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2024 ING FINEX CFO of the Year

Today is a big day! We will know tonight, Nov. 15, at Shangri-La the Fort the 18th ING FINEX CFO of the Year awardee! This chief financial officer (CFO) award is prestigious, long-standing and to my knowledge, the only CFO search in the Philippines.

The CFO of the Year will receive a prized Ramon Orlina glass sculpture. At tonight’s event, the committee has planned a very special program with musical and theatrical performer Armand Ferrer providing entertainment and Quintin Pastrana as host.

As FINEX Liaison Director for the CFO of the Year, I’m sorry that I am unable to attend this significant event as I’m presently in Tokyo for a Nickel Asia board meeting and a nickel plant visit after. I’m sure the event will be a success as preparations by the ING FINEX CFO of the Year Committee, the process for the search, as well as planning for the event started earlier this year, led by its very able chairman, CCT Chemicals Vice-President Brian Trias with ACCRA LAW Partner Atty. Everlene Lee as co-chair. Other hardworking team members are Domingo Go, Sub Chair for the Search and Selection with Arleen May Guevarra, Rommel Latinazo, Paul San Pedro and Grant Cheng, and Iñigo Garcia, sub-chair for Media Relations, and Mailene Bisnar for Events. Close coordination was held with ING Country Head Jun Palanca and Rowena “Weng” Palmiery Bayoneta with the guidance of FINEX President Augusto “Toti” Bengzon.

A very important part of any search is the Board of Judges, all well respected and a diversified group coming from government, business, academe, and a self-regulatory organization. There are seven members of the board, three of whom are permanent members, namely, ING’s Country Head, the FINEX President and the Securities and Exchange Commission, represented by Commissioner Karlo Bello. Other distinguished members of the board are BSP Monetary Board Member Rosalia de Leon, former Chairman and Managing Director of Convergys Philippines Marife Zamora, PSE President Ramon Monzon and De La Salle University President Brother Bernard Oca.

The search has clearly defined qualitative and quantitative criteria designed by the FINEX Foundation and the Ateneo Graduate School of Business, involving a detailed endorsement, a nomination system and a comprehensive set of panel interviews by both the Search Committee and the Board of Judges.

The role of the CFO has evolved to four important roles. From being a STEWARD, where the CFO protects and preserves critical assets of the organization and accurately supports the financial position, the CFO is also an OPERATOR who balances capabilities, talent, cost, and service levels to fulfill the finance organization’s core responsibilities efficiently. The CFO is also a CATALYST who spurs behavior across the organization to execute strategic and financial objectives while maintaining a risk intelligent culture. Finally, the CFO is a STRATEGIST, a partner of the business in providing financial leadership in determining strategic directions in financing and capital markets, all vital to the company’s future performance.

CFO of the Year awardees form an impressive group, and the CFO position is an excellent jumping board to lead the company either as the president, chairman or members of the board. Among the CFOs of the Year who became CEOs or chairmans of their firms are Jose Sio of SM Investments Corp.; Jeffrey Lim of SM Prime Holdings, Inc.; Jaime Ysmael of Ayala Land, Inc.; and Jose Teodoro Limcaoco of Ayala Corp., among others. Out of the 17 CFOs of the Year, there are four lady CFOs, namely, Sherisa “Baby” Nuesa of Manila Water Co., Inc.; Mylene Kasiban of Robinsons Retail Holdings, Inc.; Anabelle Chua of PLDT Inc.; and Corazon Dizon of ACEN Corp.

Congratulations to the 18th ING FINEX CFO of the Year, and thank you to the ING FINEX CFO Team led by Brian!

Meanwhile, last night, Nov. 14, was the culmination of the Mentor program of the Filipina CEO Circle (FCC), with former Vice-President Leni Robredo as the Master Class Speaker. It is truly an important initiative of the FCC to guide younger women in leveling up to be CEOs. Congratulations to the first 16 mentees in this pilot program!

