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With the
foreign exchange rate stabilizing because of inflation,
some banks are hoping their treasury earnings would go
back near the ideal 60-40 ratio in favor of corporates.
Right
now, the ratio is hovering at 15-85, which is riskier
but can, of course, make even more money for those who
are either just plain lucky or who have excellent
financial skills.
****
There
was a time when Philippine National Bank (PNB) was the
country’s largest bank. That was when PNB was
100-percent government-owned and there were fewer banks
to compete with. Then again, under government
management, PNB also seemed to encounter major financial
difficulties every 20 years, give or take a few years,
as politicians used the bank as their personal- piggy
bank.
Today,
as a privately-owned company, PNB is expected to get
back inside the magic Top 5 circle when its merger with
Allied Banking Corp. is completed by end-2008. And yes,
its cyclical ups and downs will hopefully be a thing of
the past.
Interestingly, PNB is one of only two banks among the
top five banks, which use a word commonly associated
with the national government, “Philippines.” The other
bank is the Bank of the Philippine Islands (BPI), which
is majority owned by the Ayala-Zobel family.
Among
the majority stockholders of the top five banks, three
are considered the country’s three richest
individuals/families. Aside from BPI’s Ayala-Zobel
family, there are PNB’s Lucio Tan and Banco de Oro
Universal Bank’s Henry Sy. Both Tan and Sy weren’t with
the banks they’re associated with from the start but
their entry into these banks have certainly been
associated with times of tremendous growth.
****
Did you
know 1:
The
Public Relations Society of the Philippines has (PRSP)
an ongoing accreditation program for members pretty much
like the one implemented by the Bankers Association of
the Philippines for treasury frontliners. Basically, new
members must take and pass an exam that grades the
member’s competence and ethical standards.
Yes,
PRSP does have lobbyists among its members.
Did you
know 2:
One
reason why recruitment agencies have difficulty filling
up the skilled construction workers orders of the Middle
East is the lure of Canada (read: similar, if not
better, pay scales and certainly better living
conditions).
Then
again, getting the job and flying to Canada takes at
least six months to process while documentation to leave
for the
Middle East and to start earning dollars takes about a month from
start to finish.
Did you
know 3:
Traditional Philippine massage or hilot is
available in two of the three Shangri-La hotels in the
country. The hotel chain’s wellness center called Chi
offers hilot under its traditional massage
program for P3,900 for an hour’s workout. Okay, so the
pay as a masseuse isn’t great but the tips are said to
be so generous, particularly from foreigners, that one
easily quadruple one’s daily take home pay. |
