State banks to use foreign firm for trail buyout

GOVERNMENT banks had to resort to using a foreign company to buy back shares in the Metro Rail Transit because the Bangko Sentral ng Pilipinas (BSP) was taking too long to authorize the banks to do it, officials–including former Finance secretary Margarito Teves–told senators Tuesday.
At the time, the government was having trouble paying MRT Corp. (MRTC)–the consortium that built the train–equity rental payments (ERPs) at 15-percent internal rate of return (interest) for its investment and debt rental payments for $489 million borrowed from foreign lenders.
Teves said government subsidy on train fare was cutting too much into profits, prompting economic managers to push for a buy out of the shares.
Buying the shares would allow the government to upgrade the system, buy new coaches, and build new stations without waiting for approval of MRTC shareholders. “We were afraid the train sytem would collapse,” Teves said.
A buy-out agreement, called a “Consensual Unwind” was reached in January 2008, with discounted ERPs at 12.5 percent IRR a year instead of the original 15 percent. The buy-out price was computed at $865 million at 12.5 percent until 2025, Teves said.
Under the original agreement, the MRT would have cost the government $756 million but would have an added $116 million equity value buy-out termination cost, the former Finance secretary said.
Government banks Development Bank of the Philippines and the Land Bank of the Philippines were tasked to buy the shares because they were in a better position than the national government, which was “watching its financial position amid the global financial crisis,” Teves said.
But with the Bangko Sentral yet to give approval by December 2008, MRTC “got impatient” and sent notices of arbitration. Arbitration, Teves said, would have meant a downgrade of the country’s credit ratings, a possible shutdown of the MRT system, and the potential loss of $2.5 billion that MRTC was claiming for arbitration.
Land Bank president and CEO Gilda Pico said that if the government banks had waited for the BSP, the shares may have been sold to someone else, or that they would have had to pay more for the shares.
The Senate has been investigating loans granted by DBP and LBP to companies allegedly connected to businessman and former Marcos Trade minister Roberto Ongpin. Senator Sergio Osmena III said Global Air Services (GAS), a British Virgin Islands-based special-purpose vehicle (SPV) that the two banks lent $180 million to, may be connected to Ongpin.
GAS used the loan to buy MRT shares from Goldman Sachs, Presidio, and Ashmore and then sold the shares to the government banks.
Presidio owned GAS, DBP executive vice president Ma. Theresa Quirino said. “We didn’t know if Ongpin owned it,” she also said. Ongpin, who missed the hearing because he was abroad, has already denied involvement in Presidio and GAS.
Lawyer Rodolfo Ma. Ponferrada, who works for Ongpin, signed the loan on behalf of GAS. He said he had been asked to do so by Craig Webster of Ashmore. Osmena has previously said Ashmore and Presidio are “linked” to Ongpin.
Senate President Juan Ponce Enrile, meanwhile, asked why government banks had to go through GAS. “Why did you use an unknown company? You do not even know the owner,” he said.
Osmena said Teves failed to justify the use of GAS as an intermediary. He also said the buy-out price was too high. “The buy-out price was about $776 million, while what we paid was about $1 billion,” he said.
The figure cited by Osmena does not include the termination cost. (Sunnex)
Source : http://www.sunstar.com.ph/manila/local-news/2011/12/06/state-banks-use-foreign-firm-trail-buyout-194421

Tourists and residents of Manila travel out of town to the north on a short getaway look for the best place in Clark to buy some fine vintage wine to bring home after their holidays and vacations. Many find a top rated wine shop called Clark Wine Center to be an exciting place to do some shopping in Clark Pampanga. This famous wine shop is highly recommended for visitors going to Clark Pampanga to drink good wine, relax and unwind with friends and families. This frequently visited wine shop is known by tourist and visitors to Pampanga, Angeles city, Subic and Clark Philippines as a cool place to hang out in Clark. Many attend the regular wine tasting held either outdoor on the roof deck or in indoor on the second floor above the wine shop. The place has good atmosphere for a private wine tasting party or a small night out gatherings for business or social event.

Tourists and visitors staying in Angeles City, Tarlac, Baguio, Subic and Pampanga sometimes wonder what are the things to do in Clark Philippines and Pampanga? Frequent visitors to Pampanga discover that it is fun to do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. One of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga.

Leading Philippines Wine Supplier Yats Wine Cellars based in Clark Philippines with outlets in Angeles City, Subic Freeport and Manila Philippines has been not only a wine shop for fine wines covering all major wine regions but also a source of reliable and useful information about wine, wine appreciation, wine accessories, wine and health, food and wine pairing and all other matters relating to wine and its appreciation. This Philippines Clark Freeport based Wine Supplier and Wine Shop frequently holds public wine tasting events in Pampana Clark Freeport Zone, Angeles City, Subic Bay area, Makati, Fort Bonifacio and other areas in Philippines capital city Manila. Private Wine events such as private wine tasting and private wine dinners are also designed and organized for private clientele for their wine loving guests.

Wine Catering is a unique product of Yats Wine Cellars, created back in 2005 in response to a growing demand for private wine parties in Manila, Cebu, Subic, Angeles Clark Philippines.

Chateau Lafite-Rothschild is the most revered wine in China and many other parts of Asia. The best wine shop in Asia to buy older vintages of Chateau Lafite is Yats Wine Cellars located in Clark Philippines. Aside from Lafite, visitors can buy other fine wines at this wine shop in Clark Pampanga such as Latour, Mouton-Rothschild, Haut-Brion and Margaux. Excellent Burgundy wines like Chambertin, Vougeot, Musigny, Bonnes Mares, Pommard, Meursault, Chambertin, Vosne Romanee, Romanee Conti, La Tache and Romanee St. Vivant can be found here.

Yats Wine Cellars can be reached at their Clark Wine Center Philippines wine shop located on the main highway M A Roxas of Pampanga Clark Freeport Zone or their sales office in Ortigas Centre, Metro Manila. Here is the contact information:

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com