The SPV Project that the Bank has undertaken since 2004 has paid off. With a lot of the Non-Performing Loans (NPLs) being bought/aquired by 3rd Party Financial Institutions (usually foreign investment banks), the balance sheet cleaned up pretty well. Coupled with the freeing up of reserve requirements for these NPL's, the bottomline has made the Shareholders pretty happy. For the first time since the Regional Crises, we, its employees, once again experienced the sweet feeling of a Profit Sharing.
Then came the Re-org. With the sizeable unloading of NPLs, my group, created to manage these NPLs, needed to downsize and...(sniff-sniff)...I am a casualty. With fewer remedial accounts to manage coupled with a directive to market, the existing senior AOs were retained. The junior AOs like myself were transferred to...ASSET MANAGEMENT GROUP or AMDD. Effective July 01, 2005, I will be selling the Bank's foreclosed assets.
I don't want to be in AMDD but I have no choice in the matter at this time. The Bank needs people to manage the ROPOA and that's where I'm needed. Managing ROPOA is not what I want to do and inasmuch as I love my Bank, I have resorted to looking for employment elsewhere. I currently have pending applications with 2 local univeral banks and one application with one of the investment banks that bought our NPLs. I've been thinking for some time whether I should, if formally offered, take the job with the foreign investment bank considering that in our conversations, it will only be for a guaranteed 2 years with 5 years maximum, depending on the speed with which the NPLs can be turned around. In other words, CONTRACTUAL....OUTSOURCED. The Net Pay is 2.5x my Net Pay here in the Bank but they cannot offer the Fringe Benefits I am entitled at present. The only thought that keeps crossing my mind is the opportunity to work with foreign bankers and hope that if they like me enough, I'd get absorbed. In the case with the local Unibanks, they really need remedial officers and that's something that I can readily do.
July 01 is coming up pretty soon and I still have to hear from these 3 potential employers. I have nothing against AMDD, I just don't like to be assigned there. In the meantime, I really have no choice but to be optimistic about everything, just do the job, and earn.
PS. About the Lasik thing, the whole procedure took about 20 minutes for both eyes and right after the anesthesia has worn off, it felt like getting doused in the eyes with sea water. HAPDI TALAGA! Doctor says I am a contact lens abuser that's why its taking some time for my corneas to heal. Up until now, my vision is still not sharp. I can see, but heck, its still difficult to read. Doc says i should give my eyes 1-2 months to heal completely. Will be going on my 2nd month on July 1.
Then came the Re-org. With the sizeable unloading of NPLs, my group, created to manage these NPLs, needed to downsize and...(sniff-sniff)...I am a casualty. With fewer remedial accounts to manage coupled with a directive to market, the existing senior AOs were retained. The junior AOs like myself were transferred to...ASSET MANAGEMENT GROUP or AMDD. Effective July 01, 2005, I will be selling the Bank's foreclosed assets.
I don't want to be in AMDD but I have no choice in the matter at this time. The Bank needs people to manage the ROPOA and that's where I'm needed. Managing ROPOA is not what I want to do and inasmuch as I love my Bank, I have resorted to looking for employment elsewhere. I currently have pending applications with 2 local univeral banks and one application with one of the investment banks that bought our NPLs. I've been thinking for some time whether I should, if formally offered, take the job with the foreign investment bank considering that in our conversations, it will only be for a guaranteed 2 years with 5 years maximum, depending on the speed with which the NPLs can be turned around. In other words, CONTRACTUAL....OUTSOURCED. The Net Pay is 2.5x my Net Pay here in the Bank but they cannot offer the Fringe Benefits I am entitled at present. The only thought that keeps crossing my mind is the opportunity to work with foreign bankers and hope that if they like me enough, I'd get absorbed. In the case with the local Unibanks, they really need remedial officers and that's something that I can readily do.
July 01 is coming up pretty soon and I still have to hear from these 3 potential employers. I have nothing against AMDD, I just don't like to be assigned there. In the meantime, I really have no choice but to be optimistic about everything, just do the job, and earn.
PS. About the Lasik thing, the whole procedure took about 20 minutes for both eyes and right after the anesthesia has worn off, it felt like getting doused in the eyes with sea water. HAPDI TALAGA! Doctor says I am a contact lens abuser that's why its taking some time for my corneas to heal. Up until now, my vision is still not sharp. I can see, but heck, its still difficult to read. Doc says i should give my eyes 1-2 months to heal completely. Will be going on my 2nd month on July 1.