GSIS has preferred stock brokers?

We received an intriguing letter from one of our regular readers, Mr. Victor Y. Bautista, who appears to have a perception that the GSIS, under the leadership of Atty. Winston Garcia, may have favored or preferred stock brokers who handle this government agency’s stock transactions.

It is common knowledge that GSIS and SSS stock trading transactions are some of the most sought after by Philippine Stock Exchange brokers if only for its sheer size.

Mr. Bautista writes that these transactions are charged a commission of 0.375 percent as against the PSE mandated minimum of 0.25 percent but with the volume and the looming GSIS fiscal problems, Atty. Garcia may find it prudent to demand for a "further" reduced rate from the original 0.5 percent.

What’s most interesting in our reader’s letter is regarding the choice of brokers that the GSIS has made from last year, and we quote,

"Late last year to early this year, major GSIS transactions were handled by Vivian Yuchengco’s First Resources, RCBC Securities (nominee – Ms. Alicia Arroyo, wife of Rep. Iggy Arroyo, the self-confessed Jose Pidal), and ATR-Kim Eng Securities (presidential brother Buboy Arroyo is also a partner). Most recent big transactions were coursed through Mandarin/Luy Securities, and BA Securities. Why the preference?"

Well, let me pass this letter on to Winston, who we had the privilege to have as guest in one of the recent editions of Breaking Barriers (Wednesdays, 11 p.m., IBC TV-13) where he was gallant enough to have an "on camera no holds barred" chat and was very appreciative to be given a chance to enlighten the viewing public about many of the issues that presently hound the GSIS.

Given the chance I’m sure the president and general manager of the Government Service Insurance System would be more than willing to give our readers, especially Mr. Bautista, a chance to look into the transparent process of selecting the brokers from the Philippine Stock Exchange who would handle the transactions of the GSIS.

Speaking of that interview, one of the questions that was e-mailed to us by one of our viewers upon knowing that we would have Atty. Garcia as guest was on the rationale behind the much publicized "buying spree" of art pieces worth millions and millions of pesos recently made by the GSIS.

Winston was so glad that question was asked as it had given him the chance to explain the questioned purchases. And in very simple terms he explained that history and experience have showed them that the kind of art pieces that they have recently acquired would appreciate in value better than investing in other present instruments. He cited facts and figures, which we find cumbersome for us to print here, to fully justify the investment move. He was also quick to add, "The fact that we are keeping these priceless works of our own hero artists in our shores for everyone to be able to see and appreciate is only the big, big bonus."

Changing Of The Guard At BMW

In simple ceremonies and cocktails at the Rizal Ballroom of the Makati Shangri-La, BMW’s outgoing country manager, Mark Gilbert bade goodbye to the friends from government, industry and media that he made during his three-year stay in the Philippines and turned over the reins of the representative company of this European carmaker to Dr. Joerg Breuer.

Mark’s stay in the country was marked by his aggressive marketing stance and the shaping up of BMW dealers into being more service-oriented and customer-friendly.

Although according to some industry sources, despite this exceptional managerial leadership, BMW Philippines financial statements still need to look a lot rosier than what it is presently.

Are we to see "black in the columns" with what seems to be an improving political scenario in the country and a "changing of the guard" at BMW?

ARESCOM Keeps It Up

During the recent 143rd birth anniversary of our National Hero Dr. Jose P. Rizal, some 150 reservist officers and enlisted personnel of the 403rd CDC under the command of Lt. Col. Joseph R. Galam, took part in a highly successful civic-military parade held in Calamba City in Laguna.

In recognition for this socially relevant feat of the Military Reservists Group, Calamba City Mayor Severino J. Lajara presented to Lt. Col. Galam a plaque of appreciation.

The ARESCOM, under the overall command of Gen. Dionisio A. Torina, have been all out in making the youth more interested in leadership, discipline and love of country as it looks forward to their anniversary this Wednesday, July 21.

Kudos to the ARESCOM.

Mabuhay!!! Be proud to be a Filipino.

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