BIZ BUZZ: Gasmen meets the press

Incoming Bangko Sentral ng Pilipinas (BSP) Assistant Governor for Financial Markets Dino Gasmen isn’t promising a grand overhaul just yet.

In his first comments since his appointment, Gasmen said he first wants to understand the central bank’s priorities before introducing any reforms.

Instead of unveiling a new agenda, the veteran banker signaled continuity.

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Gasmen said he intends to support the BSP’s ongoing push to deepen the country’s capital markets, particularly efforts to make the government securities market more liquid and efficient.

That includes initiatives already familiar to market participants: developing the repo market, expanding complementary market infrastructure, and promoting interest rate swaps as benchmark pricing tools for loans.

“I think my job will be to continue or to help the market develop those markets,” he said.

The central bank has spent years laying the groundwork for a deeper local bond market, improving price discovery and aligning trading practices with global standards.

Officials have long argued that a vibrant capital market could serve as the economy’s “spare tire,” providing borrowers with an alternative source of funding when banks pull back on lending.

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Gasmen, at least for now, seems content to build on that foundation rather than rewrite the playbook. —Ian Nicolas P. Cigaral

Ex-Globe CEO bows out of board

One of Globe Telecom Inc.’s most seasoned veterans is moving on from the boardroom after nearly three decades with the company.

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Delfin Lazaro, who had served as Globe’s president and CEO, as well as a member of its board of directors for nearly three decades since 1997, will step down from the board effective Sept. 1, the Ayala-led telco company announced on Tuesday.

During Lazaro’s tenure, Globe reached several milestones before the turn of the millennium, including posting positive cash flow for the first time, growing revenues by 38 percent, rolling out 700,000 phone lines, and connecting Globe subscribers to the United States and 28 other countries via international roaming.

Apart from serving as Globe’s top executive, Lazaro had also chaired the company’s executive and compensation committees, served as co-vice chair of the board, and led its finance committee.

“Mr. Lazaro was adept at raising the difficult questions, and unwaveringly guided our Board and management towards identifying what risks to avoid, and what were worth pursuing,” Globe said.

Taking his place is another executive drawn from the Ayala talent pool.

Beginning Sept. 1, former Ayala Corp. finance chief Alberto de Larrazabal will join Globe’s board of directors.

De Larrazabal is no stranger to the telco firm, having previously served as Globe’s chief commercial officer, chief financial officer, treasurer and head of treasury. He also serves as president and CEO of AREIT Inc. and chairs Ayala-owned Integrated Micro-Electronics Inc.

“His deep knowledge of the organization with regard to both operations and culture will be invaluable to the Board into helping shepherd Globe into achieving its shared purpose as Globe and its entire organization move forward together amidst these challenging times,” Globe said. —Logan Kal-El M. Zapanta

Plot twist in Alabang

Citing personal reasons, including the desire to spend more time with his family, Jesulito A. Manalo has resigned from his post as chair of the board of prestigious Alabang Country Club Inc.

Sounds straightforward enough.

After all, Manalo said in his July 20 letter to the Alabang Country Club board that he would likely be spending a good part of his time in the United States and Canada where some of his loved ones are based, thus would take his attention away from performing his role as chair.

Nevertheless, his departure raised not a few eyebrows given that the club has been dealing with a raging internal squabble.

So they are speculating that there is more to his resignation that meets the eye, even as a revamp has ensued.

To recall, Biz Buzz earlier reported that some members and shareholders of the elite club including Salvador L. Lacson and Exequiel Lampa had demanded the board – including Manalo, president Joaquin A.A. Bengzon, vice president Ferdinand Raquelsantos and treasurer Mariano Diokno Jr. – to produce records pertaining to the compensation, benefits and other renumeration of club manager Rafael R. Llamas.

The demand for inspection and production of corporate records coursed through counsel DivinaLaw said that despite written requests for reports on the “substantial increases” in Llamas’ compensation, “no meaningful response has been received” as of early last month.

Perhaps for some of these disgruntled members, Manalo’s recent resignation is response enough. —Tina Arceo-Dumlao INQ