Saturday, October 13, 2007
Senators from Capiz Throughout History
Friday, October 12, 2007
A visitor's first impressions of Roxas City and Capiz

http://www.ivanhenares.com/2007/08/seafood-binge-in-capiz.html
I came across this guy's blog, Ivan Henares, and his particular entry on Roxas City and Capiz. It's always great to read visitors write about my hometown.
He writes about how inexpensive our glorious seafood was. P25 for a tub of oysters!??? I really didn't pay any attention, because when I'm there, I just eat, and I don't pay.
Tuesday, October 09, 2007
Visit my Blog over at blogspot
My Roxas City/ Capiz pictures-links (Capiz my Enchanting Hometown)
In my multiply conversation with Pam's classmate, now based in Mississagua (sorry for the wrong spelling Tish, I spelled it like Mississipi), and my multiply buddy Teray whose grandad incidentally is also from my home province, she asked me for more pics of Roxas City or Capiz. I compiled my own pictures and then some in multiply and provided her these links of my Roxas City albums in Multiply. I decided to post it for everyone else as well.
I've got some pictures in these links
http://miguel8088.multiply.com/photos/album/118/Roxas_City_Monday__Other_side_of_the_river
http://miguel8088.multiply.com/photos/album/116/Roxas_City_Sunday_Scenes
http://miguel8088.multiply.com/photos/album/111/Sun_Sand_Sky_and_Mike_in_Roxas_City
http://miguel8088.multiply.com/photos/album/107/Roxas_City_by_Night_photographed_by_Bordoy_V.
http://miguel8088.multiply.com/photos/album/28/Roxas_City_in_Capiz_Panay_Island_Philippines
the last link is a hodgepodge of roxas pictures by different photographers from the net. I still like my shots better than theirs hehe, biased obviously. hehehe
Sunday, October 07, 2007
Mike's Travel Photography from Roxas City to Paris to Lisboa . . .


I took these very amateurish shots since 2002 up to now, in the course of my travels as a student in Spain, and as a business traveler thereafter in the United States, Latin America, Europe and Asia. Cameras used ranged from the crude lower mega-pixel models early in the day to camera phones, to more state of the art ones.
Colonial Town of Panay in Capiz Province
Impressive how the town's leaders have taken great efforts to preserve the town's patrimonies. The Church is carefully restored to the way it was back in the spanish times, even the convent and the town hall which is still called the Presidencia. The retablos of the Church's 5 altars need refurbishing but the architectural and interior restorations have all been done with careful study. Even the black and while tiles of the past have been skillfully recreated with more recent materials. - not like some churches nearby! I haven't had the time to go up the bell tower and see Asia's biggest bell because mom and dad had a meeting with contractors. That's reserved for the next post. By the way, Panay has been ruled by the Bermejo's up till today, best friend Pam's family. Capiz became the second Spanish settlement after Cebu when Captain Diego de Artienda, sent by Legaspi landed in the town of Panay and proclaimed it the capital of the province. The capital was then moved to the present location of Roxas City. Panay is home to the Church of Sta. Monica which houses the (supposed) biggest bell in Asia. More pictures I took may be found in the by clicking the linked Title of this entry or this link http://miguel8088.multiply.com/photos/album/120/Colonial_Town_of_Panay |
Whoooooopeeeeeee DLSU wins Championship after all!!!! Animo Animo La Salle!!!!!!!!!!!

After what seems to have driven me and thousands of other DLSU alumni to the brink of frustration and desperation because of our basketball team's UAAP losses particularly to Ateneo, we clinch the title after all . . . Hahahaha celebration time !!!!!!!!!!!!!!!!
here's the news clip - - -
The La Salle Green Archers swept the once-invincible UE Red Warriors, 73-64, at Game 2 to win the best-of-three series and snatch the UAAP championship before Araneta Coliseum’s sell out crowd Sunday.
It was a thrilling ride for La Salle, which was bent on redeeming itself from the one-year suspension it received in Season 69 over a highly-publicized player eligibility scandal.
The Archers dictated the tempo for most part of the game, dominating the Warriors throughout the last match-up of this year's Season 70 basketball tournament.
The Warriors also came out strong at the opening minutes of the quarter. The Archers, however, managed to brush off their rallies.
