BIZ BUZZ: Problematic nominee to LTO

Why appoint a sacked Land Transportation Franchising and Regulatory Board (LTFRB) board member and fleet operator as new LTO chief?

Lobbyists are apparently endorsing the appointment of a lawyer as assistant secretary of the Department of Transportation (DOTr) and Land Transportation Office (LTO) chief.

The caveat is that the supposed nominee was a board member and officer in charge of the LTFRB who was sacked from the service more than two decades ago for alleged graft practices.

Last month, some officials sent a letter to the Office of the President endorsing the appointment of this controversial personality as transportation assistant secretary and concurrent LTO chief.

A ranking DOTr official—who clearly had reservations about the issue—made it abundantly clear that his endorsement was due to the recommendation of a colleague in government.

Unknown to concerned parties (or maybe they knew, who knows?), a previous administration’s executive secretary had ordered this person’s dismissal as LTFRB board member upon the recommendation of the Presidential Commission Against Graft and Corruption.

This would-be LTO chief was dismissed based on a complaint that he, as officer in charge of LTFRB at that time, lifted the moratorium on the processing of public utility bus applications on his own, contrary to the existing policy of the board, which is a collegial body.

Clearly, appointing this former official with a checkered past will tarnish the image of the Cabinet and the Marcos administration. It also poses a potential conflict of interest situation since this person currently owns and operates a fleet of public utility vehicles.

How will the Palace decide on this delicate matter? Abangan!

—Daxim L. Lucas

Best investment banks

The postpandemic era remains a challenging period for capital market fundraising, but a few domestic banks stood out among their peers and bagged recognition from the regionally followed FinanceAsia.

The winners included BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, which was named best debt capital market house for 2023.

Its notable deals include the heavily oversubscribed bond offerings of internet tycoon Dennis Anthony Uy’s Converge ICT Solutions and affiliate ACEN Corp.’s maiden green bond issuance in 2022.

“The award affirms our leading position in the domestic debt capital market and is a testament to our ability to provide client-focused debt solutions with best execution. We continue to have a dominant track record in executing capital market transactions,” said BPI Capital chief operating officer and director Francis Jardeleza.

BPI was also recognized as best “sustainable bank” while the best overall lender was the Sy family’s BDO Unibank Inc.

Ty family-led First Metro Investment Corp. was named best equity capital market house, while finalists included Sy-led China Bank Capital and Frederick Dy’s SB Capital Investment.

—Miguel R. Camus INQ