'Bong Bong' hauls Marcos clan back to respectability



MANILA // Ferdinand Emmanuel Romualdez "Bong Bong" Marcos Jr may be his father's only son, but that is where the connection ends. "I have never lived in the shadow of my father. I will be judged on my own record and not his," Mr Marcos, 52, said in an interview late last month. "My father was president for 20 years. Back then the world was a much different place. History will be his judge."

Mr Marcos was just 28 when his father was swept out of power in 1986 and into exile in Hawaii by a non-violent People Power Revolution led by Corazon Aquino, the mother of the president-elect, Benigno "Noynoy" Aquino. Ferdinand Marcos, who died in 1989 while in exile, had been accused of major human rights abuses during his 20-year rule, half of which was spent under martial law. He was accused of creating what was termed "crony capitalism" through which close friends profited from the theft of billions of dollars from the state purse. Despite the hundreds of court cases filed against the Marcoses, none have stuck and less than US$1 billion (Dh3.67bn) of the money he siphoned off has been recovered in 22 years.

Thirty years ago the Marcoses were reviled by many Filipinos. Today, the family appears to be well on the road to rehabilitation. At the end of this month Mr Marcos will take his seat in the 24-member Senate, the first Marcos to sit in the chamber since his father in 1959. The Senate is seen as a stepping stone to the presidency in Philippine politics. At the same time, his mother, Imelda, 80, will take up her seat in Congress, representing the family's home province of Ilocos Norte while sister Imee takes over as governor of the province.

Mr Marcos says he never intended to enter politics. "I wanted to study physics, mathematics and science at university but my father said you can't make a living out of them so in the end I studied PPE at Oxford University in England - politics philosophy and economics," he said sitting in his campaign office in the Manila suburb of Ortegas. "Politics was the last thing on my mind," he said. Asked if he has ambitions for the presidency and to clear his father's name, he said: "A lot has been said and written since I started out campaigning for the Senate - that I will run for president - but I have only just been elected and I have a job to do. I am not even thinking that far ahead. As for defending my father, history will do that not me."

As a senator Mr Marcos says he has three priority areas he wants to address - agriculture, and the poor state of the country's public education and health systems. As governor of Ilocos Norte from 1998 to 2007, when he was elected to Congress for the province, he has managed to build up an impressive track record. He has managed to turn around a mainly poor province on the main island of Luzon into an attractive tourist destination, especially among the Chinese, and introduced universal health care for the province's 650,000 people. Even the power-generating windmills he had built have become a tourist attraction and the project is providing electricity to the province as well as the national grid.

Braving the possibility of arrest from the new government of Mrs Aquino, he was the first member of his family to return to the country. Despite the stigma he had to endure, he was elected to the House of Representatives in 1992 as representative for the second district of Ilocos Norte. Asked what sort of president Mr Aquino will make, Mr Marcos said: "I honestly don't know. People ask me that all the time and I just don't know. He has no track record so I have nothing to judge him on.

"If he gets the right people around him he should do all right." One person Mr Aquino has chosen to be his executive secretary is Paquito "Jojo" Ochoa, a partner in the law firm of Mr Marcos's wife, Louise Araneta-Marcos. An unknown quantity, he is an old friend of Mr Aquino and Ms Araneta-Marcos, who are partners in the law firm Marcos, Ochoa, Serapio and Tan known as Most. Mr Marcos denied that he will attempt to use Mr Ochoa to influence Mr Aquino, but "that's the way it is in this country". "They will read all sorts of things into the appointment. He is a friend of my wife's. God, I have only met Mr Aquino once. I don't even know him, but that wont stop people from seeing things that are not there," he said.

kwilson@thenational.ae

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The lowdown

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
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Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

When is VAR used?

Goals

Penalty decisions

Direct red-card incidents

Mistaken identity

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

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Russia's Muslim Heartlands

Dominic Rubin, Oxford