Port King Ricky Razon’s solution to congestion

We were invited for lunch the other day by our billionaire-friend Enrique “Ricky” Razon at Yakumi, the signature Japanese restaurant of his Solaire Resort and Casino. Ricky told us that Solaire is doing extremely well under the new management team, especially with the completion of expansion plans showcasing the world class features of the integrated casino complex with high-end shops and a theater to complement the gaming facilities and hotel rooms.

Also known as the “Port King” due to the successful global operations of the International Container Terminal Services Inc. (ICTSI), Ricky weighed in on the nightmarish congestion at the ports where delays could cost the country as much as P320 billion annually.  Obviously, we will need more roads to handle the huge volume of cargo, Ricky told me, but the truck ban imposed by the City of Manila – which has affected operations at the Manila International Container Port and the Port of Manila – has resulted in a glut and wreaked havoc on operations. Truckers and cargo companies also complain that they are hemorrhaging from additional costs due to nighttime deliveries, not to mention the added fees for warehousing.

Apparently, the problem lies not so much with the cargo trucks, but with the big volume of vehicles that traverse the roads of Metro Manila. While a skyway from the port area to strategic points in Metro Manila would help decongest the roads, this will take long to finish, not to mention the fact that it will make traffic even worse than it already is.

Ricky told us that several years ago, they tried moving the cargo from the port area through several points of Luzon using the PNR rail system, but one of the problems was the poor condition of the railroad tracks plus cost of downtime since some stations only have single rail tracks – which means cargo from one direction has to be delivered first before the train makes a return trip to the opposite direction. ICTSI lost some P1 billion from this brilliant idea. He’s prepared to take another investment risk if the government can do its part by putting up another railroad track purely for cargo.

While many people appreciate the efforts of the local government of Manila to ease the congestion by implementing a truck ban, the reality is we do not have enough roads to accommodate the increasing number of vehicles on the streets of Metro Manila. Manila Vice Mayor Isko Moreno has been very aggressive in his defense of the truck ban, yet he admits that the local measure may have “contributed” to the worsening of the problem.

I guess this young man turned vice mayor should also be ready to admit the bigger consequences of the truck ban with regard to the economy of the country – especially with reference to the upcoming ASEAN economic integration where the continuing congestion could turn off potential investors and undermine the economic progress we have achieved so far. Maybe vice mayor Isko Moreno should go to school and learn the impact of local legislation on business and the economy.

Alphaland to appeal PSE decision

Following the 54-page decision of the Philippine Stock Exchange released last Monday that Alphaland Corporation had been delisted, business tycoon Roberto “Bobby” V. Ongpin lost no time in issuing a statement all the way from Europe – dictated no less to Alphaland Corporate Secretary Rodolfo Ponferrada – to clear the confusion among shareholders, club members and the public.

Bobby is particularly concerned that media reporting may have given the misimpression that the delisting is tantamount to the “demise” of Alphaland – which could affect every aspect of the business.

“Alphaland intends to move for reconsideration of the PSE decision. If the PSE does not reconsider, Alphaland will appeal to the Securities and Exchange Commission. Beyond the SEC, Alphaland will further elevate it to the courts (first by appealing to the Court of Appeals and then, if necessary, to the Supreme Court). Needless to say, until the mentioned appeal process is exhausted, the PSE decision does not become final and executory. In the meantime, during the appeals, process, the status quo remains,” the statement read, stressing that the PSE decision is not yet final and executory.

In an earlier letter to the PSE, Ongpin also asked the PSE board to exclude Ponferrada and Alphaland president Mario Oreta from the order that disqualifies them from becoming directors and/or executive officers in any company applying for listing with the PSE for a period of five years.

“I have always been consistent in my position that the disclosures Alphaland made… are not violative of the disclosure rules and more importantly were not intended to prejudice the public in any way,” the letter noted.

“As far as Mr. Oreta is concerned, I categorically state that he had nothing to do at all with the disclosures in question. Hence, I believe that a serious injustice would be done if both Attys. Ponferrada and Mario Oreta would be subjected to the five-year disqualification,” the letter reiterated.

Road rage: Be careful who you assault

Some hotheads must be doing a face palm after assaulting US FBI agent Lamont Siler over a minor traffic accident on Roxas Boulevard. Apparently, Siler’s side mirror scratched the side of a Toyota Fortuner which looked like it was in a convoy with two other SUVs. The hotheads filed out from their vehicles, dragged Siler from his car, pointed shotguns and punched the agent.

The US Embassy is expected to file a protest with the Department of Foreign Affairs. The US Federal Bureau of Investigation is under the US Department of Justice and is considered to be one of the most powerful law enforcement agencies in the world with worldwide connections in almost every conceivable country. The moral of the story: Avoid giving in to road rage. Be careful who you assault – because you might be up against someone who has more firepower than you – literally or otherwise.

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