Wilson P. Tan, Immediate Past President l 24 January 2024 at Main Lounge, Manila Polo Club
As I reflect upon the past year, it feels like just yesterday when the 2023 FINEX Board and I were inducted into office by Honorable Alfredo E. Pascual on January 23, 2023. The ensuing months have been a journey marked by challenges, resilience, and the unwavering commitment of the FINEX community.
The last few years have been fraught with difficulties and tribulations, primarily due to the global pandemic. However, as we gradually emerge from the shadows of the pandemic, financial professionals and their organizations are still grappling with the implications of the “new normal.” The unpredictable and turbulent nature of COVID-19 has compelled us to adapt to disruptions, presenting an ongoing challenge for us all. Yet, amidst this uncertainty, there is an undeniable sense of optimism as we navigate through unfamiliar territory.
People, by nature, have proven to be remarkably adaptable and capable in the face of extraordinary situations. This adaptability is both a privilege and a challenge for business leaders like us. Managing an organization during times of uncertainty requires strategic foresight, resilience, and a commitment to guiding our teams through uncharted waters.
FINEX has been at the forefront of pandemic-related recovery initiatives, going above and beyond to support its members and contribute to the broader economic landscape. As we transition our focus from mere resilience to sustained growth, the theme for this year, “Forging Ahead: Accelerating Inclusive and Sustainable Growth,” encapsulates the organization’s commitment to progress and inclusivity. As one of the country’s leading movers in business and the economy, FINEX recognizes the importance of pushing forward financial inclusion, resilience, and sustainability.
The core values of FINEX, captured in our DNA – Development, Networking, and Advocacy – have remained constant throughout these changing times. Professional development, collaborative networking, and impactful advocacy continue to be the cornerstones of our organization’s identity. In the spirit of collaborative growth, FINEX is dedicated to facilitating thought leadership and learning opportunities for its members.
Allow me to present a snapshot of FINEX’s activities in 2023 on behalf of the Board of Directors, our Committees and Subcommittees, and their chairs, vice-chairs, and members.
MEMBERSHIP
Membership stands at the heart of FINEX, and by the end of 2023, we had inducted 40 new FINEX members, bringing our total to 707. However, the pandemic’s lingering impact has presented challenges, causing us to fall short of our initial targets. We acknowledge the need to adapt our membership strategies to overcome these hurdles without compromising the quality of our new members.
In 2021, we received approval from the Securities and Exchange Commission to accept a new category of membership – Associate Membership (AM). While recruiting new AMs has proven challenging, we were committed to refining our recruitment policies to ensure inclusivity without compromising quality.
In response to member feedback, we initiated twelve (12) various activities aimed at increasing membership engagement and connection. These include arts and cultural tours, conversations with industry leaders, international trips, and sports activities, including the revival of the annual Parangal Golf Tournament in honor of the BSP Governor. We concluded the year’s activities with the very successful face-to-face Christmas Party at The Manila House on December 13 which we celebrated not only the season but also the camaraderie and shared experiences that define our FINEX community.
GENERAL MEMBERSHIP MEETINGS
The attendance at this year’s General Membership Meetings (GMMs) has been increasing, thanks to exceptional guest speakers and sponsoring Committees. However, we acknowledge that we have not yet reached the pre-pandemic attendance levels due to members’ caution. Nevertheless, I am confident that we were able to organize GMMs that revolve around this year’s theme and address current, significant, and relevant issues.
Throughout the year, each GMM featured a different Guest Speakers and panelists, contributing diverse perspectives and insights on various relevant themes, as follows:
- January 23 – FINEX 2023 Inaugural Meeting and Induction Ceremonies
- February 22 – The Way Forward: BOT Law and Philippine Infrastructure
- March 15 – The Maharlika Investment Fund: “What is it all about?”
- April 19 – She’s On Top of The Game: Women FinTech Leaders
- May 30 – The Accelerated Evolution of Generative AI: How Business Can Harness Its Transformative Impact
- June 22 – Capital Raising Amidst Structural Challenges in the Economy
- July 19 – The Future of Electric Vehicles in the Philippines
- August 10 – 7th AYALA-FINEX Summit, Reigniting the Philippine Capital Market Towards a Sustainable Future
- September 17 – Bridging Generational Gaps in the Workplace
- October 18 – Social Media Influenza: The Content Creation and Influencing Industry
- November 17 – Enhancing Your Competitive Edge through Greater Inclusion
ADVOCACIES
FINEX has consistently been one of the country’s most dynamic and influential business organizations. Our active engagement on a national level is evident in the issuance of eight (8) statements and position papers, either jointly-signed or solely-issued, on issues affecting business, finance, and the economy.
