President's Message
Atty. Benedicta Du-Baladad Message from the President:

Benedicta Du-Baladad

To FINEX members and friends,

November 2017 Issue

We are now on the final stretch of 2017. This year has been one of the busiest and exciting for both FINEX and the country.

Earlier this month, our country was once again placed in the limelight as we hosted this year’s ASEAN Summit. The summit provided us to showcase what our country can share to the world and the creativity of the Filipino people. Indeed, the recent hosting of the ASEAN summit placed our country

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Now and then, a Contrast
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By Dr. Conchita L. ManabatBy Dr. Conchita L. Manabat

July 19, 2017

Now and then, a contrast

Finex Free Enterprise is a rotating column of members of the Financial Executives Institute of the Philippines appearing every Wednesday & Friday in BusinessMirror, banking & finance Section.

When virtue is lost, benevolence appears; when benevolence is lost, light conduct appears; when right conduct is lost, expedience appears. Expediency is the mere shadow of right and truth; it is the beginning of disorder. —Lao Tzu

Amid the enormity of information and the need to process them to achieve multifarious tasks/outputs, the use of technology and its endless evolution represent the reality of the workplace. I summarize below three recalls of situations to highlight this reality.

Situation 1

Five decades ago, taking the licensure examinations for certified public accountants required the use of fountain pens and computations were done “long hand” without the use of calculators for these were unheard of. The examinations had queries requiring written narratives as answers. It took almost a year before the results of the examinations were officially known.

Fast-forward 25 years later, the licensure examinations are “fully computerized”, meaning all the questions are in multiple-choice format—there is no need for presenting computations and no questions requiring explanations or presenting narrative replies. The examinees’ answers to the questions are registered by using ball pens to identify the correct letter corresponding to the answer.

The official results of the examinations are released a couple of days or so after the last examination day.

Situation 2

Before the 1980s, the “fastest “written communication” was through telegrams, for domestic transmittals coursed through the post office. Overseas communication, were through cable. Everything was in paper.

In the 1980s, the World Wide Web came into being. It was only in the mid-1990s that the Internet had significant global impact in culture, business and technology. Thus,  mails came about. Subsequent developments led to other configurations, like instant messaging and social networking.

Now, everything is a click away and on real time.

Situation 3

In 1987 the Dunbar Armored Robbery happened in Los Angeles, California. The largest cash robbed in the US involving $18.9 million was an inside job. The mastermind was a regional safety inspector for Dunbar who recruited five of his childhood friends to ambush the guards at a stocked cash drop vault on a Friday night. Once they gained access to the loot, they loaded up a U-Haul and escaped, nearly getting away with the whole thing until one of the perpetrators got sloppy and eventually confessed. However, more than half of the money remained unaccounted for.

Fast-forward, 29 years later, the much-talked- about Bangladeshi Central Bank heist happened. A Bangladeshi central bank’s system was attacked to make payments via SWIFT. The perpetrators sent fraudulent messages, ostensibly from the central bank in Dhaka, on the SWIFT system, to the New York Federal Reserve seeking to transfer nearly $1 billion from Bangladesh Bank’s account there. Most of the transfers were blocked but about $81 million had been sent to a bank in the Philippines. It was moved to casinos and casino agents, and much of it has been missing (adopted from press releases).

In the three situations cited above, the efficient use of resources and expedient completion of tasks were achieved through the use of technology. The efficient use of expediency provides competitive edge, but its mis-use can have devastating consequences.

The distinct differences of the now and then would make present-day students of business wonder how “Jurassic” life was not too long ago. How could things be 25 years hence?


Dr. Conchita L. Manabat is the president of the Development Center for Finance and a trustee of the Finex Development & Research Foundation. A past chairman of the International Association of Financial Executives Institutes (IAFEI), she now serves as the chairman of the Advisory Council of the said organization. She can be reached at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it then-a- contrast/

Managing Millenials
Mr. Ronald S. GosecoBy Ronald S. Goseco

December 14, 2017

Managing Millenials

I was recently asked by our principal how different it is to manage today’s millenials as compared to a similar group of individuals twenty years ago. They asked me this since I previously managed auto dealerships twenty years ago with individuals with the same age profile.

Will RP Fit in the Integrated ASEAN Mold?
Zoilo By: Zoilo "Bingo" P. Dejaresco III

December 13, 2017

Will RP Fit in the Integrated ASEAN Mold?

THERE HAVE BEEN REAL TRIUMPHS during the ASEAN Meeting in Manila. Sometimes, Filipinos pinch themselves if these are indeed sustainable?

The ASEAN with 600 million people and with the highest regional GDP growth rate-necessarily- attracts many seller-nations and investors. But with the ASEAN integration- with tariffs down among the ASEAN nations- this would ensure ASEAN should be for ASEANs, first.

Asian economic integration
By Mercedes B. SuleikBy Mercedes B. Suleik

Business Mirror (FINEX Free Enterprise)
December 05, 2017

Asian economic integration

On October 25 the Asian Development Bank (ADB) released a report on Asian Economic Integration and commented on the lessons learned after the Asian financial crisis 20 years ago. It stated that growing trade and investment linkages in Asia and the Pacific have helped to improve the region’s economic resilience to uncertainties in the global economic environment. Asia’s intraregional trade rose in 2016 and acted as a buffer against headwinds from uncertainties in global trade and policy. Subregional trade integration was strongest in East Asia, followed by Southeast Asia and Central Asia.

Flor G. TarrielaBy Flor G. Tarriela

Business World (FINEX Folio)
November 24, 2017


Philippine Gross Domestic Product (GDP) increased by 6.9% in the 3rd quarter but agriculture grew at a slower pace at 2.5% vs 3.0% in 3rd quarter 2016. Still, agriculture showed better growth of 4.6% YTD 2017 vs -1.3% in 2016.

Mr. George S. ChuaBy Mr. George S. Chua

BUSINESS MIRROR (Free Enterprise)
November 22, 2017


A number of months ago, I saw a Bloomberg interview of two young enthusiastic gentlemen who were the co-country directors of this relatively new multinational company called Transportify. As I was listening to the interview of Noel Abelardo and Paulo Bengson, of what Transportify was all about, I thought it was a great idea. The easiest way to explain it is if you have Uber and Grab as an app to transport passengers, you have Transportify to transport goods and packages.

The Importance of Development Finance
Mr. Benel D. LaguaManila Bulletin
MANILA BULLETIN (Business Option)
October 30, 2017

The Importance of Development Finance

Access to finance is always a daunting topic as it addresses two basic issues. Financial exclusion occurs when those denied access have economic and social return on investment better than those with regular access. The second issue is the response to concerns of inequality and the need for better redistribution of wealth.