What BBM should have done

On Tuesday, the last day of a tumultuous June, members of the Foreign Correspondents Association of the Philippines were looking forward to a press conference with President Marcos.

It was certainly good news for journalists that the President of the Republic had agreed to spend perhaps an hour or two with the press – over lunch – and discuss a wide range of issues hounding our country today – from the still-unresolved Middle East crisis, the energy emergency in the country, persistently high inflation, the looming impeachment trial and many more.

But when Manila woke up to news that the Iglesia ni Cristo had gathered along EDSA for a big surprise rally to protest the plunder charges and possible arrest of Sen. Rodante Marcoleta, Malacañang decided that the wise thing to do was to cancel the President’s meeting with the press.

What a big mistake.

BBM wasted a golden opportunity to show himself in public that day – unfazed, unafraid and as the Gen Zs would say, unbothered.

Whoever advised him to cancel the meeting with FOCAP made the wrong decision.

He could have used the event to address the political gathering and reiterate his administration’s fight for good governance, discuss the pressing issues of the day and, most importantly, to show his critics that he won’t be cowed by such actions.

He could have said that while his administration respects the people’s right to peacefully assemble and air their grievances, it will not be afraid to hold erring officials or lawmakers accountable for their actions.

None of that happened. Instead of facing the press that Tuesday, BBM chose to skip the meeting, unwittingly giving the impression that the mammoth crowd had rattled him.

With all that’s happening now, BBM must do better. His administration faces mounting challenges, such as the US-Israeli war against Iran, the Marcos-Duterte political conflict and the politicized impeachment trial of Vice President Sara Duterte.

Lopez majority still waiting for regulators to act

It ain’t over till the fat lady sings, so goes the old adage.

This may well apply to the Lopez war. Peace remains elusive. The end of the war seems nowhere in sight.

The Lopez majority, led by Gabby Lopez, for instance, is not giving up as it continues to fight its cousin Piki over what it calls poison pills in First Gen’s deal with tycoon Enrique Razon’s Prime Infra.

They are getting frustrated that the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) have not yet heeded their call to investigate the late disclosures.

As the Lopez majority previously said, First Gen disclosed the details of First Gen’s deals with Prime Infra only months later.

This, they said, “was in clear violation of stock market rules meant to protect the investing public by giving them full, fair, accurate and timely information.”

They earlier urged the PSE and the SEC to conduct an investigation and to ask First Gen to explain why it did not disclose the so-called poison pills or change-of-control provisions when it disclosed the two transactions in November last year and in February this year.

What were these transactions?

In November last year, Prime Infrastructure bought 60 percent of the gas assets of First Gen for P50 billion. In February this year, First Gen bought 40 percent of Prime’s hydropower business for P75 billion but later reduced its stake to 33 percent.

“These amounts are so significant that they are roughly equivalent to a third or so of the market capitalization of First Gen and would affect shareholder dividends and eventually share prices if triggered that they should have been cleared with shareholders, not just with the board that, Piki claimed, approved them,” the Lopez majority earlier said.

Yet First Gen only confirmed the existence of these clauses when the Lopez majority exposed them and the PSE asked for a clarification. In its reply, First Gen said the November 2025 “poison pill” clause would only come into play if the February 2026 clause is triggered.

The Lopez majority said the November clause has raised more questions:

“If the November clause would cost First Gen P8 billion, why was it not disclosed? Did the company fully inform the board and its independent directors about these provisions, especially since together they would cost First Gen and, ultimately, its shareholders P24 billion in penalties? If the board did approve them, why didn’t its members call out management for not disclosing them within 10 minutes after the deal was done, as PSE rules required?”

Piki, of course, has already responded to the issues raised by the Lopez majority. Regarding the so-called poison pills or change-of-control provisions, Piki said they are normal in big-ticket business deals. On the disclosures, First Gen said these were included in the terms of the agreements it disclosed. It likewise maintained that the said contracts and agreements were reviewed and approved by its board of directors.

Perhaps, the best way to resolve this is for the PSE and the SEC to, once and for all, look into the matter.

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