Can’t Get Enough
The strict mobility imposed under MECQ has prevented this foot loose from going around town to look for vignettes and other small items that would fill you in for a better view of what’s up around town.
On the backdrop of the two previous columns, the issue of the network war keeps coming back with sources sharing some of the juicy items. I’m definitely done, for now. The network war, this item will never end simply because it incentivize network management to provide better service and programming to the general public.
As my editor acknowledges, my default mode is almost always business rather than politics. Although, I would argue that there’s also political maneuverings in business, which is sometimes deeper than the scars from the wounds inflicted by politics.
The current rumours going around the banking community what happens to the outstanding obligation of the rainbow network in the aftermath of its franchise non-renewal. An international newswire agency has already reported the television channel has a total of P27 billion in liabilities.
Of the amount involved, 71.6 percent or roughly P20 billion is owed from the country’s two top notch lenders – one financial institution is owned by a notable family from the City of the South and the other lender is representative of the archipelago or the islands that comprised the Philippines. The balance is spread among other financial institutions, though, of lesser amounts – millions which is absorbable and the provisioning affordable.
A seasoned banker was heard commenting why the bank management nearly doubled its exposure to the network last year when they already knew that its franchise is up for renewal. The outstanding is reportedly P11 billion with almost P9 billion owed to bank wearing the blue and white colors.
This gives credence to the report a day or two ago by a local online website that the owners are negotiating or selling its cable network to two industrialists – one from Davao who has a namesake gentleman from Northern Luzon whose business involves capable connectivity. The other one belongs to the mestizo family lording over the main avenue of the Central Business District of Makati.
Another reason for the reported disposition is the news that in the near or the medium term, law and policy makers are seriously considering imposing a franchise requirement for cable operators.
Cashing-in while they can is a good enough move for me.
Another hush-hush around the banking circle is swapping of position between lawyer Jun de Zuniga and Anita Linda Aquino. That’s right, her name is Anita Linda – maybe her mom is a big fan of multi awarded actress Anita Linda.
De Zuniga is reportedly joining the board of the Philippine Deposit Insurance Corp. replacing Aquino, who recently took her oath as the newest member of the Monetary Board (MBM), the policy-making body of the Bangko Sentral ng Pilipinas.
Aquino was appointed as MBM replacing de Zuniga, whose six-year tour of duty expired last month.
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