BIZ BUZZ: Better days for the Yansons
Billionaire businesswoman Olivia V. Yanson—the matriarch of the family that owns the country’s largest bus transit company—sees better prospects for the public transportation sector as the government eases up COVID-19 mobility restrictions.
She made this prediction earlier this week during the annual stockholders’ meeting of Goldstar Bus Transit Inc., one of the companies under the Yanson Group of Bus Companies. Goldstar plies major routes in Luzon.
“OVY,” as she is known to close associates, said that putting the key cities of the country under alert levels 3 and 2 is a good indication that the government is loosening restrictions on people’s ability to travel for work or leisure to spur economic activities.
“Mobility directly translates into a bigger demand for public transport,” she said. “This is a big relief to the transport industry.”
During the annual meeting of Goldstar, Olivia, Leo Rey Yanson, Ginnette Y. Dumancas, Collin Derk Y. Isidto, Hernan B. Omecillo and Danny O. Lorenton were reelected as members of the board.
The breakaway faction of the family—stockholders Roy V. Yanson and Ricardo V. Yanson Jr.—were absent despite due notices sent to them, Goldstar said in a statement.
Roy and Ricky are believed to be out of the country, together with their sisters Emily V. Yanson and Ma. Lourdes Celina Yanson-Lopez.
Leo Rey Yanson—the youngest of the Yanson siblings and the apple of OVY’s eye—said the company was committed to providing the riding public with the most reliable means of public transportation amid the challenges of the pandemic.
In October last year, a Bacolod City court granted the matriarch the mandate to oversee and administer the estate of her late husband Ricardo Yanson, who cofounded with Olivia in 1968 the Yanson Group of Bus Companies, which has since grown into a multibillion peso nationwide enterprise.
Will this latest development spell the end of the feud that has divided the billionaire family since 2019? Hopefully. But somehow we doubt it. Abangan!
—Daxim L. Lucas
Regional economic growth in danger
The government’s economic planners should heed the warning from regional offices of the National Economic and Development Authority (Neda), which has noted the sudden and dramatic increases in port fees as a result of the Philippine Port Authority’s (PPA) implementation of what it refers to as its Port Terminal Management Regulatory Framework (PTMRF).
In short, the framework results in higher tariffs and other port fees, which may mean medium- to long-term gains for the national government, but at a serious social and economic cost that will be ultimately shouldered by Filipino consumers.
Recently, Neda’s Regional Development Council VIII passed a resolution asking the PPA to suspend the implementation of the new tariffs, specifically in the ports of Tacloban, Ormoc and other parts of Eastern Visayas.
The resolution came in the wake of complaints from stakeholders that a double whammy of a slowdown in business could be expected, coupled with higher prices of goods that pass through the ports.
The port of Calapan in Mindoro has been similarly affected, and if nothing is done soon, the high tariffs will be implemented in all ports throughout the archipelago.
Not only has the new set of rules caused the rates charged to local businessmen requiring port services to skyrocket, it has also resulted in massive job losses with longtime port workers being replaced by newcomers, many of whom have little to no experience in the industry.
The PPA claims that the port workers will not lose their jobs as they are considered tenured employees.
Not so, it seems, as the tenure of employment of port workers is not a contractual provision.
A review of eight of the 12 PTMRF contracts posted on the PPA’s website shows there is no such provision between the new operator and the port authority.
Under the terms of reference provided to prospective bidders, employment and utilization of existing port workers is assured. However, legal analysts say that it is the actual contract, not any preceding document, that prevails in all circumstances.
With more and more ports expected to be bid out this year, and with the old players practically excluded from bidding by virtue of the new rules, expect more job losses in the ports.
At the very least, the warning from the Neda regional councils should be studied by the powers that be.
—Daxim L. Lucas
Women directors form alliance
What do Mariana Zobel de Ayala, Lizanne Uychaco, Maricelle Narciso, Flor Tarriela, Pacita Juan, Sherisa Nuesa, Sharon Dayoan and Esther Santos have in common aside from being respected top executives in their different fields? They are all members of the NextGen Organization of Women Corporate Directors (NOWCD).
Chaired by former Bases Conversion and Development Authority chair Aurora “Boots” Garcia, the fledgling group that seeks to encourage more women to become part of corporate boards has an initial roster of 25 women in its pool that it intends to quickly grow.
The group noted that currently, only 17 percent of publicly listed companies’ board seats are occupied by women directors. The desire to increase the percentage prompted these women leaders to organize a sorority of listed and nonprofit women board directors to help create a pipeline of candidates for directorships as more companies look for independent (and women) directors.
Having more women in corporate boards is a sound business decision as there are already studies that show that diversity adds to a company’s profit potential.
From the healthy exchange of ideas from directors with varying backgrounds comes better insights that can turn into winning ideas.
This explains why diversity and inclusion are being pushed worldwide, leading to more women becoming part of corporate boards, whether nonprofit or publicly listed. In fact, funders and institutional investors now check their investees’ scorecards for diversity, women representation and inclusion of different ages, gender and even race.
“We need more women to consider independent directorship as a career path direction when they decide to slow down and get out of the frenetic pace of corporate life,” Garcia said.
“Truly, many women corporate leaders retire and stop using the wealth of corporate experience when they can share it with boards who so need their expertise and independent opinions,” added Juan, president of NOWCD and previous cochair of the Asean Women Entrepreneurs Network (2016-2018).
NOWCD will launch formally on Feb 16 with Securities and Exchange Commission and Philippine Stock Exchange officials in attendance, to raise awareness about the need for diversity in Philippine boards and to partner with regulators to bring this advocacy to life sooner rather than later.
