Everybody knows about Jose de Venecia Jr. (JDV) the politician. But what about JDV the entrepreneur?

Pampanga 2nd district Representative and former president Gloria Macapagal-Arroyo recounted on Monday, Feb. 16 in her eulogy about the late former Speaker how he was able to beat major international companies in securing a deal with the Arabs just as they were raking in huge funds from their main export--petroluem.

"Let me share a legendary story about Joe the entrepreneur. After the 1973 Arab-Israeli war, oil prices quadrupled. Saudi Arabia suddenly had vast 'petrodollars'," Macapagal-Arroyo said in plenary, where De Venecia's remains were brought for the scheduled memorial service.

"Massive infrastructure projects followed. The ports at Jeddah and Jubail became overwhelmed, and the Saudi government invited global firms to bid for port management. The biggest international companies sent bids," she said.

"Yet to everyone’s surprise, an unknown company led by Joe won. How?" the ex-president asked, as she drew intrigue from friends and family of JDV.

Short answer: De Venecia had the foresight and initiative needed to pull it off.

"Joe realized that the large bidders had conventional mobilization plans—plans requiring months to build housing for thousands of workers before operations could begin. But Saudi Arabia needed immediate action," said Macapagal-Arroyo, an economist.

She described De Venecia’s solution as "bold", but unequivocally brilliant.

"[De Venecia] went to Greece, bought a mothballed tourist ocean liner, and towed it to Saudi Arabia to serve as instant floating barracks. With housing solved, he could begin operations at once," Macapagal-Arroyo recalled.

"Saudi Arabia needed speed. Joe offered speed. And he won," noted Macapagal-Arroyo, who served in Malacañang from 2001 to 2010.

She further reflected on her late ally's business acumen as it pertained to his being a public servant.

"I think that Joe’s skills in business served to develop his skills in politics. Joe’s instinct for timing, for understanding what a moment needed—and delivering it decisively—followed him into the halls of Congress."

Macapagal-Arroyo went on to give a specific situation where JDV applied this quality of his.

"I saw this firsthand in 1992. It was his first term as Speaker and my first as Senator. While Pampanga, Tarlac, and Zambales struggled under the weight of the Mount Pinatubo eruption, Joe bypassed the usual calls for momentary charity.

"He led the legislation for a P10 billion allocation for the relief, recovery, and rehabilitation of the Pinatubo victims—an audacious sum at the time. It restored hope to millions in Central Luzon and the prosperity that my province of Pampanga enjoys today," she said.

De Venecia, chairman emeritus of the Lakas-Christian Muslim Democrats (CMD), died on Tuesday, Feb. 10 at the age of 89.

"For more than six decades, Speaker de Venecia devoted his life to public service — as journalist, diplomat, entrepreneur, legislator, Speaker of the House, and global advocate for peace," his family said.

He is the longest-serving Speaker in post-war Congress, having been elected as leader of the House of Representatives five times.