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…