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By Chino S. Leyco, Reporter
State-run Government Service
Insurance System (GSIS) wants a joint venture with either the Ayala
Corp. or Yuchengco group over possible acquisition of
Philippine-American Life and General Insurance Co. (Philamlife).
Winston Garcia, the GSIS
president and general manager, on Wednesday said the state pension
fund is open to any entities that plan to buy assets of the
country’s largest insurer.
“Depending on the
opportunities, we’re open for a joint venture with the Ayalas and
the Yuchengcos,” he added.
On back of possible partnerships
between a state-owned firm and big corporate names, Garcia said the
GSIS has not yet formalized its interest in Philamlife.
“We may bid. And currently, we
are still very liquid,” he added.
Ayala Corp. and the Yunchengco
group have already come out in the open, announcing that they are
planning to buy out assets of Philamlife, the local unit of troubled
American International Group (AIG).
Cuisia keeps mum
Jose Cuisia Jr., Philamlife
president and chief executive, had said that to date, Philamlife’s
net worth is P49.5 billion.
Also on Wednesday, Cuisia
declined to confirm any of the entities that were reported to have
shown interest in Philamlife, citing a “confidentially” rule
that is being practiced.
“For me, these [reports] are
all speculations,” he told reporters.
“You have to understand that we
are in a very sensitive period and AIG is a listed company. Because
we are in a very sensitive period, we cannot confirm nor deny any
interest expressed by groups because my statement would have some
impact,” Cuisia said.
But the former governor of the
Philippines’ central bank assured that any change of ownership
would have no impact on Philamlife’s more than a million
policyholders.
Amid reports that many
policyholders of Philamlife have reservations over possible
acquisition of the insurer by the Yuchengco group, Cuisia said any
interested parties have to prove that they meet the criteria set by
AIG.
“If they do not meet the three
criteria then they will not be considered. [Policyholders] should
not be bothered by speculations because the process has not
started,” he added.
AIG wanted “reputable” and
“strong” candidates that can promise their people long-term
growth.
An AIG official said on Tuesday
that the sale process would take six to nine months, but Cuisia also
declined to confirm if this applies to Philamlife, adding the
process would take more than a month.
Blackstone Group and J.P. Morgan,
together with AIG and its regional officials would set the sale
process, Cuisia said.
“Certainly they will ask for
our recommendation, at the end of the day it is AIG and [US] Federal
Reserve that will decide, on the recommendation of their advisers,
which institutions or groups will be asked to bid for Philamlife,”
he added. 
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