La Salle earlier unmasked UE’s lack of championship experience as the Archers pulled off a 64-63 upset in Game 1 on Thursday to snap the Warriors’ 14-0 winning streak in the double elimination round.
News Items with me in them - Hehehe
Pacquiao Match Spoiler: Sorry Guys If I spoiled it for you hehehe.

(UPDATE) Pacquiao decisions Barrera
Filipino champ Manny Pacquiao scored a unanimous decision over Mexican legend Marco Antonio Barrera during their rematch at the Mandalay Bay Resort Hotel and Casino in Las Vegas Satruday night (Sunday noon in Manila).
Pacquiao (45 wins, 3 losses, 35 KOs) was a heavy favorite to finish off the 33-year-old Barrera, who claimed the fight is his last big-time bout.
By winning the match, Pacquiao successfully defended his WBC international super featherweight crown against Barrea.
Prior to facing the Filipino lefty, Barrera (63-6, 42 KOs) lost to fellow Mexican boxer Juan Manuel Márquez who snatched his WBC super featherweight title by unanimous decision in March.
Barrera was eyeing revenge on Pacquiao who was catapulted to international boxing stardom fame after scoring an upset victory over the Mexican in 2003 via an 11th-round technical knockout.
Saturday, October 06, 2007
My Blog
Visit me there guys. In an hour or so, am writing over to my office, to do stuff that's considered urgent matter for the state.
Geeeez. It's Saturday.
The First Bra Weekend (Ever)

Guess what they have happening over at the Robinson's Galleria Mall, when I passed by this weekend. They had a stage with couches and two women talking ala Oprah Talk Show. The Title pasted all over the Stage Backdrop was, "The First Bra Weekend" hahaha.
Now you tell me what it's all supposed to be, because I am lost really . . .
Tuesday, October 02, 2007
Saturday, September 29, 2007
Guess What am Planning to do Soon (Pasig Ferry Ride o'mah life)
I lifted this article from clickthecity.com and I am really planning to take this ferry. Am particularly interested in the views like that of the Post Office from the river, the warehouses, malacañang palace. Wow this is a photo op galore indeed for me, before I fly out for Belgium. . . Take a look at the pictures, wow!!!!!
River Adventure in the City
by Djong Tan
posted on Wednesday September 26, 2007
Mention riding a ferry along the Pasig River to most people, and you will almost always be met with a disgusted look, or a wrinkling of the nose.But not me. While the Pasig River has become legendary for its filth, that did not deter me from trying out the Pasig River Ferry. And I’m actually glad I did, because the experience wasn’t as bad as one would expect.
I decided to go on a Sunday, starting off at the Guadalupe station, which was just a few meters away from the MRT's own Guadalupe stop. Upon entering the ferry station, I was greeted by a rather clean, tiny structure--quite a contrast against the murky river. Tiles were new and clean, the waiting area was airconditioned, and everyone--from the security guard to the ticket seller--was friendly and courteous. It also had facilities for the handicapped, which makes this mode of transportation a good option than other commuting facilities.
I purchased a ticket for P25, and found the ticket quite fancy. Printed on thermal paper, it looked like a receipt printed with a barcode, and you have to just swipe it over the sensor of the turnstile to enter the platform. Unfortunately, the tickets are collected before you board the ferry, so there are no chances of keeping it as a souvenir.
Most of you will be delighted to know that the ferry is airconditioned, which means you don’t have to worry about the stench of the river. The twin-engine catamaran-type ferry employs blue plastic seats that are comfortable enough for the 50-minute ride to Escolta. It’s been said that the ferry can accommodate 150 passengers at a time. A uniformed guard from the Presidential Security Group (PSG) is also on board, because the ferry passes by Malacañang Palace.
Escolta station
If you’re worried that the boat ride might get boring, you'd be wrong. The ferry is equipped with a flat-screen TV that shows music videos of Air Supply, or some videoke tracks that you can sing along to while on board.
And if that isn’t your type of entertainment, the view along the route is actually pretty interesting. I will not fool you into thinking that it was grand or awesome or breathtaking, because it really wasn’t. The river could really use a good cleaning, but the view along the riverbank is something you don’t see every day.
