BIZ BUZZ: Done deal: BPI backs UP Maroons
After another heartbreak last season, the UP Fighting Maroons are hoping to finally clinch another championship this coming UAAP season—now with another big-time backer.
Zobel family-led Bank of the Philippine Islands (BPI) on Monday formalized its support for the UP Men’s Basketball Team through a partnership with NowheretogobutUP Foundation, an organization established by UP alumni a decade ago to support athletes of the premier state university.
Apart from sharing nearly the same “team colors,” BPI and UP also share the same vision of nation-building, according to BPI Wealth president and CEO Maria Theresa Marcial.
READ: UP athletes to get shot in the arm with launch of ‘NowheretogobutUP’
“Both our institutions believe in the power of sports to unite and inspire communities … and in empowering the next generation of leaders,” Marcial said during the signing ceremony at the UP Executive House.
It is also no secret that BPI was inspired by the longtime support of Robina Gokongwei-Pe, president of Robinsons Retail Holdings Inc. BPI in 2023 took over Robinsons Bank through a P32-billion merger.
NowheretogobutUP president Jed Eva III regards the partnership as a way to support the alumni’s efforts to “do more” for their athletes who were once at the bottom of the UAAP men’s basketball standings.
Since the launch of the foundation, Eva said UP now has a varsity training center, a “world-class” football pitch and a “fantastic” baseball field.
“And now we have a team that no longer goes hungry during practices nor finishes at the bottom of the standings,” he said.
BPI did not disclose any specific projects that it would launch or support for the team, but chief customer and marketing officer Cathy Santamaria said it would be something along the lines of financial literacy training and helping the boys “think of what they do in school and how they will actually plan their life for the future.”
A lot of supporters bet that future plans include reclaiming the championship title since their last in 2022. Abangan! —MEG J. ADONIS
Renaming Naia?
There have been attempts to rename the Ninoy Aquino International Airport (Naia) in the past but none of them have prospered so far.
With San Miguel Corp. (SMC) and its partners taking over the international gateway, some are curious if the private concessionaire will make such a move.
READ: Reeks of politics, ill-timed’: Drilon slams proposal to rename NAIA
As it turns out, this is not a concern for SMC chief Ramon Ang, who does not want to mix politics with business.
READ: Marcos sees signing of PPP deal for Naia’s rehabilitation
“Wag na nating pakialaman yung pangalan kasi political yan. Maraming magagalit diyan, (Let’s not tweak the name because it’s a political issue. It will just create discord),” he told the media on Monday.
Instead, Ang said they should focus on rehabilitating the congested airport to address passenger complaints.
On Monday, the tycoon’s group and the government inked the P170.6-billion Naia rehab concession agreement. — Tyrone Jasper C. Piad
REDC bags ‘Best IPO’ award
Repower Energy Development Corp. has been awarded “Best IPO-Philippines” by The Asset during last week’s The Asset Triple A Awards in Hong Kong.
REDC offered P1.05 billion worth of shares during its listing, with China Bank Capital serving as underwriter. The initial public offering proceeds are being primarily used to construct new run-of-the-river hydropower plants.
The market demand for the shares was fueled by the entry of Tokai Corp. as an anchor investor. The Japanese energy firm purchased a 10-percent stake during the IPO, then later increased its ownership to 20.1 percent of the company.
According to the publication, a committee made up of The Asset’s board of editors use a stringent methodology in determining who should be given an award.
These decisions are then “supplemented by client interaction generated from in-depth conversations and using data analytics produced by Asset Benchmark Research, the region’s leading research organization evaluating client experience standards in the financial services industry.”
REDC, a subsidiary of Pure Energy Holdings Corp. headed by Dexter Tiu, capped off 2023 on a strong note, with its portfolio of hydropower plants being expanded into key provinces such as Quezon, Bicol, Laguna and Bukidnon. — Tina Arceo-Dumlao