Congratulations as well to Dr. Maria Rosa “Bing” Nieva Carrion who is celebrating her birthday today (Nov. 15) and launching her 47th book Asian Heroes 2024 at the Manila Hotel with Chief Justice Alexander Gesmundo as keynote speaker. Among the featured Asian Heroes 2024 include Senator Mark Villar, PhilExport President Sergio Ortiz, Jr., GSIS President Wick Veloso, former Secretary of Tourism Rafael Alunan, Kyani President Kate Bellosillo, Philanthropist Alice Eduardo among others.

The views expressed herein are her own and do not necessarily reflect the opinion of her office as well as FINEX.

 

Flor G. Tarriela was former chairman of Philippine National Bank. She is PNB board advisor, independent director of LTG and Nickel Asia. Former undersecretary of Finance and first Filipina vice- president of Citibank N.A. She founded Flor’s Garden in Antipolo.

How PSEi member stocks performed — November 14, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, November 14, 2024.

Philippines drops further in IMD’s Digital Competitiveness Report

The Philippines dropped two spots to 61st out of 67 economies with an overall score of 45.18 (out of 100) in the 2024 IMD World Digital Competitiveness Ranking by IMD World Competitiveness Center. This was its worst performance since the report’s debut in 2017. The report ranks countries based on the capacity of an economy to adopt and explore new digital technologies to transform government practices, business models, and society in general. The Philippines stayed in 13th place out of 14 economies in the Asia-Pacific region.

Philippines drops further in IMD’s digital competitiveness report

Green energy auction 3rd round to offer 4,475 MW of RE capacity

BW FILE PHOTO

THE Department of Energy (DoE) said it plans to offer 4,475 megawatts (MW) worth of renewable energy (RE) capacity in the third round of the green energy auction (GEA-3).

The DoE issued the notice of auction and the terms of reference for GEA-3, inviting qualified energy developers to participate in the bidding aimed at facilitating the energy transition.

“By unlocking more capacity for renewable energy, GEA-3 provides a clear pathway to meet our electricity demands in an environmentally sustainable way,” Energy Secretary Raphael P.M. Lotilla said in a statement on Thursday.

The terms of reference state that technologies ineligible for the feed-in tariff (FIT) make up the bulk of the offer, including 4,000 MW of pumped storage hydropower capacity, for delivery between 2028 and 2030.

The DoE will also offer 300 MW of impounding hydropower capacity for 2028-2030 delivery, and 100 MW of geothermal capacity for 2025-2027 delivery.

The FIT-eligible renewable energy technology projects include 75 MW of run-of-river hydro due for delivery between 2027 and 2029.

The GEA program aims to promote renewable energy as a primary source of energy, subject to competitive selection. The government is hoping to increase the share of renewable energy in the power mix to 35% by 2030 and 50% by 2040.

“These projects will play a crucial role in meeting the country’s growing electricity demand while ensuring that future power generation is increasingly sustainable,” the DoE said.

The GEA was first staged in 2022 and resulted in 1,996.93 MW worth of renewables being awarded. GEA-2 was held in 2023, with 3,440.756 MW awarded.

The Energy Regulatory Commission (ERC) will set parameters for each type of renewable energy facility covered in the GEA program via a price determination methodology (PDM).

ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said that the commission is hoping to release the PDM early next month. — Sheldeen Joy Talavera

NGCP capex to exceed P600 billion for over 100 transmission projects

BW FILE PHOTO

THE National Grid Corp. of the Philippines (NGCP) said it is allocating more than P600 billion in capital expenditure (capex) for over 100 transmission projects in its pipeline.

“Moving forward, we want to spend over P600 billion,” NGCP Spokesperson Cynthia P. Alabanza told reporters on Thursday.

The grid projects form part of the Transmission Development Plan (TDP) 2024-2050, which are “ready for implementation.”

Major projects include the Balaoan-Laoag 500-kilovolt (kV) Transmission Line, the Western Luzon 500-kV Backbone Stage 2, the Tuy-Dasmariñas 500-kV Line and the Batangas-Mindoro Interconnection.

