The stewards of Volvo

Did you know 1: There’s one multinational company based in Roxas City that buys all available crabs grown in Capiz (billed as the country’s seafood capital) for export to Boston, USA.

Whatever is available locally are the leftovers.

* * *

Did you know 2: One multinational company distributes close to 80 percent of medicines produced in the county. It helps that the MNC’s sister-company is the toll manufacturer of choice of most foreign pharmaceutical companies.

Under Philippine law, global brands which are not produced in the country run the risk of being branded counterfeit drugs.

At the retail level, of course, the Mercury Drug chain of Mariano Que controls 60 percent of the market. The balance 40 percent are mom-and-pop operations, including the government-accredited botika ng bayan drugstores that sell India-made drugs of the same MNCs here at a fourth of the price that these are being sold in the Philippines.

* * *

This time around, Pasajero Motors Corp. president Franklyn Ong didn’t accompany his family for a much-needed vacation. Frank Ong is minding his new baby, the Cebu dealership of Volvo which encompasses both showroom and casa or after sales support.

This is the first third-party partner of Viking Cars Inc., which markets Volvo in the Philippines for Scandanavian Motor Corp., and the third Volvo showroom in the country. (The other two are in Metro Manila.)

Among other things, this means Mr. Ong is now officially a "steward" of Volvo, the name coined by Viking to include all personnel from president Albert Arcilla down.

* * *

My, my, Marikina Mayor Lourdes Carlos-Fernando has been very busy indeed selling the city to investors.

The most recent ones who have agreed to locate in Marikina are Henry Sy, who is putting up an SM mall, and George S.K. Ty, who is putting up a Blue Wave mall via Federal Land.

As everybody knows, Marikina has been promoting itself as the country’s "little Singapore", not so much in being a financial hub – it remains a commuter town – but in terms of the citizens’ discipline and adherence to the law and the local government’s pro-business orientation.

* * *

Lucio Tan has just completed one of six targeted water impounding dams in northern Luzon. The existing dam, which is located in La Union and is expected to benefit farmers within a 35-hectare radius, cost P1 million to repair at no cost to the local government.

Just for the fun of it, Mr. Tan has thrown in 50,000 tilapia fries which were released into the dam and 50 days worth of feeds even though tilapia is normally harvested at 45 days.

* * *

China Banking Corp. stockholders led by the family of Henry Sy have reason to be happy.

You see, the bank recently declared P2.56 billion in total dividends. Said another way, the bank declared a 35-percent cash dividend and a 35-percent stock dividend.

The management team led by Peter Dee has done pretty well by the bank, averaging net profit of about P2.6 billion a year for the past three years. Not bad for a bank which was once the country’s second largest bank and celebrating its 85th birthday this year.