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JFINEX join the 2018 National Finance Congress

Article/News by: Denzel Villaflores, Monica Paola Noscal, Mark Rosales & Rosecarlisle Imperial
Date Posted: August 08, 2018



With spirit set up high, the Junior Financial and Investment Executives-SHC Chapter attend the annual National Finance Congress July 14, 2018 at De La Salle University-Manila. Organized by the Management of Financial Institutions Association (MaFIA) of DLSU, twenty six business students join the 2018 Finance Congress 2018 as the first activity of SHC-JFINEX. Thirty universities and colleges coming from various parts of the country gathered in the Teresa Yuchengco Auditorium-DLSU to hear and learn from finance experts. . The seminar proper was started at around 10 am by an opening prayer followed by the singing of National Anthem. Vince Bascuguin, one of the project heads of the National Finance Congress 2018 delivered the opening remarks. Before the talk proper was started, the La Salle Contemporary Dance Company performed to entertain the delegates.

The first speaker was Mr. Rienzie Biolena, RFP, CWM, AIF, CFC. He is the President and Chief Financial Planner at Wealth Arki and Consultancy, Inc. He graduated Cum Laude in the University of the Philippines with a degree in Bachelor of Arts in Public Administration. He talked about the Behavioral Finance. He quoted in the first minute of his talk that the real challenge in our lives is “ourselves”. He cited some real life experiences which everyone is related and he told us that it happens because we always have the behavior of being bias but at the end of the day we are only humans and it is our rational component. He added that culture and religion are two of the many factors that really affects our behavior and in our expense structure. Aside from that, he said that people always look for their peer group wherein similarities always came in. We tend to measure ourselves within our peer group. In line to the behavior of most people, Mr. Biolena cited the typical Filipinos in modern day. He first consider the standard cost of living of people wherein he made an example for people who are living in big cities like Makati and Taguig where people always updated with the technology like with their phones, clothes, shoes and etc but when you see their pocket, there’s not enough stored in it due to the behavior of buying everything in order to look good. Aside from the standard cost of living, travels and loan are included in the factors that affect the behavior of the typical Filipinos in modern day. Before he ended his talk, he rely some advices to the participants wherein he said that do not just rely on your own experiences, do not rely on one piece of information because as a Finance professionals, we need to have a data and always do the mathematics. Lastly, he told us to always manage our confidence.

The second speaker, Mr. Cary Casipit, the Vice President of Philam Life and the Head for Corporate Solutions and Overseas Filipino Segment, discussed an overview of insurance. Mr. Casipit is also the Head of Marketing & Business Support of Sunlife of Canada, Philippines. For the past fifteen years, he dedicated his time to his financial awareness programs for OFWs, entrepreneurs, employees and families as his personal advocacy.

He introduced the insurance policy by reviewing its history. The first insurance policy came from the ancient Babylonia where the Hammurabi Code was established. In this code, the debtor was absolved of his loans in the event of a personal catastrophe such as death, disability or loss of property. He also mentioned the Lloyd Coffee House, a seventeenth century establishment for sailors, merchants and ship owners. Ship owners transported products and slaves; in some cases, their ships were destroyed by powerful typhoons in the sea which resulted to damaged goods. They conceptualized “risk-sharing” where the ship owners would transport products of other ship owners. Soon, the ship owners recognized the Lloyd Coffee House as a place for obtaining marine insurance. From this, the insurance policy evolved to what we have today.

Mr. Casipit stated that the insurance industry has existed in the Philippines for more than a century yet only sixteen percent of the population of the upper and middle class have insurance and only four percent of the total population have insurance regardless of class. Filipinos abhor the idea of acquiring insurance because of their beliefs. They believe that only upper class citizen can only afford insurance since it is considered expensive; if not, they think of it as another unnecessary expense. Some think getting an insurance entails bad luck as it is associated with death. As mentioned, Filipinos view insurance as an expense yet they willingly allocate half of their budget to foods and entertainment, as supported by statistics. He said that Filipinos must change their notion about insurance; it should not only be associated with death, disability and sickness, instead it should be associate with security, dreams, protection and legacy.

