BIZ BUZZ: Landbank, DBP ‘Cha-cha’ on hold

MANILA, Philippines — The much-talked-about Charter changes—or “Cha-cha,” as many like to call it—for the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) are officially heading back to the drawing board.

With the 19th Congress winding down and the 20th set to begin on July 28, the timeline has run out for these legislative pieces to make it into law.

In short: it’s back to square one.

In case you missed it, President Marcos recently vetoed the bill proposing changes to DBP’s charter—stopping it just before it could automatically become law.

READ: BIZ BUZZ: DBP Cha-cha vetoed

Meanwhile, Landbank’s version hadn’t gotten past the second reading in the Senate. Finance Secretary Ralph Recto confirmed the next steps.

“We will comply with the veto message,” he told Biz Buzz. “We will also refile the Landbank charter.” Translation: both bills will need to be reintroduced in the upcoming session, giving newly elected lawmakers a chance to weigh in.

READ: IPO seen to strengthen LandBank, DBP

For now, both banks will have to wait a little longer for their legislative refresh. But with a new Congress comes new opportunities — and possibly, a second chance to dance the Cha-cha. — Ian Nicolas P. Cigaral

READ: DoF: Landbank, DBP financially strong despite Maharlika investments

Amatong joins ICCP

Ephyro Luis Amatong, formerly a commissioner at the Securities and Exchange Commission (SEC), has added another hat to the many others he already wears.

Just last month, Amatong was elected an independent director of Investment and Capital Corporation of the Philippines (ICCP).

“We are delighted to welcome [Amatong] to ICCP’s board of directors,” ICCP chair and CEO Valentino Bagatsing said in a statement. “His deep knowledge of green/social finance and regulatory affairs will be invaluable as we continue to strengthen ICCP’s role in catalyzing sustainable finance for the Philippine capital markets.”

Indeed, Amatong was a crucial sustainability mover.

While a commissioner at the SEC, he was cochair of the Asean Capital Markets Forum, where he contributed to the development of the region’s green, social and sustainability bond standards.

He also holds board positions in clean energy firms, including Citicore Renewable Energy Corp. and Alternergy Holdings Corp.

Amatong likewise serves as a consultant for the World Bank Group/International Finance Corp. as an advisor to the Sustainable Banking and Finance Network.

Perhaps this is a prelude to a more sustainability-focused roadmap for ICCP, which already offers a broad range of banking services. —Meg J. Adonis

BFF mum on Tiu Laurel fate

Agriculture Secretary Francisco Tiu Laurel Jr. may count President Marcos as one of his close friends, but there are just some things that he just can’t ask.

Thus, amid the ongoing overhaul of the executive branch, his fate as chief of the sprawling Department of Agriculture (DA) still hangs in the balance.

“Well, actually, nakakahiya ko naman tanungin sa kanya kung mapanatili ba ako o hindi (it would be embarrassing to ask him whether he would keep me or not at his Cabinet). I’m not that type of person,” Tiu Laurel said on Thursday.

As for Sugar Regulatory Administration (SRA) Administrator Pablo Luis Azcona, he said he has submitted his courtesy resignation after the heads of government-owned and controlled corporations were ordered to do so.

Tiu Laurel and Azcona are waiting to hear from the office of President Marcos as of writing, on whether they are staying or going.

Is Tiu Laurel optimistic about being retained as the DA chief? He said the decision lies entirely with the President.

“As I said, there are more headaches and exhaustion… but if I’m not retained, I go back to my old life and enjoy my life. My life before was also good. It’s a win-win for me, and I am also happy being the secretary of agriculture. I am challenged, that’s one thing. That’s very challenging. Anyway, I am happy,” he said.

As we speak, Executive Secretary Lucas Bersamin has announced further changes in the Cabinet, but no decision has been made on the courtesy resignations of Tiu Laurel and Azcona.

Well, we’ll just have to wait for the next press briefing of Bersamin and maybe, just maybe, there will be news by then. —Jordeene B. Lagare