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TITLE SUBTITLE Issue # What’s Inside… 10th General Membership Meeting Jaime Ponce de Leon Director, In Every Issue 2 President’s Corner 3 Speaker’s Profile 7, 10 Committee News Featured Articles 6 BEC FETP Davao Conference 8-9 4th Ayala-FINEX Finance Summit ART of BUSINESS BUSINESS of ART with a Heart F I N E X F O C U S “Innovating Businesses for a Better Tomorrow” www.finex.org.ph Official Publication of the Financial Executives Institute of the Philippines Volume 14 No. 9 October 2019

ART of BUSINESS BUSINESS of ART6 BEC FETP Davao Conference 8-9 4th Ayala-FINEX Finance Summit ART of BUSINESS BUSINESS of ART with a Heart F I N E X F O C S “Innovating Businesses

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TITLE SUBTITLE Issue #

What’s Inside…

10th General Membership Meeting

Jaime Ponce de Leon Director,

In Every Issue

2 President’s Corner

3 Speaker’s Profile

7, 10 Committee News

Featured Articles

6 BEC FETP Davao Conference

8-9 4th Ayala-FINEX Finance Summit

ART of BUSINESS

BUSINESS of ART

with a Heart

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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. 9 October 2019

President’s Corner

1. On 24 September 2019, the FINEX Professional

Development Committee conducted a seminar

entitled “Empower your Employees to a Happy

Retirement: Let’s Talk about PERA” from 1:00pm-

5:00pm at the Dusit Thani Manila Hotel sponsored by

BDO’s Trust and Investment Group.

2. On 26 September 2019, the FINEX Media Affairs

Committee conducted a seminar entitled “Fake News

and Cyber Libel” from 1:00pm-5:00pm at the Tower

Club, Philamlife Tower, Makati City. Speakers were

Mr. Victor Lorenzo, Chief, Cyber Crime Division of

the National Bureau of Investigation, and Atty.

Rosemarie King Dominguez.

3. On 27 September 2019, the Women in Finance

Committee conducted a forum entitled “Going-Up the

C-Suites” from 12:00nn-2:00pm at the KPMG

Center. Speakers were Ms. Sharon G. Dayoan, who

spoke on the topic “Healthy Women, Healthy

Economy”, and Ms. Ma. Carolina V. Dominguez,

who spoke on the topic “The Art of Persuasion”.

4. On 30 September 2019, a meeting of the FINEX

Foundation Trustees was held.

5. The other FINEX Committees held their regular

meetings during the period in review.

The forthcoming events of FINEX are the following:

1. On 2 October 2019, the FINEX Annual Membership

Meeting will be held at 12:00 noon at the New World

Makati Hotel in Makati City.

2. On 7 October 2019, the FINEX Academy Board of

Directors will hold its October 2019 meeting.

3. On 9 October 2019, the FINEX Board of Directors

will hold its October 2019 meeting.

4. On 10 October 2019, the FINEX Professional

Development Committee will conduct the “Year-

End Economic Briefing” from 9:00am-2:00pm at the

Grand Hyatt Hotel in Bonifacio Global City in

Taguig.

5. Also on 10 October 2019, a Strategic Portfolio

Management Seminar with End-User Presentations

will be held from 2:00pm-5:00pm at the Grand Hyatt

Hotel co-sponsored by BPM Vision Pty. Ltd. and

FINEX

6. On 11 October 2019, the FINEX Annual Conference,

with the theme entitled “Riding on the Opportunities

of the Next Digital Wave”, will be held from 8:00am

- 5:00pm at the Grand Hyatt Hotel in Bonifacio

Global City in Taguig. Speakers will include

Bambang Susantono, BSP Gov. Benjamin E.

Diokno, and Mr. Jose Isidro Camacho, among

others. A fellowship event will follow thereafter

from 5:30pm onwards.

Good afternoon, fellow FINEX members.

For the period from 18 September 2018 (the date of our last General Membership Meeting),

to date, the following were the significant FINEX activities and events:

7. On 21 October 2019, the FINEX Academy

EXECOM and Board will hold its October 2019

meeting.

8. On 23 October 2019, our Affiliates Committee, in

partnership with our Tax and Legal Committee,

through FINEX Subic-Olongapo, will hold a seminar

on “Digital Taxation and Customs Update in Subic,

Olongapo.

9. From 24-26 October 2019, the 2019 IAFEI World

Congress will be held in Matera, Italy.