In addition to issuing statements, we have organized various advocacy-related programs, such as a roundtable discussion with NEDA Secretary Arsenio M. Balisacan, a forum on promoting competition in Philippine industries, and a meeting and exposure trip in Alitagtag, Batangas by the Financial Inclusion Committee.
We have also paid courtesy calls to select government agency leaders, including the BIR Commissioner Romeo Lumagui Jr. and SEC Chairman Emilio Aquino.
FINEX, together with other business and professional organizations, is now part of the BIR-Multi-Sectoral Working Group which aims to promote collaboration and engagement between the BIR and business groups to serve as venue for dialogue on the drafting of revenue issuances to facilitate compliance by the private sector.
The Tax and Legal Committee is releasing its quarterly Tax & Legal Updates, a newsletter containing relevant updates tax and legal issues. We continue to partner with CityState Savings Bank for the Pera Pera Project which allows FINEX members to write in the vernacular articles that promotes financial literacy and inclusion.
Lastly, the Women in Finance Committee visited the Kristong Hari Parish Community to witness the awarding of the trykes-for-business to the new sets of beneficiaries. The funds for this project came from the repayments from previous beneficiaries.
PROFESSIONAL DEVELOPMENT
The strength of FINEX lies in the dedication and hard work of our Committees. These Committees have been instrumental in organizing numerous professional development sessions, seminars, forums, and conferences.
In 2023, we offered seven (7) seminars, which were either entirely face-to-face or in a hybrid format. The 7th Ayala-FINEX Finance Summit, themed “Re-igniting the Philippine Capital Market towards a Sustainable Future,” and the annual FINEX Conference, themed “Navigating Global Uncertainties towards Sustainable Growth,” were both a success.
The Capital Market Development Committee has been actively supporting the FINEX Academy’s Capital Market Professional Program.
AWARDS
In November, we were able to successfully culminate the search for the 17th ING-FINEX CFO of the Year, an initiative that recognizes and celebrates excellence in financial leadership. This prestigious award is a testament to our commitment to recognizing and promoting outstanding financial leadership within the industry.
WAYS AND MEANS AND FUNDRAISING
FINEX would like to extend its sincere appreciation to our sponsors, whose unwavering support has been crucial in executing the various activities and advocacies we have undertaken this year. Their commitment to the ideals and goals of FINEX is deeply valued.
To sustain our initiatives, fundraising activities have been initiated, such as the FINEX GET YOUR CHERY CAR RAFFLE and the sale of Amorsolo Art plates. The success of these endeavors has contributed significantly to the organization’s financial sustainability.
OTHERS
The monthly FINEX Focus and quarterly FINEX Digest have seen improvements, providing our members with timely updates and relevant information.
As the secretariat of the International Association of Financial Executives Institutes (IAFEI), FINEX continues to play a crucial role in fostering international collaboration among financial executives.
We continue to strengthen our Secretariat to improve FINEX’s organizational structure, strengthen the capabilities of our Secretariat, and make our Secretariat more efficient in its work. We hope that this will improve FINEX’s delivery of value-added services and activities to you, our members and stakeholders.
We have secured the GlueUp Association Management Software to improve our database management, communications, and events management.
FINEX remains steadfast in its commitment to good governance and long-term planning. The establishment of the Review and Long-Term Planning Committees attests to our dedication to continuous improvement. The Review Committee was tasked to review our current By-laws to make sure that we adopt good governance practices, remove unnecessary provisions, and improve the structural organization of FINEX. Simultaneously, the Long-Term Planning Committee was focused on charting the course for the sustained success of FINEX. Strategic objectives are being formulated to address the evolving needs of our members and our organization. This forward-looking approach is essential to ensuring that FINEX remains at the forefront of financial excellence for years to come.
In conclusion, the success of the initiatives we have undertaken last year was a testament to the dedication of our Committee Chairs, Co-Chairs, Vice Chairs, and members. Likewise, I would like to thank my dynamic and very supportive Board of Directors for their dedication in ensuring that FINEX remains the preeminent organization for finance executives in the country.
FINEX is very fortunate that it has a very strong and engaged membership base.
Maraming salamat po sa inyong lahat. Mabuhay ang FINEX. Mabuhay tayong lahat!