BIZ BUZZ: Rainmaker is moving on

This young rainmaker has manned the local fort well while the global financial institution that he’s part of was in turmoil. But now he realizes that it’s time to explore other opportunities.

Since taking the helm of this foreign financial institution in 2019, he has delivered tens of billions of dollars worth of corporate deals. No matter how good one is in navigating the local market, however, the fate of the mother ship is like the sword of Damocles hanging over his head.

In any case, we hear that a shutdown of the Philippine office may be imminent because the mother ship is merging with another institution that already has formidable footing in this part of the world.

So instead of waiting for this to happen, this country chief has wisely made a decision to plot his exit strategy. As the house requires a 90-day notice of resignation, he may still be around for few more months until the merger is consummated, possibly by June.

After that, it’s probably time to use up all those vacation leave credits and recharge for his next adventure. From what we hear, he won’t remain unemployed for long.

—Doris Dumlao-Abadilla

Incoming Cabinet men?

The end of the one-year prohibition on appointing government candidates who lost in the last elections is upon us, and Biz Buzz hears that some of these personalities will indeed be named to key positions in President Marcos’ Cabinet.

Word on the street is that Gilbert Teodoro will be named Secretary of National Defense, reprising the role he played quite capably from 2007 to 2009.

Then there’s the long awaited Secretary of Agriculture appointment which may go to Arthur Yap, who also served in that same position from 2004 to 2005 and again from 2006 to 2007.

One surprising name being floated is that of Michael Defensor who is supposedly being eyed as the next Executive Secretary. His previous Cabinet experience includes being Chief of Staff of the Palace, and Secretary of the Environment and Natural Resources as well as Housing.

Finally, there’s talk that former Senate President Vicente “Tito” Sotto III may be named Secretary of the Interior and Local Governments.

There is, of course, a common thread that binds all these supposed incoming Cabinet men, and it’s clear as day. But will they, in fact, be appointed? Abangan!

—Daxim L. Lucas

Speaking of which . . .

When asked if he was confident of staying in his current role—with the upcoming end of the appointment ban on losing candidates—Transportation Secretary Jaime Bautista took a few seconds before responding.

“I don’t like to answer that question,” he told the reporters on the sidelines of an event in Makati City on Wednesday.

The transportation department has been in hot water following the technical glitch at the country’s air navigation facilities on Jan. 1 and the power outage at Ninoy Aquino International Airport Terminal 3 on May 1. Both incidents resulted in grounding of several flights.

As they await the decision, Bautista said the agency would just keep on fulfilling its duties.

“We’ll just continue to do our work. We have a lot of responsibility to the public,” he said. The department he’s heading is currently handling multiple big-ticket infrastructure projects.

—Tyrone Jasper C. Piad