FOR this year’s celebration of the 48th anniversary of the Financial Executives Institute of the Philippines (FINEX), its incoming president George S. Chua believes that the premier organization is in a position to help fellow Filipinos to be part of the economic growth of the country thus the theme: Supporting financial inclusion for all Filipinos.
Chua explains, “Financial inclusion means being able to enjoy the nations progress through adequate job opportunities; financial knowledge and understanding of family budgeting, savings and investments; and being part of the financial system such as having bank accounts, credit cards, ATM/Debit cards.”
Chua added, “Our vision for FINEX is for us to go beyond the professional and personal development of our members, we also want to become a relevant part of Philippine society particularly when it comes to financial matters. We are also aspiring to be the primary resource of legislators in crafting laws pertaining to financial matters such as taxation, savings, investments, capital markets, financial education and financial reports. We would also like to see more of our members making themselves available to conduct seminar and training on various topics and at different levels. One of our long-term goals is to put up a training institute to provide financial education.” (See related article)
One of the highlights of this year’s celebration is the induction of new officers of FINEX, led by incoming president George Chua, to be inducted by Honorable Chief Justice Maria Lourdes Sereno, the guest of honor, inducting officer and keynote speaker. Meanwhile, Chua, who is also the president of the Federation of Philippine Industries, will also give his acceptance speech during the celebration.
The Board of the Institute and the Board of Trustees of the Foundation will be inducted by the Chief Justice while the various committee chairs, co-chairs and vice chairs will be inducted by Chua for the institute and immediate past president Jaime Ysmael for the foundation.
FINEX, a non-stock, non-profit, non-political association, was formally organized on January 15, 1968 with the twelve financial executives as its founders: Elmer D. Aguilar, Reneo A. Albano, Edgardo Bacani, Romeo Y. Co, Romeo C. Esteban, Ramon K. Ilusorio, Jaime Y. Ladao, Vicente J. Muro, Vicente Pacis, Jr., Joaquin R. Olaño, Antonio Sta. Ana, and Arsenio J. Vistro.
Through the years, FINEX has undertaken foundation and activities geared towards the fulfillment of the objectives for which it was established. It has continuously given its members the latest in concepts, programs and policies of business finance and management through its various services. The government formally recognized the immense contributions of financial executives in the development of financial management as well as the promotion of efficiency in government operations and in the business enterprises through Executive Order No. 34 which declares the second week of October of every year as Financial Executives Week. To date, the membership of FINEX totals 755 and is still growing.
FINEX’s role and major accomplishments
FINEX can best be described as a seedbed of financial leadership and a platform of national advocacy for financial issues. FINEX is a seasoning place for financial executives. The Monthly General Membership Meetings, the Professional Development Seminars, the Capital Market Development Advocacies, the Corporate Finance Fora, the Tax and Legal affairs Symposia, the Ethics and Good Governance enforcements, the National Affairs initiatives, the Social Involvement and Outreach Programs, the International Conferences (through the IAFEI), and even the Fellowship programs are all intended to generate a healthy mutual respect among professionals and their peers in a spirit of camaraderie and mutual respect.
A few years in FINEX and a member become more disciplined in his/her own organizational commitments, which overflow to his professional commitments. FINEX helps its members to be well-rounded financial executives, responsive to the changing needs of the profession and the financial services industry, conscious of good governance principles and high ethical conduct.
The impact of FINEX is therefore first on the individual member, then to his or her company, followed by the business community, and eventually and hopefully, the country. The ING-FINEX CFO of the Year Awards encourage this development of the financial executives.
FINEX likewise extends its financial advocacies to the academe, through the Junior FINEX Committee and the Business Education Committee, as well as to the SMEs. The Junior FINEX Committee has 3 major programs: Intercollegiate Finance Competition; Campus Tour Talks; and, Job Placement. The Business Education Committee provides training to the finance educators and awards the outstanding finance educator through the Deloitte- FINEX Outstanding Finance Educator Awards.