Victor, the victor
With the Treasurer of the Philippines (TOP) Rosalia “Lea” de Leon now a member of the coveted Monetary Board, the scout for the chief investment officer of the much-vaunted Maharlika Investment Fund (MIF) has been narrowed down to two – Robert Vergara and Victor Valdepenas.
But, before Mr. Robert and Mr. Victor, my lion’s ear heard along the corridors of the Bureau of Treasury that it is highly likely Deputy TOP Sharon Almanza, who just recent got back from her stint in World Bank Washington D.C. will be the successor of Ms. Lea. DTOP Sharon is more senior that the other contender to the position, Erwin Sta. Ana.
Back to Maharlika candidates, both are excellent. But it’s not either of the two will do. The thing is the choice has to be such that he will enrich or enhance the so-called “credibility” of MIF.
The chosen one will have to “give credibility both to the institution and the position.”
Heard from the corridors of power, that Palace by the River, it is more likely that Mr. Valdepenas, known in the banking industry as Vic, will be the chosen one instead of Mr. Robert.
Although, all things considered Mr. Robert, also, has incredible and has wealth of experience. As the former president and general manager of state-pension fund, Government Service Insurance System (GSIS), he’s equipped with the knowledge on handling fund investment.
A holder of a Master's degree in Business Administration from Harvard University, he may have a bit of an edge over Mr. Vic. Lest I may be misconstrued here, I am not saying the retired banker is short-handed because he ‘s market savvy, having been the treasurer of Citibank, and his take on the market has always been looked up to.
Both are well meaning and well respected.
I am zeroing on the age gap here. Mr. Robert, at 68, is younger by eight years compared to the former Aboitiz-led Union Bank president, who is 76. Although, come to think of it, most of the Cabinet men are in their senior years, foremost of them is Presidential Chief Legal Counsel former Senate President Juan Ponce Enrile, who is nearing century already.
It’s their wisdom and cache of experiences that makes them a cut above the rest.
And Mr. Vic has always been attuned to market sentiments. His esteemed market insight is essential in making MIF work.
As we are all aware, there has been a differing view about the MIF. Some market players are apparently unenthusiastic with its thrusts. Though the objective of its creation is to be admired, MIF’s establishment “is not appropriate” at this time when the national coffers’ deficit position is bursting at the seams.
The deficit and interest rates are at all time highs. “These factors do not permit the creation of the institution (MIF),” expressed one diligent market observer.
Up until this writing and a little over seven weeks after it has been signed into law, the Palace has yet to name MIF’s main man. The reason: how to pull or incentivize Mr. Vic to take time out from his retirement haven in Tuguegarao to churn the wheels of investment according to its objectives.
And the lingering question: Will Victor be the victor? The market, here and abroad, is waiting for the announcement in bated breath.
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