Yes, Virginia looks like tough times ahead for the corporates that are just picking up their business and trying to expand, and for us ordinary citizens with a possible protracted conflict between Israel and the Palestinian militant group, Hamas, on the horizon.
As we await for our leaders to confront, prepare and respond to the collateral damage arising from the Gaza strip encounters, the foreseeable trickle-down effects would be on the repatriation of our dollar earners, the OFWs, and the havoc it could create on oil prices that could trigger a spiraling inflation and uptick in interest rates. I’m going light this time.
I will veer away from “nosebleed issues,” although Zondie Garcia, independent director of GT Capital Holdings, Inc., always looks forward to reading my column as it’s “activating” her brain cells.
It now seems like billionaire businessman Lucio Co, who owns S&R membership shopping supermarket, Puregold Price Club, Philippine Business Communications (PBCom), among others, is expanding his business.
Following the success of S&R and Puregold, Mr. Lucio is trying his golden hands in mall operation. The tittle-tattle going around the business and the banking community is that he has recently acquired Alphaland Southgate Mall located at the corner of the main thoroughfare, EDSA and Chino Roces Avenue extension.
The purchase of the 9,496 square meter mall, owned by Alphaland Corporation of the late business icon Roberto Ongpin, was wrapped up with former Deputy Treasurer of the Philippines Roberto Juanchito “Jojo” Dispo.
Wonder what happened to Mr. Jojo, who was earlier rumored to join the government service back as a member of the elite Monetary Board? Well, he is now one of the closest lieutenants of the billionaire.
Considering the business alliance of Mr. Lucio and Alphaland Chairman of the Board and Chief Executive Officer Eric O. Recto, otherwise known as EOR, it is no brainer that the former gets the first crack of the mall.
The former finance undersecretary is the concurrent chairman of PBCom. In January 2008, Alphaland bought the unfinished structure from the Puyat family and South China Resources Inc. and turned it into a mixed-use building – mall and office headquarters for a number of BPOs.
Heard from the corridors of the Finance building that Mr. EOR has once again rejected the offer to go back to the department, this time around as its secretary as rumor that the current occupant, Benjamin E. Diokno, is to head the Maharlika Investment Fund.
As I write this, nobody is interested to accept the finance portfolio. One rumored candidate, Robinsons Land President and Chief executive Officer Frederick “Deck” Go, a one-piso Presidential Adviser on Investment and Economic Affairs, vehemently denied the possible engagement.
“It’s rumor mill overdrive,” refutes the former colleague in the Business section of the then Gokongwei-owned Manila Times.
On the other Recto, the deputy Speaker of the House Ralph Recto, well your guess is as good as mine.
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