaged formally as a consultant by his successor, Nestor Espenilla Jr., but we really don’t see Tetangco coming to work every day and holding office at the row of consultants’ rooms at the central bank.
But will he go into a lucrative private sector consultancy or board of directors job after he returns from his holiday? Not immediately. There’s the usual rule that bars government officials from joining private corporations for a least a year after leaving office, BSP’s top brass is also prohibited from working for “regulated parties” —banks, basically—for two years.
Tetangco will have to wait until 2019 to join a bank’s board of directors and enjoy the lucrative post-retirement job that ex-governors usually get. But what about working for a conglomerate that owns a bank? It’s a gray area and no one has really tried pushing the envelope yet. So Tetangco will be the test case, if ever he decides to rejoin the workforce next year.
Despite today being his last official day of work, he will still have to show up on Monday morning for the BSP’s anniversary celebrations and the official turnover to Espenilla. The vacation will have to wait until next Tuesday. —DAXIM L. LUCAS
New Sun Life prexy
Insurance giant Sun Life of Canada is revamping top-level management in its Philippine operations to flesh out its ambitious goal of scaling up its client base to five million Filipinos by 2020 from 2.2 million at present.
Effective July 1, insurance veteran Alex Narciso will assume the post of president at Sun Life of Canada (Philippines) Inc. (SLOCPI) concurrent to his role as the company’s chief agency distribution officer. He will take the reins of the company’s flagship life insurance business and will have full financial, operational and regulatory responsibility for SLOCPI.
Narciso will continue reporting to Riza Mantaring, who remains as Sun Life’s country head and chief executive officer, overseeing SLOCPI as well as the mutual fund business under Sun Life Asset Management Co. Inc. and the bancassurance business under Sun Life Grepa Financial Inc.
“Alex’s contribution to the company is unquestionable. It was under his supervision that Sun Life was able to produce and greatly expand a top-quality agency force as he launched programs that empowered advisors, boosted their skills and deepened their passion for helping Filipinos achieve financial freedom,” Mantaring said. “As he takes on his new role, we look forward to supporting him in his future initiatives.”
Narciso joined Sun Life in 1989, handling various agency support roles such as sales training, sales promotions and agency events. He has been involved with the company’s major projects such as its demutualization and the launching of its mutual funds and pre-need businesses.
Benedict Sison, chief strategy and financial management officer, will now have primary responsibility for new strategic initiatives in addition to his current oversight of the company’s corporate planning, digital transformation and financial management functions.
Michael Manuel, formerly chief business development officer, will assume the post of chief market development officer and will provide critical support in generating sales and the communication of Sun Life’s positions on economic and financial policy.
Mylene Lopa, chief marketing officer, will add business support to her portfolio. This function expands her current accountability for profiling buying behavior and developing product propositions not just for the company’s current market, but for new client segments as well. —DORIS DUMLAO-ABADILLA
Curbing traffic congestion in Ateneo
It’s not only the government dealing with a mega traffic crisis. One of the country’s most prestigious schools, the Ateneo De Manila University, is grappling with road congestion as well.
The university recently issued a letter to unwitting parents of high school students of a new carpooling scheme aimed at slashing traffic on campus and even “beyond the campus” while cutting the carbon footprint within its premises.
Based on its letter, effective July 10 this year, private cars between 6 am and 7:45 am (or before classes start) carrying less than three students will be barred from entering the “High School Campus Masterson Drive from the Church of Gesu area.”
For those unfamiliar with the university’s expansive terrain, that basically means students would need to walk longer than they might be used to. This could be difficult, especially for those carrying heavy bags.
Vehicles carrying three students or more will be given a car pass. There is a similar arrangement for fetching students in the afternoon.
Unlike the government, the university won’t need the approval of Congress to pass such a measure. But in its place, it is facing a rather fierce lot of parents since it challenges a way of delivering and fetching students that has prevailed for decades. In other words, this is quite a change.
The university offered a bevy of options for chauffeured students who would not be able to meet its carpool requirements.
Students can take the bus or try “walking to school or public transportation.” They can also take internal e-jeeps or avail themselves of a point-to-point bus service from designated areas off campus.
While many would view this issue as “first-world problems” of the wealthy, some parents have a right to be (a bit) upset.
We’ve heard of folks who shell out lots of money to allow their many cars entry to the school’s premises. So some are saying they’re not getting their money’s worth with these curbs.
In any case, the development again shines the spotlight on the traffic crisis engulfing parts of the Philippines. Solutions are needed and fast. —MIGUEL R. CAMUS
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