PhilExport

I was lucky to be invited to attend the banquet held at the World Trade Center in celebration of the 20th anniversary of PhilExport, the non-governmental organization that has been at the forefront of export promotion.  Established in 1992 at the urging of then President Fidel V. Ramos, the confederation has since been a good case study of Public-Private cooperation.  The Department of Trade and Industry spearheads the government's participation and coordinates with various PhilExport chapters throughout the archipelago, in order to assist in worldwide marketing.  Naturally, the close coordination with the DTI enables exporters to provide feedback for the mode of government assistance needed for the upward push in export earnings.  In his speech, President Benigno S. Aquino III noted that in the first 8 months of 2012, Philippine exports amounted to US$35 billion, and I was pretty amazed at the growth rates that the export sector has achieved, given that a lot of other regional and global economies have been floundering.  Not a bad performance for the Philippines, although admittedly, more road has yet to be covered.  I think the country is on an upward trajectory--a slow but sure process.  As FVR points out with his trademark greeting--thumbs up for export growth!

Good Corporate Governance

I passed by Ayala Avenue this morning and saw some words promoting good corporate governance posted by the Philippine Stock Exchange (PSE) on the LED monitor of the Insular Life Building.  It's an interesting concept, and memories of my involvement in the capital markets came flooding back fast.  While working for the government during Tita Cory's presidency, I had to deal with representatives of the World Bank and the US Agency for International Development (USAID) on the issue of strengthening the Philippine capital market.  The issues were twofold--full disclosure and good corporate governance.  We were all in quick agreement; the meetings were over fast, and as an instant solution, we actually copied the rules and standards of the NYSE for the Securities Regulation Code and the PSE.  Homework finished!

As I look back, it's not just how the quarterly and annual reports are filled in and submitted to both the SEC and the PSE.  Sometime during the meetings at the Philippine Association of Publicly Held Companies (PAPCI), I came to realize that  good corporate governance just actually an iterative process of question and answer from stockholders who buy your stock--

       What have you done with my money?

       Were we profitable or not?

       How come we lost money?

       What in heavens name did you do?

       Why should I retain you?

       Maybe you should get fired!

       =$@*&^+%#!

To the boards of directors of listed companies, if you can answer those questions without batting an eyelash, then I would suppose that you are on the right track.

And that, ladies and gentlemen, is Good Corporate Governance in a nutshell!

Carrier

Carrier is the world leader in air-conditioning and climate control systems.  Most engineering students learn that Willis Carrier studied the principles of heat exchange, humidity and thermodynamics and consequently invented air-conditioning in 1902.  This year, the brand celebrates its 50-year presence in the Philippines, and we have been fortunate to have been part of the brand's local history (maybe a few people can remember that in the 1990s, we made a television endorsement of their room air-conditioners, attesting to the robust engineering and noteworthy cooling power).  Vicky and I were at the Fort Tent this evening to celebrate this milestone with the group.

The Philippine partnership started in 1962, when the Jose Concepcion Sr,. was granted a license to manufacture and sell Carrier air-conditioners in the Philippines.  Today, the Concepcion family is in joint-venture partnership with United Technologies Corporation (the parent company of the Carrier Corporation) in what is known as the Concepcion-Carrier Air Conditioning Company.  Here's a toast to the group--congratulations for taking us through the spring, summer, and autumn of our lives, and here's more power for the next 50 years, as we look forward to the coming winter!  Three cheers to climate control--a showcase of human ingenuity!

Sto. Nino Cathedral

Our next stop in Cebu was the Sto. Nino Church in downtown city center.  The church was first built by the Augustinian friar Rev. Urdaneta in the 1500s, and has been razed and rebuilt several times over the past centuries.  I think the church standing now was built in the 1700s and houses the Sto. Nino de Cebu.  This is pretty much the focus of the Sinulog fiesta activities in January--you can hear the devotees chanting "Pit Senyor!" to hail the Child Jesus.

The church is right next to Magellan's cross--if I'm not mistaken, the actual cross is inside the wooden casing!

NAIA Terminal 3

I was booked on Cebu Pacific on trip to Iloilo last week, and as such, I had to use NAIA Terminal 3 to board my flight.  I had arrived around 5am, and I was surprised to find out that the parking lot was already full at such an early time.  Thinking that long lines would delay my entry, I rushed inside only to find that the the place was hardly full.  Aside from Cebu Pacific, I understand that this terminal is also being used by Air Philippines; while I saw some signboards of Zest-Air, I did not see any Zest-Air operations being conducted in the terminal (Zest-Air continues to operate at the old Manila Domestic Terminal, known as Terminal 4).