Visayas projects are the Cebu-Lapu-Lapu 138-kV Line, the Amlan-Dumaguete 138-kV line, the Luzon-Visayas HVDC Bipolar Operation, the Calbayog-Allen 138-kV Line, the Nabas-Caticlan-Boracay 138-kV Line, the Panay-Guimaras 138-kV Line, and the Barotac-Viejo-Unidos 230-kV Line.

The NGCP is also constructing the Laguindingan 230-kV Substation and the Kabacan 138-kV Substation in Mindanao.

The grid operator unveiled its long-term grid development plan which covers 2040-2050. The plan is designed “to address the needs of the power grid, ensuring its reliability and stability to prevent transmission-related outages.”

“Our TDP is a desktop plan that may or may not happen because things can change… It is a horizon planning exercise that will materialize during the regulatory period (RP) process,” Ms. Alabanza said.

The rate reset process is usually a forward-looking exercise that requires the regulated entity to submit forecasted expenditures and proposed projects over a five-year regulatory period for the ERC to review and adjust.

NGCP President and Chief Executive Officer Anthony L. Almeda said he is hoping for a “fair” resolution of its rate reset. 

“(We want it to be) fair for all and just follow the rules of the agreement. At the end of the day, we follow all agreements,” Mr. Almeda.

Last week, the Energy Regulatory Commission (ERC) issued the draft final determination for NGCP’s 4RP, covering the years 2016 to 2022.

In the draft, the ERC is hoping to set allowable revenue for NGCP of P310 billion, against the P522 billion sought by the NGCP.

Asked to comment, Ms. Alabanza said that the NGCP is still studying the draft final determination and is hoping to submit its comments within the month.

“The NGCP is looking at computations and drafting our position on that. We still don’t have a statement, pending the result of our assessment,” she said. — Sheldeen Joy Talavera

German chamber says PHL must deal urgently with bird flu crisis

REUTERS

THE German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI) said preventive measures are urgently needed to address avian influenza (AI), which it called a threat to food security in the Philippines.

“Avian influenza remains a significant challenge for food security and the poultry industry in the Philippines,” GPCCI said in a statement dated Nov. 12.

“Recent avian influenza cases have underscored the urgent need for comprehensive preventive measures, with ongoing government surveillance and biosecurity updates,” it added.

Asked for detailed recommendations, the chamber called for the streamlining of the approval process for avian influenza vaccines “to address the urgent need for effective protection against this disease, as there is no AI vaccine yet that is registered and authorized for use,” it said.

As of Nov. 4, the Bureau of Animal Industry said seven provinces are currently affected by avian influenza.

It also cited is a single ongoing case in San Luis, Pampanga, featuring the avian influenza subtype HSN1.

On Oct. 29, the GPCCI and Boehringer Ingelheim Philippines hosted a roundtable discussion with Philippine agriculture agencies on avian influenza.

“GPCCI is honored to have created this platform for discussion, enabling the alignment of government, industry, and academic communities in addressing a critical and timely issue,” according to Christopher Zimmer, executive director of GPCCI.

“We hope to advance sustainable solutions that protect not only the poultry sector but also public health and the food security of millions,” he added.

Germany is among the Philippines’ top sources of meat, particularly beef. As of August, the Philippines imported 2.4 million kilograms of beef cuts and offal from Germany. — Justine Irish D. Tabile

Fisheries output drops 5% in Q3

PHILSTAR FILE PHOTO

FISHERIES production fell 5.1% year on year in the third quarter, with declines reported across all segments of the industry, according to the Philippine Statistics Authority (PSA).

In its quarterly fisheries report, the PSA said production declined to 965,751 metric tons (MT) during the period.

“Decreases in production were noted in all subsectors, namely, commercial, marine municipal fisheries, inland municipal fisheries, and aquaculture,” the PSA added.

It added aquaculture output fell 2.8% to 512,472 MT. The segment accounted for 53.1% of fisheries production.

Commercial fisheries production declined 8.4% year on year to 210,854 MT. It accounted for 21.8% of overall fisheries output.

Marine municipal fisheries, which accounted for 20.3% of overall output, declined 5.4% to 196,125 MT.

