BIZ BUZZ: Hell hath no fury like a partner scorned

This couple behind a privately held, billion-peso retailing group had long become estranged.

But while they no longer live as man and wife, being business cofounders, they have no choice but to still sit together at the board meetings of their holding company. Their breakup has also split the allegiance of their children.

Four years ago, they sold their flagship business, but the holding company is now contemplating to launch new products and return to their former playground (Presumably, the noncompete clause has lapsed).

However, things are not likely to turn for the better on the relationship front.

The woman, seemingly irked by the post-breakup lifestyle of her ex-partner, is bringing the man to court for alleged concubinage.

This is a belated move (she could have done so more than a decade ago), but the legal wife card in a country without divorce is a powerful weapon to prompt the settlement and/or division of conjugal assets.

Concubinage, punishable with imprisonment ranging from six months and one day to as long as four years and one day, is an offense that only the offended wife can file under the Revised Penal Code.

Repeated marital infidelity is also considered psychological violence, which is a crime punishable under the Anti-Violence Against Women and Their Children Law. Penalties under this law include imprisonment ranging from one month and one day to 20 years, payment of P100,000 to P300,000 in damages and mandatory psychological counseling or psychiatric treatment.

If the king and queen lose affection for each other—especially if the king crowns a new queen—would the original queen still want to rule the same kingdom? —Doris Dumlao-Abadilla

Marcos picks gov’t rep to Monetary Board

The member of President Marcos’ Cabinet who will represent the government in the seven-member Monetary Board (MB) will take his oath today, Jan. 22.

This was according to BSP Governor and MB Chair Eli Remolona Jr., who declined to disclose the name of the newest member of the central bank’s powerful policy-making body.

That seat, however, is widely expected to go to newly appointed Department of Finance (DOF) Secretary Ralph Recto, who replaced former Finance Secretary and now-MB member Benjamin Diokno.Contrary to some beliefs, the government’s representative to MB is not necessarily the secretary of finance, although that post does usually go to the DOF chief.

At a press chat over the weekend, BSP Deputy Governor Francisco Dakila Jr. said there were times when the secretaries of the National Economic and Development Authority and the Department of Trade and Industry represented the government in the MB.

Apart from Remolona and Diokno, the other members of the current MB are Romeo Bernardo (economist and former finance undersecretary), Rosalia de Leon (fiscal policy expert and former national treasurer), Bruce Tolentino (economist and former agriculture undersecretary) and Anita Linda Aquino (former Citibanker and Philippine Deposit Insurance Corp. board member). —Ian Nicolas P. Cigaral INQ

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