BIZ BUZZ: Three Monetary Board vacancies

With the question of the country’s next central bank governor out of the way, the financial sector is now eagerly awaiting the names of three presidential appointees to the Bangko Sentral ng Pilipinas’ powerful policy-making body, the Monetary Board.

Starting this week, there will be three vacancies for the seven-person group that helps determine the value of Filipinos’ money as well as sets policies governing banks and financial institutions in the country.

Rumor has it that one former government official who is also an economist is a shoo-in to be appointed. Meanwhile, another current Monetary Board member will likely be reappointed for a second term.

That leaves just one seat unfilled. Who will it be? Abangan! —Daxim L. Lucas

MAP backs Naia privatization

The privatization of the Philippines’ main airport has gotten the support from the Management Association of the Philippines (MAP), indicating a growing clamor from major business groups to rehabilitate the problem-laden airport in the Southeast Asian country.

The association, which touts itself as the largest business management group in the country, said it was joining the public call for the expeditious privatization of Ninoy Aquino International Airport (Naia) following the recent string of issues, which caused headaches for both foreign and domestic travelers.

“The case for privatization is bolstered by the many constraints that have weighed down on our country’s main air gateway, hampered in particular by tedious, inefficient and ineffective government bureaucratic processes, fiscal constraints and compounded by lack of management autonomy,” MAP said in a statement.

“All of these administrative and operational constraints have detrimental effects, manifested in the perennial cellar rating of Naia among airports and the recent power outages that effectively paralyzed airport operations to the great detriment of air travelers, tourism as well as trade and commerce,” it added.

MAP is not the first private sector group to call for its speedy privatization, with the Philippine Chamber of Commerce and Industry—the country’s biggest business organization—making the same call last week.

It seems like the country’s business sector, like the public, has finally had enough of this airport and its sorry state. —Alden M. Monzon