BIZ BUZZ: MVP’s short-lived title
Looks like billionaire Manuel V. Pangilinan’s (MVP) three-title leadership stint at Manila Electric Co. (Meralco) was short-lived.
The power distributor disclosed to the Philippine Stock Exchange on Tuesday that Pangilinan officially dropped his title as president, but clarified that he would continue to lead the company as its chair and chief executive officer (CEO).
This comes not even a month after the 76-year-old Pangilinan succeeded former Meralco president and CEO Ray Espinosa, who relinquished his post at the annual stockholders’ meeting after his four-year leadership.
In a Viber message to reporters, Meralco vice present and head of corporate communications Joe Zaldarriaga explained that the change in Pangilinan’s designation “aligned with Meralco’s goal to streamline its operations.”
Among the eight “changes in designation” that Meralco announced was the promotion of Ronnie Aperocho from SVP and head of networks to executive vice president and chief operating officer.
Meralco said Aperocho would “oversee the day-to-day operations of the distribution utility following his promotion.”
The company did not indicate whether the still-warm president’s seat would be filled again anytime soon … or if it is indeed—as MVP Group insiders say—being kept vacant for Aperocho to become worthy of. Abangan!
—MEG J. ADONIS
New IPO schedule
Businessman Dexter Tiu’s hydropower firm Repower Energy Development Corp. made some small changes to the offer period of its P1.15-billion initial public offering (IPO).
Instead of selling shares on June 28 (declared a holiday in observance of Eid’l Adha) the offer will instead start on June 30 and end on July 14.
Repower will still make its trading debut on July 24 under the stock symbol “REDC”.
Repower is the third IPO this year. It is also the second renewable energy company to list in 2023 given the strong interest in cleaner power projects.
Proceeds will mainly go to boosting the company’s hydropower projects in Bukidnon and Quezon.
—Miguel R. Camus
‘Hotel voucher specialist’
Those in the private sector are wondering why the current dispensation at this particular government agency has retained the services of this particular official.
Apparently, it’s an open secret in the industry how the official and “cohorts” have been asking hotels for “vouchers” so they can stay in those establishments for free for their personal use.
Aside from the expertise in leeching off said businesses, the official also seems to be an expert in sidling up to the new powers-that-be at the agency, the reason perhaps for the continued employment.
As far as insiders in this agency know, top management has already been made aware of the official’s abusive practices, but they don’t seem to be interested in taking the appropriate action to discipline the official.
What’s more, said official has been allowed to lead in some projects that even the private sector has criticized for their doubtful rationale and poor implementation.
