EEI transition tremor

EEI Corp. reported to the bourse the resignations of Roberto F. de Ocampo and Carlos Alfonso T. Ocampo from its board, both citing personal reasons. De Ocampo, a former finance secretary, served as a regular director, while Carlos Alfonso Ocampo, a lawyer and founding partner of Ocampo & Manalo Law Firm, was an independent director.

De Ocampo was finance secretary under President Fidel V. Ramos (1992-1998). His role as a regular director at EEI Corp., a publicly listed company under the Yuchengco Group, added significant credibility to the board.

On the other hand, Ocampo was appointed as an independent EEI director on 4 May 2023 to fill a board vacancy.

He is the founding partner at Ocampo & Manalo Law Firm, established in 1997, and holds directorships in other publicly listed companies, including Benguet Corp.

He is also a member of the boards of several private corporations, such as MAA General Assurance Corporation and Jam Transit Inc., and serves as the Corporate Secretary of Manila Golf & Country Club.

EEI Corp. has undergone significant board changes in recent years, reflecting shifts in its strategic direction and ownership structure.

In May 2023, the company accepted the resignation of independent director Gregorio T. Yu for personal reasons, which was followed by the appointment of Ocampo.

Additionally, the Yuchengco Group’s House of Investments has been reducing its stake in EEI, selling a 14.35-percent stake to Industry Holdings and Development Corp. in 2023, with plans to divest its remaining 20-percent stake. These changes suggest a period of transition for EEI. MARIA ROMERO

MILF raking it in?

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is again in the limelight for the wrong reasons, this time due to questions raised over a P680-million rice procurement undertaken by the MILF in 2024.

The acronym is not of the secessionist group but of the Ministry of the Interior and Local Government (MILF) of the BARMM.

Nosey Tarsee got wind of a communication sent to the Office of the President and the Office of the Speaker regarding a petition for the Bangsamoro Transitory Authority to investigate the anomaly.

A copy of the complaint was also sent to the Senate and the Commission on Audit.

The complainants said the transactions disregarded procurement laws, transparency standards, and fiscal responsibility.

Also, the racket was too apparent as all the rice procurement contracts were awarded to a single supplier, the JB Pharma & Trade Center, which is a pharmaceutical distributor.

The complainants raised concerns about the supplier’s capacity to supply rice and other food commodities.

The complainants said the awards were made despite the presence of other bidders who were determined to be the lowest calculated and responsive bidders.

In one specific transaction, the government lost P15 million because the contract was awarded to JB Pharma instead of the lowest bidder.

The complainants said the repeated disqualification of qualified bidders without clear justification and the consistent awarding of contracts to an entity not primarily engaged in the supply of agricultural goods suggest improper procurement practices.