First Duterte state visit: China?
As reported in the news, Chinese Ambassador to the Philippines Zhao Jianhua has met with president-Duterte twice since the May 9 elections. The dipl oma t even described the mayor as “a strong man of principle” who is the kind of leader the Chinese government would like to work with to improve bilateral relations between the two countries. We received information, however, that China’s top man in the Philippines had a meeting with the incoming president for the third time, the details of which have not been made publicly.
President Xi Jinping had earlier congratulated the president-in-waiting, expressing hope China and the Philippines could deepen good neighborly relations and maintain a mutually beneficial cooperation – further proof the Chinese are quite aggressive in starting “healthy” relations with the new president. For his part, the president-elect magnanimously praised Xi Jinping as “a great president” – a signal taken by the Chinese that warmer relations could be on the horizon.
The latest Spy Bits information we received is that an invitation has already been extended for a state visit to China right after the June 30 inauguration, with speculations that this might take place sooner than later, either late July or early August. Our source described the planned visit as “unprecedented” and something which has “never been seen before” as it will be very extravagant – the likes of which has never been accorded to any state visitor to Beijing.
The government of China has been very cold to the Aquino administration and did not really try to hide the fact that they were waiting for a new administration before they resumed any bilateral talks or negotiations on maritime territorial disputes. Mayor Duterte’s earlier pronouncement that he is open to bilateral talks has been welcomed by Beijing, with Ambassador Zhao expressing eagerness to peacefully settle differences and hoping for better relations between the two nations.
This has prompted concern, however, that it could undermine the case filed by the government before the UN permanent court of arbitration at The Hague over the Chinese incursion in Scarborough Shoal. The arbitral tribunal is expected to issue a decision in the next few weeks with expectations of a favorable ruling for the Philippines. China has steadfastly declined to participate in the proceedings, despite the fact that it is a signatory to the UN Convention on the Law of the Sea on which the suit is based.
Mayor Duterte, however, has reiterated he would not surrender the Philippines’ rights to Scarborough (Panatag) Shoal. Duterte has said to the Chinese yet regarding the issue until a verdict has been given. And while he has indicated openness to the idea of bilateral talks, he has also said he would first try the multilateral approach for three to four years, and if nothing happens by then, the bilateral talks with China would be pursued.
For its part, Washington said it is not overly concerned about China’s bid to be the first to host a state visit for the president-in-waiting, saying the White House will not be ready to invite president-elect Duterte at this time. Besides, it is an election year in the US. But definitely, an invitation for a state visit would be forthcoming – who knows, it could either come from Donald Trump or Hillary Clinton.
Bobby Ongpin resurrected
Roberto “Bobby” Ongpin is back in the saddle. Spy Bits received information he has been approached by a number of foreign investors willing to invest in Alphaland Corp.. The Ongpin firm’s net worth increased by 19 percent from P37.5 billion in 2014 to P44.7 billion in 2015. The company’s earnings per share also registered an increase of 120 percent at P4.50 per share. Several of these investors have indicated willingness to have the company listed in the foreign stock exchange.
Another source of interest is PhilWeb Corp., the online gaming company which is set to go on an aggressive expansion program following the approval of shareholders for management to make a private placement of up to 300 million shares (about 20 percent stake) at a discounted price, but not less than P20 per share. These shares are part of the 354.6 million shares in Treasury which PhilWeb bought from PLDT in 2013 for P11.90 per share, totaling P4.2 billion. The current market price of Philweb shares stands at P23.90 per share – more than double the cost of acquisition from PLDT and which easily gives PhilWeb more than P4.2 billion in unrealized gain.
Until the very end of the Aquino administration, Bobby has been a target of all kinds of accusations of wrong doing, with graft cases filed against him. A case in point is the alleged P660 million “behest loan” from the Development Bank of the Philippines which was used for the purchase of shares in Philex Mining Corp.
In 2014, the Sandiganbayan dismissed the graft charges against the businessman saying the case should not even have reached the court in the first place since the evidence clearly refuted any allegations of wrongdoing. However, government prosecutors wanted to reopen the case again in March last year – which the Sandiganbayan court again denied for utter lack of merit.
One of the things Bobby Ongpin grumbled a lot about is that he became “collateral damage” to the Aquino government’s vindictiveness against Gloria Arroyo because he happens to be a close friend of former First Gentleman Mike Arroyo – a fact he hasn’t denied. Aquino’s hatred for the former president was transmitted to anyone who was associated with her – and Bobby believes the Aquino government used outgoing Senator Serge Osmeña to go after him.
Investors see the end of President Aquino’s term as the signal for the resurrection of Bobby Ongpin, expressing confidence that the incoming Duterte administration will be objective – not vindictive – and will encourage a level playing field.
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