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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President's Message August 2015

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President’s Message
By Jimmy Ysmael

We started the second half of the year on a good note. We will achieve the goals we have set for ourselves for the balance of the year. We remain steadfast on our mission to Enable, Engage and Empower our various stakeholders, consistent with our theme of “Building Bridges Towards Sustainable Development.” I present to you our accomplishments last month and our upcoming activities until the end of the year.

***

Through the efforts of our FINEX Foundation for Entrepreneurship or FFEI, we have been holding successfully an annual event that focuses on Small and Medium Enterprises ( SMEs) since 2013.

Last July 15, we held our Annual SME Day to celebrate the National SME Month. SMEs comprise 99.6% of all registered businesses in the Philippines and employ 70% of the workforce. They are a major economic driver that fosters inclusive growth. We had the honor and privilege to host Senator Paolo Benigno “Bam” Aquino IV during our July GMM, in which he discussed the Go Negosyo Bill and other programs that will further develop our SMEs.

FFEI also hosted the 3rd SME Forum with the theme, “SMEs = Inclusive Growth,” which USAID sponsored. USAID Acting Deputy Mission director Roger Carlson opened the event, which was divided into two parts. CIC President Jaime Garchitorena discussed the importance of credit information to SMEs while BPI VP and Head of Specialized Lending Jo Ann Eala talked about the strong partnership of USAID and the private banks. A session on the globalization of SME’s followed, which tackled the recently crafted “Boracay Agenda” of APEC and the future of franchising in an integrated global economy. DTI Usec. Zeny Maglaya and Go Negosyo Angelpreneur Butch Bartolome handled this portion.

A key highlight of the SME Forum was the launch of the new SME portal called “Loanpinas.” FFEI and Dun & Bradstreet Philippines undertook this project, a re-engineering of the former portal, SMEplus. Loanpinas will not only provide a bridge for the financing needs of SMEs but also serve as a platform for business-to-business transactions and mentoring capabilities. FFEI and D&B expect the portal to run fully in the coming months. This is a great project which we hope all of you will support.

In the afternoon of July 15, our Professional Development Committee (PDC) held the Mid-Year Economic Briefing. The PDC hosts three economic briefings each year. Our special thanks go to the speakers namely, Philippine Equity Partners Managing Director Jojo Gonzalez, Security Bank EVP Edu Olbes and Maybank ATR Kim Eng Program Director Mon Tejero, for sharing their valuable insights.

Last July 18, our Sports and Wellness Committee hosted the 11th Parangal Golf Tournament in honor of BSP Governor Amando “Say” Tetangco, Jr. at the Splendido Taal Golf Club. More than 50 golfers joined the event. Our sponsors contributed to the success of the tournament by providing more resources for FINEX to further its projects, advocacies and fellowship programs.

Last August 2, FINEX won the overall championship of the 17th Inter-Financial Associations Golf Tournament after 11 years. The Money Market Association of the Philippines hosted the event at Eagle Ridge Golf and Country Club. This event brings together various financial associations every year for a spirited day of golf and fellowship.

Last August 4, we sponsored a session during the 7th Corporate Treasury and CFO Summit through our partnership with Haymarket, the publisher of FinanceAsia and the Corporate Treasurer. The session was titled “Forgetting the numbers – what it takes for finance executives to focus on the bigger picture?” Participants in the panel included Mt. Grace Hospital CFO Ted Constantino, Ayala Corp. CFO TG Limcaoco, Shell Philippines Exploration Finance Director Jeng Pascual and Seaoil Philippines CFO Mark Yu as panelists. FINEX Director and AC Energy and Infrastructure CFO Ned Goseco moderated the panel. The session focused on the importance of human capital and talent management and the influence of technology on the role of the CFO.

Last August 5, the Professional Development Committee conducted the 2nd part of the “FINEX Learning Series: Building Competencies in Finance.” The workshop focused on executive learning and coaching development. We are truly grateful for having Roadmaps and Beyond Managing Director Mignon Ramos, a FINEX member, and Banyan Way Executive Coaching Founder Tristan dela Rosa conduct the training.

