Biz Buzz: The last MB seat goes to…
The Monetary Board (MB) today has three economists (Eli Remolona Jr., Benjamin Diokno and Romeo Bernardo), several fiscal management experts (Rosalia de Leon and Finance Secretary/Cabinet representative Ralph Recto, while Diokno and Bernardo also qualify) and one veteran banker (Walter Wassmer, the newest appointee).
There’s one more seat to be filled up and this seat will go to another banker, complementing the expertise of the existing board members.
After all, the Bangko Sentral ng Pilipinas is not just the central monetary authority; it is likewise the chief regulator of the banking system. Some observers agree that having two bankers on the board will benefit the country.
According to the reliable grapevine, the front-runner for the last MB seat is Jose “Jojo” Querubin, a banker who has long made Canada his new home but will be plucked from retirement by no less than the CEO of the Republic.
Querubin—formerly president of United Coconut Planters Bank and before that, treasurer of Solid Bank —had met President Marcos when they were students at Wharton School of Business and thus enjoys the latter’s confidence.
Expect the key position to be filled up sooner rather than later. —Doris Dumlao-Abadilla
ALI shares rising; ALI buying
Over just a few days, the share price of property giant Ayala Land Inc. (ALI) rose by some 8 percent, and rising still.
Not a bad return at all for those who will cash out now, considering that some fixed-income instruments and deposit products, for example, yield just 4-5 percent a year.
But even then, ALI management believes that the shares are still undervalued, hence the “active repurchasing” of ALI shares from the open market.
So far, ALI has purchased P5.7 billion worth of its shares this year – had in fact been buying thousands of shares almost every day over the past two weeks – in line with its share buyback program approved back in 2020.
“We will continue to purchase our shares in the open market for as long as we see our share price trading at levels that are significantly lower than its intrinsic value. This buyback program is part of our disciplined approach to capital management and integral to enhancing shareholder value,” said Augusto D. Bengzon, ALI SVP, CFO and Chief Compliance Officer.
ALI had noted during its April stockholders’ meeting that 14 brokerage houses had indeed assigned a “buy” rating on ALI, with target prices ranging from P35 to P46 each, an indication of the company’s “strong growth prospects.”
With shares now trading at P38, there may still be time to put in money and bet on these bullish predictions coming true. — Tina Arceo-Dumlao
Who’s eating Big John?
Tycoon John Gokongwei Jr. lives on, not just in the business empire he built but literally in some of the Gokongwei Group’s consumer brands that pay homage to his nickname.
After rebranding convenience store chain Ministop as Uncle John’s, Robinsons Retail Holdings. Inc. has brought to the market a new potato chip brand named in honor of the late tycoon. We’re talking about Big John’s potato crisp, packaged in vertical tubes a la Pringles. We chanced upon the new snack offering prominently displayed at the Robinsons Magnolia Marketplace branch. It comes in four flavors: original, cheese, sour cream and onion and Japanese seaweed,
Asked about this new brand RRHI chief Robina Gokongwei-Pe told Biz Buzz that this is a private label offering of the retail network. It is exclusively manufactured, of course, by affiliate Universal Robina Corp., maker of local popular snack foods like Chippy and Chiz Curls and licensee of Japanese brand Calbee.- Doris Dumlao-Abadilla
Mabuhay for everyone! But…
Some of us non-Mabuhay Miles elite, premier elite members and million-milers will finally get a taste of that “free” buffet offered inside Philippine Airlines’ (PAL) exclusive Mabuhay Lounge at Ninoy Aquino International Airport Terminal 1 … but only if we have $45 (around P2,600) to spare.
In a newsletter sent to Mabuhay Miles members last week, the flag carrier said the lounge, which was previously exclusively offered to PAL’s business class passengers and Mabuhay Miles Elite-tier members, was now available for economy and premium economy passengers.
The newsletter says passengers only need to present their PAL boarding pass—proof that they already probably paid a hefty amount for their flight—at the lounge and pay $45 via credit card, GCash or Maya to enjoy the added comfort.
It goes without saying that $45 can already get you a nice meal or a hotel room somewhere else—probably your destination for vacation—but maybe some really do have enough to splurge, on PAL’s famous arroz caldo, at the very least. —MEG J. ADONIS
