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President's Message
Ma. Victoria C. Españo Message from the President:

Ma. Victoria C. Españo


PRESIDENT’S MESSAGE

Year 2018 is indeed a special year for FINEX: it marks our 50th anniversary as a leading organization of finance professionals. Through the able leadership of our past presidents and the multitude of members who have actively participated in and supported our different initiatives, we have made significant achievements in supporting the professional development of finance executives,

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Golf season
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Mr. George S. ChuaBy Mr. George S. Chua

BUSINESS MIRROR (Free Enterprise)
February 9, 2018

Golf season

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.

Many people feel that once Christmas is over, the excitement and the festive atmosphere dies down. However, for the regular golfers, the fun is just about to begin with what I think is the prime time for golfing in the Philippines, which is January and February. This is really the best time to play golf, when there are no rains and the weather is the coolest we can get. This is also normally the time that the various private membership clubs schedule their signature member-guest golf tournaments and other regular corporate and club tournaments are also scheduled.

For me, these are the Mango Tee of Alabang Country Club, which is my home course but is currently under renovation, the Golden Tee of Manila Golf and the Santa Elena Cup. From a financial perspective, this is the best investment you can make. Whatever you pay for your team registration is easily doubled from the giveaways, cocktails, dinner and awarding ceremonies, raffle prizes, equivalent green fees for your guest partner and so much more.

Not only do you get so much stuff back, the fun factor is also priceless. You get a chance to run into so many old friends, business associates and of course, spend quite a bit of time with your chosen partner, doing what you both like to do, play golf. These events can also be quite memorable and fulfilling like when you actually place in the tournament or better yet make a hole in one where typically the prize will be a nice luxury car.

Different companies have different policies on playing golf during office hours. For the government, this is typically not allowed and understandably so, since the majority of the people and taxpayers expect their paid civil servants to be on the job. Unless your company is in some way connected to golf courses and golf equipment, even in the private sector it would be difficult to justify an employee or executive regularly playing golf on company time.

Then again, there are a number of situations when companies allow or even expect their executives to play golf on a weekday. Typically this happens when there is a company sponsored golf tournament, entertaining clients and business associates, or being invited to play in a tournament by a company one does business with. Some people even play golf daily as part of their routine before going to work.

Is it worth buying and becoming a member in a golf club? Again, different companies have different philosophies on this. Some view golf club memberships as an unnecessary expense and distraction while other companies automatically assign golf shares to certain key executives. Personally, I have found that owning my own golf club share has been beneficial on so many fronts. First is that the status of a member is much better than that of a gues. As a proprietary owner, your spouse and dependents are entitled to similar membership privileges, and you can feel at home in your club. After all, you are a part owner.

Of course, there are costs of ownership, such as the purchase of the club share itself, transfer fees and the monthly dues. However, if you play golf regularly enough, you can save money by not having to pay the green fees if you had been a guest. Another significant source of your cost recovery is the capital appreciation of your golf club share, which can be quite significant. I have bought club shares that have doubled in value over the last three years.

Owning golf shares have been a positive investment for me, and while it may not offer me the highest returns on my investment, it has certainly provided me with the most fun. I want to wish all the participants in the 16th FPI Golf Classic at Tagaytay Midlands today to have a great round of golf and good luck in the raffle.

Comments may be sent to This e-mail address is being protected from spambots. You need JavaScript enabled to view it . President and CEO of Bayan Automotive Industries Corp. FINEX former president. https://businessmirror.com.ph/golf-season/

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