PJ Garcia, chief Investment Officer of ING Investment Management,
told ANC's Business Nightly that the conversion of the Philippine
government's common shares in San Miguel Corporation into preferred shares
implied that the government would rather have the 8% fixed returns from the
non-voting stocks instead of waiting if the new business strategy of the
diversifying conglomerate will provide better returns. Garcia added that his firm, too, is defensive on San Miguel stock. "Not that we don't like the strategy but we'd rather see the benefits than commit more. Infrastructure, power, telecommunications are not San Miguel's core competency," concluded Garcia.

Click here to report problems in loading video.