BIZ BUZZ: Christmas bonus to the max

Looks like officials of this powerful regulatory agency are simply determined to have as big a Christmas bonus as possible this year, by whatever means necessary.

Unfortunately, private firms that are angling for a contract or a decent rate of return on their investment are being forced to pick up the tab.

Informed sources told Biz Buzz that an individual is actively negotiating for a Christmas bonus of as much as (gasp!) P75 million from one of the country’s tycoons that regularly deals with this regulator, which is never far from controversy.

How did the P75 million come about, you ask?

Apparently, these avaricious officials’ greed knows no bounds and has even devised a tariff scheme.

Similar to how crooked public works officials get a commission from government contracts such as flood control projects, these officials get a percentage of the income to be derived over a contract period that can run into the billions.

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Private firms are grumbling over the fact that the greed of these officials today are “next level,” to think that the public sector is under greater scrutiny these days because of the public anger over graft and corruption.

So either they don’t know about it, or just don’t care. Either way, poor tycoon.

If he or she pays, a lifestyle check should come next to see where that money will end up – a new luxury car with free umbrella? Abangan!