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Green gold

NOT BUSINESS AS USUAL - Margaret Jao-Grey  () - August 25, 2005 - 12:00am
Here’s a reader’s comment on last Saturday’s vignette on the no-passbook-for-savings accounts practice of Bank of the Philippine Islands.

The reader, who has yet to vent her anger on president Aurelio Montinola III, notes the bank credits cash deposits via its ExpressNet ATM network (the only way to do it in BPI) three working days after the deposit is made. The reader notes the amount deposited, no matter how large, naturally doesn’t earn interest, measly as interest rates are these days on savings accounts, during those three lost days.

Strangely, another ExpressNet ATM member – this is HSBC – credits a cash deposit in real time or immediately.
* * *
Finance Secretary Margarito Teves denies that he is micromanaging and looking over the shoulders of his Undersecretaries.

And being a quick learner, Gary Teves’s learning curve has been pretty short, thank you.
* * *
Did you know 1: A company in Naga City, Camarines Sur is exporting completely knocked down nipa huts to Australia.

The huts are, of course, basically made up of bamboo, which foresters call "green gold" because these can be harvested two years after planting.
* * *
Did you know 2: A property near Robinson’s-Lipa has been fenced. The sign says that an SM mall will soon be built.
* * *
Bank notes 1: Armand Fabella has replaced Jose Perez (who has barely warmed his seat) as chairman of United Coconut Planters Bank.

Mr. Fabella, whose bio-data showed that he was born in France, was charged in the 1970s by then President Marcos to come up with a reorganization/streamlining of government line agencies.

Jose Querubin
, who has an iron-clad management contract, remains as president and chief executive officer.
* * *
Bank notes 2: National Treasurer Omar Cruz has set the release of the latest retail treasury bonds – these are the ones that can be purchased for as low as P5,000 – to financial institutions to sometime next week.
* * *
Bank notes 3: The Bangko Sentral will be issuing new P20-denominated bills with the signature of new governor Amando Tetangco Jr. next month.

By the way, Say Tetangco’s name has been invoked in the latest text scams – this time involving overseas Filipino workers. (The name of his predecessor, Rafael Buenaventura mainly involved gullible mobile phone owners based in the Philippines).

One involved a newly arrived OFW in Canada, who was told his roaming number won in a raffle conducted by the Bangko Sentral as part of the central monetary authority’s 12th anniversary this year.

The other one involved an OFW in Hong Kong who was asked to remit the equivalent of P20,000 for expenses.

As everybody knows, the Bangko Sentral does not conduct raffles outside of its employees.

AMANDO TETANGCO JR. ARMAND FABELLA AURELIO MONTINOLA BANGKO SENTRAL BANK OF THE PHILIPPINE ISLANDS CAMARINES SUR CENTER FINANCE SECRETARY GARY TEVES
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