Then again, having electricity doesn’t mean there’s that much more things to do (in terms of entertainment) in a fourth or fifth class municipality, is there?
The difference or premium between that rate and the actual exchange rate is traced to non-monetary factors. In the last months in office of President Estrada, that premium was called the "Erap factors".
No thanks to Ateneo de Manila University president, Fr. Bienvenido Nebres S.J., the alumni association under OV Espiritu lured former National Economic Development Authority director-general Cielito Habito to head an in-campus think tank that would develop Philippine-based economic indicators to better track the country’s growth.
Then, there is, of course, that surprise donation of a P200-million building by John Gokongwei Jr., a former director of Far East Bank and Trust Co. when Mr. Espiritu was president and chief executive officer.
As everybody knows, Mr. John’s generosity has been traditionally biased towards the better school, his alma mater De La Salle University. (DLSU’s collegiate basketball team is, after all, doing better than last year’s UAAP champion, isn’t it?)
Here’s why, Paeng Buenaventura and Mr. Ablaza were seen having lunch in a five-star hotel and, naturally, everybody jumped to the conclusion that Mr. Buenaventura (who was then PCIBank president) was pirating Mr. Ablaza (who was assigned in Citibank-Singapore).
To sweeten the pot, Citi offered Mr. Ablaza the opportunity to come home as consumer banking head, which carries the same organizational clout as heading Citi-Manila’s corporate bank.
Mr. Ablaza did so well in pushing all those credit cards and consumer loans that he caught the eye of Ayala Corp. president and chief executive officer Jaime Augusto Zobel de Ayala II.
Aside from being a nice guy, Mr. Ablaza’s performance at Globe has been spectacular that he’s one of the Ayala Group’s must-watch boys.