Inland municipal fisheries production declined 12.2% to 46,263 MT. Its output was equivalent to 4.8% of overall fisheries production.

The PSA added that of the 21 major fish species, round scad (galunggong) production fell 17.2%, big-eyed scad (matangbaka) output fell 23.0%, milkfish (bangus) output fell 6.9%, seaweed declined 1.5%, and yellowfin tuna (tambakol) fell 18.6%.

Output grew for skipjack (18.9%), P. Vannamei shrimp (19.4%), bigeye tuna (40.1%), blue crab (9.5%), and threadfin bream (7.2%). — Adrian H. Halili

Groundbreaking for MRT-4 seen as early as first quarter

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Department of Transportation (DoTr) hopes to break ground on Metro Rail Transit Line 4 (MRT-4) within the first quarter of 2025.

“The groundbreaking will be next year; we are just finalizing the project’s detailed engineering design… Hopefully by the first quarter,” Transportation Secretary Jaime J. Bautista told reporters on Thursday.

Mr. Bautista said the DoTr has obtained funding for MRT-4 from the Asian Development Bank (ADB).

“It has been arranged, the loan is approved,” he added.

The DoTr said in July that it is hoping to obtain a $1.5-billion loan for the construction of MRT-4.

In May, the ADB said it plans to approve a $1-billion loan by next year to fund the construction of the MRT-4. The Beijing-based Asian Infrastructure Investment Bank also said last year that the Philippines is seeking a loan of about $537.4 million.

The MRT-4 will run 12.7 kilometers from the Epifanio de los Santos Avenue (EDSA)-Ortigas Ave. junction to Taytay, Rizal. It will have 10 stations.

Once operational, the MRT-4 is expected to serve more than 400,000 passengers daily, the DoTr has said. — Ashley Erika O. Jose

PCCI sees CREATE MORE yielding sustained growth

President Ferdinand R. Marcos Jr. signs the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act into law during a ceremony at Malacañan Palace, Nov. 11, 2024. — NOEL B. PABALATE/PPA POOL

THE Philippine Chamber of Commerce and Industry (PCCI) expects the latest round of tax reforms to support long-term growth of the business sector.

In a statement on Thursday, the PCCI said the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law’s business-friendly features include simplified tax administration, clearer guidelines for tax incentive applications, and refinements in the tax exemption system, adding that these features add predictability to business operations.

“These provisions significantly improve tax certainty and create a more sustainable incentive framework,” PCCI President Enunina V. Mangio said.

“Under a more favorable and predictable tax environment, businesses can better plan for long-term growth. We can likewise expect to attract more foreign direct investment,” she added.

President Ferdinand R. Marcos, Jr. on Monday signed into law the CREATE MORE Act, which further reduces the corporate income tax to 20% from 25% for registered business enterprises (RBEs).

It also allows RBEs to take a 100% deduction on power expenses in a taxable year, up from 50% allowed by the Tax Code.

“One of the major considerations for investing in energy-intensive industries such as manufacturing and data centers where our country is emerging as a preferred destination is the high cost of power,” Ms. Mangio said.

“The increased deduction on power expenses is one way of addressing such concerns,” she added.

In a statement on Wednesday, the Philippine Exporters Confederation, Inc. (Philexport) also welcomed the new law, noting that it will attract more foreign investment and support business expansion plans.

“The CREATE MORE Act is set to bring transformative benefits by attracting new foreign investors who will now enjoy a more liberalized investment policy environment while supporting local businesses in their expansion plans,” said Philexport President Sergio R. Ortiz-Luis, Jr.

“Given its investor-friendly features, it has the potential to create more jobs and stimulate economic growth through enhancements in the country’s tax incentives regime, making it more competitive and attractive to both domestic and international investors,” he added. — Justine Irish D. Tabile

PAGCOR gross gaming revenue up 37.52% driven by e-gaming growth

KAYSHA-UNSPLASH

GROSS gaming revenue (GGR) rose 37.52% to P94.61 billion in the third quarter, the Philippine Amusement and Gaming Corp. (PAGCOR) said.

