BIZ BUZZ: Power couple’s Polo Club bid foiled

This rich, powerful couple has been trying to get into Manila Polo Club for more than a decade. But like several other prominent personalities whose membership bids had been rejected in the past, no amount of moolah and political backing could get them a seat at the table of the premier leisure club.

First, it was the husband, a businessman and influential political figure, who had applied in 2010, but to no avail. Then the wife tried her luck recently, but the membership committee voted 9-0 to thumb down the application. On Wednesday, the board upheld the committee’s decision.

READ: BIZ BUZZ: Polo Club drops ‘delinking’ scheme

“They didn’t like that it seems they are trying to get around the issue by having the wife apply this time,” said a club source familiar with the matter.

As soon as Polo Club posted the membership application, some members objected.

“The husband was asked to come in for interview as well. He refused,” our source added.

Another member told us that Polo Club regulars don’t like rubbing elbows with politicians (and even showbiz celebrities) who are often surrounded by bodyguards (and sometimes, screaming fans).

But the couple could find solace in the fact that not even the iconic Manny Pacquiao could gain admission to this exclusive club. —Doris Dumlao-Abadilla

Concepcion gobbles up more RFM shares

“Severely undervalued” was how RFM Corp. CEO Jose Ma. A. Concepcion III described the shares of the food and beverage leader that owns the popular Royal and Fiesta pasta and sauces, Selecta Milk and White King mixes.

This is why he regularly goes back to the market and buys back RFM shares.

Just the other day, for example, RFM told the Philippine Stock Exchange that Concepcion had bought 14.069 million RFM shares for a total price of P53.2 million. He bought 10 million shares in the morning at P3.80 each and another 4.069 million shares in the afternoon at P3.70 a share.

That will not be the last time that he will buy RFM shares, he says, as he firmly believes in the company’s prospects, given the steadily growing economy and the expected bump in household spending with lowering interest rates and steady inflation.

Concepcion is already one of the largest controlling shareholders of RFM, which he also describes as having an “excellent” dividend yield as well as a strong balance sheet and income performance.

RFM has declared a total of P1.3 billion in cash dividends for 2024, up from P850 million in 2023. The listed food and beverage company also owns half of the leading ice cream company in the Philippines that sells the Selecta, Magnum and Cornetto brands.

With sales coming in strong, especially with the holidays coming up, Concepcion should be getting his positive returns soon enough. —Tina Arceo-Dumlao