10. On 24 October 2019, a seminar entitled “Smart

Contracts: Blockchain Application and Use Cases”

will be held from 2:00pm – 5:00pm at the Dusit Thani

Hotel in Makati City co-sponsored by IBM

Philippines and FINEX.

11. On 25 October 2019, the elimination round of the

Inter-Collegiate Finance Competition (the “ICFC”)

will be held. The final round of the ICFC will be held

on 22 November 2019 at the Bangko Sentral ng

Pilipinas (the “BSP”) Auditorium from 8:30am-

5:00pm.

12. On 12 November 2019, our Arts Committee will hold

the “Arts Year-End Party at the Top of the Alpha,

34/F Alphaland Corporate Tower, Makati City.

13. On 13 November 2019, a FINEX Board of Directors

meeting for November 2019 will be held.

14. From 14-15 November 2019, the last leg of the 2019

Finance Educators Training Program of the FINEX

Foundation, in partnership with the CIBI Foundation,

will be held at the St. Paul University Philippines in

Tuguegarao City, Cagayan.

15. On 20 November 2019, the 13th ING-FINEX CFO of

- Continued on page 11

Atty. Eusebio V. Tan

2019 FINEX President

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Profile of Speaker

10th General Membership Meeting

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Jaime Ponce de Leon was born and grew up in Dumaguete City. He studied in Silliman

University and graduated from the College of Business Administration majoring in

Management. While in college he became a Barangay Captain in the commercial district

of Dumaguete. He felt that Dumaguete was too small hence he moved to Manila and started

being a property consultant for Megaworld Corporation. He then worked for a construction

company and destined in Kuala Lumpur for 1 year. While back in Manila, he studied

Interior Design at the Philipppine School of Interior Design and while at school and

practicing interior design, started buying and selling paintings. In 2010, he established Leon

Gallery. In 2013, he began doing auction by accident as the Prudential Life Plans Inc.

needed to liquidate their art collection and there began Leon Auctions.

To date, Leon Gallery has sold the most expensive Philippine Art sold in the Philippines for

a Jose Joya in 2018 that sold for 112M. Leon Gallery has continued to break records and

establish unprecedented prices for Philippine Art.

About León Gallery

León Gallery first opened its doors in 2010, quickly gaining a

reputation for specializing in museum-quality and historically

important Philippine Art.

It is also a purveyor of meticulously selected Philippine antiques,

dating from the Pre-Spanish period to the 19th Century. Antique

furniture, Hispano-Filipino ivory, ceramic and porcelain, carpets

and jewelry constitute the gallery’s special heirloom and estate

pieces.

At the core of León Gallery’s expertise are works of the Filipino Old

Masters, such as Juan Luna y Novicio, Félix Resurrección Hidalgo

y Padilla, Fabian de la Rosa y Cueto and Fernando Amorsolo y

Cueto. The Gallery has gone on to widen its field with the works of

the Filipino Moderns, including Fernando Zóbel de Ayala y

Montojo, Federico Aguilar Alcuaz, Diosdado Lorenzo and Romeo

Tabuena, to name a few.

In 2014, León Gallery organized the landmark exhibition, ‘The Jim

and Reed Pfeufer Collection: A Four-Decade Friendship with

Fernando Zóbel.’ Featuring 73 works, the show was a look into the

mind and artistic process of the maestro, Fernando Zóbel, as seen

through sketches, private correspondence, and significant works

amassed by his close friends, Reed Champion of the Boston School

and her husband, Jim Pfeufer.

In February 2016, León Gallery assembled the largest collection of

works by Alfonso Ossorio — a Filipino by birth, confidante of

Jackson Pollock, and an influential member of the American school

of Abstract Expressionists — to be seen in the Philippines. Entitled

‘Afflictions of Glory: Alfonso Ossorio’, it was the first-ever exhibit

of Ossorio works in the country and commemorated his 100th birth

year.

This was followed by another milestone in June 2016: ‘Filipinos in

the Gilded Age: An Exhibition of Important Ivory, Furniture, and

Paintings’ that assembled an astounding number of works from the

turn of the century, including several recently repatriated

masterpieces. A catalogue also accompanied the exhibit which re-

created the world of the 19th century, and in particular, drew

inspiration from Luna’s Paris atelier.

León Gallery led the way in the field of bringing the concept of

‘curated auctions’ to the country, with ‘Two Navels.’ Inspired by the

seminal work of Philippine National Artist for Literature Nick

seminal work of Philippine National Artist for Literature Nick

Joaquin, it sought to continue the dialogue on the question of Filipino

identity. Opening in August 2016, it celebrated the eve of Joaquin’s

100th birth year.