Manila Post Office
It gives you a different view on things. The houses that you don't normally see when your bus is hurtling past EDSA, the naked children swimming in the river who think nothing of the filthy flotsam on the waters, and the rusty barges that float alongside you on the river. It’s not a glorious sight, but it's still a fresh perspective. Plus, the ride is so much calmer, especially compared to getting shaken around as your car criss-crosses its way to beat the traffic along busy Guadalupe.
Abandoned warehouses
Truth be told, I see a lot of potential in this ferry. The ferry itself is great--it's airconditioned, it's clean, and it's quite fast. I was disembarking at Escolta after about 45-50 minutes. It’s a great alternative to commuting by land or rail--especially when you think about the buses with drivers that seem to believe they're driving Kia Prides, or the number of people you have to fight off just to get precious space on the train.
To date, there are six stations up and running: Guadalupe, Hulo, Lambingan, Sta. Ana, PUP, and Escolta. They’re thinking of adding more stations in Marikina and San Juan to cover more areas.
Hulo station
The fare scheme has changed since the opening of the Pasig River Ferry Project. It started out with a flat-rate of P25 to and from any destination. Weekends still have the P25 flat-rate, but because there seem to be very few patrons of the ferry, fares are now at P25, P35, and P45 on weekdays, depending on the distance.
Ferry schedules start at 5:45 AM in Guadalupe, and end at 10:15 PM in Escolta. There are 30-minute intervals between departures.
Aside from the novelty, riding the Pasig Ferry actually has a lot of perks. How else can you get to Escolta from Guadalupe in less than an hour? It’s also a pretty good alternative if you’re lugging plenty of purchases from Divisoria or Tutuban. You no longer need to fight for space on the jeep, or inconvenience other passengers with your packages. It’s a great way to rest your tired feet after a long day of walking around Binondo.
So next time you’re thinking of a different way to travel, try out the Pasig Ferry.
Myself the disgusting gobbling slob (on a not-so-stormy-saturday)
Guess what I've gobbled up since the lunch (stated above) that I had. Half a quart of tri-flavored ice-cream and a whole bag of cheese flavored micro-wave popcorn. Geeeeeeeeez! What a slot, I think I'm ashamed of myself. Someone has gotta grab me outta bed. really.
Thursday, September 27, 2007
Quote of the Day: Sen. Miriam at the Senate Hearing
To girls: Don't you wish your parents were Venezuelan? (They give breast implants as gifts to their daughters over there)
(Dad, will you give me a pair of boobs for my birthday?)
Mexican girl to herself: Joder, si fuera yo Venezolana!!!!
(F*ck!, If only I were Venezuelan)
Chavez rails at teenage breast implants gift fad http://news.yahoo.com/s/nm/20070924/od_uk_nm/oukoe_uk_venezuela_breasts
By Saul Hudson Mon Sep 24, 3:44 PM ET
CARACAS (Reuters) - President Hugo Chavez railed against a new trend in beauty-conscious Venezuela giving girls breast implants for their 15th birthday.
"Now some people think, 'My daughter's turning 15, let's give her breast enlargements.' That's horrible. It's the ultimate degeneration," Chavez said late on Sunday on his weekly TV show that lasted a record eight hours.
Venezuela is well known for its beauty queens, who have regularly won world crowns, and many women have plastic surgery in the oil-rich country where there is widespread spending on consumer items that would be considered luxuries elsewhere.
But Chavez, the anti-U.S., self-styled revolutionary who came to office in 1999, is seeking to change those attitudes to create what he calls the "new man" to build a socialist society in this South American nation.
Chavez complained about the new fad of giving the plastic surgery operation at 15 -- when Latin Americans celebrate a girl's coming-of-age -- during a diatribe against what he says are Western-imposed consumerist icons such as Barbie dolls.
While breast implants are advertised on TV and banks offer special credit lines for such operations, if girls do get the enlargements they are not expected to become sexually active afterward.
Venezuelans' have a habit of avid consumerism since the 1970s oil boom in the OPEC nation. They have won the nickname of the "Give-Me-Twos" in the tourist destination of Florida for buying double the amount of typical consumers.
Breast implants cost thousands of dollars in Venezuela.
Chavez's answer? He has told his supporters to give away any extra goods they do not need, urging them to leave out in town squares items such as fans or refrigerators.
"I am calling on your conscience, fathers of this country, mothers of this country, they are our sons, they are our daughters," Chavez said.