In a statement on Thursday, the regulator said the growth was driven mainly by strong growth in the electronic gaming segment, which generated P35.71 billion in revenue, up from P6.32 billion a year earlier.

PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said: “by year-end, we expect this sector to generate as much as P78 billion in license fees alone, substantially contributing to the realization of our P100-billion revenue target for 2024,” he said.

Revenue from licensed casinos declined 2.27% from last year’s record of P51.90 billion but remained the biggest contributor to third quarter GGR with P50.72 billion.

Casino Filipino gaming revenue fell 26.32% to P3.64 billion.

Bingo GGR dropped 19.43% to P4.52 billion.

Mr. Tengco said he is optimistic that e-games will continue to grow as technology increasingly becomes part of people’s lifestyles as it did for shopping and entertainment. — Aubrey Rose A. Inosante

Releases from 2024 budget hit P5.93 trillion

THE Department of Budget and Management (DBM) said on Thursday that releases from the 2024 budget hit P5.93 trillion at the end of October, exceeding programmed allocations by P164.08 billion.

In its Status of Allotment Releases report posted on Thursday, the DBM said the releases as of October were 2.84% higher than the P5.768-trillion programmed budget for 2024.

The release rate a year earlier had been 95.8% .

As of the end of October, government departments received P3.44 trillion, while P436.65 billion was released for Special Purpose Funds.

Automatic appropriations released totaled P1.66 trillion, including P70.46 billion for government agencies’ retirement and life insurance premiums, P871.38 billion for the National Tax Allotment, and P70.51 billion for the Block Grant.

The unprogrammed appropriations include the Department of Agriculture’s P17.63 billion, the Department of Public Works and Highways’ P7.42 billion, the Department of Social Welfare and Development’s  (DSWD) P11.89 billion, and the National Economic and Development Authority’s P3.63 billion.

Some P40.57 billion in unprogrammed appropriations went to strengthening assistance for government infrastructure and social programs. Support to foreign-assisted projects amounted to P123.79 billion.

Meanwhile, calamity funds amounting to P20.34 billion were also released as of Oct. 30, according to the DBM.

Among government-owned and -controlled corporations (GOCCs), P450 million was allocated to the National Irrigation Authority, P49.94 million to the National Housing Authority, and P20.2 million to the Local Water Utilities Administration.

In a separate statement, DBM had approved the release of P875 million to replenish the Quick Response Fund  of the social welfare department.

As of Oct. 31, the DSWD’s available QRF balance had dipped below the 50% replenishment threshold to 31.87%.

“The requested replenishment is particularly intended for the procurement of various Family Food Packs and Non-Food Items for the stockpiling of relief resources in DSWD warehouses and the implementation of Cash for Work for the families affected by Typhoon Julian in Region I,” the DBM said. — Aubrey Rose A. Inosante

CHED: PHL students ‘globally competitive’

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THE Commission on Higher Education (CHED) said on Thursday that Filipino students are globally competitive, judging from the number of students placed in international institutions.

“We have students who are scholars in other countries and have been engaging with global institutions, so they are globally competitive,” Mabel A. Gutierrez of CHED’s International Affairs Service (IAS), told BusinessWorld.

Fostering World-Class Philippine Universities, a CHED project, promotes the internationalization of higher education institutions (HEIs) and raise their global competitiveness.

The commission aims to “increase the reputation of Philippine Universities by engaging them in international benchmarking activities and assessment by reputable international brands.”

According to Ms. Gutierrez, CHED also conducts mentoring sessions for HEIs to encourage such universities to engage with global ranking organizations.

“Those universities included in world rankings are being tapped as resource speakers to share with other HEIs what they have done and their journey to world rankings,” she said.

The CHED aims to create a roadmap to boost the performance of universities in international rankings.

“There should be a yearly increase in ranked universities,” Ms. Gutierrez said.

In the Quacquarelli Symonds (QS) Asia University rankings for 2025, 25 out of 900 universities in Asia were from the Philippines, highlighting the country’s visibility and competitiveness. — Almira Louise S. Martinez

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