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

MANILA TIMES (FINEX Files)
September 15, 2017

Winning in the 4th Industrial Revolution

FINEX Files is a rotating column of members of the Financial Executives Institute of the Philippines appearing every Friday in Manila Times, business column section.

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.

In a previous article we described the evolution of the various industrial revolutions. We also described how the shifts and disruptions will provide us with great opportunities but will expose us to greater risks. We presented a picture of greater efficiencies in the way we manage our assets and the way we connect our supply chain. The challenge for all of us is how we can come out as winners and benefit from all these developments.

The Summit will also capture some of the emerging trends that KPMG recently covered in a recent report on infrastructure The report concludes that around the world, uncertainty is rife. That political agendas and social expectations are changing, power is shifting and technology is disrupting everything.

The report showed that traditional lines between energy, infrastructure and technology continue to blur and intersect each other. These sectors will rapidly grow and their growth will be inter-dependent of each other. Governments will strive to implement a low carbon transportation agenda while at the same time shifting energy generation to renewables. This will be a balancing act of addressing both the supply and demand of a growing population. A clear example is the recent China pronouncement that they will shift 20% of their transport requirements to electric vehicles by 2025. This comes at the heels of a similar pronouncement by the French of their 2040 targets.

The way we respond in the Philippines to this growing demand for energy, transportation and technology will be critical to our success as a nation. Developing these areas will determine economic growth and social inclusivity.

Over the past years, both technology and consumer behaviour have merged. The changes related to this have turned common wisdom and marketing approaches on its head. Consider the changes in how millennials in the developed world, or even here, interact with transportation infrastructure. They no longer see the need to own cars. Think Uber and Grab. When they use a personal vehicle, it is often shared. They have real time traffic and navigation apps, like Waze to select their routes. Environmental impact influences the transportation decision as much as costs and convenience.

In the Philippines, this trend is playing somewhat differently. Rising affluence and a rapidly expanding middle class has triggered a 20% annual growth in auto sales. It has also led to massive demand in air travel. The question is how long this trend will last.

Across the globe, governments are considering how new technologies – renewable generation, energy storage, autonomous cars and othes will influence infrastructure. Everyone is taking note of the need to embrace technology like blockchain in Fintech, sharing economy and open data to ensure that these growth enablers will play a positive role in future employment and wealth growth.

These rapid technological changes is also creating a growing concern on the risks that current investments on capital goods could become technologically obsolete before the end of their anticipated life. It is expected that the impact of technology will widen and deepen. The widening will come from the discovery and application of new technologies and increased collaboration between asset owners and consumers. The deepening will be driven by the owners themselves as they strive to achieve greater efficiency and value.

The Summit will try to answer some of the questions so we could all come out as winners… or rather that we could be part of the select few who will emerge as winners in this new economy.

Ronald Goseco is currently EVP of FINEX and President of IDI-VW
Ronald Goseco is currently the Executive Vice President of FINEX and President of IDI-VW

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