Still, Chavez, who happily describes himself as ugly, may struggle to change Venezuelans' mind-set to spending on plastic surgery.
In elevators, at huge, jam-packed shopping malls, women can be overheard openly boasting about their recent, conspicuous operations.
Wednesday, September 26, 2007
Useless Blog Entry
I havent told many of my friends yet as the order came all so sudden. (I was really expecting to leave by February next year). Oh well, here I come into the next chapter of my life as a diplomat. Wish me luck fellas. . .
Saturday, September 22, 2007
How they Poop in Japan
Friday, September 21, 2007
Quote of the Day: Abalos on JDVIII
and the quest for the truth continues . . . or both or all of em are bad guys
Me Red as a Beet
It's recession time in Mighty America once again people!
The Federal rate cut in interest was a drastic move indeed, from the originally planned 0.25% to 0.5% (i have yet to confirm these), the change seems to be drastic measures indeed.
I guess the reason is to combat recession, and not just recession anymore. The peso will reach record highs again (well, the peso hit rock bottom already during the erap years so there's no way to go but up). Exporters always comlain that the strong peso is weakening their business , but hey if the dollar is depreciating, all other currencies are necessarily appreciating . . .
So there, if you have plans of doing some online shopping over at e-bay or in the US itself, soon will be a good time . . . hehehehe.
US holiday spending outlook is grim, say retailers
Agence France-Presse
Last updated 07:32am (Mla time) 09/21/2007
WASHINGTON -- The housing crisis and credit crunch will crimp US holiday spending this year, a retailers' association warned Thursday.
The National Retail Federation predicted sales will rise 4.0 percent in 2007 year to $474.5 billion.
That would be well below the 10-year average of 4.8 percent growth and represent the slowest holiday sales growth since 2002, when sales rose 1.3 percent.
"Retailers are in for a somewhat challenging holiday season as consumers are faced with numerous economic obstacles," said NRF chief economist Rosalind Wells. "With the weak housing market and current credit crunch, consumers will be forced to be more prudent with their holiday spending."
The group said the trend will vary among income groups, with well-heeled consumers able to maintain spending.
"Luxury retailers once again appear to be a bright spot as their customers have demonstrated the ability to maintain high levels of spending," the NRF said.
"Clearly the retailers most affected by the economy will be those catering to the low- to middle-income consumer. This could spell trouble for discounters and some department stores whose shoppers may be looking to trade down."
Thursday, September 20, 2007
at last i can breathe
for more info check it out
http://aric.adb.org
Wednesday, September 19, 2007
My new idol (Aside from my Dad of course)
========================================
A Case for the Family-owned Conglomerate
The president and CEO of the Philippines’ largest and most conservative
family conglomerate expounds on the value of financial discipline, trust, and good governance in a volatile market
By Ken Gibson
The Philippines would seem to be an unlikely place to find perspectives on management and governance. Hit hard by the 1997 Asian crisis, the country endured two years of fiscal mismanagement and economic decline under the administration of President Joseph Estrada, who was removed from office in January 2001; a heavy depreciation of the currency; and a global slowdown. Most companies in the Philippines have suffered accordingly.
Survivors of such economic volatility can offer valuable lessons. Ayala Corporation has come through the past five years with its businesses and reputation untarnished,1 which is more than many other conglomerates in Asia can say. Founded as a distillery in 1834, the company soon expanded into trading and agriculture, and it now operates businesses ranging from land to water, light-rail to auto retail, and telephones to banking. Ayala companies currently represent some 25 percent of the market capitalization of the Philippine Stock Exchange.
The Brothers Zobel: Jaime Augusto (left) and Fernando
For seven generations, the family of the company’s current president and CEO, Jaime Augusto Zobel de Ayala II, has guided it with a rare mix of adaptability, financial conservatism, and increasingly transparent governance. Although the merits of the conglomerate model are disputed in Western management circles,2 Mr. Zobel argues that conglomerates have a natural role in emerging markets, where successful ones can capitalize on their reputation and reach. He discussed these views and his company’s evolution with Ken Gibson, a director in McKinsey’s Jakarta office.
The Quarterly: The conglomerate model is under scrutiny. Does it have a particular rationale in emerging markets?