***

For this month we lined-up a series of exciting and insightful events for everyone. We invite you to attend these activities:

1. Transforming Business in an Evolving Global Environment
By the Professional Development Committee
August 20, 2015, Thursday, 9:00 AM to 12:00 NN, Cervantes Room, Discovery Primea
Speakers:
• Anders Bärlund, Partner, McKinsey & Co. (Philippines) – “General Perspective of Business Transformation and How it Affects Economies”
• Tantra Tantraporn, Partner, Grant Thornton Management Consulting Ltd., Thailand – “Transforming Organizations – Engineering Effective Change”
• Thomas Zipperle, CFO, SAP Southeast Asia – “Business Transformation: Network on the Cloud and its Impact on the office of the CFO”

2. Philippine – Extractive Industries Transparency Initiative (PH-EITI)
By the National Affairs Committee, sponsored by Shell Philippines Exploration B.V.
August 24, 2015, Monday, 8:00 AM to 10:00 AM, The Tower Club
Speaker: Hon. Ma. Teresa S. Habitan, Assistant Secretary, Department of Finance / PH-EITI Focal
Person


3. 9th General Membership Meeting
“2014-2015 Deloitte-FINEX Outstanding Finance Educators Awarding Ceremonies”
September 16, 2015, Wednesday, Ballroom II, Fairmont Hotel

Aside from all of these events, please block off your calendar and attend the much anticipated 1st FINEX CFO Forum on September 17, 2015 and the 47th FINEX Annual Conference on October 2, 2015.

The CFO Forum, with the theme “The High Performing CFOs,” will be a first in FINEX history and an annual event. Ms. Nadine Heydenrych, CFO of Naspers Classified/OLX Southeast Asia, will share with us her insights on “The Leadership Role of CFOs in the Age of Innovation and Globalization,” which will be followed by one-on-one interview by Ms. Baby Nuesa, FINEX Director and 2008 ING-FINEX CFO of the Year Awardee.

A roster of top-caliber CFOs, namely, Ayala Corporation’s TG Limcaoco, Metro Pacific Investments Corp.’s David Nicol and Del Monte Pacific’s Iggy Sison, will discuss the topic titled “Challenges of High Performing CFOs.” Mr. Ernest Cu, CEO of Globe Telecom, will share his views and experiences on the session entitled “CEO-CFO Partnership in Pursuing a Growth Strategy” which will be followed by a one-on-one interview by yours truly. Please support this forum. Ayala Corporation exclusively sponsored this event.

In less than two months, FINEX will hold the 47th Annual Conference with the theme “Capitalizing on Philippine Growth and Ensuring Sustainable Development.” The conference will feature two of the country’s business magnates, JAZA and MVP, together with Suraj Moraje, Managing Partner of McKinsey Philippines. They will engage in a lively give and take during the opening session, which will focus on the overall perspective of the country’s economy and their 25-year vision. With a strong line-up of speakers and relevant topics in store, the conference should be on everyone’s “must attend” list. This will be free of charge to all our regular members. You may log on to www.finex.org.ph/2015finexconference for the complete program and speakers.

Prior to the National Conference on October 2, various committees will host pre-conference activities. On September 30, the ICT Committee will hold the Forum on Data Privacy. The Good Governance Committee will host “Moving Ahead with Corporate Governance” in the afternoon. On October 1, the ASEAN Economic Integration Committee will sponsor a seminar on “Tracking ASEAN Integration: Forum on Islamic Finance and Credit Information” in the morning. The Professional Development Committee will conduct the Year-end Economic Briefing in the afternoon. We will have our annual meeting and election of 2016 directors and trustees at lunch time.

***

One of the benefits of regular paying members is the privilege of attending two free FINEX-hosted seminars. We encourage everyone to take advantage of this opportunity so that you can gain more value from your membership.

