Cronies
       Tito Gabby’s successor, former BSP governor Paeng Buenaventura, was as avid a golfer as his predecessor. Buenaventura continued Singson’s golfing ways, inheriting Tito Gabby’s golfing buddies, among them Bill Go of Chinatrust and his nephew, now Trade and Industry Secretary Peter Favila, and adding his own group, led by his Ateneo (and Erap’s) classmate, then-Monetary Board member and now Development Bank of the Philippines chairman Antonino Alindogan.
       For his part, Say, a professional central banker like his mentor (and tormentor?) Gabby Singson, has taken the “Singson Doctrine” to heart.
       If the market is fluctuating, or when volatility appears to be the order of the day, and Say Tetangco isn’t at his office, you can bet he’s at the greens trying to improve his handicap. Those who see him at the fairways and who are well versed with the “Singson Doctrine” would nod approvingly at the sight of the BSP governor enjoying his round.
       One thing about the BSP governor, whenever he is asked to speak in post- tournament programs, he has a ready pitch for current or incoming concerns. Nothing bombastic, just simple stuff. Like, in the first week of July being National Savings Consciousness Week, Governor Say has been urging banks in his fairway spiels to help in the financial-literacy drive of the BSP, specifically in the collection of coins—“Tulong Barya Para sa Eskwela”—to support public schools.
       The problem with Say Tetangco, if it’s a problem at all, is that he can never escape to the relative sanctuary of the golf course without his friend and golfing crony, National Treasurer Omar Cruz.
       But I, for one, though not a golfer, am not complaining because, so far, the BSP governor-national treasurer golf mates have managed to keep the interest rates at bay.
       If only for that, I say they’ve earned their time at the fairways.

Interest rates
       Had they been just average golfers the interest-rates problem would have affected the respective games of Say and Oman. After all, interest rates is among the toughest aspects of their respective jobs—in today’s accelerating inflation rate, largely caused by the apparent nonstop increase in the pump prices of oil and other petroleum products, we can kiss goodbye the low interest rate regime that has been with us for quite a while. It falls on Omar and his golfing buddy, to temper, if not altogether, prevent its uptick.
       To provide respite and prevent interest-rate steam from further boiling up, Omar Cruz on Friday announced the cancellation of this week’s treasury bills and bond auctions.
       So far, to my mind, Omar has pretty much done an excellent job in taunting any acerbic attempts of the market to bid high in the auction of both the treasury bills and the treasury bonds. This is because any upward movement in interest rate would, alternatively, mean additional spending cost for the national government, which the fiscal managers, definitely, would not like to happen as it may derail its program of fiscal consolidation. In this particular case, Omar pointed out that “it’s better to stay out of the market than be forced to sell bonds at a high price”
       But that’s the small problem. The big problem is, the Omar and Say tandem have to contend with the external factors, particularly the monetary tightening policy of the US Federal Reserves, as another pressure that could contribute to the interest-rate uptick.
       Specifically, Say, in several occasions just this year, has defied or to put it more lightly, veered away from following the increase in US state-fund rate by maintaining BSP’s key overnight interest-rate policy at an even keel.
       Thus far, Say has been in control. But you just wait till US Fed Chairman Ben Benarke shows his might and fills-in the big shoes left by his predecessor, Alan Greenspan, who held on his hand the direction of the world economy every time he opens his mouth to speak before the US Congress,
       I guess the problem I just raised calls for 18-holes.

Side bets
       Meanwhile, Say and Omar have been playing well.
       Playing at the latest tournament sponsored by the Bankers Association of the Philippines (BAP), the governor engaged his flight-mates in friendly bets. Say came out the big winner, pocketing P700, even as Omar went home P500 richer. On the losers’ side, HSBC Philippines chief executive officer Warner Manning parted with P1,500.
       As if to add insult to injury, Manning won the wristwatch of a competitor, Chinatrust, in the post-tournament raffle. Manning gamely wore his competitor’s watch.
       If you ask me who among the two, Say Tetangco or Omar Cruz, is the better golfer, I’d rate them just about even. Proof: at the BAP tournament, both BSP governor and national treasurer turned in similar 95 scores.
       But if you talk about who’s been luckier of late at the golf course, it’s Omar Cruz, hands down.
       So, Say Tetangco won P700 in side bets. Big deal.
       The national treasurer has been on a roll of late. About a couple of months ago, during a weekend round of golf with Governor Say, Omar had a hole-in-one. Then, a week after, he won a brand-new car in a raffle among Ayala Alabang residents. At another recent tournament raffle, Omar went home with the latest model of iPod video.
       With such valuable prizes at stake in amateur, or even just beginners’ golf tournaments, maybe it’s about time I resume my golfing career.
       Talk back at sipinsipin@yahoo.com.ph.