InsiderPH learned that some members at the club, arguably the most exclusive in the country with shares priced north of P160 million, are considering exercising powerful veto powers after learning that Roque is taking a rare route to gain membership.
This is after an internal club notice listed Roque, a successful businesswoman and founder of the Kamiseta clothing brand, as National Development Co.’s (NDC) nominee to use its corporate access.
NDC, which owns shares in Manila Golf and two other private clubs, is the government’s investment arm responsible for funding projects considered important for economic development.
The DTI secretary serves as its chair.
“Some members [are] thinking of expressing their concern,” a club insider said.
“It is very rare for a Cabinet secretary to be a member of MGC,” the insider added. “There is a steep fee even if [the applicant is] the designee of a corporation.”
Other Cabinet officials have belonged to the club, which sits in Forbes Park near Bonifacio Global City and Dasmariñas Village, but they were already members before entering government.
A guide published by GG&A Club Shares Brokers lists a P1-million fee for changing a corporate assignee.
The Commission on Audit had previously questioned NDC maintaining shares in clubs, although this was later justified by the government corporation, no doubt aided by the surge in value of golf club shares since the pandemic.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
