“Buenaventura, who?” is the latest tittle-tattle circulating in the banking community.
Bankers and market players enthusiastically talk about veteran banker Gil A. Buenaventura as the seventh member of the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP).
Presently, Buenaventura is a director of the Rizal Commercial Banking Corp. (RCBC) and House of Investments, Inc. Before this, he steered RCBC as its president and chief executive officer.
The 71-year-old banker, who is said to be coming back to the country from Canada, fits the president’s criteria for filling the last seat vacated following the resignations of Bruce Tolentino and Anita Linda Aquino.
Another buzzword I heard, which this time is circulating around the Rotary Community, is “withdrawal.”
Nope, Virginia. I am not talking about withdrawals that involve removing funds from a bank account, savings plan, pension, or trust.
I am referring to the country hosting the Rotary International (RI) convention for the first time, scheduled for June 3-8, 2028. This gathering would bring an estimated 25,000 Rotarians and their families from around the world here.
Manila is no longer the city of choice for the 2028 RI Convention, which is held in different cities annually. Singapore was the host this year. It will be in Calgary, Canada, in 2025, Taipei, Taiwan, and Honolulu, Hawaii, in 2026 and 2027, respectively.
This is heartbreaking not only for me as a Rotarian but more so for the authorities, especially Tourism Secretary Christina G. Frasco, as the event is a boost to the local tourism industry. It, too, was described as a vote of confidence in the country.
On Jan. 14, 2023, Pres Jennifer Jones and her board decided to grant tentative hosting of the RI Convention 2028 to Manila, using Mall of Asia Arena, SMX Convention Center, Philippines International Convention Center, and World Trade Center as the primary venues.
From what I’ve gathered, the decision to withdraw the tentative hosting of Manila without any prior notice or hearing by Pres. McInally RI Board for Rotary Year 2023-2024 last June 27.
Not even the Host Organizing Committee, chaired by Past District Governor Samuel D. Pagdilao Jr., who, along with his executive committee, started the necessary groundwork, which includes ensuring service providers’ compliance with the RI Board's terms and schedule. The HOC was scheduled to submit RI a status report this coming October.
In a letter dated June 28, McInally disseminated the formal notice of withdrawal, with the caveat instruction to keep it within the Manila HOC until a formal announcement is issued, which, up until this writing, has yet to receive an official word from RI.
What is telling, though, is that Manila was removed as host for the 2028 RI Convention on the Rotary website on Future Events and replaced with “TBD” (to be announced).
McInally wrote: “Inform the Manila HOC of the Board of Director’s decision to withdraw its tentative selection of Manila as the 2028 Rotary International Convention site due to three serious issues," foremost of which is reportedly to “protect the fiscal strength of the Convention Reserves.”
He cited that “Manila required an exception to critical criteria, which comes with a commitment of funds from the Convention Reserves. With continuing uncertainty about future convention reserves, the revenues, the general secretary has advised the Board to pursue lower-risk convention site options.”
And he justified that decision, saying that the “Board acted to minimize risk for reputational damage. To protect ongoing relationships with governmental entities in Manila and the Philippines, and to ensure that our established and contracting practices are maintained.”
Amidst these justifications, the Manila HOC chair hopes the withdrawal decision will be reconsidered and reversed.
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