Persistent or scalable? – Manila Bulletin


The Philippines has had the “blackest black swan” ever. It was unforeseen, unprecedented and disruptive, starting with the Taal Volcano eruption in January 2020, the Covid 19 pandemic, the climate change impact of typhoons and extreme heat, inflation, rising interest rates, until the rapid movement of the peso exchange rate by a timid one centavo to P60 = S1.

Shell Chief Financial Officer Rey Abilo says these trying times test the heart and mantle of every organization and show the real character of a person or organization. That’s why we at FINEX are excited to launch the 2n/aFINEXEthics delivers next month with the title – Ethics: sustainable or evolving? Persistent is time-tested and enduring while evolving means changing issues and practices, but with the principles remaining the same.

The book begins with Part 1 on Captains of Industry and how they have created highly sustainable businesses through enduring values, fostering resilience and success, despite challenges. We learn about the life of Ambassador Benny Tantoco and the legacy he passed on to his family through the eyes of his grandson Donnie Tantoco. Years ago, with TitoYuchengco, we worked as financial advisors to the Tantoco family and admired their family values. Danielle del Rosario writes about her father, former finance secretary and Phinma president Ramon del Rosario and his principles; Philip Yalong on his boss, GMA Chairman Felipe “Henry” Gozon, and Wilson Tan on statesman and Washington icon Sycip, among others.

During FINEX’s intimate board dinner with Governor Felipe Medalla, among the topics discussed to develop the economy was foreign investment. How to better attract foreign investment? He said one way is to clone Lilia de Lima, the successful head of PEZA for many years. Dealing with foreign investors can only mean speed, a sense of urgency, efficiency, fair and objective service. In the book, Ms. Lilia shares her principles that guided her during her years with PEZA.

On financial inclusion, we have articles from no less than BSP Medalla Governor, FINEX Financial Inclusion Committee Chair, Gay Santos, and Pia Roman Tayag, Director, UN Special Advocate for Inclusive Finance For the development.

On IT and digitization, we have articles from Fintech Alliance Founding President LitoVillanueva, IT BPM President Jack Madrid and PruLife President Ida Tiongson.

With the new normal and the work-from-home issues facing the workforce, we have Lin Mukhi, former president of PMAP. I wrote about “the art and ethics of saying no”. I find that some are not able to say no categorically; some even say yes, then deliver nothing, making the situation worse. The best thing you can really do is say no if you can’t and explain why. Other contributors include former SEC Chair Tess Herbosa, top tax attorney Atty Benedicta Du Baladad, Biz Women President Rosemarie Rafael, marketing guru Josiah Go, among others.

A special thank you to all of our writer contributors, FINEX President Mike Guarin, FINEX Ethics Chair Wilma Miranda, ably supported by her VPs Rey Lugtu of Hungry Workhorse and Rey Abilo who also acted as as editors with the Albert Gamboa Asian Center for Legal Excellence. Administrative support provided by Mike Vinluan, Alex Canon and Jay Santiago of the FINEX Secretariat.

Are ethics sustainable or evolving? The FINEX2n/a The Ethics Book with its compilation of stories, anecdotes, lessons and perspectives will hopefully clarify and reinforce the value of ethics in business and in our lives. The FINEX Ethics Committee also hopes that the book will serve as a prism through which to appreciate the range of ethical issues we face today.

Ms. Tarriela is the former chairman of the Philippine National Bank. She was previously the Undersecretary of Finance and Filipina Senior Vice President of Citibank NA. She is a director of FINEX and liaison officer for the Ethics and Financial Inclusion Committee. She is also an environmentalist and avid gardener.




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