As its first exhibition for 2017, León Gallery was privileged to present

an iconic art collection in ‘Trove: The Coseteng Collection’, which

spanned the life and art of the modern master Hernando R. Ocampo

from 1945 to 1978. 74 works of stunning canvases, watercolors and

works on paper — many of which had never been seen in public —

told the magnificent story of this legendary Neo-Expressionist.

It partnered with the Asian Cultural Council to conceptualize a special

show entitled ‘The World Is Too Much With Us: José Joya’ for Art

Fair Philippines in February 2017. Joya was the first grantee of the

Asian Cultural Council, then known as the Ford Foundation.

The following month, León Gallery went on to ‘The Sons Return’, an

exhibit of two ex-patriate artists who returned to become among our

most beloved National Artists: Benedicto Reyes Cabrera, more

popularly known as “Bencab” and Federico Aguilar Alcuaz.

In August 2017, it staged the landmark exhibition titled ‘Mid-Century

Moderns: Important Modernist Painting from the Philippine Art

Gallery,’ again, the first of its kind in more than three decades. The

PAG was the country’s first-ever gallery focusing entirely on abstract

art, and was established in 1952. Its roster featured the Philippines’

first non-objective artists and the legendary ‘Neo-Realists’ who

sought to express the new reality after World War II : H.R. Ocampo,

Vicente S. Manansala, Cesar F. Legaspi, Romeo V. Tabuena, Victor

Oteyza, and Ramon A. Estella.

For the 2018 edition of Art Fair Philippines, the gallery organized

‘Elsewhere: 100 Years of Filipino Artists Abroad,’ featuring Miguel

Zaragoza, Fabian de la Rosa, Nena Saguil, Macario Vitalis, Cesar F.

Legaspi, Napoleon Abueva, among others.

Auction Highlights

To date, León Gallery is equally well-known as the Philippines’

premier auction house. Since its first auction in 2013 and through its

regular quarterly auctions since then, León Gallery has continued to

set and then exceed record prices for Filipino Old Masters as well as

modern and contemporary artists.

- Continued on page 11

Jaime Ponce de Leon Director, León Gallery

9th General Membership Meeting

Ms. Aida C. Yuvienco, Director for Government Digital

Transformation Bureau of the Department of Information and

Communications Technology (DICT) was guest of honor and

keynote speaker during the 9th General Membership Meeting

held last August 20 at New World Hotel, Makati City.

Dir. Yuvienco shared with FINEX members the DICT

roadmap for a digital Philippines, highlighting the creation of

the national broadband network in collaboration with the

National Grid Corporation of the Philippines (NGCP).

The national broadband network will pave the way for the free

wifi for all (wifi spots in public places), digital government and

ICT education and industry development. Rollout of cyber-

security management system will be simultaneously done to

increase awareness for cyber security.

FINEX Foundation Chair and event host Marivic Espano with Committee

Chairs Nenette de Jesus for Programs & Meetings Exequiel Lampa for

Finance

increase awareness for cyber security.

Dir. Yuvienco was joined by Chris Taylor, Grab Philippines

Country Advisor. Mr. Taylor described the plans of Grab in

automizing all transactions with Grab where one can go out of

the house with just his mobile phone.

Moderator Cliff Eala, Synerbyte Ltd. President, managed

questions from the FINEX members that came in mostly for

Mr. Taylor on security issues with Grab which Mr. Taylor

willingly answered. The event was hosted by Ma. Victoria

Espano, 2017 FINEX President.

The 9th GMM was sponsored by the FINEX ICT Committee

headed by Rey Lugtu, Mark Gorriceta and Jeng Pascual.

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Aida C. Yuvienco, DICT Director for Government Digital Transformation

Bureau speaking in behalf of DICT Assistant Secretary Emmanuel Rey R.

