Biz Buzz: Duterte peso bills

If you’re wondering when President Duterte’s signature will start appearing on the country’s peso bills, we have the answer for you.

According to Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr., the series that will be signed by the new President will be ready by the fourth quarter of this year. Authorities will start releasing these bills into the market by yearend, and will most likely be widely circulated by the first quarter of 2017.

The lag in the introduction of the new banknotes is the standard time it takes to use up BSP’s existing stash of older banknotes through natural attrition and replacing them as they are destroyed in the central bank’s underground shredding facility. Of course, the central bank can’t simply add new bills in circulation without devaluing the peso, so new banknotes can only be introduced into the financial system as the old ones are destroyed.

Unlike the series of bills introduced during the early years of President Aquino—which coincided with a periodic update of the currency’s designs—the President Duterte bills will still use the current (and still relatively new) format. Only the signature of the President of the Republic of the Philippines will be different.

“As in the past, there is no commemorative logo or special features other than those introduced during the launch of the new generation currency banknotes in December 2010,” said BSP Deputy Governor Diwa Guinigundo who is in charge of the central bank’s currency printing and minting operations.

Of course, by late 2017, the peso bills will have two new signatures on them. In addition to the President’s, the peso banknotes will also bear the signature of the new BSP governor, as Tetangco’s second term of office (the law does not allow a third reappointment) ends in July next year.

For now, whose signature that will be remains a mystery, although some names are already being floated for the position… or are floating themselves, if you know what we mean. Daxim L. Lucas

Aborted appointment

SHE WAS all set to head the news team of state-owned People’s Television Network (PTV-4) and practically agreed on plans to build a People’s Broadcasting Corp. that would become a quintessential public information hub that does not rely on advertising, like the BBC. But once veteran broadcaster Charie Villa was back from a US vacation to formalize her employment, the offer to join PTV-4 wasn’t there anymore.

One theory is that Communications Secretary Martin Andanar, the one who had backed Villa for the post, was overruled and that several interested parties are now jockeying for the post.

But a juicier version is that some of Villa’s personal political views—some of which may have been shared on social media—may have given some Duterte lieutenants second thoughts about such a feisty woman leading the PTV-4 news team.

Villa has been vocal against extra-judicial killings and the proposed burial of ousted president Ferdinand Marcos at Libingan ng mga Bayani (Heroes’ Cemetery). No, this isn’t the type of person who will toe the line.

But a broadcaster like Villa, who had three decades of experience (she had worked as senior producer for Reuters News and headed ABS CBN’s news and online business regional group until late 2014), will never run out of employment options. She’s back in the field as a stringer for CNN International, which incidentally is closely documenting extra-judicial killings related to the all-out war against drugs. Doris Dumlao-Abadilla

Fake bonds

THERE are less than a million people in this part of the world who trade in the stock market.  But there are probably enough Pinoys who know or have heard about the Philippine Stock Exchange (PSE) as an institution for scammers to use its name in vain.

The PSE recently issued a warning against the unauthorized use of the PSE logo, memorandum template and the signature of its president and CEO, Hans Sicat, by unscrupulous individuals and groups as a potential tool for fraudulent acts.

Recently, the PSE has received a copy of a fake memorandum being circulated containing the PSE logo and the signature of its officials with the subject “claims and credit of bonds” and “schedule release of stock investments.”

Apparently, there’s a group of scammers who had sold fake PLDT bonds and used the PSE as an excuse when it’s time for the investor to collect the interest.  “There’s this scammer who is using a fake PSE memo which advises the bondholders of deferment in payment of the interest of the fake PLDT bond,” PSE COO Roel Refran said.

The PSE, of course, has nothing to do with this and it is not its business to apologize for any issuer-company. Doris Dumlao-Abadilla

Liberty waiting game

PLDT and Globe Telecom formalized their takeover of Liberty Telecoms Holdings Thursday via a board revamp. But far less certain was the fate of Liberty’s minority stockholders.

Liberty held its annual meeting which was, unusually, closed to reporters. Nevertheless, we heard questions ranged from concerns over a legal entanglement with the government anti-trust regulator and, of course, the tender offer for their shares and the value.

(That was earlier supposed to happen within this quarter, to be followed by its delisting from the PSE).

On both counts, there was apparently no clear answer.

PLDT and Globe were still seeking the Securities and Exchange Commission’s opinion on the matter. Valuation is also tricky, since PLDT and Globe acquired Liberty via San Miguel’s holding company Vega Telecom, which is unlisted.

One shareholder said it should have been at the same price that PLDT and Globe paid for Liberty. We say that’s tricky because up to now, it’s not certain what assets the company held.

For a time, Liberty was thought to hold most of the coveted 700 Megahertz frequencies of San Miguel Corp. But from what we hear from the National Telecommunications Commission, these were all assigned to another Vega company, Bell Telecommunications, some time ago.

In fact, the NTC itself announced the co-use of frequencies signed by PLDT and Globe was specifically with Belltel,

With all these issues that have yet to be clarified, stockholders looking for any exit might have to wait much longer before finally being liberated of their Liberty shares. Miguel R. Camus

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