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A broader look at today’s business n
Sunday, February 24, 2019 Vol. 14 No. 137
P25.00 nationwide | 3 sections 36 pages | 7 DAYS A WEEK
GOVT REVISITS 16-YEAR-OLD RORO PROGRAM—ASSESSING TRAFFIC AND DEMAND, REVIEWING COSTS AND PITCHING NEW ROUTES TO INTERESTED PRIVATE OPERATORS
THE MV Starlite Reliance, a passenger/Roro cargo ship owned by Batangasbased shipping firm Starlite Ferries Inc., is seen at Caticlan jetty port on November 17, 2017. YOORAN PARK | DREAMSTIME.COM
W
By Jovee Marie N. Dela Cruz
ITH airports and seaports congested and the state of land traffic still in a sorry mess, lawmakers and regulators are moving to revive and expand the roll-on, rolloff (Roro) transport system, hoping the initiative—launched with much fanfare 16 years ago but subsequently trumped by politics—can spur countryside development, speed up commerce and lower the prices of goods in the country.
Former President and now Speaker Gloria Macapagal-Arroyo launched the Roro system during her presidency in 2003, which connected the three main islands of the Philippines, to speed up travel and increase trading among provinces. It was not surprising, then,
that she personally gave the matter her personal attention—and known fastidiousness for detail— when a House committee began an inquiry into the state of the Roro network and why, despite its best intentions, it was resulting in even higher logistics costs for business.
THE MV Lite Ferry 10, owned by Cebu City-based Lite Shipping Corp., is seen off the coast of Bohol on April 8, 2015. GOETZ KOHLBERG | DREAMSTIME.COM
The Roro was developed pursuant to Executive Order 170. It was developed to connect Luzon, the Visayas and Mindanao to reduce the high cost of transporting people, goods and services through an integrated national highway system. Arroyo recently said the government should revitalize and expand the Roro to further spur growth in the regions. According to Arroyo, the Roro system has helped reduce the poverty level in the country. She added it was one of her administration’s priority programs to ensure fast and economical movement of goods and people, and to boost domestic tourism and trade. “When I assumed the presidency, the survey said 39 percent of all Filipinos were very poor. I believe that the RRTS [Road Roro terminal system] has helped a lot to lift up some of the very poor from extreme poverty, as they were able to find jobs and now have some money to buy food and other necessities,” she said. Continued on A2
97-year-old Macau tycoon’s kids race to revive his casino empire By Daniela Wei and Blake Schmidt
I
in a single branch of the family, backed by the heft of another Chinese empire, could boost business as they seek permission to keep operating in Macau’s $38-billion-ayear gaming industry.
Bloomberg News
N Macau, the world’s biggest gambling hub, few family business dynasties are as powerful as the clan led by patriarch Stanley Ho. Or as complex: The tycoon, 97, has fathered 17 children with four women he calls his wives. Now, one branch of that sprawling family is consolidating control just as its SJM Holdings Ltd. prepares to rebid for its casino license and faces a serious challenge from Las Vegas rivals, who’ve built glitzier resorts in Macau.
Dramatic rise
HO’S rise in the gaming enclave is one of the more dramatic stories in Chinese business. He built the Chinese city’s first casino in 1962,
and became a billionaire from his 40-year monopoly there. Over the decades, the Ho family drama has been rife with plot twists that have made running SJM—and planning succession—a tricky business. In recent weeks, the children from wife No. 2, Lucina Laam, forged an alliance with another group of shareholders—Hong Kong’s influential Fok family—to gain voting control of the board. Now the concentration of power
PESO EXCHANGE RATES n US 52.0560
Vast interests
THE stakes are high: SJM is one of Asia’s oldest gambling businesses and it still controls the largest number of casinos in Macau. “The shareholders in the alliance all possess irreplaceable goodwill, accumulated through prolonged understanding and exposure in various industry sectors in Macau and mainland China,” Daisy Ho, SJM’s chairman and one of Laam’s daughters, said in her first interview since the pact was announced on January 23. Members of the alliance have interests in retail, hospitality, conferences and travel services, she said. “Together with Timothy Fok, PANSY HO, Stanley Ho’s eldest daughter from second wife Lucina Laam. ANTHONY KWAN/BLOOMBERG
See “Macau Tycoon,” A2
n JAPAN 0.4703 n UK 67.8706 n HK 6.6342 n CHINA 7.7467 n SINGAPORE 38.4546 n AUSTRALIA 36.9546 n EU 59.0419 n SAUDI ARABIA 13.8816
Source: BSP (February 22, 2019 )