Caintic

DICT Roadmap – Technology Towards Developing

Digital Innovation in the Country

Synerbyte President Cliff Eala with DICT Dir. Aida Yuvienco and Grab

Advisor to the Philippines Chris Taylor

Moderator Cliff Eala, event host Ma. Victora Espano, speakers Aida Yuvienco and

Chris Taylor, FINEX President Atty. Eusebio Tan, FINEX Director for ICT Jose

Jerome Pascual III and FINEX Director Antonio Ramon Ongsiako

9th General Membership Meeting

Induction of New FINEX Members

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Carlos Rheal Cervantes, Ricardo Lazatin, Ronnie Alcantara,

Roberto Vergara and Ramon Opulencia

Jose Jerome Pascual III, Chris Taylor and Atty. Eusebio Tan DICT Dir. Aida Yuvienco and FINEX Director Antonio Ramon Ongsiako

FINEX President Atty. Eusebio V. Tan, ACCRALAW Of

Counsel

JFINEX Chairs Lofreda del Carmen and Edith Dychiao

with invited students

Invited JFINEX students with speakers DICT Dir. Yuvienco and Grab Advisor Chris Taylor,

FINEX President Atty. Eusebio Tan and JFINEX officers Lofreda del Carmen, Edith

Dychiao and Benny Soliven.

FINEX welcomes its new members:

Estelito “Lito” C. Biacora, Treasurer/Executive Director of

Ayala Corporation

Jez G. dela Cruz, AVP – Corporate Finance and Planning

Head of Megawide Construction Corporation

Mia Grace Paula S. Cortez, AVP – Comptroller of

Megawide Construction Corporation

Mharicar C. Reyes, President & CEO of Asticom

Technology Inc.

Synerbyte President Mr. Cliff Eala

moderated the panel discussion

Business Education Committee

The Business Education of the FINEX Foundation holds the

second leg of the FINEX-CIBI 2019 Finance Educators

Training Program (FETP) – Davao conference in Ateneo de

Davao University on September 5-6, 2019.

Entitled “Capital Markets: The Way Forward”, the free training

was attended by 37 teacher-participants from 13 colleges and

universities from the Mindanao area. Governance, equities,

bonds and securities were among the topics discussed along

with actual cases and a bourse game given by the speakers.

FINEX Foundation Chair and Punongbayan & Araullo Chair

and CEO Ma. Victoria Espano welcomed the participants to the

two-day training and introduced the powerhouse speakers

which include BDO Capital & Investment President Mr.

Eduardo Francisco, Franklin Financial Consultancy President

Mr. Franklin Ysaac and BDO Securities Group Chief

Operating Officer.

and CEO Ma. Victoria Espano welcomed the participants to

the two-day training and introduced the speakers which

include BDO Capital & Investment President Mr. Eduardo

Francisco, Franklin Financial Consultancy President Mr.

Franklin Ysaac and BDO Securities Group Chief Operating

Officer Mr. Bernhard Tsai.

The teachers are thankful for the free training that is “very

rich” and “with practical implications”.

Venue for the last leg of the 2019 FETP in Luzon is still being

finalized and is tentatively scheduled on November 14-15.

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BEC holds the FINEX-CIBI 2019 FETP Davao conference

Photos (clockwise): BDO Capital & Investment President Eduardo Francisco giving the latest on Philippine capital markets; FINEX Foundation Chair Ma. Victoria Espano welcoming the participants to the FETP; the teacher-participants of the FETP Davao conference; Dr. Jenner Chan, Dean of AdDU School of Business and Governance receiving the plaque of appreciation from FINEX and CIBI Foundation with Ma. Victoria Espano and Franklin Financial Consultancy President Franklin Ysaac; Ateneo de Davao teacher-participants to the FETP discussing their strategy during the bourse game; BDO Securities Group Chief Operating Officer Bernhard Tsai discussing equities, bonds and securities; and former FINEX President Franklin Ysaac explaining derivatives, a new capital market product.

Committee News

Good Governance Committee, in partnership with Tax

and Legal Committee, successfully held a seminar on the

Finer Points in Corporate Governance under the Revised

Corporation Code (RCC) last August 29, 2019 at Dusit

Thani Hotel, Makati City.

First speaker Atty. Teresita J. Herbosa tackled the

statement on the purpose of a corporation, stakeholder’s

theory of corporate governance and on how corporations

can invest in their employees. Atty. Cesar L. Villanueva

followed sharing the challenges relating to the Corporate

Governance Reforms. Atty. Camilo S. Correa capping

the discussion with his presentation of SEC’s priorities,

implementing rules and new authorities under the revised

corporation code.

The first speaker was Atty. Teresita J. Herbosa, former

Chairwoman of the Securities and Exchange Commission

(SEC). She discussed the statement on the purpose of a

corporation, stakeholder’s theory of corporate governance

and on how corporations can invest in their employees. She

was followed by Atty. Cesar L. Villanueva who shared the

challenges relating to the Corporate Governance Reforms

under the RCC. Atty. Camilo S. Correa capping the

discussion with his presentation of SEC’s priorities,

implementing rules and new authorities under the revised

corporation code.

