Building bridges

This year, the theme of the Financial Executives Institute of the Philippines ( FINEX) is “Building Bridges toward Sustainable Development.”

Global sustainable development, as a concept, became widely accepted starting in 1987. The World Commission on Environment and Development (WCED) coined the term and defined it as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

This definition was first used by the WCED in its report titled Our Common

Future. It was crafted by a body headed by Gro Harlem Brundtland, former Prime Minister of Norway. She was invited by then United Nations (UN) Secretary General Javier Perez de Cuellar to establish and chair the WCED due to her strong background in the sciences and public health. The Brundtland Report provided the momentum for the 1992 UN Conference on Environment and Development, more popularly known as the Earth Summit in Rio de Janeiro, Brazil.

FINEX president Jaime E. Ysmael said the organization must continue to be relevant to its main constituency — finance practitioners — by addressing their needs and helping them do their jobs better. Aside from advancing the practice of the finance profession, he believes FINEX should reach out, influence, and shape the state of the financial markets to ensure its vibrancy as an engine of economic growth.

Consequently, FINEX will create a positive influence on economic development that would greatly impact society and uplift the lives of more people. Its transformational role would be vital during a period of rapid economic growth and greater economic integration, and will help promote sustainable development.

PROFESSIONAL DEVELOPMENT

The finance profession is best represented by the chief financial officer (CFO). Thus, professional development programs must focus on addressing the key development needs of CFOs as they perform new roles and meet new expectations.

Such programs will enable the CFO to perform the multifaceted roles of strategist, catalyst, steward and operator using the Deloitte framework. To leverage on external resources, FINEX shall partner with the academe and training firms, both locally and internationally, to roll out these programs, including soft skills development such as effective communications, networking, health, and wellness.

ADVOCACY WORK

Given the unique position of finance professionals, FINEX continues to promote high-impact advocacy work in advancing financial and economic agenda items that will enhance the practice of the profession and improve overall economic development.

Since 2015 is the start of the Association of Southeast Asian Nations (ASEAN) regional integration and the year when the Philippines hosts the Asia Pacific Economic Cooperation (APEC) summit, there is a need to synchronize FINEX’s plans and programs to further push the integration agenda, including the ASEAN Corporate Governance Index. The organization also leverages on the technical discussions and conferences that are happening in the course of the APEC hosting. These are intended to help Team Philippines in its coming out party this year. Continuing to project the country’s favorable image will hopefully attract more foreign direct investments.

SOCIAL AND ENVIRONMENTAL IMPACT

As a finance-oriented organization, FIN EX has been pursuing environmental awareness and economic upliftment programs through its various committees. Plans are underway to add initiatives that will uplift the financial literacy of the majority of Filipinos, now that liquidity continues to be at an all-time high — with significant inflows from OFW remittances, BPO activity, and tourism receipts.

FINEX members are in the best position to mobilize individual savings into productive investments, assist small and medium enterprises as well as micro- entrepreneurs, and provide access to capital by educating these people and providing them the knowledge that would guide their investment decisions. This investor education program could result in significant positive social and economic impact to the target audience and help promote inclusive and sustainable growth.