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The groundwork

Francis Lim, Management Association of the Philippines (MAP) president,  was profuse in his appreciation of the preparedness jointly implemented by the government and the private sectors in preparing for the coming weather disturbance/s to mitigate any possible loss of lives.

The disaster preparedness, specifically information dissemination undertaken by the National Disaster Risk Reduction and Management Council (NDRRMC), in close collaboration with the weather bureau Pag-ASA, the key leaders of the local government units and the media, forewarning of the onslaught of super typhoon Rolly, has been “very effective.” Friends and relatives swear the warnings and updates coming from NDRRMC were very useful.

“Information dissemination was handled well. It goes to show that enough warning minimizes the loss of lives and reduces the actual risks,” Atty. Francis, the former president of the Philippine Stock Exchange (PSE), said.

As an advocate of financial literacy and inclusion, this senior partner and member of the Executive Board of Angara, Abello, Concepcion, Regala & Cruz Law Offices (ACCRALAW) is steadfast in his belief that a massive and aggressive drive, using all media platforms, is the sure way  to spread the necessary the information.

Six weeks to go and Atty. Francis will be relinquishing his post as MAP president. Despite the obstacles the travails, and the hindrances thrown at his leadership because of the pandemic, it’s actually a preparation for him to take another role.

The groundwork has been laid out for you, I  said as I congratulated him as the incoming president of the Financial Executives Institute of the Philippines (FINEX).

Mr. Francis said  that the  responsibility he bore as MAP president prepared him to face this new endeavor. “I intend to do the same in FINEX,” he said.     

The association should  maintain its social relevance, particularly in these precarious times when everything remains dodgy because of the pandemic. This early, he is planning a more effective method, backed-up by FINEX members to educate the citizenry on savings and investments.

It has always been the pursuit of the Bangko Sentral ng Pilipinas (BSP) and the Department of Finance (DOF) to educate the populace on the positive effects of savings. This coming year, BSP and DOF have a friendly FINEX helping hand. This early, there is a  the groundswell of support for this mission and vision of Atty. Francis.

Also gaining traction is the rehabilitation of Philippine Airlines (PAL). The buzz  around the banking community, particularly from the domestic creditors,  is on the restructuring/rehab update of the  flag-carrier. The PAL board, I’ve heard, has given its  stamp of approval for the rehabilitation committee to proceed with the filing of Chapter 11 in New York. The restructuring of its $515-million liabilities plus new money will  keep the airline company afloat until the coming year.

I’ve asked legal luminaries why is it that almost always that the filing of Chapter 11 is in New York? New York apparently is “an acceptable and reliable place.” The decision to grant or not the restructuring program is “easier to resolve with its long history of precedents and  jurisprudence.” 

Talkback to me at sionil731@gmail.com


Source: Manila Bulletin (https://mb.com.ph/2020/11/13/the-groundwork/?utm_source=rss&utm_medium=rss&utm_campaign=the-groundwork)

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