Challenges relating to the Corporate Governance Reforms under

the RCC. The last speaker was Atty. Camilo S. Correa, current

SEC General Counsel, who presented the Commission’s

priorities, implementing rules and new authorities relating to

Corporate Governance under the RCC.

Networks Asia Pacific discussed how to balance digital

trust and cyber risk in the digital transformation. While

Palo Alto’s Country Manager Oscar Visaya presented

case studies in securing the digital transformation. He

further presented fast facts about Palo Alto and how

they can help in the process of securitization.

e-PLDT, PLDT and Smart Enterprises FVP and Chief

Information Security Officer Angel Redoble shared his

expertise in cyber security, specifically protecting the

domain. He then emphasized the different threats that

a company faces every single second and encouraged

the audience to take preventive measures by putting up

a threat intelligence.

Question and answer session followed where

participants actively joined the discussion. FINEX

President Atty. Eusebio Tan ended the program with a

speech and handed out the tokens of appreciation to the

three speakers.

The event was co-presented by Palo Alto Networks.

The FINEX Information and Communications Technology

(ICT) Committee conducted the Data Privacy and

Cybersecurity forum on September 12, 2019 at Dusit Thani

Hotel, Makati City.

Kevin O’Leary, Field Chief Security Officer of Palo Alto

Networks Asia Pacific discussed how to balance digital trust

and cyber risk in the digital transformation. While Palo Alto’s

speech summarizing the event and acknowledging the

organizers and sponsor - Palo Alto Networks. He then

handed out the tokens of appreciation to the three speakers.

***

“If Data Privacy is my Religion, Cyber Security is my Faith”.

- Angel Redoble

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Finer Points in Good Governance under the Revised Corporation Code

Left photo: Speakers Atty. Camilo S. Correa, SEC General Counsel; Atty. Teresita J. Herbosa, ACCRALAW Of Counsel of ACCRALAW; and Atty. Cesar L. Villanueva, Villanueva Gabionza Dy Law Offices Senior Partner with moderators Atty. Euney Marie Mata-Perez and Atty. Francisco Ed. Lim Above photo: Speakers and moderators with Good Governance Committee and Tax & Legal Committee Chairs Rodrigo Franco and Noel Rabaja, respectively.

Data Privacy and Cybersecurity: Protecting your Organization,

Employees and Stakeholders

The three speakers Oscar Visaya – Palo Alto Country Manager, Kevin O’Leary – Palo Alto Field Chief Security Officer and Angel Redoble – e-PLDT FVP and Chief Information Security Officer with event host ICT Vice Chair Atty. Mark Gorriceta and FINEX President Atty. Eusebio Tan

4th Ayala-FINEX Finance Summit

The 4th annual Ayala FINEX Finance Summit was recently

held this September at the Fairmont in Makati. This annual

event is organised to discuss emerging trends and significant

issues for finance professionals. This is aligned with the

FINEX objective of ensuring that its members are well

rounded executives who are responsive to the changing needs

of the times. It also covers special topics that promote

principles of good governance and ethical conduct like

reporting principles to ensure transparency. This summit was

specifically designed to support the FINEX mission of

“promoting the progressive and innovative applications of

financial knowledge and skills to benefit society”.

This year, FINEX invited speakers who discussed “Integrated

Reporting in Today’s Changing Environment” and “Strategic

Investing for the Future”. The first topic described how

companies need to provide complete transparency in the way

they are operating their businesses. Aside from the financial

numbers that are being achieved, companies need to describe

in detail how they intend to sustain growth well into the future

The topic on Strategic Investing was presented by Minette

Navarete of Kickstart Ventures, who described why it is

important for Ayala to look at new opportunities in the market

in order to survive. She also shared how they evaluate and

filter the various opportunities that are presented to them.

This year’s summit also covered the evolving role of the CFO.

This was presented by an Ernst and Young (EY) partner from

China, who based his report on numerous studies and surveys

that were conducted by EY. According to these studies, the

CFO plays a crucial role in strengthening the structure of the

company. In what was traditionally a role centred on

controllership, compliance and treasury, this has now

expanded to include strategy and visioning. The focus of

today’s CFO has shifted to the triple bottom line of profit,

planet and people which are the necessary components for

sustainable growth. CFOs are leading the charge to adapt

processes, pricing strategies, technologies and capital

expenditures to support evolving revenue drivers. The CFO is

now a business partner of the CEO, instead of a subordinate.

