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Philippine National Bank president Carlos Pedrosa suffered a stroke Sunday night during a bank-related function at the Century Park Hotel in Malate, according to sources close to Pedrosa.
Pedrosa, 67, has been confined in an intensive care unit of an undisclosed hospital and is responding well to treatment, the sources said.
According to one account, taipan Lucio Tan, who owns both PNB and Century Park, was somewhere else in the same hotel when Pedrosa was struck ill.
On Tuesday, the PNB was forced to announce that Pedrosa, who assumed the presidency only last August, had gone on an "indefinite sick leave of absence" and was being replaced by his predecessor, Omar Byron Mier, 65, in an "acting" capacity.
Just last week, the PNB lost its long-time chief financial officer, Carmen Huang, who suddenly filed her resignation and went on terminal leave after a testy board meeting, according to bank sources.
Fund-short but still Adora-ble
The trend-setting Adora Department Store in Greenbelt 5 has apparently been operating for some time now but for the grace of its unnamed funders.
The capital deficiency of Adora, which actually is the trade name of Republic Apparel Retailers Inc., widened to P35.7 million at end-2011 from the previous year's P27 million, according to its 2011 financial report.
Republic Retailer's total capitalization is a modest P1 million.
The good news is that store sales had increased to P113.7 million from 2010's P106 million, and that Adora president and creative force Emmanuel Pineda had managed to keep operating expenses on a lid at P49.6 million from the previous year's P47 million.
One example of cost-cutting: Republic Retailers uses the Pineda home in Dasmarinas Village as its corporate headquarters.
Money-go-round
o Retired Chief Justice Reynato Puno receives a modest P20,000 per diem for every board meeting of the money-losing Apex Mining. Still, that is a lot better than the P5,000 that the money-spinning Atlas hands out for every board meeting attended by director and Cory Aquino-era environment secretary Fulgencio Factoran Jr.
o The real estate company of former President and Mrs. Joseph Estrada, JELP Real Estate Development Corp., reported a P19.6-million loss for 2011, worse than the P2-million loss from the previous year.
Heard through the grapevine
Philex Mining, in a worsening tit-for-tat by its host community, has been ordered by the Itogon municipal council to stop its mine-site construction after the company questioned the whopping P542 million tax assessment that Mayor Oscar Camantiles is demanding payment for.
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