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TITLE SUBTITLE Issue #
What’s Inside…
“Long Term Visioning &
Execution Towards a
Progressive Philippines”
6th General Membership Meeting
Fernando Zobel de Ayala
President & COO, Ayala Corporation
In Every Issue
President’s Corner
Speaker’s Profile
Committee News
Featured Articles
An Evening of “Classics & More”
2019 FETP – Cebu Leg
Relax…
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“Innovating Businesses for a Better Tomorrow”
www.finex.org.ph Official Publication of the Financial Executives Institute of the Philippines Volume 14 No. 6 July 2019
President’s Corner
1. On 20 June 2019, a meeting of the Board of Trustees
of the FINEX Foundation was held. On the same day,
the Tax and Legal Committee and the Sports/Golf
Committee also met.
2. On 21 June 2019, a symposium was held at the 22nd
Floor of the Multinational Bancorporation Centre
from 12:00 to 2:00pm entitled “Moving Up the
Corporate Ladder” sponsored by the Women in
Finance Committee. The main speaker was Ms.
Marilou Cristobal.
3. On 22 June 2019, the Women in Finance Committee
held a fund-raising activity through the block
screening of the movie “Toy Story 4” at Cinema 1 of
Greenbelt 3.
4. On 25 June 2019, the Professional Development
Committee held a seminar on Financial Reporting and
Regulatory Updates from 2:00pm to 5:00pm at the
Chantara Room, Dusit Thani, Makati City. Speakers
from SGV (Atty. Fabian delos Santos and Mr.
Benjamin Villacorte) and P&A Grant Thornton (Atty.
Eleanor Roque) discussed general tax updates, the
Tax Amnesty Law, certain features of the Revised
Corporation Code, and SEC regulatory updates.
5. On 25 June 2019, FINEX cooperated with Gorriceta
Law for the staging of the Law x Tech Summit 2019
held at Dusit Thani Hotel.
6. On 2 July 2019, the FINEX Academy EXCOM and
Board of Directors held meetings.
7. On 3 July 2019, the FINEX Week Committee met to
firm up plans for the FINEX Week for 2019.
8. On 3 July 2019, the Media Affairs Committee paid a
courtesy visit to the Manila Bulletin and presented a
Plaque of Appreciation.
9. On 4 July 2019, the FINEX Good Governance
Committee met.
10. On 5 July 2019, the Financial Committee and the CFO
of the Year Committee met.
11. On 9 July 2019, the Financial Inclusion Committee
met and had Ms. Gay Santos speak about
developments in financial inclusion programs and
efforts.
Good afternoon, fellow FINEX members.
For the month in review, the following were the significant FINEX activities and events:
12. From 11-12 July 2019, the Business Education
Committee sponsor a training workshop held at the
University of the Visayas entitled “The 2019 Finance
Educators Training Program”. 37 finance and
finance-related teachers and professors from the
Visayas area attended the free two-day event.
The forthcoming events of FINEX are the following:
1. On 25 July 2019, the 7th General Membership
Meeting will be held at the Fairmont Hotel, Makati
City, with Guest Speaker, Mr. Fernando Zobel de
Ayala, who will speak on the topic: “Long-term
Visioning and Execution Towards a Progressive
Philippines”.
2. On 27 July 2019, a conversation with Phyllis
Zaballero, sponsored by the Arts Committee, will be
held at the National Museum to discuss Pinoy art and
history.
3. On 30 July 2019, a seminar will be held at the Dusit
Thani Hotel entitled “The Power of Data”. The
seminar will be sponsored by the Professional
Development Committee.
- Continued on page 3
Atty. Eusebio V. Tan
2019 FINEX President
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Speaker’s Profile
6th General Membership Meeting
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Mr. Zobel de Ayala serves on the Board of INSEAD and
Georgetown University, and is a member of the World
Presidents' Organization and the Chief Executives
Organization. He chairs the steering committee of Habitat for
Humanity International’s Asia Pacific Capital Campaign and
co-chairs the TATE Museum Asia Pacific Acquisitions
Committee. He also serves on the board of the Asia Society and
is a member of the Asia Philanthropy Circle and The
Metropolitan Museum International Council.