JAZA believes that one builds trust by not doing everything by himself
Jaime Zobel: In emerging markets, you find yourself owning businesses for a whole host of reasons. The first is simply the limited size of the market. You can grow only as fast or as far as the market will let you. Once businesses reach that limit, the law of diminishing marginal returns comes into play, and it is better to look for other opportunities.
More immediately, though, you often need to become a catalyst for the infrastructure needs of the country. Being a property developer, for example, there are many variables we want to see in place for real-estate values to go up. One is the infrastructure that gives people the quality of life they desire: clean running water, say, or efficient transport. At first glance, these may not be natural businesses for Ayala Corporation. But in an emerging market like ours, the government does not always have the resources to meet these basic infrastructure needs.
Our involvement in a light-railway system is a perfect example of this. It was initially under the sponsorship of people who needed some help with a project of that magnitude. Since we had a strong interest in making it happen, we threw our hat into the ring. Reassured by our track record and financial credibility, other parties agreed to provide the necessary financing. And so, suddenly, we owned a stake in a railway.
The Quarterly: Is that how Ayala entered its primary businesses?
Jaime Zobel: For Globe Telecommunications, certainly, but our family has been involved in property and banking since the 1850s. In real estate, our most significant transformation really came after the Second World War, which devastated the whole of central Manila. We had a raw piece of property on the outskirts of the city, at Makati, and saw a unique opportunity to transform the place into a fully integrated urban environment. Makati is now the country’s premier business and residential district, and its development laid the foundation on which Ayala Land still prospers.
Our telecommunications business, Globe, was launched in the early 1990s, when the government was seeking to liberalize the economy in a very aggressive fashion and whole sectors were opening up that, traditionally, we had found difficult to enter. The government wanted to create competition in the industry just when the technology was shifting to wireless and the economy was beginning to grow again. We believed a revolution was about to take place—without being sure how it was going to take place or in what form, but definitely a revolution that we did not want to miss. Our opening came when ITT, the largest investor in Globe at that time, decided to sell all of its telecom holdings around the world. Rather than sell out with ITT, we opted to take a majority stake, bring in a strategic partner, and build up the company’s franchise.
The Quarterly: How does the holding company add value to such disparate businesses?
Jaime Zobel: The major shift in our organizational thinking occurred in 1991. Rather than just have a real-estate company that was increasingly diversifying into other fields, we spun the real-estate operations off into a separate company and left Ayala Corporation as the holding company of that and all its other businesses. Since then, we have followed the strategic logic of an investment company. We enter businesses that have potential for growth and for which we have a value-adding proposition, and we manage them to grow into leadership positions domestically. That means the holding company has to do whatever it takes to give each business the independence, financial flexibility, and governance structure it needs to compete. What Ayala adds is an understanding of local business conditions, access to capital markets and finance, the reputation to attract both partners and talented managers, and proven management processes. t the core is the trust that accompanies the Ayala name. We recognize the value of that trust and work hard to protect it.
The Quarterly: How does that look in practice?
Jaime Zobel: It means different things for different companies. For example, you cannot have a viable telecommunications business unless you can finance a nationwide network. Yet in the early stages, very few sources of capital would have bet on Globe to be able to take on the monopoly player3 and succeed. But we strongly believed in Globe’s prospects, and together with Singapore Telecom, the other major shareholder, we put in the equity to give the business critical mass. We also felt that while the management team of Globe needed some strengthening, this looked like a risky career shift for some of the people we wanted to work for it. With Ayala’s reputation as an employer, we were able to entice them to join us. Similarly, we were able to attract partners with the technical expertise we needed.
The Quarterly: In addition to the original need to establish complementary businesses, are there continuing synergies between them?
Jaime Zobel: Synergies are not the main reason for holding on to these businesses. Rather, it is our continuing ability to add value to them. Nonetheless, we obviously try to explore potential synergies whenever we can.
One such area is the cross-selling of group products and services. Our major holdings—Globe, BPI,4 and Ayala Land—all have large and loyal customer bases that we can use for data sharing, payment schemes, loyalty programs, and the like. For example, Globe’s prepaid customers can reload their cards on any of BPI’s ATMs across the country. We have also generated savings of nearly 16 percent from consolidating our purchasing by taking advantage of an e-procurement and e-bidding company called Bayantrade.com, which we established with five other major business houses in the Philippines.
