If it is true that the sale of PNOC-EC’s Malampaya interest was a direct order from the President, I want to believe she was misled. Or it is possible, her name is being used in vain, in an effort to fast track the sale. My source told me there was an effort to convince him to ignore even the minimum price guideline given by the PNOC-EC board. This explains why when asked to put the order in writing, there was hesitance.
If the President was properly informed, there will be no effort to sell. The sale simply makes no sense. The money to be raised is hardly significant to put a dent in the fiscal deficit situation even if they got it priced at market. Worse, the proceeds from the Malampaya sale could be a lot less if the Koreans and their investment advisers prove to be tough or convincing negotiators.
Already, I have a bad feeling about it. The letter of Vince assuring me that the price would be higher than acquisition cost of roughly $85 million could only mean they may not even sell it at market price. Why would an investment banker like Vince talk of acquisition cost? You get what the market would bear. With the price of oil rushing north, so would natural gas and the value of Malampaya. Acquisition cost should not even enter his mind.
I was also bothered when Vince wrote that they would use part of the proceeds to finance the discovery of "more Malampayas". That’s when it became clear he was pulling my leg. Not only are exploration costs to the account of prospectors, they won’t be able to raise sufficient cash to finance a few decent wildcat wells even if they used the entire proceeds for the purpose.
Besides, I thought they wanted to help with the fiscal deficit? They are confused about the reason for selling because they don’t have one good reason to do that. That’s why I think Ate Glo’s name is being used in vain. If told the facts, she would order them instead, to keep the Malampaya interests of PNOC-EC because it is a good investment anyway.
Engr. Caing relates he "went on study tour in Taiwan, four times within 1967-1971 to observe their Agricultural and Cooperative Programs." One of the things that struck him as sensible is how Taiwanese officials invited Yanmar, a Japanese firm manufacturing small farm machinery, even before they invited the Japanese car firms to replace their post WW2 vintage cars. "The small farm machinery was released to small farmers at subsidized costs and easy installments paid out of their improved periodic harvests."
Engr. Caing observed that we, on the other hand, "have dozens of foreign car firms assembling cars, including luxury brands, but not one reliable firm producing small farm machinery. Local sidewalk type builders of small farm machinery out of junk materials and second hand unsuitable gas engines are ignored by the government and DA."
In other words, farm mechanization has not been a government priority. Engr. Caing laments that instead of mechanizing, DA prioritized the improvement of the stock of our native carabaos, "hoping those slow moving animals will walk faster."
"In Samar provinces, they are still using the ‘payatak’ system of driving a herd of carabaos back and forth on rice fields to trample the tall weeds and plant rice seedlings on top. Unless DA will seriously move to mechanize the farming activities in millions of small farms, no amount of giving entrepreneurial skills to the poor farmers will improve their lot."
The engineer raises a good point. However, given the rising cost of imported energy, maybe if government finally starts helping farmers mechanize, they will include the option to use locally available fuels like alcohol or coconut oil.
Sen. Enrile and Sen. Angara were sponsoring a resolution commending the honest Pinoy cab driver in New York who went out of his way to return valuables left by a passenger. It was one of those ho-hum resolutions and it must have surprised Sen. Enrile and Sen. Angara when Sen. Joker Arroyo stood up to oppose it.
Sen. Joker asked why the special treatment for this cab driver from New York when there are many other honest cab drivers here in Manila who are not honored by the Senate. At this point, another senator tapped Sen. Joker to tell him that the New York cabbie is a Sigma Rhoan.
At that, Sen. Joker beamed and announced that because of the new information he just got, he is withdrawing his objection. After all, Sen. Joker impishly smirked, "an honest Sigma Rhoan is a rarity these days."
Presiding officer Senate President Frank Drilon banged the gavel furiously declaring that the last statement is stricken off the record. Enrile and Drilon are Sigma Rhoans, so is Sen. Angara. Sen. Joker is an Upsilonian like Sen. Dick Gordon and Sen. Kiko Pangilinan. Kiko was just newly reinstated after having been expelled by the fraternity for many years because he failed to vote for an Upsilonian as UP President when he was the student regent.
Of course Sen. Joker was joking but the Sigma Rhoan presiding at that time wanted to make sure Joker’s sense of humor at the expense of his fraternity was not preserved for posterity in the Senate records. That would have been enough reason for a rumble in the old days.
"Darling," said the affectionate husband, "I’ve insured myself for $1,000,000. Should anything happen to me you will be provided for."
"Good," said his loving wife, "Now you won’t have to call the doctor every time you feel sick."
Boo Chanco’s e-mail address is philstar_chanco@yahoo.com