In the Philippines, he is a board member of Caritas, Pilipinas
Shell Corporation, and Pilipinas Shell Foundation.
Mr. Zobel de Ayala holds a liberal arts degree from Harvard
College and a CIM from INSEAD, France. He is married to
Catherine Silverio Zobel de Ayala and has four children.
7. On 1 August 2019, a panel discussion on ethics will
be held at the Auditorium of the Ateneo Rockwell
Campus entitled: “Black, White or Gray”. Among
the panelists are Ms. Riza Mantaring, President of
the Management Association of the Philippines, Mr.
Ed Chua, Chairman of the Makati Business Club,
and me.
8. On 8 August 2019, a special concert to be held at the
Samsung Hall, SM Aura Premier, which is being
produced by Mr. Eddie Yap for FINEX in order to
raise funds for our projects and activities. It will be
entitled “Music from the Movies”. I request all of
you to support this project by purchasing tickets to
attend the concert and by soliciting sponsors. This
concert promises to be very entertaining and
enjoyable.
9. On 16 August 2019, a seminar will be held at the
New World Hotel entitled: “Taxation in the Digital
Age: The Philippine Perspective”. The seminar is
another project of the Professional Development
Committee
10. On 11 October 2019, the FINEX Annual Conference
will be held at the Grand Hyatt Hotel, Taguig City,
with the theme: “Riding on the Opportunities of the
Next Digital Wave”.
Mabuhay ang FINEX!
President’s Corner - continued from page 2
11. On 11 October 2019, the FINEX Annual Conference
will be held at the Grand Hyatt Hotel, Taguig City,
with the theme: “Riding on the Opportunities of the
Next Digital Wave”.
12. From 24-26 October 2019, in commemoration of the
50th Anniversary of the IAFEI, the 2019 IAFEI
World Congress will be held in Matera, Italy. Those
who wish to attend the event can get full details of
the same from our FINEX Secretariat.
Please continue to actively participate and support
all of our FINEX activities and programs.
Mabuhay ang FINEX!
Fernando Zobel de Ayala is the President and Chief Operating
Officer and part of the seventh generation in the family
overseeing Ayala Corporation, one of the largest business
groups in the Philippines. Ayala has maintained dominant
positions in various industries in the Philippines, including
real estate, banking, telecommunications, water, power,
industrial technologies, infrastructure, education, and
healthcare. It has a growing international presence primarily
in industrial technologies, water, power, and real estate in
Southeast Asia, China, the US, and Europe.
Mr. Zobel de Ayala is board chairman of Ayala Land and
Manila Water Company and sits on the board of various
companies in the Ayala group, including the Bank of the
Philippine Islands, Globe Telecom, and the Ayala Foundation.
Fernando Zobel de Ayala President & COO, Ayala Corporation
6th General Membership Meeting
Hosted by the Financial Inclusion Committee, the FINEX 6th
General Membership Meeting (GMM) was successfully held on
June 19, 2019 at New World Hotel, Makati City with Dr. Jaime
Aristotle “Aris” B. Alip as guest speaker on the growth of
financial inclusion in the country.
Dr. Alip shared his decades of experience in Center for
Agriculture and Rural Development – Mutually Reinforcing
Institutions (CARD-MRI) in reaching out to the most remote
areas in the Philippines driven by their vision of poverty
eradication through microfinancing.
Dr. Alip also answered curious FINEX members during the
panel discussion as moderated by Mr. Jose Camus, Vice
Chairman of FINEX Financial Inclusion Committee.
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FINEX President Atty. Eusebio Tan and guest speaker Dr. Aris Alip of
CARD-MRI
The Growth of Financial Inclusion in the Philippines
Dr. Aris Alip with (L-R) FINEX EVP Grace Tiongco, former FINEX
Presidents Corazan dela Paz-Bernrado and Atty. Dick Baladad, JFINEX
Co-Chair Edith Dychiao
Financial Inclusion Committee Vice Chair and panel discussion moderator
Jose Camus with Dr. Aris Alip FINEX President Atty. Eusebio Tan with newly-inducted member Renan
Piamonte of Punongbayan and Araullo and sponsor Leonardo “Jun”
Cuaresma, Jr.