The Quarterly: You have said that a new division—AC Capital, which is responsible for all of Ayala Corporation’s domestic nonlisted businesses—has venture capital disciplines. What does that mean?
Jaime Zobel: Over the years, we have become involved in a number of smaller businesses, looking to build them up to leadership positions during our old ten-year time frame. But with the volatility we are now seeing and the reality of capital constraints, we have to start focusing our resources on the opportunities that will provide the best possible return to our shareholders and make those opportunities count. So we have put all of our noncore holdings—some well established and some entrepreneurial but not yet of significant size—into AC Capital, where we can give them a stricter financial focus. That isn’t to say that they won’t be nurtured as opportunities. But a stronger, more clearly defined financial discipline will better identify the winners and weed out the rest. In the past, for example, we evaluated our subsidiaries on the traditional metrics of return on equity, operating margins, net income, and the like.
During the past year, we have been turning toward the concept of economic value added,5 a metric we believe instills greater capital discipline and better reflects the value our managers are creating.
The Quarterly: The test of AC Capital will be the ability to pull out of a business when the time is right. Historically, hasn’t this been difficult for conglomerates?
Jaime Zobel: Exactly. In the past, we were less rigorous about finding an exit once significant value had been added. We simply hadn’t thought it through clearly enough. Now we have. We are looking much more closely at our subsidiaries’ ability to generate cash from nonstrategic assets and so to deliver cash to the parent, which can use it more efficiently, or to bring in a strategic partner and dilute equity. That decision may be based on our ability, or the lack of it, to take a company to the next level, on our belief that an industry is no longer structurally attractive or growing, or simply on the feeling that there’s a better use for the capital. For example, until recently we had a majority stake in a food business that was consistently profitable, but we could not build it up to a leadership position in the Philippines, let alone regionally. Yet it was a major player in certain segments, which made it attractive to a lot of potential buyers. At the time, the decision to sell was a difficult one to make because our philosophy was still evolving. If we were to revisit the decision again today, it would be much easier.
The Quarterly: What governance standards do you pursue across both AC Capital and the listed subsidiaries?
Jaime Zobel: We are helped by the fact that we have tried to take our companies public as soon as they can stand independently. Our holding company is a public company, and the three major subsidiaries beneath it are all public companies, each with clear shareholder structures. We have also been migrating our accounting and disclosure practices toward international standards, ahead of what is mandated by the Philippines’ Securities and Exchange Commission or the Philippine GAAP.6 And since we are in partnerships in each of the subsidiaries, their governance is shared by others whose standards and structures are quite exacting. We have been working with the Mitsubishi Group for 28 years and with Singapore Telecom for 10 years, with J. P. Morgan in the past, and more recently with Deutsche Telekom and DBS Bank.
The Quarterly: You are a great believer in the combination of stable family and partner interests, on the one hand, and the institutional investors of a public company, on the other. Why?
Jaime Zobel: In the West, the pendulum seems to swing between the model of the tightly controlled family company and that of the widelyheld public company. I feel strongly that between these two extremes lies the most sustainable model. There is an ever-increasing tension between the institutional investors’ focus on quarterly results and the need for long-term strategy and stability. Widely held public companies are seeing a dramatic rise in their CEO turnover, often because there is no single large institution willing to tell the CEO, “Look, hang in there. Let’s agree on our long-term strategy. Even if it takes a short-term hit, you know we’ll back you up.” CEOs are having to roll the dice in a bigger and bigger way, and chances are that they’ll fail occasionally.
To resist that pressure, what we try to do at Ayala is to structure partnerships that can agree on a long-term vision and to provide stability at the board level. By going public at the same time, we get the dynamic tension from the outside institutional-investor community to deliver financial returns over the short to medium term. There is no perfect solution, but I think your odds of succeeding are higher under this kind of structure. You have a better chance of riding out difficult situations and getting yourself into competitive positions, and you have flexibility in raising capital.
The Quarterly: Can you point to an example?
