Leading in financial and economic reforms
On the 49th year of the Financial Executives Institute of the Philippines (FINEX), the 2017 FINEX Board of Directors has chosen the theme of “Leading in Financial and Economic Reforms.” This theme has been carefully chosen by the executive board of the country’s leading organization of finance practitioners to embody the role that FINEX must embrace this year.
“As we face the many challenges of a new economic order driven by changes in international and domestic rules, policies, concepts, and practices, FINEX must not only rise above these challenges but must be at the center — being a thought leader, a leading advocate, an influencer in the crafting of policies, and an able partner of the government in pushing for a better Philippines,” said FINEX President Benedicta Du-Baladad.
The Association of Southeast Asian Nations (ASEAN) turns 50 this year, with our country assuming the regional bloc’s chairmanship and hosting of the ASEAN Summit. Ms. Du-Baladad said: “Our entry into a regionally integrated community, the ASEAN Economic Community, requires opening up our borders and this would bring many changes in the way we do things as we harmonize rules, align practices, and provide for a competitive environment. On the domestic front, the new administration has embarked on pushing drastic fiscal reforms, at the heart of which are tax policy and administrative reforms as well as budget reforms.”
FINEX’s advocacies include capital market development, financial literacy, and economic reforms as it gears up for its Golden Jubilee celebration in 2018. The new FINEX Board who will be inducted into office by His Eminence, Luis Antonio Cardinal Tagle, on Jan. 23 at the Makati Shangri-La Hotel.
CHANGING OF THE GUARDS
Last Nov. 9, Alex V. Buenaventura took his oath as the ninth President and CEO of the Land Bank of the Philippines (Landbank). In his inaugural address, he outlined his thrust to reinforce Landbank’s development mandate anchored on promoting inclusive economic growth especially in the countryside.
“We will build on the gains of Landbank over the years and channel these resources to support the farmers and fishers and other marginalized sectors. Our aim is to triple our lending to small farmers and fishers from P37.9 billion at present to P115 billion by 2022,” Mr. Buenaventura said.
He explained that a re-engineering of the bank’s lending to the agri-aqua sector will be undertaken through cooperatives. Under this strategy, agricultural buyers and processors will totally manage the compact farms of individual small farmers.
Cooperatives will enter into contract-growing and farm management agreements with big buyers or processors of high-yielding, long-term cash crops such as cavendish banana, palm oil, rubber, and cacao. Mr. Buenaventura said the bank will explore other ways of expanding its support to agriculture.
With 36 years of solid banking experience, the new Landbank chief has also worked with microentrepreneurs, academicians, international development organizations, small and medium enterprises, civic clubs, and local government units. He has consistently rallied for the advancement of communities in Mindanao as a staunch advocate of inclusive banking and countryside development.
His predecessor, former Senior Vice- President Cecilia C. Borromeo, served as Landbank Officer-in-Charge during the first months of the Duterte administration. She is moving to the Development Bank of the Philippines (DBP), another stateowned bank. Known as a wholesale banking expert who has been with Landbank for 27 years, Ms. Borromeo will become the DBP President starting this month.
Congratulations to both Ms. Borromeo and Mr. Buenaventura on their new assignments in the service of the Filipino people!