FINEX Financial Inclusion Committee Chair Eugene Acevedo (right) with
Dr. Aris Alip Former FINEX Presidents Corazan dela Paz-Bernrado and George Chua
with FINEX Member Vivian Chua
6th General Membership Meeting
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JFINEX students who attended
the 6th GMM with Dr. Aris Alip,
FINEX President Atty. Eusebio
Tan and JFINEX Committee
Members Frank Ysaac (leftmost)
and Tony Boy Ongsiako
(rightmost), and Co-Chair Edith
Dychiao (second from left)
Induction of New FINEX Members
The newly-inducted members with their sponsors: (L-R) Renan Piamonte, Punongbayan & Araullo Partner & Risk
Management Head; Lilibeth Samonte, Ramon F. Garcia & Company Partner; Atty. Fulvio Dawilan, Du-Baladad &
Associates Senior Partner; Christopher Nadayag, Megawide Construction Deputy Chief Finance Officer, Timothy Joseph
Mendoza, Quisumbing Torres Partner and Aldo Justino delos Santos, Platform Studios Chief Executive Officer
Membership Committee Chairman Domingo Go (right) with new
members Jane Lim and Christopher Nadayag JFINEX Co-Chair Edith Dychiao with JFINEX students
Women in Finance
The FINEX Women in Finance Committee organized a small talk
on moving up the corporate ladder on June 21, 2019 at MIB
Centre in Makati City.
Ms. Marilou Cristobal, Chairman & President of Multinational
Investment Bancorporation and long-time FINEX member gave
valuable and personal insights on how to climb the corporate
ladder.
The FINEX Women in Finance (WIF) Committee held a fund-
raising activity thru the movie Toy Story 4 Block Screening in
Cinema 1, Greenbelt 3 on June 22, 2019.
FINEX members who had been supporting the WIF movies
before are happy with the change, from hero movies to computer-
animated comedy film. Kids and kids-at-heart alike enjoyed watching good old Woody, Buzz Lightyear and the rest of the
gang, and their beloved new friend Forky with Bonnie.
Movie goers were treated to a free snack, a bottle of Sesou hand
sanitizer and 10% discount at Chimara popcorn (Taters).
Proceeds of the movie will go to WIF advocacies and projects.
One of the participants commented that the tips given by Ms.
Cristobal were very practical and doable.
Moving-up the Corporate Ladder is one of the three-part series
on women in the corporate world.
First session of the WIF Dance Guild was held last May 30,
2019 at Studio 116 in Jupiter St, Makati City.
In the photo are the Studio 116 in-house dance instructors with
(L-R) Tes Curia who spearheaded the Dance Guild, Dick
Baladad, Grace Tiongco, Euney Mata-Perez, Terrie Magleo,
Malou Cristobal and Judith Lopez.
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Moving-up the Corporate Ladder
Toy Story 4 Block Screening
(L-R) Standing: FINEX Director Stephanie Zulueta, Gema Cheng, MIB
Chairman & President Marilou Cristobal, Ellen Almodiel, Evelyn Villamor
and Jing Arellano; Sitting: former FINEX President Cora dela Paz-Bernardo,
Cristina de Leon, WIF Chair Esther Magleo and Vilma Cervantes
WIF Chair Esther
Magleo and FINEX
Director Stephanie
Zulueta with forum
speaker Marilou
Cristobal with her
plaque of appreciation
In the photo are (L-R) event sponsor Ruth Owen, WIF members Marivic
Sugapong, Adelle Jaucian, Mariza Arcilla and Sherisa Nuesa, WIF Chair
Esther Magleo, FINEX EVP Grace Tiongco, FINEX Director Stephanie
Zulueta and FINEX Foundation Chair Marivic Españo
WIF Dance Guild
Committee News
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L-R: CACFO Deputy Secretary General Shen Junmei, CACFO Vice President Liu Ping,
IAFEI Chairman Eduardo V. Francisco, CACFO President Liu Hongwei, IAFEI Advisory
Council Chair Conchita L. Manabat, and CACFO Deputy Secretary General Yu Xiaoquing.
