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

Benedicta Du-Baladad

To FINEX members and friends,

August 2017 Issue

Last July 19, Department of National Defense (DND) Undersecretary Cardozo Luna shared with us the security policies of the Duterte Administration amidst Marawi crisis and the Martial Law in Mindanao. Unfortunately, DND Secretary Delfin Lorenzana Jr. was not able to grace the event due to an emergency meeting that he has to attend.

Read more

2017 Year-Round Corporate Sponsors




Now and then, a Contrast
Print PDF
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/

Overstepping authority
J. Albert GamboaBy J. Albert Gamboa

MANILA BULLETIN(Business Option)
September 19, 2017

Overstepping authority

Business owners in major Philippine cities are in a quandary about the way their local government units (LGUs) are implementing President Rodrigo R. Duterte's Executive Order 26 that regulates smoking in enclosed public places and conveyances.

Breaking barriers to competitiveness
J. Albert GamboaBy J. Albert Gamboa

September 15, 2017

Breaking barriers to competitiveness

The Financial Executives Institute of the Philippines (FINEX) will hold its 49th Annual Conference at the Fairmont Hotel in Makati City on Oct.13. Organized by the FINEX Week Committee, its theme is “Breaking Barriers to Competitiveness in the ASEAN Financial Sector” with the following rationale:

Winning in the 4th Industrial Revolution
Mr. Ronald S. GosecoBy Ronald S. Goseco

September 15, 2017

Winning in the 4th Industrial Revolution

The Financial Executives Institute of the Philippines (FINEX) will be holding the 3rd Ayala –FINEX Summit on September 20, 2017 from 2:00 pm to 7:00 at the New World Ballroom in Makati. The theme of the summit will be: The CFO –Catalyst and Strategist in the 4th Industrial Revolution. The impacts of this revolution will be discussed.

Digital innovations and Philippine outsourcing
Ms. Wilma Inventor MirandaMs. Wilma Inventor Miranda

Business Mirror (FINEX Free Enterprise)
September 15, 2017

Digital innovations and Philippine outsourcing

IN the recent Tholons Services Globalization Index 2017 released June 28, the top 100 cities and top 50 nations in terms of service globalization have digital transformation, innovation and start-up ecosystems as key components.

Internet of things (IOT) – are we ready for this?
Ms. Wilma Inventor MirandaMs. Wilma Inventor Miranda

MANILA BULLETIN (Business Option)
September 14, 2017

Internet of things (IOT) – are we ready for this?

The Internet revolution continued to be on the rise. In it is estimated that over 5 billion people will use the Internet in the next decade according to Eric Schmidt in his book ” The Digital Age.”

Mr. Benel D. LaguaBy Mr. Benel D. Lagua

September 8, 2017


“Women are the largest untapped reservoir of talent in the world.”

- Hillary Clinton

In the recently held forum on “Mainstreaming ASEAN Women in trade of goods and services toward AEC 2025”, this writer felt very honoured to be one of the chosen few men to grace the event and be given the opportunity to share contributions at work for women in the micro, small and medium enterprises.