The plot thickens

In a land steadily gaining the reputation as a country of plotters, especially among foreigners, the never-ending drama of plots and plans continue to unfold, especially after the experience of two EDSAs. Our Eye-Spy came across information that there will be a gathering of Ateneans and LaSallites in the house of Patrick Pantaleon at Banaba Street, South Forbes, Makati at 8 p.m. tonight. Our sources tell us that this peculiar mix of the rival schools’ alumni is to show solidarity in putting the pressure on GMA to resign. It seems to us mixing blue and green blood can indeed make the plot even thicker.

The Ultimate Service Experience

According to our Spybiz reader, he had been experiencing numerous problems with his BMW K1200 LT. He checked in his expensive bike at BMW for servicing at 5,000-km mileage before his planned Tacloban trip. The roads were rough so both rims were damaged, but what compounded the problem was the discovery that the tires were under inflated. To the surprise of the owner, BMW allegedly made the statement that the roads in the Philippines were not friendly to bikes and so it was not going to replace the damaged tires. The bike-owner had expected the tires to be good for up to 9,000 kilometers as the bike manual had claimed, and the 5,000-km mileage was a far cry from the limit. Despite his disappointment, the owner still had BMW repair the bike. Unfortunately, his problems soon added up: While in the shop, the windshield was scratched; the mirrors fell off without warning; the bike developed a bad wobble in the front end; and the owner found out the rear wheel was about to fall off because all the bolts had loosened, among others. Because of the lukewarm after-sales support and the subsequent delays in repairing the bike, the owner had come to the unhappy conclusion that the money he spent to buy the expensive bike was not worth it. Spybiz contacted BMW Philippines several times for its side of the story, but the response was just as lukewarm. Somehow, their service isn’t consistent with the "Ultimate Driving Experience" promise.

Bauang Private Power Corp. Reacts

Bauang Private Power Corp. (BPCC) executive vice president and COO Ernesto Pantangco wrote in reaction to a column item titled "Trouble brewing for FG in Bauang?‚ (Sept. 22, 2005). Mr. Pantangco’s letter, which was edited for space constraints, raised the following clarifications: First, that BPCC is not on the verge of bankruptcy as seen in its financial reports showing the company posted a decent income this year, as it has always done so since it began operations in 1995. Pantangco also denied talks of a possible buyout by Mirant Phils. Corp. and claimed the company has not been remiss in paying its legitimate taxes and obligations. He said that it is the obligation of the National Power Corp. (Napocor) to pay the real estate taxes of build-operate-transfer (BOT) projects such as the BPCC. Regarding the Central Board of Assessments Appeal’s decision ordering BPCC to pay real estate taxes to the local government of La Union, Pantangco said the decision is not yet final and that BPCC had filed an appeal with the Court of Tax Appeals to resolve the dispute once and for all, and that Napocor would shoulder the taxes in accordance with the said BOT agreement. Hopefully, this allays the jitters that the investing public had over First Gen’s planned IPO.

The Conservator Strikes Back Pre-Emptively

Although key managers of the beleaguered insurance company Nicphil have already turned in their resignation letters before Aug. 30 with the effective date at the end of September, the Insurance Commission-appointed conservator still saw fit to serve them notices of preventive suspension dated Sept. 26. The managers suspect that their board is in cahoots with the grossly overpaid conservator and is using her to forestall their resignations in order to force them to testify against ousted Nicphil president Emmanuel Ticzon in exchange for the easy release of their benefits. Or to allegedly pressure them to keep on collecting premiums from policyholders. The conservator, by the way, announced to the employees that she considered herself resigned during Nicphil’s special stockholders’ meeting two weeks ago. Could this be a case of the empire striking back?

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