Organized by the FINEX Professional Development
Committee (PDC), a forum on financial reporting and
regulatory updates was held last June 25, 2019 at Dusit Thani
Hotel, Makati City.
Speakers Atty. Fabian delos Santos gave the participants a
general view on tax amnesty, general tax updates and ease of
doing business in the Philippines; Atty. Eleanor Roque gave
snapshot of the revised Corporation Code and SEC updates; and
Mr. Benjamin Villacorte discussed the PFRS 16.
In the photo are: (L-R) FINEX President Atty. Eusebio Tan,
PDC Chair Ronald Goseco, Benjamin Villacorte, Atty. Eleanor
Rivera, PDC Member Editha Estacio and FINEX Director Ador
Abrogena.
Professional Development Committee
Financial Reporting & Regulatory Updates
Media Affairs Committee
Courtesy Visit to Manila
Bulletin
In behalf of FINEX, Media Affairs Committee Chair
Wilma Miranda (leftmost) and Sub-Committee on
Business Columns and Website Chair Reynaldo Lugtu Jr.
(rightmost) presented the Plaque of Appreciation of years
of partnership to Manila Bulletin’s Editor-in-Chief
Dr. Crispulo Icban, Jr. (3rd from left) and Business Editor
Loreto Cabañes (2nd from left) with the copies of the
Golden Jubilee Book as token.
FINEX’s “Business Option” column has 10 writers
alternating on a twice a week schedule.
IAFEI and CACFO Meeting
A successful meeting took place on May 24,
2019, in Beijing, China between the International
Association of Financial Executives Institutes
(IAFEI) and China Association of Chief
Financial Officers (CACFO) to discuss the
various projects and exchange best practices of
both organizations.
CACFO has been a longtime member of IAFEI
and has played an important role in promoting
the reforms of China’s chief accountant/
finance system, promoting the international
convergence of the chief accountant/finance
system of Chinese enterprises and the foreign
CFO system, and strengthening the development
of accounting/finance talents, which has been
well-appreciated by all concerned professionals
and their respective enterprises.
Featured Article
"Music is the universal language of mankind,” quoted the poet
Henry Wadsworth Longfellow. Indeed, on a fine evening in June,
music transcended boundaries for all who came and listened to
“Classics & More,” the first concert in the Sound of the Market
series sponsored by the FINEX Arts Committee.
On June 18th, over a hundred people gathered for “a little night
of music” at the Manila Pianos located in the Ronac Lifestyle
Center, Paseo de Magallanes in Makati City. They were in for a
rare treat—an evening of entertaining performances by Anna
Migallos (soprano), Marvin Bautista (tenor), Mariel Ilusorio
(pianist), Juan Muñoz (violinist-conductor), and the youthful St.
Scholastica’s String Ensemble.
The repertoire opened with selections of classical music from
Bach, Mozart, Schubert, Liszt, Di Capua/Mazuchi, and Cilia,
including Mozart’s entertaining Porgi Amor from the opera “The
Marriage of Figaro.” Halfway through the concert, the tempo
switched to the more contemporary melodies of Rodgers-
Hammerstein (Oh What a Beautiful Morning) and Robert
Wright/George Forrest (Stranger in Paradise from “Kismet”). The
evening’s performance ended with a pair of evocatively rendered
kundimans, Francisco Santiago’s haunting ”Pakiusap” and
Constancio de Guzman’s immortal ode to nostalgia, “Maalaala
Mo Kaya.”
performing the crowd-pleasing Tagalog folk song “Leron, Leron
Sinta,” to the delight of the audience which included, among
others, Congresswoman Camille Villar of Las Piñas, former
Finance Secretary Jess Estanislao, former Central Bank
Governor Jimmy Laya, and Consul & Mrs. Masayuki Udagawa
of the Embassy of Japan.
