Two done, one to go

There’s talk another Eastwood-Libis would be put up in the Cultural Center of the Philippines complex. The land belongs to the CCP, of course, which makes the CCP a stakeholder (and potentially cash- rich). The private group–which has already been identified – will develop the property.

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Agriculture Secretary Luis Lorenzo Jr. has been trying to put in place a management system that has worked quite well at Lapanday Corp. In that system, the chief executive officer relies on trusted point men in sensitive departments/divisions, who can make quick executive decisions on their own, on the one hand, and who can keep the CEO abreast with what’s happening, on the other hand.

Such a system enables the CEO to concentrate on the big stuff – like selling the company to its different publics–while leaving the task of fighting the occasional small fires to the point men.

That isn’t what is happening at the Department of Agriculture where there is some confusion as to who runs the day-to-day show because, well, the point men are Cito Lorenzo’s boys and the Undersecretaries (with their own trusted people) often do not often see eye-to-eye.

Result? In at least four cases, Mr. Lorenzo signed a memorandum or another that had to be taken back or cancelled the next day.

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Jollibee Foods Corp. president and chief executive officer Tony Tan Caktiong visited China so often last year and early this year that it was almost a foregone conclusion an outlet would be set up there sooner or later. As it turns out, it’ going to be later – certainly not this year.

As everybody knows, Mr. Tan is also the company’s number one site investigator, particularly for JFC’s branches overseas.

Early in its overseas expansion, JFC gave the US master franchise to former Finance Secretary Edgardo Espiritu. JFC eventually bought out Ed Espiritu.

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Bank notes: Early on in his six-year term, Bangko Sentral Governor Rafael Buenaventura identified three commercial banks which would have to be rehabilitated – if they were to compete at all.

Halfway into his term, Paeng Buenaventura has seen the start of the rehabilitation programs of the Philippine National Bank and the Philippine subsidiary of United Overseas Bank (formerly called Westmont Bank).

The rehabilitation program for the third bank–United Coconut Planters Bank – is currently being worked out. Cocobank’s problem is its inability to raise its capital base since 1986 when its shares were sequestered by government, through the Presidential Commission on Good Government.

Working out the ownership problem is Finance Secretary Jose Isidro Camacho and, to some extent, Philippine Deposit Insurance Corp. president Ricardo Tan.