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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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