Biz Buzz: The hunt for new trade czar
Now that ex-banker Alfredo Pascual has bowed out as trade czar, the next big question is: who will fill the void at the Department of Trade and Industry (DTI)?
The rumor mill suggests that the post may go to Arsenio Balisacan, currently National Economic and Development Authority (Neda) secretary and previously chair of the Philippine Competition Commission (PCC). However, there’s popular opinion among informed observers and people who know him well that there’s no need to rock the boat at Neda. As they say, if it ain’t broke, don’t fix it.
But the fact that he’s being considered to take over a portfolio that immediately needs new leadership also shows President Marcos’ high confidence level in Balisacan. Such is evident during Cabinet meetings, we hear.
Mr. Marcos is also seen to have the option to cherry-pick from a rich pool of leaders from the legislative branch, as he has done so for the finance (Ralph Recto) and education (Juan Edgardo Angara) departments. We’re talking about Sen. Grace Poe, who is said to be “not averse” to accepting a new challenge. How does Trade Secretary Grace Poe sound?
File Photo from House of Represntatives Facebook page
Meanwhile, economist and House Rep. (Marikina second district) Stella Quimbo yesterday reiterated to us that her plans to run for Marikina mayor hasn’t changed, thus refuting persistent rumors that she would join the Cabinet (to lead either DTI or Neda). She is also among those who believe that Balisacan is the “ideal” Neda chief. “[He’s an] academic, experienced, fair, pleasant, marathoner kaya hindi napapagod (that’s why he never gets tired),” Quimbo, who had worked with Balisacan at the PCC, told Biz Buzz. She also noted how steadfast Balisacan is in championing reforms, particularly the hotly debated tariff reductions.
Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs has also repeatedly denied to us that he would take over the DTI post.
Then, there are other private sector leaders who could also take on the challenge.
All told, the DTI needs someone who can sell the Philippines to investors, one who knows what it takes to dismantle barriers to the country’s commitment to be “open for business.” —Doris Dumlao-Abadilla
A bite of AC Health up for grabs?
Is health care becoming more attractive now to investors?
It seems so in the Philippines, and at the country’s oldest conglomerate at that.
A report by Reuters on Monday hinted that Ayala Corp. was exploring a potential deal to sell a minority stake in Ayala Healthcare Holdings (AC Health), the conglomerate’s health-care arm.
The report cited sources saying this could value AC Health at $500 million, and that Ayala had already hired Bank of America to explore the sale.
AC Health has yet to confirm the rumor, but this could mean a great deal for the company’s plans to have at least 10,000 patients under the care of its cancer specialty hospital by the end of the year.
Healthway Cancer Care Hospital opened its doors just last February and promised some of the cheapest cancer treatments in the country. Let’s hope this deal pushes through! —MEG J. ADONIS