CFOs are also leading non-financial groups like HR and

supply chain management. Since businesses are moving

quickly, enabled by technology and powered by data, CFOs

are well positioned to chart the course of the company into

new directions. This is because of their intimate knowledge of

financial performance in the company. This session concluded

that it has become clear that the CFO role will take on more

leadership qualities than ever before.

CFOs are also leading non-financial groups like HR and supply

chain management. Since businesses are moving quickly,

enabled by technology and powered by data, CFOs are well

positioned to chart the course of the company into new

directions. This is because of their intimate knowledge of

financial performance in the company. This session concluded

that it has become clear that the CFO role will take on more

leadership qualities than ever before.

With this as a background, a panel of former CFOs who became

CEOs shared their experiences in “Taking the Leap: The Road

to CEO”. These included Antonio De Rosas of PruLife, Antonio

Moncupa, Jr. of East West Bank, Francis Giles Puno of First

Gen and Jaime Ysmael of OCLP Holdings.

Jaime Ysmael provided the fundamentals for this session by

sharing his own personal and nuanced experience moving from

CFO of Ayala Land to CEO of Ortigas and Co. He described

that taking on operational roles and leadership opportunities in

his journey helped him but it was important develop his own

personality in new ways of thinking while performing these

various corporate activities.

He initially shared the four faces or the evolving roles of a CFO:

A. As a Steward who controlled and preserved the assets of the

company to minimise risks,

B. An Operator who runs a tight finance operation that is

efficient and effective,

C. A Strategist who helps shape direction, and

D. A Catalyst who instils a financial approach and mindset

throughout the organisation to help other parts of the business

to perform better.

He then proceeded to share empirical studies conducted by

Deloitte. These studies described that aspiring CFOs tend to fall

into three groups:

The first is the CFO who believes he gets it and is ready. This

is a person who is hardwired to become an effective CEO. He

or she understands the stereotypes held by CFOs by

stakeholders and this CFO has exerted efforts to develop further

to be perceived as ready to lead in complex situations. The

second is the CFO who has been diligently working on their

personal and professional development through meaningful and

deep introspection. The third encompasses CFOs with high

potential and aspirations to become a CFO but are not yet

attuned to the true development required. This particular group

needs to tap into ways of framing both problems and solutions

for the company. They need to develop a more versatile

approach in ways of thinking.

By: Ronald S. Goseco

Chair, Professional Development

Committee

now a business partner of the

CEO, instead of a subordinate.

CFOs are also leading non-

financial groups like HR and

CFOs are also leading non-

financial groups like HR and

supply chain management.

Since businesses are moving

quickly, enabled by

technology and powered by

data, CFOs are well positioned

to chart the course of the

company into new directions.

This is because of their

intimate knowledge of

financial performance in the

company. This session

concluded that it has become

clear that the CFO role will

take on more leadership

qualities than ever before.

This year, FINEX invited speakers who discussed “Integrated

Reporting in Today’s Changing Environment” and “Strategic

Investing for the Future”. The first topic described how

companies need to provide complete transparency in the way

they are operating their businesses. Aside from the financial

numbers that are being achieved, companies need to describe

in detail how they intend to sustain growth well into the future

The topic on Strategic Investing was presented by Minette

Navarete of Kickstart Ventures, who described why it is

important for Ayala to look at new opportunities in the market

in order to survive. She also shared how they evaluate and

filter the various opportunities that are presented to them.

This year’s summit also covered the evolving role of the CFO.

This was presented by an Ernst and Young (EY) partner from

China, who based his report on numerous studies and surveys

that were conducted by EY. According to these studies, the

CFO plays a crucial role in strengthening the structure of the

company. In what was traditionally a role centred on

controllership, compliance and treasury, this has now

expanded to include strategy and visioning. The focus of

today’s CFO has shifted to the triple bottom line of profit,

planet and people which are the necessary components for

sustainable growth. CFOs are leading the charge to adapt

processes, pricing strategies, technologies and capital

expenditures to support evolving revenue drivers. The CFO is

now a business partner of the CEO, instead of a subordinate.

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The CFO Road to the Corner Office

Organizers and speakers of the 4th Ayala-FINEX Finance Summit: Jose Teodoro Limcaoco, Ronald Goseco, Stephen Au Yeung, Antonio Moncupa Jr., Atty. Eusebio Tan, Antonio de Rosas, Minette Navarette, Francis Giles Puno, Jaime Ysmael, Yap Zi Wei and Wilson Tan

4th Ayala-FINEX Finance Summit

approach in ways of thinking.

