Insuring politics

Bulacan Rep. Lorna Silverio, the third wife of former Congressman Ricardo "Carding" Silverio, is reportedly at loggerheads with his son Ricky Silverio Jr. over Centennial Insurance. Ricky Jr. is claiming the firm is part of his inheritance after it had been taken over by Lorna. Centennial Insurance has been allegedly suffering from solvency problems probably because of the infighting within the Silverio family. Insurance Commissioner Ben Santos has been trying to clean up the pre-need industry by weeding out inefficient small insurers. The Congresswoman was said to have gone crying to President Arroyo complaining about what Commissioner Santos is doing. With the impeachment sword hanging over her head, GMA allegedly promised she would do something about it. Industry observers say that if Santos, who has been doing a good job, gets the boot – then it would once again prove that politics as usual is being insured instead of the public good.

Appeal for help from retrenched employees

Employees who were made "redundant" – which is actually a euphemism for "retrenched" and "fired" – last June by this notorious metallic sounding company are appealing for help. They were promised full payment by the end of July but to date, they have yet to receive full payment of their last salaries plus unpaid salaries and their 13th month pay for 2004. The company has applied for rehabilitation and hearing has been set for August 24. If its plan is approved, the company promises to pay creditors within eight years. Meantime, the retrenched employees are suffering, and could not wait for eight years before they get paid because they need the money due them now to buy food, pay for bills and other needs. These employees have been forced to borrow from various sources and their creditors are not willing to wait for eight years to get paid. Missing just one payday is already a great burden for ordinary employees, how much more two months or more of unpaid salaries, the employees lamented. What makes things worse for those retrenched employees is the fact that while many of them are at their wit’s end to make ends meet, the owner’s daughter, who is also the company SVP, is reportedly seen shopping to her heart’s delight and amassing items from an upscale mall. The employees are in cold company, indeed.

The gathering storm

Our business Eye Spy disclosed that this packaging company has got everything all wrapped with the conclusion of its collective bargaining agreement (CBA) that will last for the next few years. Stiff competition from local rivals, however, is forcing the company to downsize, with about 200 employees to be "made redundant" a couple of months from now. The company will also shift its focus from the food packaging business to packaging cancer sticks for the world’s biggest player. However, not even this new business will be able to save those who will be downsized as only 80 percent will be re-hired to handle the new machines. Looks like dark clouds are gathering on the horizon.

Prima facie diva

This lady solon who is said to look down her well-predigreed nose on media people, is reportedly convincing a certain prosecutor to look the other way regarding an ongoing case. According to the Spy-Ring, even without prima facie evidence, this diva wants the law to be twisted just a bit for her purposes and has thus offered some sort of incentive to this prosecutor who has a reputation for being on the auction block. The buzz is strong that interested parties are looking closely at the case – and the prosecutor’s subsequent actions – and are just waiting for the appropriate time to blow the case wide open.

Spy Tidbiz: The king of funk

Our London Ear Spy reported that a young Filipino entrepreneur’s company was recently listed in the London Stock Exchange, making him a certified peso-billionaire on paper. Not surprising, considering the phenomenal increase in the ringtone downloads from US cellphone users from five percent last year to 23 percent. A recent study by marketing research group Ipsos.Insight said the phenomenon is intriguing considering that ringtone downloads often cost twice as much or even more than high-quality PC-based digital tracks. The inclusion of the entrepreneur virtually makes him the "King of Funk." What could be his secret? As Chinese businessmen always say: Volume, volume, volume! So simple but always overlooked.

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