Biz Buzz: Aborted Landing

It looks like the plan of Koreabased (but supposedly Macanese-owned) gaming firm Landing International Development Corp. to put up a casino in the Nayong Pilipino property at Entertainment City in Parañaque—all while sidestepping the stringent licensing processes of Philippine Amusement and Gaming Corp. —has fallen afoul of authorities.

Last week, a foreign gaming news website reported that Landing’s license to develop and operate an integrated resort had been “put on hold” after the Commission on Audit noted that the company did not have the requisite regulatory approvals from Pagcor and the National Economic and Development Authority.

The state auditor gave the order to the government-run Nayong Pilipino Foundation which inexplicably granted Landing the right to build and operate a casino inn the property that was originally meant to host a Filipino heritage theme park.

Of course, this plan—which attempted to go around Pagcor, the current moratorium on building new integrated resorts in Entertainment City and a nationwide ban on new casinos ordered by no less than

President Duterte —was opposed by just about every stakeholder in the industry. Just about everyone except, perhaps, the board of the Nayong Pilipino Foundation which approved and encouraged the deal.

The deal was opposed by no less than Ma. Fema Duterte, the President’s niece, who blew the whistle on the deal and revealed anomalies in the foundation after she was appointed to its board of directors last year (no public bidding, belowmarket property lease prices, among others).

So, for now, all is well again at Entertainment City, whose locators were starting to get worried by the prospect of an interloper in their midst. Unfortunately, we can’t say the same thing for the Nayong Pilipino Foundation, whose top brass have allegedly been wined and dined by Landing, thanks to the prospects of a sealed deal. Tsk tsk. —DAXIML. LUCAS Dennis Uy’s Ongpin trifecta When presidential fire and fury inexplicably rained on the business empire of Roberto Ong

pin two years ago, one unvalidated explanation proffered in the local rumor mill is that the tycoon had rebuffed a buy-in attempt into one of his firms— to be specific, Philweb Corp.— by a businessman close to the new dispensation.

No one has actually been able to verify that little piece of gossip, but recent corporate moves at firms owned by or indirectly linked to the former Marcos trade minister have raised the eyebrows of corporate observers.

Consider: Within days of each other, Davao-based businessman Dennis Uy joined three companies that operate within or near Ongpin’s circle of control or influence.

First, he joined the board of Ongpin-owned Atok-Big Wedge Co. Inc. and was named its vice chair. Soon after that, he was named director of Ongpin’s property development firm Alphaland Corp., which owns the swanky Balesin Island resort. Finally, just last Friday, it was announced that Uy would become a part owner of ISM Communications Corp. through a P1.28billion private placement. The company is headed by former Finance Undersecretary Eric

Recto who is also the nephew of Ongpin (as well as his former business partner).

It is unclear what Uy’s game plan is at the moment, but word on the street is that this network of companies may be what he needs to make a serious play to be the country’s “third telco” operator. Abangan! —DAXIM L. LUCAS

‘Game changer’

Isidro Consunji, president of construction and engineering conglomerate DMCI Holdings, is flying to Tokyo this week brimming with optimism on the government’s “Build, Build, Build” program.

Being one of the country’s foremost contractors through subsidiary DM Consunji, it has the opportunity to team up as local partner/subscontractor and/or part of the consortium led by big Japanese firms that vie for massive Japan-funded infrastructure projects, particularly the commuter train from Malolos, Bulacan, to Los Baños, Laguna.

“That will change the geography of (Metro) Manila commuter line,” Consunji said.

DM Consunji, the contractor for LRT 1 extension, hopes to participate as the civil works and system integration contractor of the proposed new railway. The local civil work job requirement for the first phase of the project alone, a 24-kilometer railway from Malolos to Tutuban, is estimated at P50 billion.

The railway will connect with other mass transportation systems, which will allow people to reside as far as Malolos and reach their place of work in Makati in 40 minutes. These days, a commuter has to allot one to two hours to reach Makati from Quezon City.

Since the project already uses the existing right-of-way alignment of Philippine National Railways, which has started clearing informal settlers, Consunji said Filipinos had the capability to complete the civil works for this Malolos to Tutuban commuter line in three years.

“This is the biggest game changer. I don’t care who wins (the contract), mangyari lang (as long as it happens),” he said.

—DORIS DUMLAO-ABADILLA

New Fami prexy

After nine years of heading First Metro Asset Management, Inc. (Fami), the fund management subsidiary of First Metro Investment Corp., the company has announced the retirement of veteran fund manager

Augusto Cosio Jr.

Karen Liza Roa, who formerly headed Fami competitor Philam Asset Management Inc., has taken the helm.

Roa has 25 years of experience in the financial services sector both domestic and international with her last role as president & CEO of Pami. Before this, she was Asia Pacific product director for SunGard Solutions; head of the Trust Banking Group for Philam Savings Bank and operations head of Citibank’s Global Asset Management.

She began her career as a management trainee at Chase Manhattan Bank in NY before returning to the Philippines.

Roa is currently a lecturer at some of the country’s top universities, teaching business courses on strategy, investment management and financial services. She also facilitates corporate training on strategy, leadership, culture and innovation to top level managers of large Philippine companies.

She earned her bachelor’s degree in Legal Management from the Ateneo de Manila University and her master’s in Business Administration from Fordham University.

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