Done deed
President Marcos’ economic dream team has successfully shepherded in record time the controversial Maharlika Investment Fund (MIF) despite earlier warnings and concerns about the sovereign wealth fund.
Now, back to regular programming...oh...but wait... there is still the issue of whether the economic dream team remains intact, as Bangko Sentral ng Pilipinas Governor Felipe Medalla’s term is set to end this month as he is only serving the unfinished six-year term of former governor Nestor Espenilla, who passed away due to cancer and was replaced by Benjamin Diokno.
Espenilla assumed his post on July 3, 2017 and was supposed to serve as BSP chief until June this year. However, he succumbed to an aggressive tongue cancer on Feb. 23, 2019. Diokno was subsequently appointed on March 4, 2019 by former president Rodrigo Duterte to serve the remaining term of Espenilla.
Diokno, however, was tapped by President Marcos in June 2022 as his Finance Secretary and head of the economic team.
Upon the strong recommendation of Diokno, Medalla was appointed to serve the remaining unexpired term of Espenilla, which is set to end this month.
Speculation has been swirling at the start of the year as to whether Medalla would get to serve a second term after he initially appeared to be hesitant about the sovereign wealth fund, in contrast to Diokno’s vigorous push for the investment fund despite ample warning from different sectors.
But as events have unfolded, the Marcos economic team decided to fully support the passage of the bill creating the MIF, staying way past their bedtime to see the early morning passage of the still controversial fund.
Reward time?
Before the unexpected swift passage of the MIF, the banking community was hoping to see continuity in the BSP leadership, either with Medalla getting reappointed to a fresh six-year term, or even welcoming back Diokno, who according to some speculations, was still interested in his old post after continuously talking about monetary policy which is the turf of the BSP Governor.
But as it now turns out, Diokno has found his niche and is set to nurture, hopefully to further success, the soon to be created MIF.
According to banking and finance chatter, National Treasurer Rosalia de Leon may be appointed to manage the MIF, with the DOF chief overseeing the management of the fund.
Thus, to keep the dream economic team intact, Medalla may, indeed, get a fresh six-year mandate even though there are still reportedly a lot of aspirants for the BSP post.
But again, according to banking chatter, some of the names being bandied about such as Ayala Corp.’s Cesar “Bong” Consing and BDO’s Nestor Tan are quite happy to remain in the private sector, while former banker and now GSIS president and general manager Wick Veloso has said he is quite content where he is, and might even be interested in investing in the MIF to get better returns for the government pension fund.
As the MIF will supposedly be used to help fund various important infrastructure projects of the government, the DOF will surely be able to get advice and support from government-appointed Asian Development Bank alternate executive director Charlotte Justine Diokno-Sicat, daughter of Finance Secretary Diokno.
Sustainability goals
From banking to manufacturing to real estate, the buzz word is sustainability – caring for the environment and adapting to climate change.
Po-led ArthaLand, which early on positioned itself as a green developer, recently unveiled its latest high-end condominium project located in Makati’s central business district, along Rada Street in Legazpi Village.
Eluria offers 37 limited edition units that provide unique features targeting the very sophisticated one percent of the Philippine market that can afford the pocket-busting price tag, according to Oliver Chan, senior vice president for sales and marketing, as well as chief sustainability officer of Arthaland.
However, Chan was quick to point out that while Eluria is at the top end of ArthaLand’s residential portfolio, it also has more affordable developments in Binan, Laguna – specifically the Una Apartments and Sevina Park Villas that cater to growing families settling and educating their children in the growing university town of Binan, where established educational institutions such as De La Salle University and the Beacon are located.
What makes Eluria unique and offers a showcase of ArthaLand’s sustainability thrust are its pre-certification as a LEED Gold developer. LEED certification is a globally recognized symbol of sustainability achievement and leadership. Likewise, Chan said, Eluria is also on track to secure certification as well for WELL, EDGE and BERDE green certifications.
Eluria, which ArthaLand is developing in partnership with ARCH Capital, was designed by Sydney-based interior design firm FMB Architects. With only one to two units per floor, the units would have the luxury of cross ventilation and ample sunlight that are not normally possible in most other condominium developments.
But the most unique feature of Eluria would be its concierge/butler service for the residents. The concierge/butler will undergo a 10-week training program through The International Butler Academy (TIBA) in the Netherlands. TIBA is supposedly the finest and most innovative butler service training institute in the world.
The concierge/butler service can facilitate arrangements for the residents from shopping to catering, and even offers chauffeur service around the city.
This early, 30 percent of the 37 limited units have already sold out, with the penthouse unit already taken, according to Chan.
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