PNB-Allied Bank merger by mid-2009

As of December 27, 2008, here's the latest news for those who bank with PNB and Allied Bank:

The merger between Philippine National Bank (PNB) and Allied Banking Corp., originally targeted for end-2008, is now expected to be completed by middle of 2009, PNB said in a statement.

PNB said there was a need to comply with US banking regulations requiring Allied Bank to divest its 28-percent equity share in California-based Oceanic Bank prior to the merger.

It said that even with this development, preparations of both banks for the merger were in full swing and on track.

“Significant progress has been made on the following: identification and synchronization of IT systems; alignment of products, policies and procedures; branch rationalization; and review for consolidation of required regulatory documentation,” the statement said.

The ATM systems of PNB and Allied Bank have been integrated to allow each bank’s clients to use either bank’s machines free of charge despite the fact that the two banks are on separate ATM networks.

The bank said that in support of the merger, organizational changes in the board and management of Allied Bank and PNB will be implemented beginning Jan. 1: Domingo T. Chua has resigned as director of PNB and has been elected as chairman of Allied Bank; Estelito P. Mendoza has been elected as director of PNB, filling the vacancy left by Chua; Gloria Tan-Climaco has been elected director of PNB, taking the place of Macario U. Te, who will retire effective Dec. 31; and PNB executive vice president for global operations Anthony Q. Chua will be seconded to Allied Bank as chief operations officer.

Post-merger PNB will become the fourth-biggest domestic bank in terms of total assets and branch network, with the most extensive international footprint among local banks.

Source: http://business.inquirer.net/money/breakingnews/view/20081227-180164/PNB-Allied-Bank-merger-by-mid-2009

EDSA 2: A Mistake -- Cory Aquino

As a member of the editorial board of Touchlife Express Balita (a weekly Christian newspaper in Manila), I was privileged to get invited to the launching of the erstwhile Speaker Jose de Venecia's book entitled Global Filipino. Actually, the complete title is unusually long: "Global Filipino: The Authorized Biography of Jose de Venecia Jr., the Visionary Five-Time Speaker of the House of Representatives of the Philippines."



The book launching was held at The Atrium of the Podium Bldg. in posh Ortigas Center, Mandaluyong City, yesterday afternoon (Dec. 22). After introducing his book, former Speaker de Venecia gave the floor to an enthusiastic ex-President Joseph "Erap" Estrada who gave a much-applauded speech which lasted over 15 minutes.

At one point, Mr. Estrada said that he had read the book from cover to cover but because it was thick (hard cover of over 250 pages, ), it gave him a headache. Then he quipped that those in the Malacañang Palace would have a greater headache when they read the contents of the book (which is highly critical of the Arroyo administration.)

After Estrada, it was "People Power" Pres. Corazon "Cory" Aquino's turn to speak. Her speech was very brief, less than 3 minutes, but also applauded by the audience at several points. By now, both pro- and anti-administration groups must be busy dissecting the impact of her apology to Estrada. Her exact words as recorded in my PDA:

"I am one of those who pleads guilty for the 2o01 uprising. Lahat naman tayo nagkakamali. Patawarin mo na lang ako."

[English translation of the italicized words: "After all, we all make mistakes. Just forgive me."]


While Cory was smiling when she articulated the above mea culpa, as a direct eyewitness of the event, I reckon that she spoke with sincerity.

"Could Anything Be More Absurd?"

"Could anything be more absurd than a coup plotter, like Enrile, being sworn into the No. 3 office in the land, by a man who failed in every coup he staged: Gringo Honasan?" - - Juan Mercado, "Prayer without Heart," Philippine Daily Inquirer, 11/20/2008

Three Pivotal Questions

By Benito P. Yadao Jr.

Man has made it to the moon and then safely landed back on his home planet. It was hailed as a milestone accomplishment in space exploration. What made it possible? The invention of the electronic computer!

The computers on board the spacecraft and those at NASA control center made the mathematical calculations that ensured that the precise path was taken. The required speedy navigational computations were simply beyond the capability of even the best team of expert mathematicians: it would have taken years to make the calculations needed to make minute-by-minute course corrections.

In a sense, we could say that the success of that lunar space mission as well as the survival of the astronauts themselves depended upon the computers.

Today, even in the world of business and industry, success and survival are become more and more dependent on the effective application of computer technology. This is very obvious in the fields of banking, air travel, manufacturing, and news networks, just to mention a few. In fact, every enterprise or profession that needs to maintain sizeable, reliable, and easily retrievable information (for example, about customers, receivables, and/or inventory) will invariably profit from the use of computers.

Thanks to a combination of technical innovations and mass production, a computer can now be bought at an affordable price. Indeed, the real question today is whether you can afford not to computerize!

On the other hand, we are also aware of those who already use computers in their businesses or professions but only to a marginal extent. Except perhaps for promoting secretarial productivity through word processing, they haven't experienced the managerial benefits in terms of lower overhead cost, greater financial control, better decision-making support, and increased time and energy for creative action.

How do you know whether it's time to computerize or there is much to be desired from your existing computerized system(s)? Start with these three basic questions:

1. Is your record/information keeping taking the fun out of managing your business or profession?
2. Are needed financial forecasts and reports inaccurate and/or delayed?
3. Do you feel you are not in total control?

If you answered with a categorical "NO" to all of the above, congratulations! Be sure, though, to review your answers at least every three months.

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