Jaime Zobel: When we were hit in 1997 by the stress and uncertainty of the Asian financial crisis, capital markets completely dried up and many Philippine companies could not raise financing. But with a stable and supportive board, we were able to insulate Globe from the volatility of the markets and put in equity for some aggressive expansion plans. Fortunately, the formula worked, creating about $2 billion in market value over the four years since. If Globe had been widely held, with no controlling shareholders, I doubt that we would have been able to complete Globe’s strategy. Similarly, that stability has helped us to ride through our foreign-debt pressures. The parent company accumulated nearly $1 billion in debt by the end of 2000. The opportunities that we saw for strengthening Globe and BPI were extremely attractive given how their rigid industry structures were shifting. But the local capital markets were simply not large enough for our financing needs. Although our revenues were mostly in pesos, we had to go offshore for funds. Our hedging costs have been high, but coming out of the recent political crisis7 we just could not risk keeping our foreign debt unhedged. If we had been under pressure to deliver on quarterly earnings targets, we might have hesitated on these leveraging decisions, and some great opportunities for long-term value creation would have slipped by.
The Quarterly: You keep a controlling interest in Ayala’s hands, and your businesses are based in the Philippines, the market you know best, so you have even greater control. Has there ever been tension between you and your partners?
Jaime Zobel: Yes, I would say so. But you build trust only by not doing everything yourself, and we are trying to benefit from the expertise of all sides. Tension is part of the game. It increases from time to time and tends to ease off when times are good. We have gone through some very difficult times in all our businesses and that has caused some tensions between our partners and us. But I would say it is just like any human relationship. In the end, it is all about how those tensions are managed and how partners bring themselves to a common vision. These are more human issues than technical ones: how you handle yourself and how you build trust. This is why people who take on senior positions need personal skills as much as business skills.
The Quarterly: Unlike most family-owned conglomerates, you do not have a parallel private business network. How do you keep family and business separate?
Jaime Zobel: When Ayala Corporation went public in 1976, we made a very conscious decision that we didn’t want to find ourselves in any conflict of interest. All matters that directly relate to the family are elevated one level, to a single family holding structure. Although this is not a public company, its ownership in Ayala Corporation is direct and free of the opacity and layering that one might find in other structures. Through that family structure, we choose who will represent us in the governance of the public holding company and act with one voice. Like all other shareholders, the family receives dividend income from its stake. All family members are then free to do with their share as they please so long as they do not invest in ventures that compete with Ayala Corporation’s businesses. This is an unwritten rule but we take pains to follow it. It ensures that if a partner invests with us, it will not be competing with another entity in which a family member has an interest.
The Quarterly: With such a large family stake, how do you feel about nepotism?
Jaime Zobel: As the majority owner, we obviously have the right to be involved in how things are run, even in a public company. But ownership does not confer the right to management of a public company; it depends on what the individual can bring to the table. We are always tightening the rules for a family member’s right to be involved. What are the professional skills needed? Does the family member have a proven track record? In fact, while ours is a relatively large and extended family, there are only three of us—my father, my brother, and I—who are directly involved in running the company. The CEOs of all our subsidiaries and affiliates are people of the highest caliber who are not from our family and are promoted and rewarded strictly on professional merit. Anything else would prevent us from attracting individuals like that and so limit the growth potential of the business.
The Quarterly: What future do you see for the family-owned business?
Jaime Zobel: Family businesses will always be around, and in many ways they are the soul of entrepreneurial success. But if a family business wishes to succeed on a scale that involves raising large amounts of capital, it will need to conduct itself as transparently as a public company might so that potential partners or creditors know exactly what they are getting into. Investors will avoid situations where they cannot quantify the risk they are taking on.
The Quarterly: Does your interest in governance and transparency extend to the national level—in the markets and in politics?
Jaime Zobel: That’s a whole other, very long conversation! But, basically, national reform is in our interest. We have long decided to meet what we believe are global ethical and governance standards so that we can succeed in a world where those standards are set. But in emerging markets, where institutional foundations need strengthening, those ethical standards can, ironically, be a competitive disadvantage. Others can take advantage of the system’s malleability, if only in the short term. Thankfully, investors are now much more willing to vote with their feet when standards are not met. As a group, we try to keep business and politics separate, which is not particularly easy to do in a country like the Philippines. But while we try to help out behind the scenes in pushing for reform, there were two notable occasions when we expressed our concerns quite vocally. The first was in 1986, when the original People’s Power movement succeeded in deposing then-President Marcos, and the second was during the impeachment proceedings against then-President Estrada, early last year. In both instances, we felt strongly that the public trust had been violated to such an extent that the continuation of these men in power would almost certainly have plunged our country into economic and social chaos.