By: Ma. Theresa Roxas-Tan
Member, Arts Committee
Prize-winning pianist Mariel Ilusorio with violinist-conductor Juan Munoz and
St. Scholastica’s String Ensemble
Three months in the planning, the two-part Sound of the Market
concert series is the brainchild of the FINEX Arts Committee, headed by Domingo Go. The concert task force consisted of Mon
Opulencia, Jenny Yap, Maret Bautista, Gina Oris, Malou
Cristobal, Tissa Tan, and Lia San Juan. Their efforts were
supported by the FINEX Secretariat: Mike, Jam, Lyn, and Jeff.
The highlight of the evening was the presentation of a plaque of
appreciation and a Sanso Art Plate to Mrs. Amy Salazar, the
widow of the late FINEX Past President and former FINEX
Foundation Chairman Melito S. Salazar Jr., a long-time member
of the Arts Committee, in recognition for his valuable support for
the Arts Committee’s advocacy in fostering in others an
appreciation of culture, history, and the arts.
The FINEX Arts Committee is now deep into the planning of its
second concert in this Sound of the Market series which is slated
for November 12th. Mark your calendars!
Tenor Marvin Bautista and Soprano Anna Migallos perform Rodgers-
Hammerstein’s “People Will Think We’re in Love” from Oklahoma
Some of the Arts Committee members: (L-R): Malou Cristobal, Sonie Aguilar,
Gina Oris, Tiffi Zulueta, Domeng Go, Maret Bautista, Mon Opulencia, Joey
Gomez, Tissa Tan, and (seated) Ayen Guevara and Jenny Yap
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Arts Committee
An Evening of “Classics & More”
Performing on the piano was Mariel Ilusorio, a prize-winning
pianist who was trained in both the US and Europe and has
performed in critically praised piano recitals in European cities.
She was accompanied by Juan Muñoz, a highly acclaimed
Chilean violinist-conductor who also formed and conducts the
St. Scholastica’s String Ensemble. The soprano Anna Migallos
sang with a voice that’s been described as “liquid gold.” She was
ably matched note for note by the tenor Marvin Bautista, a
seasoned veteran of several operatic productions, including “La
Traviata.” Rounding off the cast of performers was the St.
Scholastic’s String Ensemble, a band of gifted young musicians
who have been lauded as one of the best chamber orchestras in
the Philippines.
To keep the audience immersed in the musical experience was a
thoughtfully prepared visual presentation that scrolled lyrics in
Italian, Filipino, and English languages.
For a satisfying encore, the soprano
Anna Migallos broke into song,
An Evening of “Classics & More”
Domeng Go with Former Finance Secretary Jess Estanislao, Founding Chair of the Institute of Corporate Directors
Ms. Amy Salazar receives from Arts Committee Chair Domeng Go the plaque of appreciation awarded posthumously to FINEX Past President Melito Salazar, Jr. Also in the picture are Mon Opulencia and FINEX President Atty. Eusebio Tan.
Domeng Go, Dr. Jack Arroyo, Congresswoman Camille Villar and Mrs. Fely A. Arroyo
Mon Opulencia, Domeng Go, Consul Masayuki Udagawa & Mrs. Udagawa of Embassy of Japan, Ayen Guevara, Maret Bautista and Jenny Yap
Dr. Jimmy Laya, Atty. Barbara Migallos, Grace Tiongco, Euney Marie Mata-Perez, Mariel Ilusorio, Dick Du-Baladad, FINEX President Ebot Tan
Fr. Julian Mazana of the Colegio de San Agustin, Bank of Singapore’s Jun Ahyong, Mrs. Fely Arroyo and Dr. Jack Arroyo
Rey Liao, Atty. Edgar Tarriela, Flor Tarriela, Mariel Ilusorio, Sylvia Ilusorio, Tomas Chua, George Chua and Domeng Go
Malou Cristobal, Joey Gomez, BSP Deputy Gov. Chuchi Fonacier, Domeng Go and Mon Opulencia
Dr. Jimmy Laya, Atty. Barbara Migallos, Grace Tiongco, Euney Marie Mata-Perez, Mariel Ilusorio, Dick Du-Baladad and FINEX President Ebot Tan
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Featured Article
The Business Education Committee of the FINEX Foundation
had launched the 2019 Finance Educators Training Program last
July 11-12 at the University of the Visayas (UV).
