He’s so vain

Bank notes 1: Not content with undergoing liposuction – the real reason for his dramatic weight loss – this head of a financial institution decided to also have a hair transplant. The guy admittedly looks good on TV these days (but don't tell him that because he's already exceedingly vain).

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Bank notes 2: President Macapagal-Arroyo has yet to appoint the replacement of Philippine Deposit Insurance Corp. president Norberto Nazareno, who submitted his letter of resignation last Friday to Finance Secretary Jose Isidro Camacho.

Boy Nazareno, however, asked and was given a directorship at PDIC. He was sworn in as PDIC director that same afternoon.

PDIC's officer-in-charge is executive vice-president Rosalinda Casiguran.

Mr. Nazareno cited poor health (after a multiple bypass early this year) as his reason for resigning. He didn't have to actually say that the PDIC job is exceedingly stressful because everybody knows that.

During his stint at PDIC, Mr. Nazareno ably and speedily handled the liquidation of Urban Bank and its eventual sale to Export Industry Bank as well as the increase in government's stake in Philippine National Bank to the same level as another stockholder, Lucio Tan.

It, of course, helped that Mr. Nazareno and Bangko Sentral Governor Rafael Buenaventura understood the number one rule in handling problem banks – that of transparency to stockholders, clients, creditors and the community at large.

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After only a month or two into his job, Securities and Exchange Commission commissioner Jess Martinez is already eyeing the job of chairman Lilia Bautista, who has been sending feelers that she’s staying only until September 2003.

Ms. Bautista cites the age factor as her reason for wanting to step down before her fixed term ends in 2007.

Mr. Martinez’s main qualification for the job is, uh, his dedicated single line or DSL to God. (They’re said to be that close.)

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Come December, Taiwan-based Far Eastern Airlines will have regular flights from Taipei to Subic. This means the days of those chartered flights that have directly brought in groups of Taiwan businessmen and tourists to the special economic zone are over.

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Most of the Bay Area hotels would be happy with a 50 percent occupancy rate.

Last Saturday, the occupancy rate of Heritage Hotel was 95 percent. Most of the transients were big-time gamblers who came for the opening of the hotel’s second casino.

The first casino is operated by the Philippine Amusement and Gaming Corp. The second casino is operated by the Jimei Group, which has learned a thing or two from the Macau gambling operations of Stanley Ho.

Like other Pagcor licensees, the deal here is the casino should cater to foreign gamblers willing to lose their money on Philippine soil.