The Quarterly: Does it do Ayala Corporation any harm to express those views?
Jaime Zobel: It might have in the past, but now I think there are enough businessmen in the country who share our views. The leadership of the government now also truly thinks that way. This is a difficult country to rule in many ways, and nothing happens overnight. But there is enough momentum and enough of us are now speaking our minds—using whatever influence we have to make things happen—and that is hope.
Tuesday, September 18, 2007
A Thousand and One Things That can go wrong and the amazing way of immediately remedying em
Saturday, September 15, 2007
I'm Stuck Frozen
Friday, September 14, 2007
P1,200 for a Keyboard protector! -Capdase™ Silicone keyboard cover for the Apple® MacBook 13" keyboard
Capdase™ Silicone keyboard cover for the Apple® MacBook 13" keyboard
Available in 6 colours to protect your keyboard (Frosted (translucent) White [C3009], Frosted (translucent) Blue [C3020], Frosted (translucent) Pink [C3021], Frosted (translucent) Purple [C3022], Frosted (translucent) Green [C3023], Frosted (translucent) Orange [C3024])
Patent pending "pores" design to allow heat to escape from underneath the keyboard
Prevents liquid and dirt from getting underneath the keys
Protects the key surfaces from wear over time
Unique design to cover the keyboard and wrist rest of the MacBook
Very durable Silicone material with "Dust Off" (aka OAD) technology to prevent lint and dust from sticking to the Silicone surface.
What the Package includes: 1 x Silicone keyboard cover
Wednesday, September 12, 2007
A Good Sign? Is the Low turnout at the Erap Verdict a really good sign that the Filipino mind is finally wisening up?
Halleluiah!!!!!!!!!!!!!!!!!!!!!
Thin turnout of Estrada loyalists at Sandigan
Supporters’ reaction to guilty verdict muted
By Thea AlbertoINQUIRER.net
Last updated 10:49am (Mla time) 09/12/2007
MANILA, Philippines -- Only 500 to 600 loyalists of former president Joseph Estrada showed up near the Sandiganbayan anti-graft court in Quezon City for the verdict on the plunder case against the former leader Wednesday morning, far short of the 5,000 announced earlier.
And, although clearly dismayed by the guilty judgment, their reaction was muted.
Riot police deployed to the area near St. Peter’s Parish, where the Estrada loyalists were permitted to stage a rally, were relieved at the low turnout.
"Mas maganda nga iyan na konti lang sila na pumunta, mas walang problema [It’s better that way, that there are only few of them, there will be less of a problem]," Senior Superintendent Elmo San Diego, the police ground commander said.
The Estrada supporters came mostly from the Union of the Masses for Justice and Democracy (UMDJ).
Actor Rez Cortez, a staunch Estrada supporter who heads the National Council of Concerned Volunteers, questioned why the verdict was handed down so quickly.
"Bakit hindi binasa ang kabuuuan ng desisyon? Nakakalungkot na guilty. Ito ay kamatayan ng hustisya hindi lamang para kay Erap [Estrada’s nickname] kundi para sa bansa [Why did they not read the whole decision? It is sad that the verdict is guilty. This is the death of justice, not just for Erap but for the nation]," said Cortez.
Commenting on the low turnout, Cortez surmised that other Estrada supporters may have chosen to stay home and watch the reading of the verdict on television.
Tuesday, September 11, 2007
dos meses mas y me voy para bruselas
bueno, la vida es asi, ya veremos!
Monday, September 10, 2007
The Wonder of Today's Ringtone Culture (and the Orange Maharajah)
I was at the mall this weekend looking at some new phone models when I suddenly heard some ethnic Indian Music playing on the booth of the guy who sells ringtones. This honorable looking man in a Sikh's orange garb, was having his music downloaded to his mobile phone. Don't you find it cute really? A mix of the old and the new. How technology comes affecting everyone's lives. hehe.
What Gives? (and the practice of some drivers Shaking their cars while filling up with Gas presumedly to get more gas . . . what? ano daw? )
I Know it's equally stupid and brainless to indulge in hypotheses of why they do this. but isn't gasoline liquid? and isn't liquid supposed to just fill up the tank, no matter how irregular the gas tank's shape is?
Oh well, whatever makes 'em happy . . . really . . . it still remains a mystery to me though. . .





