BIZ BUZZ: Magic 7 in Davos
They came in full force to support President Marcos’ debut as head of state on the World Economic Forum (WEF) annual meetings in the pricey ski resort town of Davos.
We are talking about the seven business tycoons who took time off to fly to the wintry Swiss Alps: San Miguel Corp.’s Ramon Ang, Aboitiz Group’s Sabin Aboitiz, Ayala Corp.’s Jaime Augusto Zobel de Ayala, Gokongwei Group’s Lance Gokongwei, International Container Terminal Services Inc.’s Enrique Razon Jr., SM Group’s Teresita Sy-Coson and the youngest of them all, Alliance Global Group Inc.’s Kevin Tan.
While here in Davos, Zobel de Ayala or JAZA, for instance, had to attend Bank of the Philippine Islands shareholders’ meeting via videoconferencing to approve the bank’s merger with Robinsons Bank Corp.
For sure, these tycoons are also interested to converse with other business leaders and policymakers from all over the world about humanity’s most pressing problems. But mainly, they are here to boost Mr. Marcos’ inaugural Davos delegation.
Most of them are no strangers to Davos; San Miguel, Aboitiz, ICTSI, SM and especially Ayala were corporate members of WEF at some point. But it could be an especially interesting avenue for Davos virgin Kevin Tan as Alliance Global, through Emperador, has picked up a number of assets in Europe over the years.
Technically, there’s an eighth conglomerate represented in the bunch, although he himself is not part of the family business. That is the Villar group, as Sen. Mark Villar is part of the delegation.
Mr. Marcos’ supersized delegation has been criticized by some who think that all those who are in Davos are using taxpayer money, but there are also private sector representatives who are picking up their own tab. Some of these tycoons, for instance, brought family members (the Ang and Sy kids are in town) for the Davos experience. Some people hatch business deals in golf courses, so why not on the ski slopes?
It’s fair to say that while Mr. Marcos’ predecessor, Rodrigo Duterte, chose to bring a much bigger house to China (members of the combined public-private sector delegation reached as many as 500 during his very first visit), the new CEO of the land deems it worthy to “invest” in Davos.
The last time Davos was visited by a Philippine head of state—the late President Benigno Aquino III— it was to amplify the message that the Philippines was no longer the “sick man of Asia” and was poised to be one of the region’s best performing economies.
This time, the main message is that the Philippines is “open for business” and that this country was emerging out of the pandemic with bright prospects, despite all the global headwinds.
—Doris Dumlao-Abadilla
Managing … the AFP
One would think that people in the business community would not be very interested in the goings-on in the military establishment, but apparently, they are. So Biz Buzz scrounged around for the information so that you, our readers, won’t have to.
According to our sources, AFP Chief of Staff Gen. Andres Centino, having been appointed by then President Duterte in late 2021, was not due to retire until Feb. 4 of this year. He didn’t retire when Malacañang named Lt. Gen. Bartolome Bacarro as his replacement last August and was merely put on floating status.
Bacarro’s appointment itself came into question given that he was supposed to retire last September. Neither was he promoted to four-star general status as military chief because, under the rules, there can only be one four-star general in the AFP.
All parties were informed of Mr. Marcos’ plan to reinstate Centino last November, we hear, but several requests for extension from the then-sitting AFP chief were accommodated. Only before leaving for the China state visit did the Chief Executive decide to finally swing the axe and, as former Sen. Panfilo Lacson described it, “right a mistake.”
We’re told Centino will not avail himself of the three-year fixed term for military heads but will, instead, retire under the old law as the unprecedented 57th and 59th chief of staff of the AFP.
Hopefully, we will see no more confusing Palace appointments after this episode.
