BIZ BUZZ: Ate Vi adds star power to DOF party

The scorching heat was no match for the star power exuded by the Recto fambam last Friday as the entire “first family” of Department of Finance (DOF) came with their patriarch to celebrate the 127th anniversary of the department.

It’s the first major event of the DOF under the auspices of Finance Secretary Ralph Recto and the employees could not contain their excitement over meeting the famous Mrs. Recto—aka “The Star for all Seasons”—and their kids.

In introducing his wife on stage, Recto described Vilma Santos-Recto as pinakamagandang babae sa balat ng lupa (most beautiful woman on earth), pointing out that she’s also the most intelligent. Why?

“Kasi pinakasalan ako eh (Because she married me),” he declared.

Recto also hailed Santos-Recto’s track record as a former mayor, governor and House representative, saying how rare it is for a government unit to be “praised” by the meticulous Commission on Audit.

Their son Ryan also came to party, along with Luis Manzano and wife Jessy Mendiola-Manzano. Manzano charmed the crowd as he asked them whether they agreed that he’s more handsome in person.

Recto’s nephew, Moses, also joined the celebration, and as the Finance Secretary introduced him, he said in jest (or not), “He is looking for a girlfriend.”

The DOF’s ‘first family’ profusely thanked all the employees for their hard work.

Santos-Recto also told them, “Tulong-tulong tayo para maipagmalaki natin ulit ang bansang Pilipinas (Let’s all work together so that we can again be proud our of country, the Philippines.”

—Doris Dumlao-Abadilla

And so the end begins

The end of Bloomberry Resorts Corp.’s feud with Global Gaming Philippines LLC (GGAM) has begun.

The company of ports tycoon Enrique Razon Jr. announced earlier this week that its subsidiary, Sureste Properties Inc., finally purchased 921.2 million Bloomberry shares previously held by GGAM in a P16.8-billion settlement deal.

“The settlement agreement is therefore completed,” Bloomberry said in its disclosure to the Philippine Stock Exchange, as if releasing a breath long held.

The purchase will remove the overhang on Bloomberry shares, but analysts previously warned that the transaction may increase interest expenses in the future should the gaming company decide to borrow funds.

The settlement deal was first announced in March, but the case goes years back.

Bloomberry’s sigh of relief marked the end of a decade-long battle between Bloomberry and GGAM that stemmed from the ouster of the latter from the management of Solaire Resorts & Casino in 2013.

The Las Vegas-based company claimed that the move was unjust and brought the case for arbitration at the Singaporean Arbitral Tribunal. With this, let’s hope that this really is the final chapter of this saga. —Meg J. Adonis