I would have titled this piece “Babalik Ka Rin” but decided against it, lest that I be accused of copyright infringement. Still, this song which debuted in 1994, written and sung by Gary Valenciano, dedicated to the overseas Filipino workers (OFWs) keeps ringing in my ear as I said before like a last song syndrome.
“Saan ka man naroroon ngayon, Saudi, Japan, o Hong Kong
Babalik ka rin, babalik ka rin, babalik ka rin.
Ano mang layo ang narating, Singapore, Australia,
Europe, o Amerika, babalik at babalik ka rin”
The “Babalik Ka Rin” phrase came springing up in the course of my conversion with a market observer, who said he thinsk that the longest 501 resident, former Bangko Sentral ng Pilipinas Amando “Say” Tetangco,will return to the banking scene. The two-year prohibition imposed on former BSP officials to join any banks or financial institutions lapsed in July last year.
“Banking has always been his best competency,” said my market observer, sharing his thinking that Gov. Say will soon be back in the banking scene.
Yes, Iris, your GOAT (greatest of all times) will do a MacArthur: He shall return. But, which lender or bank needs or requires the services of Gov. Say?
I did some sleuthing with my ears on the ground and my eyes wide open, I learned that former Florencia “Flor” Tarriella will soon step down as chairman of Philippine National Bank (PNB). Ms. Flor joined PNB as an independent director in 2005. Prior to that, she was finance undersecretary.
She is stepping down because she has reached the term limit for an independent member of the board of directors.
Announcement of her impending retirement has yet to be made. My source said the disclosure of Madame Flor’s retirement will have to be done in compliance with Securities and Exchange Commission (SEC) Circular #16. Under the circular, the SEC to be notified five days upon a notice of resignation and/or vacancy.
Where will Gov. Say fit in in this scenario? I heard that the Lucio Tan Group is scouting for a new chairman. And, Gov. Say is one possible candidate.
The new chairman will be elected this April 27, PNB’s scheduled stockholders’ meeting.
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As I’ve promised, here’s an update on the Bankers Association of the Philippines (BAP) change in leadership continuing saga.
My deduction was 100 percent correct. I heard from the banking community and-this was affirmed by PNB President Jose Arnulfo “Wick” Veloso that he will head the influential banking group starting next month, taking over from BPI Pres. Bong Consing, who wil be retiring this April.
Some market observers say Gov. Say and Mr. Wick will be a formidable tandem.
We will closely monitor how this will unravel.
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