BIZ BUZZ: New First Metro Sec chief coming

MANILA, Philippines — First Metro Securities Brokerage Corp., the equities house of the Metrobank group, recently submitted to the Philippine Stock Exchange an application to appoint a new nominee.

Biz Buzz sources said that the submission of a new nominee, Mhelvin Abajon, is a prelude to this executive’s appointment as the next president of First Metro Sec.

Subject to board approval, we hear that Abajon will take over the post soon to be vacated by veteran broker Gonzalo Ordonez, who is retiring after 14 years of overseeing the operations and expansion of First Metro Sec as an institutional and online stockbrokerage house.

Abajon, who has been with First Metro Sec for 10 years, is currently senior vice president and head of strategic development division.

As the de facto business strategist of the house, we hear that Abajon has brought a certain kind of “magic” to the local equities firm and helped drive its growth over the years.

Before joining First Metro in 2015, Abajon had worked as a trust account executive with the rank of assistant vice president at the Bank of the Philippine Islands for nearly 11 years.

For his part, Ordonez, who is bowing out by the end of this month, is handing over the helm to Abajon while First Metro Sec is enjoying a strong momentum. The brokerage house hauled 15 global awards —from “Best Broker” to “Best Online Trading Platform” to “Best Place to Work” in 2024 alone. —Doris Dumlao-Abadilla

READ: First Metro, DBS cut 2025 PSEi outlook by 700 points to 6,900

Property platform for OFWS

RCBC, the banking bigwig of the Yuchengco empire, is teaming up with homegrown startup Talino Ventures to roll out Bahai Deals, a new property marketplace that aims to put global Filipinos front and center.

And with the $40-billion overseas Filipino workers (OFW) market in play, this is more than just another listing site.

Launching next month, Bahai Deals is touted to become a digital bridge between OFWs and the best real estate deals in the Philippines.

“We can further harness the opportunity to expand our local builders’ access to the global Filipino market, who are some of the most capable investors in the world,” Talino CEO Winston Damarillo said.

READ: Talino Venture gets $5-M infusion from investor

From builders to bankers to brokers, it brings everyone under one roof, literally.

Users can browse listings, get preapproved for loans and finalize financing without breaking a sweat.

“RCBC is excited to collaborate with Talino through Bahai Deals, enabling global Filipinos to access seamless, secure, and affordable home loan solutions wherever they are in the world,” RCBC executive vice president Lito Villanueva said.

The kicker? A Pew study found that 31 percent of Filipino-Americans plan to return to the homeland.

Add these to the billions in remittances and you’ve got a gold mine wrapped in a welcome mat.

So if you’re an OFW dreaming of a condo in Cebu or a beach house in Batangas, Bahai Deals might just be your passport to coming home in style. —Alden M. Monzon