It's such a pity that Terminal 3 is not operating up to its potential.  The place can obviously handle more passengers (the only problem being the lack of adequate car park buildings).  I understand that the hullabaloo on the ownership is already settled (the government has reimbursed the original BOT proponent of the Terminal), and the current administration has started work on correcting the physical deterioration of the facility.  It seems, however, that a little bit more effort has to be put in to maximize the operating capacity, and this has to be given focus, specially now that Terminal 1 is reportedly slated to close for rehabilitation works.

The Atlantic Foundation

Chuck Feeney

Yesterday, I read a news article with a sense of awe.  After the kilabot feeling we experienced upon hearing about the flash floods in Cagayan De Oro, Iligan and Dumaguete, reading this news article did a lot to uplift our spirits.  This story tells about the anonymous donation of US$350 million to Cornell University, and the startling philosophy of billionaire Chuck Feeney, who founded Duty Free Shopping chain of retail stores (sold later to the LVMH group of luxury brands).  Apparently, Mr. Feeney was already worth US$2.5 billion in the mid-1980s, and despite his riches, always travelled coach (economy section), still wears a US$15 watch, and does not own a house nor a car.  Already in his eighties, his goal is to become a pauper when he dies, leaving the Atlantic Foundation, a professional managed organization, to receive his estate and administer the disposition of his wealth to worthy causes that he has identified.  When asked why, he simply answered "I decided I had enough."

Hats off!

Rules of Life

Monique, here are the Rules of Life--a variation of the Rules of School, if you look at it closely:


1)   Enjoy!  Life is so short, do not let the small petty troubles faze you. Smile!


2)   Make plenty of true friends.  People make the world interesting.  True friends make the life experience a roller-coaster ride!


3)   Make a difference.  Doesn't have to be a big difference.  As long as  you know deep inside that a difference was made for the betterment of existence--your existence and your friend's existence--that is enough.

Intramuros Musings

We took our AIESEC visitors to a tour of Intramuros, the Walled City of Manila, over the weekend.  As usual, the tour focused on the Manila Cathedral and Fort Santiago, which were outstanding places of interest.  Walking around the area with these eager young adults made me smile--after so many years of working in Manila, I must admit that I have rarely visited the place from the point of view of a tourist, or even as an student of history.  To me, Intramuros was either a workplace (Vicky worked there for a while and continues to visit her clients that hold office in the area) or a stop-over for the Maundy Thursday Visita Iglesia that my in-laws regularly hold.  The tour with my Chinese visitors last May was probably an eye-opener, but yesterday's visit got me in a more somber mood last night--little was actually budgeted to keep the Filipino heritage alive.  The old Central Bank building has been left as ruins, the marker commemorating the 400 years of the Mexico-Philippines Galleon Trade (1564-1964) was dirty, statues of Spanish kings were in various states of disarray, and the famous Intramuros wall itself was rented out to various computer shops, cafes and karaoke joints.  The only positive note was that I saw a huge signboard that mentioned something about a Japanese grant that would recreate the Pasig River boardwalk. Such a rich heritage that was not fully appreciated...and I was also guilty of exactly that!

The Abortion Issue

Monique was recently working on a debate on abortion in her school, now that the passage of the RH Bill is being openly discussed in media.  I have told a few people about this touching story I dreamt of--that a child is conceived when a baby soul begs the Almighty to go down to Earth and come into the lives of a mother and a father.  To which the question of unwanted pregnancies came about--why then are there unwanted pregnancies?  After some soul searching I have come to a conclusion--that in the case of unwanted pregancies, the Almighty sends only the strongest willed, most headstrong and persistent of the baby souls to come down to Earth, and these are the baby souls that overtake and cut in line.  Acknowledging that it's a very difficult and complex issue to address--my advice is for the parent to remember the story--that the baby soul so wanted to come down to Earth that he/she even overtook and cut in line just to be here... Now ain't that sweet?

Putting Things Into Perspective

1.    You
2.    Your bed
3.    Your room
4.    Your house
5.    Your street
6.    Your barangay
7.    Your district
8.    Your town, city or municipality
9.    Your province
10.  Your island group
11.  Your country
12.  Your continent
13.  Your hemisphere
14.  Your world
15.  Your solar system
16.  Your galaxy
17.  Your universe

They say that a race finally gets to join the community of interstellar and intergalactic races only when the specie finally learns how to travel faster than light.  I wonder when we can breach that upper limit of speed?

