Silent no more

Now that Henry Sy has purchased a huge property in Baliuag, Bulacan, the talk naturally revolves around the building of an SM mall (the second in the province) in the near future.

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Tourism Secretary Richard Gordon is going to launch next week a light and sound project in Imus, Cavite – a smaller version of the Intramuros light and sound project (which Globe Telecom, Inc. president Gerardo Ablaza Jr. is interested in sponsoring) and of the WOW! Hilaga project in San Fernando, Pampanga.

The workhorse behind the WOW! Hilaga project in the old Paskuhan complex is former Trade assistant secretary Fernando Hernandez, who has since moved laterally to DoT. Basically, the project showcases the cultural heritage of the four regions north of Manila as well as provides a venue for entrepreneurs and restaurateurs who have to go through a screening process from the group of Ferdie Hernandez.

The DoT has also similar projects in government properties in Cebu (for the Visayas) and in Zamboanga City (in Mindanao).

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With the appointment of Cesar Purisima, SGV & Co. can now claim to have nurtured three (still living) Trade Secretaries. The other two are Roberto Ongpin, who is now a venture capitalist, and Rizalino Navarro, who is chairman of the Rizal Commercial Banking Corp. (By the way, Roy Navarro – who was named after national hero, Jose Rizal – celebrated his birthday two days ago).

Mr. Purisima’s successor at SGV, David Balangue, is an interesting – if highly logical choice. Dave Balangue was vice-chairman and deputy managing partner to Mr. Purisima’s chairman and managing partner.

The extremely low-profile Mr. Balangue was also the internal watchdog and official "conscience" of the auditing firm. Basically, he was the go-to guy when anybody in SGV had doubts on whether or not to proceed with a particular course of action, either because of legal or ethical issues.

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The demand for SME financing has been so huge this year that Quedan and Rural Credit Guarantee Corp. president Nelson Buenaflor has started borrowing from government financial institution, Land Bank of the Philippines, and two privately owned banks, Allied Banking Corp. (which is majority owned by Lucio Tan) and Philippine Veterans Bank (which is owned by war veterans and their children, including former Presidents Ramos and Estrada).

Taking out the commercial loans – at an average seven percent from the banks, and a higher rate from Quedancor to SMEs – has been a blessing in disguise. You see, SMEs understand the loans are not government dole-outs and need to be repaid.