BIZ BUZZ: Ferrari race track in Bulacan
Last week’s reentry of the supercar maker Ferrari into the Philippines was met with excitement by the local community of automobile enthusiasts, but also some questions, which the head honcho of official distributor Velocita Motors, Ramon Ang, himself answered.
In particular, the billionaire assured potential buyers that they will not want for good and exciting roads on which to drive their multimillion peso acquisitions.
“We will build a 3.5-kilometer track in Bulacan where you can enjoy driving your Ferrari,” he said, adding that he understood how challenging it can be to drive high performance cars in Metro Manila.
“In Bulacan, you will have a crew who will maintain your car, clean it and keep it in shape, ready for you to drive. All you need to do is go there to enjoy it,” he said. “And after, you can leave it there in a private garage. It’s like having your own pit crew.”
Hopefully, Ferrari will accelerate deliveries because, as it stands, it can take up to two years for a buyer to receive the car he orders, Ang said. Nonetheless, the wait should be worth it.
—Daxim L. Lucas
Responsorial PSALM
No sooner was it revealed that Davao Light and Power Co. was once more interested in taking over the franchise of Northern Davao Electric Cooperative Inc. (Nordeco) that the embattled power utility vented its reply to Biz Buzz.
Nordeco’s camp feels there’s a determined effort to demonize them to the Filipino public, coinciding with the interest of Aboitiz family-owned Davao Light and Power Co to take over their franchises.
The cooperative claims that the presumed plot seems to be that, if Davao Light can get enough public clamor, they can circumvent the Electric Power Industry Reform Act, which guarantees and protects the tenure of existing franchise holders.
That’s quite a big legislative rock to move and President Marcos has already vetoed one such effort to shove it aside. Nevertheless, the narrative about the poor service and overpricing of these Mindanao electric cooperatives persists.
Regarding these supposedly higher rates, however, electric cooperatives claimed that the reason why Davao Light is able to charge lower fees is due to the supposedly skewed hydro power allocation from the government-owned Power Sector Assets and Liabilities Management Corp. (PSALM) which is, coincidentally, led by a former Aboitiz executive.
According to the Nordeco side, 50 percent of Davao Light’s supply comes from PSALM, while all other Mindanao distribution utilities get less than 25 percent. A de facto subsidy? Hmmm.
Perhaps affected communities’ hymn and prayer should be that PSALM provide equal supply to existing franchisees so that their dire power situation will improve.