3 School Rules

Another Message to Monique:

1. Learn Something--it's not necessarily learning the classroom stuff.  There is much to learn in life in and around the classroom.
2. Make Plenty of Friends--it's about living a life, and friends are part of your life.  Life is a race to make plenty of friends.  I mean real friends, not fakers.
3. Enjoy!--life is so precious, every single second is meant to be savored, enjoyed!

As you grow older, your school years will not be judged on the basis of your grades, but on the basis of the afore-mentioned rules.  As the Vulcans say, live long and prosper!

Intelligence, Smarts & Wisdom

Message to Monique:  Remember our discussion on Intelligence, Smarts & Wisdom?  Let's run through it again-- Intelligence is the inate ability of a person to use mental and emotional tools, often measured as a quotient of mental age over chronological age (IQ) and a quotient of emotional age over chronological age (EQ).  That's like having a sponge--different materials like latex, polyurethane and cloth have different physical characteristics.  Smarts is when the intelligence is placed and utilized in a physical enviroment--different liquids bring out different responses in different sponges, much like people reacting differently in different situations.  Some shine, some act with mediocrity, some just fail.  Finally, wisdom is smarts earned over time--it's the worn sponge that has been used in the sink, the toilet and the countertop.  Been there, done that.  Win some, lose some.  The important thing to remember is that your choices will make you who you are.  Life is about choices, it's not just achieving some goal, but it's really about making choices consistent in the way you define yourself.  It's the journey dear, not the destination.  Wisdom is just the by-product in the pursuit of having a great journey! I love you.

Glaucoma

My glaucoma is acting up again.  I felt a slight twinge this afternoon on my right eye socket & temple, that was the same feeling the first time I noticed the onset of this debilitating condition in late February this year.  I continue with my nightly eye drops, hoping and praying that this medication stalls the increase of eyeball fluid pressure.  I'll be taking a visual acuity test soon, let's see how it goes...

Greenhills

It seems that the redevelopment of Greenhills area is creating a lot of excitement; the new master plan promises to bring the area at par with the rest of pocket developments that have come up over the past decade or so (e.g. Eastwood, Rockwell, Fort Bonifacio).  For a long time, Greenhills was the place to see and be seen, but through the early nineties, the incidence of petty crime increased, and the aging facilities plus the lack of parking space turned off a lot of customers.  In response, the Ortigas group came up with both temporary and long-term solutions, which has brought life back into the area.  The Promenade replaced the Cross Roads Arcade, the 4,000 seater Greenhills Theater was repackaged into a couple of smaller theaters and a mini-mall, Virra Mall was renovated and renamed V-Mall, while the Shoppesville Arcade was also redone to sport a clean and well-lit interiors.  Also, new parking buildings were constructed to ease the tight parking situation.  At the moment, the construction of the Viridian residential condominium is going full swing, to introduce a high-rise living component into the complex.


Together with a few friends, we had dinner last night at the Little Asia restaurant at the second floor of the Promenade complex.  While the menu covers the culinary flavors of the Asian continent, Chinese cooking creates the distinct impression on the palate.  We had crispy shrimps, stir-fried abitsuelas in oyster sauce, fried chicken, and spicy fried pork, all of which were prepared in street-food fashion common throughout Asia.  With a couple of beers in tow, we had an enjoyable evening.  Not bad at all, prepare around P300 - P600 per head, depending on how hungry you are.

World Economy

With this week's interaction with my Chinese guests came the news that some economic analysts have predicted that the Chinese economy will surpass the US economy in 2016.  Yes, as I have been saying, the English language will be peppered with borrowed Chinese words by 2030.  It's simply a necessity--a language must adapt in order to continue its life term.  As I glance through the news of Prince William's royal wedding, I remember how Britain, as a superpower, was overtaken by the United States, and how China just recently derailed Japan as the world's second largest economy.  I wonder what's up for the Philippines then?  More 168 malls?  My sisters will just love that..... hehehe.....

Courtroom Musings

Spent this morning in Makati City Hall at one of the branches of the Regional Trial Court.  It was my first time to see the courtrooms in Makati, and I was quite pleased to see that the place was well appointed and was miles ahead of the comparative ones in the Manila and the rest of the metro.  This is what a court house should look like!  Here's hoping that the justice system gets an overhaul pretty soon...