Gagni’s Gleanings
By Lito U. Gagni
Buisness Mirror
By Lito U. Gagni
Buisness Mirror
THERE is an interesting exchange of correspondence among the CIIF Oil Mills Group, the Bureau of Treasury (BTr) and the Presidential Commission on Good Government (PCGG) on where the P57.669-billion coco-levy funds are lodged.
The funds were received by the CIIF from San Miguel Corp. from out of the proceeds of the redemption price of P75 per share for the SMC preferred shares that the CIIF Oil Mills Group owned, arising from the coco-levy funds that were recently decided by the Supreme Court as belonging to the government, supposedly in trust for the coco farmers. The checks that the CIIF received from SMC were ordered turned over to the BTr by PCGG President Andres D. Bautista.
But when CIIF OMG President and CEO Jesus L. Arranza asked Bautista where the huge coco-levy funds were, as well as the documentation about the checks that were earlier mentioned, the PCGG head told Arranza to direct his query to the BTr, headed by National Treasurer Rosalia de Leon. The reason? Even Bautista himself was clueless on where the proceeds were deposited.
And so Arranza wrote de Leon early this month: “We are formally requesting that the 14 CIIF holding companies be provided with copies of the documentation executed or signed in connection with the opening of account(s), and the deposit of the aforesaid checks to said account(s), for our file. Lastly, we would appreciate receiving an update on the balances of said account(s), and interest that has accrued thereon as of 30 November 2012.”
To our knowledge, a reply has yet to be made.
Globe outsmarts Smart
WHEN Supertyphoon Pablo devastated Surigao del Sur, Agusan del Sur and Davao Oriental, the Internet chatter was about Globe’s services still up and running in crucial parts of the devastated areas, whereas Smart had a hard time putting its services on line. If this is the portent of things to come, then Globe was much wiser in putting in practically new facilities in its cell sites.
Social-media chatter after Pablo hit that part of Mindanao showed that Globe had its signal in Mangagoy, Lingig and Bislig in Surigao del Sur, while Smart’s was down. In Santa Josefa, Loreto and Lapaz, Agusan del Sur, though, both Globe and Smart services were down. Three weeks later, Globe had a signal in Lingig, while Smart service was down; in Boston, Davao Oriental, Globe also has signal, while Smart does not have.
In a tweet of Mel van der Woodsen at @hateposh: “Good sunny morning friends! No more #PabloPH in this part of the country but still no signal from @SMARTCares. Buti na lang may Globe na.” For Ross at @roz_MESTIZO, he posted: “Still No #Smart network here in #IliganCity. Almost 19 hrs out of service. Pls fix it @SMARTCares if you really care.”
The battle for the mind of the consumers goes on in the social media. Here are some: “@SMARTCares Why is 3G pathetic here in Davao,” from @jingpm; “@SMARTCares ang hina ng signal ng pocket wifi here at 3rd floor admin building university of Makati. I’m paying for the load,” from @bulwark03; “Oh ang Mura ng promo ng Smart UNLI100 unli call &sms +80 sms to other network,” from @angeloruanto. Even in the sale of iPhone 5 for both telcos, the social chatter goes on, which just goes to show that the positioning game continues.
Market play on elections
WITH the expected dividends from the increased ad spending in the forthcoming political exercise, brokers are recommending the purchase of ABS-CBN and GMA 7 shares, with the former having a greater fan rating. The past three election years in 2004, 2007 and 2010 saw the price-earnings multiples of the listed TV stations going up by up to 17 percent as against the current PE of just below 13 percent.
The brokers’ bias for ABS-CBN shares arises from its recurring net income; as of September, it reached P1.6 billion, which already surpassed its year-end estimates by P100 million. Providing support for the bias toward ABS-CBN shares is the sterling performance of the company in the first nine months, as well as the projections that the economy would grow higher next year, what with the expected sovereign-rating upgrade looming.
ABS-CBN’s earnings next year is seen at P2 billion, which translates to earnings per share of P2.60 as against the possible P1.7-billion earnings this year that means a per-share earnings of P2.20.
Strict BSP rules
THE Bangko Sentral ng Pilipinas, when it grants liquidity assistance, makes sure that it secures the necessary promissory notes and opens a way by which it could go after those who mortgage their property should they turn out to be fraudulently titled. And the BSP relies on the Monetary Board, its governing body, before it decides to grant a loan to any financial institution.
Thus, when the Optimum Development Bank and the Manila Brickworks Inc. executed a deed of real-estate mortgage, the BSP named Andres Rustia, its managing director in charge of the Department of Loans and Credit and the Asset Management Department, as its signatory to the document that was made on June 29, 2001, for loans of more than P300 million.
Questions that would arise from the BSP assets that are later foreclosed, such as the ones above, then give options to the monetary body to go after erring mortgagors.
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