JFINEX Joins National Finance Summit 2016

Article/News by: Sherwin I. Diala, Part-Time Faculty
Date Posted: January 22, 2016

The National Finance Summit of the Junior Confederation of Finance Associations – Philippines (JCFAP) held this year’s assembly of finance enthusiasts from over 120 higher educational institutions in the country represented by almost 6,000 participants. The event happened last January 16, 2016 from 8:00 a.m. – 5:00 p.m. at SMX Convention Center with the theme “Traversing the Integration Minefield”. Eight-eight (88) participants, including faculty members, from Sacred Heart College-Lucena City, joined this annual assembly. The officers of SHC-JFINEX chapter who worked hard for the accomplishment of cordians’ participation to JCFAP-sponsored activity once again proved that SHC JFINEX can be included in the roster participants from well-known universities and colleges in the country.

The speaker who discussed a meaningful and a very timely topic was Mr. Luis Juan Oreta who tackled Evolving Role of the CFO, he is the 9th ING-CFO of the year. He is the Chief Finance Officer (CFO) of Manila Water Company, Inc. He is likewise the Chief Finance Officer of Integrated Microelectronics, Inc. and the Managing Director of Ayala Corporation – Strategic Planning Group. He focused his discussion in the different myths about finance and he brought out to the audience his explanations about those myths. First, bean counter. According to him, bean counter is an American term which is about someone who just focused on the numbers without understanding the numbers. Second, tight-wads. Mr. Oreta mentioned that tight-wads were known to Filipinos as kuripot. He added that spending for the right reason is the right attitude. Third, accounting fraud. To him, finance required very high degree of integrity. Fourth, control freaks. There cannot be instances that in finance you do things all by yourself, Mr. Oreta justified. To his conclusions, finance people have also the following myths: finance hate marketing, finance people have an easy job and finance people have no personality. After each myth that he discussed he give justifications and factual information about the real finance-oriented individual.

Another thing that he gave emphasis in his sharing is when he cited an example about a CFO (Chief Finance Officer) who became a successful CEO (Chief Executive Officer), Pepsi Co. (the global one) had an Indian woman who rose from the rank who is from being CFO to becoming CEO. Mr. Oreta suggested that finance students should understand the core competencies in finance. They should focus on financial report, audit, compliance, planning (strategic), treasury, and capital structure. He told the participants about the evolution of the CFO. This covers regulation, globalization (English is the global language of business), technology, risk, finance transformation, stakeholder management, strategy, integrated reporting, talent and capability. In his final words, he discussed the four (4) faces of the CFO: catalyst, steward, operator, and strategist. According to him, the fixed things in business is integrity or moral principles.

Other speakers were: 1. Mr. Peter Wallace who discussed The Philippines, Moving Forward Economics Outlook. He is the founder of the Wallace Business Forum (WBF). For the past 33 years, WBF helps chief executives better understand the operating environment opportunities in the Philippines; 2. Mr. Simon Culhane, who is the Chief Executive of the Chartered Institute for Securities & Investment. He is the Deputy Director of the UK government from 1995-1998 and the Director of the Chairman’s Office, Global Investment Banking at the Deutsche Bank from 1998-2002; 3. Mr. Reynaldo Lugtu, who is the Vice President – Head of IT enabled services group. The Chairman of Information & Communications Technology and Chairman of Media Affairs Sub-Committee of Financial Executives Institute of the Philippines; lastly, 4. Mr. Alexander N. Gilles, CFA, who is the consultant for market education at First Metro Securities, Inc. He is the consultant to the Investment Committee at AFP General Insurance Corp., lecturer at the Philippine Stock Exchange (PSE) Academy, lecturer at the Bankers Institute of the Philippines (BAIPHIL), faculty member at the De la Salle University, Manila from 1999-2007 (MBA subjects), and faculty member of the University of Asia & the Pacific from 2000-2007 (finance for entrepreneurs). He obtained his Masters of Applied Business Economics at the University of Asia and the Pacific last 2002 and his Bachelor of Arts in Communication at UP Diliman in 1983 as cum laude.

One highlight of the event which participating Cordians were amazed at was when the JCFAP Adviser, Mr. Alexander N. Gilles, CFA requested SHC BSBA-4 Management Accounting students Lyrel Morato, Krishna Coronado and Joan Dionela, proponents of Mia Zorelle (feasibility study in SHC), to give testimony regarding their experiences which they had presented and becoming included in the Top 10 out of 55 entries in the Esquire Financing Inc., at Asian Institute of Management last December 5, 2015. The SHC business model presenters were accompanied by SHC BSBA Dean Arnel L. Cadeliña at the stage and mentioned the challenge to the 6,000 participants about pursuing their interest and be determined in their dreams.

The participation of JFINEX Cordians in this year’s National Finance Summit was another great opportunity for them and they were indebted to the SHC administration, SHC President - Sr. Josefina R. Quiachon, DC, BSBA Dean – Arnel L. Cadeliña and HED SDO Director - Dr. Luzviminda G. Calzado.

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