According to these studies, the three qualities of successful

CFOs turned CEOs are the following:

1. They understand visioning and can lead collaborative efforts

to articulate this, get Board support and stakeholder approval.

Decisiveness usually comes naturally for most CFOs but vision

related thinking is more difficult to grasp. Success comes with

those who get “vision”.

2. They defy stereotypes held of CFOs. Generally, CFOs have

a strong orientation to details, data rationality, rule following

and modesty. CFOs were described significantly lower than

others in being outgoing, persuasive and in their ability to work

with abstract ideas. Successful CFOs think disproportionately

about the future and know how to communicate this. They are

able to delegate tasks and are able to drive the team to achieve

goals.

goals.

3. They are attuned to their own mindsets and personality and

continually seek ways to broaden their cognitive repertoire. It

is important that they realise that they have to purposely show

this alternate side of their personality in taking risks, embracing

dimensions beyond financial and the ability to articulate and

demonstrate how adaptable they are to the fast-changing

environment.

The other panelists shared their own personal stories that led to

the corner office which were all unique and captivating. They

had a common thread though. Tony Moncupa summed it up by

stating that “first you have to want it.” The panel then

concluded that “then you will do all you can in order to

succeed”. It is a basic lesson but it’s always good to be

reminded by some of the most successful individuals who

made it to the corner office.

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The CFO Road to the Corner Office - continued from page 8

Photos (clockwise): Kickstart Ventures President Minette Navarette receives her token of appreciation from FINEX Director Ador Abrogena; Black Sun Asia Pacific Research Manager Yap Zi Wei talks on Integrated Reporting in Today’s Changing & Demanding Environment; EY Partner for Advisory Services Stephen Au Yeung discussing the evolving role of CFO with event host Michelle Ong; FINEX Director Tony Boy Ongsiako during the question and answer portion of the summit; Roundtable discussion with President/CEO Antonio De Rosas of Pru Life UK, Antonio Moncupa Jr. of EastWest Bank, Francis Giles Puno of First Fen Corporation and Jaime Ysmael of OCLP Holdings, Inc.; event host ANC news anchor Michelle Ong; and FINEX President Atty. Eusebio Tan welcoming everybody to the 4th Ayala-FINEX Summit.

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Committee News

The FINEX Professional Development Committee, in

partnership with BDO Unibank recently conducted a seminar

entitled “Empower your Employees to a Happy Retirement.

Let’s Talk about PERA!”

Guest speakers Romeo Carabeo of Willis Towers Watson

talked on current retirement trends, Atty. Eleanor Roque of

P&A Grant Thornton on understanding the PERA (Personal

Equity and Retirement Account) Law and its benefits and

Marissa Romero of BDO Trust on why choosing the right

administrator is essential to your PERA.

FINEX Director Ador Abrogena welcomed the participants

while FINEX President Atty. Eusebio Tan acknowledged the

sponsor and handed out the tokens of appreciation to the

speakers.

Media Affairs Committee conducts forum on Cyber Libel and Fake News

(Sitting) Ted Estacio, Jilden Bragado, Wilma Miranda, Tess Dimaculangan,

Larie Concepcion (standing) Benny Soliven, Rey Lugtu, Bingo Dejaresco,

Enrico Baluyot, Marifi Maring, Danielle Bracewell and Santi Dumlao

Empower your Employees to a Happy Retirement. Let’s Talk About PERA!

Ronald Goseco, Ador Abrogena, Rafael Ayuste, Marissa Romero, Atty.

Eleanor Roque, Romeo Carabeo and Atty. Eusebio Tan

The Media Affairs Committee headed by its Chair Wilma

Miranda, conducted the “Cyber Libel and Fake News”

seminar last September 26, 2019 at Tower Club, Makati

City.

With the advent of social media sites, anyone can be an

easy prey of malicious and hateful posts. The seminar

enabled the participants to know the remedies and point

out ways on how to protect themselves and their

respective organization and what to do when they become

victims.

Speakers Mr. Victor Lorenzo, National Bureau of

Investigation Chief of Cyber Crime Division discussed

the basics of cyber libel – the scope and the laws

governing it, and gave sample cases to elaborate and

emphasize. Atty. Rose Marie Dominguez of Sycip

Salazar Hernandez & Gatmaitan described how to detect

fake news and not to be a victim of it.

The speakers Victor Lorenzo and Atty. Rose Marie Dominguez with panel

discussants Bingo Dejaresco, Albert Gamboa, Wilma Miranda and Santi Dumlao

during the question and answer portion of the forum where the participants were

also lively engaged.