***

On September 18, your FINEX Board of Directors will hold its Board Meeting in Cebu as part of the FINEX Cebu Week Celebration on September 12–19, 2015. Aside from the Board meeting, we are also bringing some of our professional development programs to Cebu. Some of the sessions include Tax Updates and Tax Planning Strategies for Family-Owned Corporations, Forum on Business Transformation and Economic Briefing. Please ask your Cebu friends and colleagues to attend these events.

On October 14-16, the International Association of Financial Executives Institutes (IAFEI) will hold its 45th World Congress in Milan, Italy with the theme “Innovation – The Quest for Competitiveness”. FINEX Director Omar Cruz will moderate the session on “Managing Innovative Treasury” and yours truly will serve as one of the panelists for the session on “Management Controllership Innovation.” I am pleased to inform you that we have allocated P350,000 to pay for the registration fees of those who will attend the World Congress. We hope you can join us in this World Congress and at the same time enjoy Milan, Italy, where the World Expo is being held this year.

The ING-FINEX CFO of the Year Award is already on its 9th year. On November 25, FINEX will announce the winner of this year’s search. We request all of you to send in your nominations on or before September 30. We hope that you can help us find this year’s awardee who will be part of the CFO of the Year Hall of Fame.

***

We would like to thank the following corporate sponsors who agreed to support our annual events and the FINEX Week:

Platinum Ayala Land, Inc.

Diamond Shell Philippines Exploration B.V.
SAP Philippines

Gold BDO Unibank, Inc.
SGV & Co.
R.G. Manabat & Co./KPMG

Silver Bank of the Philippine Islands
DoubleDragon Properties Corp.
First Philippine Holdings Corp.
Makati Development Corp.
Sun Life Financial

Minor Phoenix Petroleum Philippines

We would also like to reiterate our request that all FINEX members support our Ways and Means Committee by serving as “champions” in your respective business organizations and sponsoring our activities and programs.

***

Today, we are privileged to have the Honorable Chairman of the Commission on Elections, Atty. Andres “Andy” Bautista. He will share with us the commission’s action plans in setting up a clean and credible 2016 National Elections, especially those concerning the automation process. We hope that we will be enlightened with all the issues surrounding automation which is critical in the electoral process. We will also be joined by some of our members, IT experts and a representative from advocacy groups during the panel discussion.

***

We encourage everyone to visit regularly our FINEX website at www.finex.org.ph and download our FINEX mobile app. With the app, you can check important information, access the list of upcoming event, register online, view the gallery of pictures, and download forms, publications and relevant articles and statements.

***

We request everyone to nominate and recruit new members to our organization. We hope we can count on your help to achieve our vision of having a 1000-member strong organization by 2018. FINEX can only achieve this with your support and commitment.

Maraming Salamat!
 

August 12, 2010 - OPTIONS FOR COOPERATIVES

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OPTIONS FOR COOPERATIVES

RA 9520 , otherwise known as the Philippine Cooperative Code of 2008 integrates the many laws that govern other types of Cooperatives into a consolidated law. Examples of these cooperatives that used to be covered by separate and distinct laws are those in the Electric, Transport and the Water Services businesses.

 

 

August 11, 2010 - Waste not, want not

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Waste not, want not

 When was the last time you reviewed the costs associated with your garbage pick-up? Probably it’s been two or more years ago. After all, your business isn’t about waste. It’s about producing a product and providing a service. The waste is merely a result of conducting your core business operations.

 

July 29, 2010 - VAT ON TOLL FEES IS DOUBLE TAXATION

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CENTER FOR STRATEGIC INITIATIVES

ADVOCACY FOR A BETTER PHILIPPINES

 

VAT ON TOLL FEES IS DOUBLE TAXATION

 

 

From VAT to VAST–Part 1

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From VAT to VAST–Part 1

 

Watch out! A bill to replace the value-added tax (VAT) system is seriously being considered in the House of Representatives. This is the value-simplified tax system, or VAST. VA is for “value” and not “value added”—which means it is a tax imposed not only on the value added by a seller, as in the case of VAT, but on the total value of the goods and services sold.

 


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