BIZ BUZZ: Wassmer’s Monetary Board debut

Walter Wassmer, the newest member of the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP), marked the beginning of his term at a critical point in the country’s monetary policy.

On Thursday, Wassmer, a veteran banker, immediately joined his first regular MB meeting after taking his oath of office. But the next MB meetings that he is about to attend are very critical for the economy.

We’ve all heard Governor Eli Remolona Jr.’s clearer hints of possible rate cut at the MB’s Aug. 15 policy meeting. That said, Wassmer will cast his vote in that highly anticipated meeting that could potentially mark the start of the BSP’s easing cycle.

Wassmer will join those high-level meetings to serve the remaining term of former MB member Bruce Tolentino, who resigned after being linked to the “ghost employees” scandal that put serious reputational risks on the BSP.

But who knows? Maybe the one vacant MB seat left by Anita Linda Aquino—another ex-member who quit after being tied to the same controversy—would be filled ahead of the August policy meet.

Word on the street is that Gil Buenaventura, former president of Development Bank of the Philippines and Rizal Commercial Banking Corp., is being considered for the position that would complete the seven-member MB. Another name that has surfaced is that of Jose “Jojo” Querubin, another retired banker who was a former president of United Coconut Planters Bank.

Exciting times ahead! —Ian Nicolas P. Cigaral

New ALI Hospitality chief

There’s a “homecoming” set for Ayala Land Inc.’s (ALI) hospitality arm, and it’s going to be especially beneficial for one of its shuttered hotels.

Ayala Land Hospitality will welcome seasoned hotelier George Aquino, previously vice president and managing director of AHC Hospitality in the United States, as the company’s president and CEO.

“Aquino’s appointment comes at a pivotal time as the company aims to double its room inventory across its hotels and resorts portfolio to 8,000 by 2028,” Ayala Land Hospitality said in a statement.

Not so fast, though. Aquino is not expected to magically expand the company’s capacity.

According to Ayala Land Hospitality, Aquino will begin by overseeing the renovation of the 51-room Lagen Resort in El Nido, Palawan.

The resort, which was temporarily closed on June 1 to give way to renovation, is set to reopen by next year with major upgrades of its facilities and amenities.

Aquino brings with him a “diverse” background in the hospitality industry, Ayala Land says, especially since he had migrated to the United States way before working age.

We’re excited to see Aquino’s vision—after all, he also built his hospitality expertise in the breathtaking Caribbean. —Meg J. Adonis

The sky’s the limit

When the Philippines and South Korea agreed to increase weekly seat capacity for flights, it was a welcome development not only for passengers but for airlines as well. The local carriers are excited to expand their South Korean network.

The cap, however, is only imposed on Manila-Incheon flights. Elsewhere in the country, it appears that sky’s the limit.

“Right now, we believe that we have a very liberal policy on developing our air space. We are open skies outside of Metro Manila,” Transportation Undersecretary Roberto Lim said.

This opportunity allows airlines to further increase their flight capacity, especially to destinations where demand is high.

Now, the question is: Will the airlines provide more flights to South Korea and other parts of the world soon? —Tyrone Jasper C. Piad