A great Christmas sale

During this year’s Christmas season, I found myself more and more drawn to bazaars and tiangges than ever before. While the traditional malls and department stores still have an invariable place in the gift-shopping agenda, I realized that my best holiday purchases were bought in these upgraded (i.e. “saucy” or “sosi” in local parlance) flea markets. These bazaars have mushroomed in almost every hub of the city, and some of them (such as the Salcedo market, the organic-goods sale in Greenhills, and the ones held at the NBC Tent) have developed a huge and loyal following. Nowadays, everyone from blue-collar workers to the matrons of Forbes Park and Corinthian Gardens can be seen wandering around in one tiangge or another.

At the end of the day, people will recognize a great deal when they see it, and the concept of “value-for-money” is indeed a universal one. From the humble (and harassed) holiday shopper to multinational corporations engaged in large-scale mergers and acquisitions, everyone just wants more bang for their buck. Especially in these challenging economic times, fiscal prudence is truly a blessing.

I believe the Philippine government demonstrated precisely that when it finalized the sale of its remaining 40 percent share of Petron Corporation to the fund manager Ashmore shortly before Christmas. Talk about a remarkable Yuletide treat! If ever you were selecting the perfect example of a win-win transaction, this would definitely have to be part of the short list.

The most obvious beneficiary is the national treasury itself, which received P25.6 billion in non-tax revenues from the sale. That’s a 35 percent premium, at a time when the markets are plummeting at worst and volatile at best. On the last day of trading before the sale, Petron was listed at P5.10 a share, while Ashmore bought at P6.85 apiece. That’s a tidy profit right there, which helped the country end the year with a P54-billion budget deficit — far lower than the official ceiling of P75 billion. And, mind you, Ashmore paid the money up-front, even though technically they could have waited until February next year. Instead of receiving a Valentine’s day gift, Juan dela Cruz accepted it for Christmas.

While the sale did officially end the government’s 35-year involvement in the oil refining business, analysts almost unanimously agreed that the timing was picture perfect. Petron itself, in a disclosure to the PSE, admitted that the company was facing a “full year 2008 net loss of P1.5 billion to P2 billion as a direct result of the unprecedented collapse in the international crude oil prices. The company’s margins have significantly contracted as domestic prices of refined products fell much faster than its crude costs. The net loss may even be bigger if crude oil prices continue to fall steeply.” By now, of course, we know that shortly after this disclosure was made, world oil prices crashed to a four-year low ($38.71 a barrel), despite a record production cut by the OPEC.

How can Ashmore possibly consider this a “win-win situation” then? From all indications, they paid a highly bloated price for an asset with a bleak value forecast. Thanks to Ramon Ang and San Miguel Corporation, however, Ashmore may be getting a return on investment faster than they expected. According to official statements, the food and beverage conglomerate is set to buy 51 percent of Ashmore’s total Petron shares, and will undoubtedly do so at a premium. As if to emphasize the public’s approval of the entire privatization deal, Petron shares soared and became the biggest stock gainer, following news of San Miguel’s entry. That way, even the investing public received a welcome gift as a result of this brilliant transaction.  

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Once upon a time, a wheelchair or crutch was a symbol for being hamstrung or sidelined. I believe handicapped was the less-politically correct term we used to employ. Thankfully, the negative connotations associated with these images are slowly being erased from our minds, thanks in no small amount to the actions and attitudes of the disabled citizens themselves. Society has truly changed from the old days. Many persons with disabilities have secured their futures in the corporate world. It is now common to come across a blind pedestrian confidently navigating our sidewalks with their White Canes.

Not too long ago, I even spotted a gentleman on a wheelchair “hitching” a ride behind a jeepney by grabbing the latter’s rear bumper! While I cannot endorse the man’s show of daring, it definitely goes to show that people with disabilities are no longer confined by the old social — and even physical — boundaries.

What amazes me is that this change of attitudes is rooted in the persons with disabilities themselves. In part, this upheaval is due to the programs of the National Council on Disability Affairs (NCDA), and the Christian Blind Mission (CBM). The two organizations have been very active lately, organizing a host of events designed to uplift and empower people with disabilities. Just recently, the NCDA and CBM asserted their right to Suffrage by organizing a special voter registration and general assembly at the SM Mall of Asia.

The NCDA and CBM aren’t asking for dole-outs or charity. Their efforts are designed to create opportunity and empower their members — as well as change our own attitudes toward the differently-abled. It is definitely inspiring and uplifting to witness these groups taking a pro-active stance to achieve progress and change.

I, for one, am proud to embody the change that the NCDA and CBM are striving for. What about you?

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It’s just three days before Christmas Day, so you still have time to shop for gifts. You can’t go wrong with healthy food packages. I suggest boxes of malunggay-laced noodles, pan de sal, sugarless cookies, crispy siopao, nuts, and bottles of malunggay-laced fruit juices. Available at Powernut, on the second floor of GSquare Arcade, Barangka Drive, Mandaluyong. Call 4802079 for advance orders, or drop in at the shop.

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My e-mail:[email protected]