BIZ BUZZ: Ongpin resurgent
If you haven’t heard about Atok-Big Wedge Co. Inc. in a while, that may be because they were busy cooking something up.
Biz Buzz learned that the company headed by Roberto Ongpin (its chair and CEO) and backed by Davao’s Dennis Uy (its vice chair) has approved a major expansion into renewable energy.
This move into the renewable energy space is a significant move for Atok, which is one of the oldest mining companies listed on the local bourse. Believe it or not, the company was incorporated in the 1930s.
We hear that the company’s board of directors recently decided to go green in response to the global environmental movement, especially since Ongpin has had intimate knowledge about the value of clean air and clean seas in the two years that he has been ensconced on Balesin Island since the start of the pandemic.
Unsurprisingly, Atok’s first project will be a 500-megawatt wind power project on Patnanungan Island, a 750-hectare property that lies 22 nautical miles northeast of Balesin. The property is owned by Atok’s sister firm, Alphaland Corp.
We hear the company is now negotiating with a power firm in China.
Incidentally, Atok also owns Tidemark Corp., which in turn owns 20 percent of Forum Energy, which has a 70-percent stake in the coveted Service Contract 72.
Will we see more Ongpin-led projects under the new administration? Abangan!
—Daxim L. Lucas
Cabinet lineup
At the start of the presidential campaign period earlier this year, the camp of President-elect Ferdinand “Bongbong” Marcos Jr. had been asked by people (in jest, of course): “Will this be a Marcos administration? A Duterte administration? Or an Arroyo administration?”
Well, from the personalities that have so far been tapped to join the new Cabinet, it seems the answer is “none of the above.”
In fact, it’s beginning to look like a reunion of the best minds of the Estrada administration.
Note that Finance Secretary-designate (and current Bangko Sentral ng Pilipinas, or BSP, Governor) Benjamin Diokno once served as Budget Secretary under President Joseph Estrada. BSP Governor-designate Felipe Medalla was once Mr. Estrada’s socioeconomic planning chief. Labor Secretary-designate Bienvenido Laguesma, meanwhile, was once Mr. Estrada’s labor chief.
Even Public Works Secretary-designate Manuel Bonoan served as an Undersecretary during the Estrada years (and many years before and after that, of course).
Incidentally, another Estrada Cabinet official said to be being considered for a post is former Presidential Legislative Liaison Office Chief Jose Jaime “Jimmy” Policarpio.
Given that the incoming administration will need to get a lot of critical economic reform laws through the legislative mill, he is supposedly being eyed as a “quarterback” for this effort.
Policarpio was former chief-of-staff of then Senate President Ernesto Maceda. A banker by profession, he helped in passing legislative measures during the Estrada administration including the Visiting Forces Agreement.
He later moved to public relations after his government stint. Watch this space, folks.
—Daxim L. Lucas
EastWest’s postelections shakeup
Antonio “Tony” Moncupa Jr., the longtime president and CEO of Gotianun-led EastWest Banking Corp., is stepping down from his executive role by the end of the year while keeping his position as the lender’s vice chair.
Moncupa, who is 63 years old, is leaving management earlier than the usual retirement age. As the CEO for the past 16 years, he was credited for turning EastWest into one of the country’s top consumer lenders.
The announcement came a day after the proclamation of Ferdinand “Bongbong” Marcos Jr. as the country’s next president. It’s a well-known fact that Moncupa was a former activist who was jailed and tortured during the martial law years under the regime of Marcos’ father, the late dictator Ferdinand Marcos Sr. EastWest chair Jonathan Gotianun said it was Moncupa’s decision to step down from management to pursue “his other interests.”
Taking his place as CEO is Jerry Ngo, who will assume the role on Jan. 1, 2023. Meanwhile, Jacqueline Fernandez will take over as president effective July 1 this year.
Fernandez is currently the lender’s senior executive vice president and chief lending officer. Ngo is the current strategy consultant for the Gotianun family conglomerate Filinvest Development Corp.
—Miguel R. Camus
Crypto ad tightening
As more and more Filipinos, especially the tech-savvy Gen Zs, turn to cryptocurrencies to satiate their risk appetite, crypto ads are a dime a dozen in cyberspace. Some are legitimate, but some are outright scammers. Tech giant Google has committed to do its share in curbing crypto investment fraud in the country.
Starting July 7, Google will require advertisers offering cryptocurrency exchanges and wallets targeting the Philippine audience to present proof of their registration and/or license to operate in the Philippines. This adds to Google’s existing policy that requires all advertisers to comply with local laws for any area that their ads target.
Earlier, Google also agreed to update its screening process for online lending apps (at Google Play) to help address the proliferation of predatory lending.
All these were prompted by the Securities and Exchange Commission’s (SEC) prodding. Over the course of the pandemic, the corporate watchdog observed that several entities have taken advantage of the online space to propagate investment scams, including those that claim they are engaged in cryptocurrency trading when in reality, these do not exist.
As such, the SEC vowed to continue working with Google to ensure regulatory compliance from entities doing business online in order to protect the investing public and other financial consumers.
