Ignacio R. Bunye

As I watched the contestants drop off their COCs last week, I can’t help but recall the familiar report of an old-time horse racing sports journalist, the late Tony Trinidad.

As soon as the racehorses sprinted out of the starting grid at the San Lazaro racecourse, Trinidad’s voice screamed…. Seconds by second, Trinidad would describe how the riders fought for position…. with one or two riders “coming from outside”… until the winner is decided in the home stretch.

In many ways, the political contest is similar to a horse race. Even the terms are similar. Candidates vying for a position are described as “in the running” or “tumatakbo”. No wonder it’s called a political derby.

At this time, endless questions are raised and debated?

Can an outgoing president run for vice-president? Why not? A literal interpretation of the constitution does not contain such a prohibition. Opponents, however, argue that such a situation violates another norm – the law of “hiya” and “delicadeza”. The supreme arbiter of the law for the moment cannot decide on this subject given the absence of a justiciable case. But who knows?

Should we ban political dynasties? Should there be minimum qualifications for candidates for elected office? Should we penalize “unwelcome” candidates?

Opponents of the dynasties claim the need to democratize the electoral process. Those in favor argue that it is better to leave the question to the electorate.

Those seeking minimum educational qualifications argue that even the lowest-level appointment positions in the public service should be filled by at least high school graduates.

It is said that friends of the late great comedian Dolphy constantly urged him to run for office. With his huge popular appeal, Dolphy’s friends have said he’s a definite winner.

But the calm Dolphy was aware of his own limitations. His coherent response: “What if I win? “

Fully vaccinated

By this Wednesday, my entire family and members of our household will be fully immunized. We weren’t choosy about the brand. We decided to take what was available. So we received different pictures – Sinovac, Sputnik, Astra, Pfizer. Notwithstanding fully vaxxed, we are committed to always respecting strict health protocols both for our own protection and that of those around us.

We thank the medical team of the mayor of the city of Taguig Lino Cayetano for the home visit to vaccinate my wife who is bedridden. Ditto for the team of the mayor of the city of Muntinlupa Jaime Fresnedi, in particular Dra. Carolyn Magalong and nurse Karen, who stood at their post to care for the residents of Muntinlupa.

Incidentally, I learned from Rovi Viloria, interim PIO chief of the city of Muntinlupa, that the city government is getting closer to its vaccination target. As of October 1, 86.2 percent of the target population of 385,725 people had received their first dose while 72 percent had been fully immunized. The vaccines administered included Sinovac, AstraZeneca, Gamaleya, Pfizer, Moderna, Jannsen and Sinopharm.

The Ayala Trustmark

Ayala once again demonstrated her strong brand acceptance in the international market when she raised $ 400 million in perpetual fixed-life (non-carry-forward) perpetual bonds on September 16.

At a nominal interest rate of 3.90%, the Notes are the lowest yielding unrated perpetual perpetual notes in Asia. They were also offered at 40 basis points minus the original price forecast of 4.30%.

The ratings were 4.4 times oversubscribed and supported by a wide range of high quality investors. Estelito Biacora, treasurer of Ayala Corporation, was delighted. “This is proof that these investors recognize the strengths of Ayala Corporation as the best attorney for the Philippine sovereign … They see us as having the best management in governance and the long history of successful credit issuance, that they be national or international. ”

AC CFO Alberto de Larrazabal noted that “although Ayala Corp does not have a formal rating in the market, investors were ready to extend this facility. … .. The demand was absolutely strong and we were able to break through the four percent interest rate, which was a feat in itself. Mr De Larrazabal described the success of the bond issue as “a real testament to Ayala’s reputation in the financial markets”.

“It is quite remarkable that in the midst of this pandemic, we were able to refinance much of our debt at significantly lower rates. It certainly helped us during this very difficult time and allows us to prepare for the recovery. We can all be very proud of the fact that the Ayala brand is so trusted and respected in the capital markets, ”said Fernando Zobel de Ayala, President and CEO of Ayala Corporation.

Joint lead managers and joint bookrunners of the offering included BPI Capital (the investment banking arm of Ayala), Citi, Credit Suisse, JP Morgan, Mizuho and UBS.

Ayala’s last issue in the international bond market was in 2019. Her first fixed-life perpetual bonds of $ 400 million in 2017 won IR Asia’s Philippine Capital Market Deal and Best Corporate Bond in the United States. Philippines at The Asset’s Triple A Country Awards.

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