Act, Chairman Herbosa

The Securities and Exchange Commission should look into the sell down of San Miguel shares from P190 to P110 per share. San Miguel President and CEO Ramon Ang had been saying repeatedly in press interviews that the IPO of San Miguel shares should be priced at P200-250 a share. He even projected a price of P370 in two to three years time.

To the surprise and dismay of everybody, the IPO was priced at P110 way below the analysts estimated value of P160/share. Market insiders say a group of underwriters/brokers masterminded the meltdown. But why did the San Miguel officials agree to set a low, low price of P110? That certainly is damaging to the company and being a publicly listed corporation, stockholders can hold them accountable. Certainly, those who bought at P190 to P160 before the IPO lost billions. There’s something wrong here. Why is the Philippine Stock Exchange (PSE) Board ominously silent on this issue? Are they beholden to SMC officers?

This will be the first test for SEC Chairperson Teresita Herbosa. The entire business world and investors are watching, Madame Chairman.

SMC shares are zooming up and down like a penny stock. It no longer deserves to be called a blue chip. It looks more like a yellow chip.

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UNSTOPPABLE KIDNAPPINGS. . While Presidential Spokesman Edwin Lacierda is crowing about the President’s “curbing criminality”, there’s no curbing kidnappings in Sulu, Basilan, Zamboanga, Cotabato, Maguindanao and all over the country.

Last Sunday, 10 suspected Abu Sayyaf gunmen abducted Malaysian trader Mohammad Nasaruddin Bin Saidin buying turko or lizards from his house in Indanan, Sulu.

The kidnapping of Saidin brought to five the number of victims in Sulu alone. Another five have been kidnapped in Cotabato City since the beginning of the year. Four have been kidnapped in Basilan, three in Compostela Valley.

Last April 29, Filipino Chinese businessman Nelson Lim, owner of Times Hardware was abducted in Jolo, Sulu.

Also still captive are three members of the crew of a fishing boat owned by Mega sardines who were abducted in the waters off Patikul, Sulu. The victims were Renato Panisales, boat Captain of Mega 8, Wennie Ferrer, assistant engineer and Jonald Ocsimar, quarter master for whom a P12 million ransom has been demanded.

Two Laguna cops, PO2 Jonathan Remonde, 36 of the Los Baños police and PO2 Albert Manalayan of the Santa Cruz police were arrested by CIDG operatives for kidnapping Rolando Montano and demanding P15,000 for his release.  

Sec. Lacierda, you can start curbing kidnapping by curbing the police engaged in criminal activities. Kidnapping for P15,000? Ten policemen robbing fishermen of their day’s catch. Nakakahiya talaga!

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 “PIKON NA PIKON NA”. . President Aquino continues to blame media for his downsliding satisfaction ratings. After refuting us in his ECOP speech, he has three more columnists to blame:

Cito Beltran in his column Ctalk hits hard in yesterday’s Philippine STAR saying:

“So on this “first” anniversary for the P-Noy administration, the question still remains: Are congratulations in order?

In the last year, we have seen enough to conclude that the new administration reflects a change of “Cast” but not character. From the President down to the latest appointments, there is enough proof that this smoking, drinking, gunslingers are no different from the trapos of the past.”

Senior columnist Emil Jurado in his “To The Point” column in the Manila Standard Today last Tuesday echoed this unsolicited advice:

“Most importantly, the President should develop some kind of work ethic commensurate to his position. He should get rid of his toys – his Porsche and his Lexus (reportedly leased to him by somebody not yet known). He says he is averse to micro-managing the affairs of government, but he must come down from his ivory tower and see what is happening on the ground.

“Then maybe the people - whom he likes to call his bosses – would trust him.

“President Aquino should act soon. He does not have the luxury of time.”

Jojo Robles in his “Lowdown” column in the Manila Standard Today yesterday accused the President of trivializing the Presidency:

“It’s been a year, Mr. President. Please spare us your trifling concerns from hereon; we have bigger problems to solve and better things to do than listen to you whine and bitch all the time.

“And it’s definitely not cute anymore.”

For lack of space, we have not reproduced three other recent columns of similar views. Son of Ninoy, son of Cory, Sir, it’s time to stop killing the messenger. It’s time for discernment and resolution.

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CLARIFICATION. . Bobby Ongpin, chairman of PhilWeb Corporation emailed us to refute the charges raised by Congressmen Carlos Padilla, Rufus Rodriguez and Congresswoman Mitos Magsaysay. He reported the following remittances of PhilWeb to Pagcor:

2010 – P 1.344 billion or an increase of 25% over 2009’s P1.076 billion. As of May 7, 2011 – P580 million.

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ANOTHER CASE LOST. . President Aquino denounced the Sandiganbayan decision approving the plea bargain deal entered into by Maj. Gen. Carlos C. Garcia and the Ombudsman under Merceditas Gutierrez. Again, this does not speak well of the legal team of the Aquino Administration, in this case the Solicitor General.

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TIDBITS. . .Former NAIA General Manager Antonio Gana during President Erap’s administration was shot dead by his 2nd wife, Imee Magno of Davao City in Los Angeles, California.

The chop-chop body of a woman was found in two plastic bags dumped in Barangay Balibago, Sta. Rosa, Laguna.

P-Noy has identified his loyalist bloc in the Senate when he invited LP Senators Franklin Drilon, Francis Pangilinan, Ralph Recto and TG Guingona to lunch at Malacañang. He also met Senators Antonio Trillanes and Ping Lacson. The agenda: the postponement of the ARMM elections.

Sen. Jinggoy Estrada, chairman of the Senate committee on labor criticized the measly P22/day increase in COLA.