Mr. Casipit emphasized the need for insurance to avoid the “risks of life.” A person may die too soon, live too long or become disabled. Dying too soon becomes an issue if they person has not saved enough money for his dependent family members. Living too long becomes a problem if they person did not save enough money for his living years. Lastly, a disabled person becomes a challenge when he cannot earn money to sustain his expenditures. An acquisition of insurance frees one from these risks. He spoke more about risks. There are four ways to manage risks namely reduction, avoidance, assumption and transfer. One may choose to reduce the frequency of performing an action, for example, to reduce the possibility of an accident to occur. One may choose to completely avoid the performance of an action to to avoid the occurrence of an accident. One may choose to simply assume the occurrence of an accident. According to him, the best way to manage risk is to transfer it through the acquisition of an insurance. He enumerated the reasons why life insurance is extremely important. Firstly, it replaces income in order to continue one’s standard of living after his disability, sickness, unemployment or retirement. Secondly, it may pay off a mortgage or other debts. Thirdly, it can create a fund for one’s children’s education or his retirement. Lastly, it creates a fund for emergencies for a family member who has financial needs.

He provided tips on buying insurance. Firstly, one has to decide how much insurance he needs. This can be based from their expenditure patterns due to marriage or retirement. Secondly, one has to have an advisor to explain terms and conditions of an insurance policy. Thirdly, one has to review his coverage each year. As our lives change, so will our needs. On his last note, he encouraged the students to start obtaining an insurance early. The earlier one starts, the more he is likely to receive in the future. An insurance is the first layer of defense in any financial plan. He left with a quote, “Do something today that your future self will thank you for.”

The third speaker was Mr. Mark So. He is the founder and Chief Forex Trainer of Forex Club Asia, the trading club of traders across Asia with more than 6,000 members and also the Chairman and CEO of Businessmaker Academy, Inc. A Business, Investment, and HR Training Institution that has trained more than 20,000 Alumni since 2003. He shared his idea and expertise about the Forex Trading. Before he started his talk, he quoted some advice and he quote “One of the most important decision you will make, in anything in your life is not about money, it is not about who your parents are, it is not about your past this is who you married. You will go through hard stages of life but pass through hard stages if you have fantastic support system.” Mark So talks about Foreign Exchange (FOREX) trading. He says that FOREX trading is one of the riskiest investment here on earth, it carry high level of risk and may not be suitable for all investors. Before deciding to invest in FOREX trading you should carefully consider investment objectives, level of experience etc.. He also said that one of the principle of money management on investment is to take your profit out from your investment, keep the principal there and put the profit on less risky investment, and if that less risky investment make a profit put that profit to a less riskier investment, keep your money moving because there is no such thing as no risk.

The main highlight of his talk is the passive carry trading in Foreign Exchange market. This works when you borrow money on a central bank that gives a negative percentage interest rate and you deposit to another central bank that gives positive interest rate. Through this you are making money without using your own money. But you should consider the financial crisis also, because it will make rates close to zero or zero so you are not able to make profit. You choose a bank that gives the lowest and negative interest rate and find a bank that gives high interest rate you deposit your borrowed money there. Carry trading is done online, you need to open FOREX margin account with a FOREX broker. If you decided to open an account, only on risk capital not more than five hundred dollars. But if you have a bigger amount of risk do not put all your money in one account you diversify it. Keep the money moving. And find a great teacher to educate you more.

He ended his talk with this words, if someone tells you a different way on how to make money, your first objective is not to make money, it is to learn and educate yourself. Do not open an account on FOREX yet, you should educate yourself first. Timing on when and where to enter and exit carry trades require guidance, risk calculation and money management strategy in doing carry trades.

The last speaker of the program was Mr. Michael Araneta. Michael Araneta is Associate Vice-President for IDC Financial Insights. Mr. Araneta leads the research and consulting work for Asia/Pacific Financial Services, covering the broad range of strategic and tactical issues that Asia/Pacific institutions face as they complete their Digital Transformation programs. Mr. Araneta is the go-to analyst for advice on the technology investments that need to be made for product innovation, Big Data, customer analytics, core banking systems, risk management, and customer channel effectiveness. His research agenda has also focused on the rise of fintech opportunities in the Asia/Pacific region.

He talked about financial technology. Michael Araneta said that amongst the platform “The 4th platform of IT will not be technology that sits in your pocket, YOU will become technology.”

We are on the new era everything is supposed to be digital, customers are becoming digital. Technology has advanced and became very aggressive. Araneta said that a bank’s capability to truly understand customers will improve significantly in 2018. The great unbundling, rethinking of products, because products can be provided by trusted third parties.

According to Araneta, there is three U’s that will make an idea succeed which is utility that it should be useful, usability should be user friendly and ubiquity should be useful all over. As a future finance professional, patience is essential, we need to continue learning be agile and adaptive.

The SHC-JFINEX were grateful that another learning and ideas were added and acquired from the finance professionals and these learning and ideas will help them decide in their life as a student as the new academic year is about to start. Dean Arnel L. Cadeliña and Part time professor Sherwin Diala accompanied the students.






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