Mr. Victor Lorenzo and Atty. Rose Marie Dominguez receives their tokens of

appreciation from Media Affairs Committee Chair Wilma Miranda and FINEX

Director Benny Soliven. Also in the picture are MAC members Bingo Dejaresco,

Larie Concepcion and former FINEX President George Chua.

the Year Awards will be presented at the FINEX

GMM scheduled on that day from 12 noon-2:00pm.

15. On 22 November 2019, the 21st ICFC Final Round

will be held from 8:30am-5:00pm at the BSP

Auditorium at the BSP Complex in Manila.

16. On 2 December 2019, the FINEX Christmas and

Year-End Party will be held at 6:00pm. The venue

for the party will be announced later.

17. On 6 December 2019, a Thanksgiving Party will be

held at 6:00pm sponsored by the Women in Finance

Committee.

Please continue to actively participate in, and support, all

of our FINEX activities and programs. Mabuhay ang FINEX!

President’s Corner - continued from page 2

Indeed, at the León Gallery Asian Cultural Council Auction in March

2018, a new world record was achieved for both José Joya as well as

Philippine abstract art, when Joya’s extraordinary ‘Space

Transfiguration’ (1959), his most famous and beloved work,

achieved P112Million or USD 2.16Million, inclusive of buyer’s

premium. The sum paid surpassed León Gallery’s own previous

benchmarks.

In the Spectacular Mid-Year Auction this June 2018, another world

record was set for Fernando C. Amorsolo with the exquisite ‘Under

the Mango Tree’, which once belonged to the Melian Zobel and the

sister of the man who sent Amorsolo to Spain to study at the Royal

Academy of San Fernando in Madrid. This painting reaped a

staggering P46.7 Million, or USD 934,000, a world record for the

artist that outstripped a previous level set internationally of just P28

Million, or USD 539,000.

León Gallery, in fact, has the honor of holding the record of

auctioning the six top-selling artworks in the country, beginning with

BenCab’s P46Million (USD 939,000) opus in June 2014; the two

remarkable paintings by Anita Magsaysay-Ho, the ‘Women amid the

Banana Plantation’ at P49Million (USD 1 Million) in September

2017 and the larger ‘Fish Harvest at Dawn’ in 2014 for P52Million

or USD 1.1 Million, and the previous record-holder for the most

expensive piece of Philippine art to be sold in Manila, the massive

Ang Kiukok ‘Fishermen’, which fetched P65.4 Million (USD 1.28

Million) in June 2017.

In addition, León Gallery has earned the reputation for its sales of

historical documents, memorabilia and ephemera. Also in March

2018, its auction of the Andres Bonifacio letters, written by the man

who founded the Philippine Revolution of 1896 and who ante-dated

Sun Yat-Sen, yielded total of P16.2Million or over USD 300,000,

with a single letter bringing in P5.6Million or USD109,000— a

record for a Filipino historical document. Philippine national hero

José Rizal has accomplished record results for his artworks, the terra

cotta 'Jabali (Wild Boar)’ in 2016 and the most recent ‘The Filipino’

bas-relief in wood, both garnering P17.5 Million or USD 337,000.

Museum-quality Filipino antique furniture continued to capture the

public’s imagination: In the recent June sale, a record was achieved

for the Arnedo Table, on which heroes, princes and presidents dined,

at P7.6 Million or USD 146,000. León Gallery has also had the

privilege of auctioning the most expensive piece of furniture in the

country, the splendid Gabaldon cabinet at P15 Million or USD

306,000.

Allied Activities

León Gallery always puts the highest value on the authentication and

documentation of its art pieces, supported by an exemplary level of

research and scholarship as well as impeccable provenance. Its roster

of consultants include scholar Ramon N. Villegas (whose last exhibit

before his untimely death was for León Gallery), antiques expert

Martin Imperial Tinio, Jr., historical and cultural consultant Lisa

Guerrero Nakpil, and furniture, ivory and silver cognoscente Augusto

M. R. Gonzalez III. The gallery has also earned the reputation of

publishing catalogues and books of the highest quality to accompany

all of its exhibitions.

Recently, León Gallery has also enhanced its presence by bringing its

exciting auctions online.

In recognition of its various initiatives, León Gallery was named as

one of the World’s Top 250 Auction Houses in 2016 by the influential

Blouin Art Magazine.

About León Gallery - continued from page 3

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