More than 30 finance and finance-related teachers and professors
from Bacolod, Bohol, Dumaguete, Iloilo and Cebu attended the
free two-day seminar entitled “Capital Markets, The Way
Forward”. Dr. Rosemarie Espanol, former FINEX Cebu
Preisdent and Dean of UV did the opening remarks. Opening
prayer and national anthem were led by UV’s chorale
Top caliber industry lecturers and practitioners, namely: 2004
FINEX President Franklin Ysaac; 2008 FINEX President and
BDO Capital & Investment Corp. President Eduardo Francisco;
BDO Securities Corp. Chief Operating Officer Bernhard
Aloysius Tsai; EastWest Bank FVP – Head of Treasury &
Distribution Group Raul Victor de Guzman; and 2012 FINEX
President Ramon Opulencia, discussed the recent developments
in the Philippine capital markets and its different products.
Practical learnings from an issuer’s perspective and good
governance in the capital market were also discussed. A bourse
game immediately tested the participants’ learning where the
game winner treated everybody to a pizza and to celebrate the end
of the training.
Ms. Rose Dale Ando, FINEX Cebu Director for JFINEX and
Business Education delivered the closing remarks and awarded
the certificates to the participants.
The 2019 FETP Cebu leg was made possible through the
partnership with FINEX Cebu and host school, University of the
Visayas. This is the first leg of the three-part 2019 FETP. The
Davao leg to be held in Ateneo de Davao University is scheduled
on September 5-6 while the Luzon leg is tentatively on November
14-15.
Business Education Committee
2019 Finance Educators Training Program
The participants of the 2019 FETP – Cebu leg from Bacolod, Bohol, Dumaguete, Iloilo and Cebu
Dr. Rosemarie Cruz-
Espanol, University of the
Visayas Dean of School of
Business Administration
receives the plaque of
appreciation from FINEX
Foundation and CIBI
Foundation as represented
by Mr. Franklin Ysaac
BDO Securities COO Bernhard Tsai giving his lecture at University of
the Visayas’ state of the art auditorium
Some of the
participants of the
free two-day FETP
with their
certificates
Featured Article
By: Wilma I. Miranda
Chair, Media Affairs
him and a lesson for all of us that no matter how careful you
are with your diet and consistent in your workouts if you
don't take time to relax, the frenzied pace of life can kill you.
The inbox in our email and in our trays will never get
empty. Priority is the name of the game.
As Richard Carlson, famous author of the book Don't Sweat
the Small Stuff said "let go of the ideas that gentle, relaxed
people can't be super achievers". Super achievers know how
to relax and is not always fleeting from one activity to
another. That is why we are given at least one day a week to
rest and should really rest for a reason. Our bodies and minds
need to recuperate to function properly. But we do not have
to wait until the weekend comes to loosen the stress and
stiffness in our body. In every activity we have and
circumstance we faced, if we felt we are under stress and is
tense we should pause even for just a few seconds and take a
deep breath. Deliberately slow down to stop yourself from
being affected by the pressure.
Even the way we speak has an impact on how our body
responds to external pressures. If we speak in a calm and
collected manner our body will be more relax and our mind
more creative. It can also be a social osmosis when you
speak in a calm manner - other people tend to be calm,
too. Though there are really some people who talks fast, if
you cannot find a chance to talk in this case, give them all the
chance and give them the benefit by listening to them. And
if it is your chance to talk do not monopolize and give the
others an opportunity to express their opinion. They will
appreciate you more for it and everybody will enjoy the
process.
When you enjoy what you do and learn to relax when you
need it, you can savor more your rest days. And remember
There is one president of a company,
who everybody thought was physically
healthy. He has no vices and is in the
gym almost every day. One day he just
died of stroke. It was stress that killed
that the time to
relax is when you
don't have the
time to relax.
Hebrews 4:9-11
“There remains, then, a Sabbath-rest for the people of God;
for anyone who enters God’s rest also rests from their works,
[a] just as God did from his. Let us, therefore, make every
effort to enter that rest, so that no one will perish by following
their example of disobedience."
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Relax…