MST Chatter -- SM Prime cause of 8990-Waltermart split?

posted December 20, 2015 at 11:30 pm
by  Jenniffer B. Austria
Our Chatter hinted last month in this space that the joint venture between mass housing developer 8990 Holdings Inc. and mall operator Waltermart was on the rocks, after executives of the developer turned mum on the mall components of their latest mixed-use projects.

Why is the joint venture, which was supposed to include Waltermart malls in the mixed-use developments of 8990 Holdings in Vitas Tondo and Ortigas Avenue Extension, not pushing through?

One reason why Waltermart reportedly backed out of the two projects is SM Prime Holdings Inc.’s new project near the Ortigas Avenue Extension, where it also plans to build a huge shopping mall.

Waltermart is probably thinking the joint venture with 8990 Holdings over an 11-hectare property in the area would not be viable, if it would compete with SM. Waltermart, afterall, is a 50:50 joint venture between the Lim family of Waltermart group and SM Retail Inc. 

That thinking is probably a good point, but according to 8990 Holdings, Waltermart was already aware that SM Prime acquired a huge property along Ortigas Avenue Extension before it signed the joint venture with the developer in April 2015. 

BSP deputy governors’ interesting background

Business executives and economists acknowledge the role of Bangko Sentral ng Pilipinas in maintaining a stable economic environment.  BSP can boost economic growth by reducing interest rates and control inflation by absorbing excess money in the financial market.

At the helm of the powerful organization is Governor Amando Tetangco Jr., who was awarded by New York-based Global Finance magazine as one of the world’s top central bankers for the seventh time.

He has three deputy governors who are in charge of three important sectors: monetary stability sector, supervision and examination sector and resource and management sector, which also covers the operation of the security plant complex in Quezon City, where money is printed.

Unknown to many, Diwa Guinigundo, the deputy governor for monetary stability sector, is also the head pastor at The Fullness of Christ International Ministries. Nestor Espenilla Jr., the deputy governor for supervision and examination sector is a batch mate of President Benigno Aquino III at Ateneo de Manila during their high school days.  Espenilla was already a deputy governor before Aquino became president.

Vicente Aquino, the deputy governor for resource management sectork, who is also in charge of the security plant complex, is a lawyer by profession and a former correspondent contributing articles for Manila newspapers in the 1970s.  Aquino, who has a degree in Journalism, chose to become a lawyer, because being a journalist was risky at that time, he says. Roderick T. dela Cruz

Trudeau beats Obama in chair auction

Furniture designer Kenneth Cobonpue did not expect it, but someone just beat US President Barack Obama in terms of commanding the best price for chairs used in the Asia-Pacific Economic Cooperation dinner held in Manila last month.

Cobonpue, who designed the chairs where the Apec leaders sat during a welcome dinner, decided to hold an auction for six limited-edition Yoda chairs and predicted that the one used by Obama would fetch the highest bid.  

He was wrong.  The chair used by Canadian Prime Minister Justine Trudeau, who wowed the crowd during the Apec Summit because of his looks, earned the highest bid of P2.05 million during the auction, topping the P2-million offer for Obama’s chair.

The chair used by President Benigno Aquino III went for P1.55 million while that of Mexican President Enrique Peña Nieto, another Apec leader admired for his looks, fetched P1.5 million. Singaporean Prime Minister Lee Hsien Loong’s chair received a P1-million bid while Japanese Prime Minister Shinzo Abe’s chair raised P710,000.

In total, the six Yoda chairs raised P8.81 million, which Cobonpue agreed to donate for the benefit of children, specially for Unicef’s 1,000 days campaign.  The auction was organized by Unicef special advocate for children Daphne Oseña-Paez.  Roderick T. dela Cruz

Topics: SM Prime , 8990-Waltermart , BSP , Kenneth Cobonpue
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