MST Chatter -- Richard Yap was once a stock broker
Richard Yap, the 48-year-old actor who became famous for his role as “Sir Chief” at day-time television drama ‘Be Careful With My Heart’, has won a number of endorsement deals from publicly listed companies such as BDO Unibank Inc. and Filinvest Land Inc.
Unknown to many of his fans, Yap is also knowledgeable in business, as he once worked as a stock market trader during his younger days with Citisecurities Inc.
While his stint as a Binondo-based trader was a short one--four months way back in 1989, the experience enabled him to maintain investments in the stock market.
Without disclosing which stocks he owns, Yap said he hadmoney in the stock market, but mostly as long-term investments.
His advice to investors given current market conditions? Blue chips are a sure thing, if you want long-term investments. But if you want to earn a fast buck, invest in initial public offerings and other smaller stocks.
No new BSP Governor until 2017
Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr. shrugged off speculations that Governor Amando Tetangco Jr. may not be able to finish his second term as head of the bank regulator, with the assumption of office of the new administration in July 2016.
At the sidelines of the Bank of the Philippine Islands’ first sustainability summit in Makati City last week, Espenilla told The Standard the speculations were very remote from the truth, as the position of the central bank governor is a fixed six-year term.
“There could be a new governor only after the term of the current governor expires [which is 2017],” Espenilla said. Tetangco’s term could only be cut short if the governor “voluntarily vacates” his office for some reasons.
“So there is no truth to these speculations,” Espenilla said.
Tetangco was first appointed as Bangko Sentral governor with the support of former governor Rafael Buenaventura on July 4, 2005. Because of his impressive performance, Tetangco was reappointed in January 2011.
Global Finance magazine cited Tetangco for the seventh time as one of the best central bank governors in the world its October 2015 issue. Julito G. Rada
San Miguel accuses PSALM of fraud
San Miguel Energy Corp. is mulling over another legal action against state-run Power Sector Assets and Liabilities Corp. for alleged “fraud” regarding its independent power producer administrator contract for the Sual coal-fired power plant in Pangasinan. This is separate from their dispute over the Ilijan power plant in Batangas.
San Miguel president and chief executive Ramon Ang said while the conglomerate’s energy arm paid for the operations and maintenance expenses of the power plant, the company enjoyed less than 100 percent of the contacted output.
“We have another dispute [with PSALM]. The contract of the government, of PSALM, when the plant was put up was 1,000 megawatts. Then some time after GMA [President Gloria Macapagal Arroyo] left in 2009, the one who put up the plant said the plant is now at 1,200 MW, when it is only at 1,000 MW,” Ang told reporters.
San Miguel Energy Corp., a unit of San Miguel, offered PSALM $1.072 billion to manage the output of the Sual power plant during the privatization process held in August 2009. “So there was a dispute because they were asking us to pay for 1,200 MW when it’s only 1,000 MW. That’s illegal and we plan to sue PSALM, for that. At the last minute, they changed it to 1,200 MW,” Ang said.
Aside from the Sual plant, San Miguel and PSALM are also disputing the IPPA contract over the 1,200-MW Ilijan combined cycle power plant in Batangas. Alena Mae S. Flores