An embodiment of the modern CFO

Ayala’s Alberto De Larrazabal hailed as 19th ING-FINEX CFO of the Year

By Jomarc Angelo M. Corpuz, Special Features and Content Writer

Profitability and sustained growth are, perhaps, the two most important statistics for any company to thrive. To achieve this, businesses must have that one person to lead the financial strategy. Often unappreciated, chief finance officers (CFO) wear many hats to make sure their companies excel: head accountant, co-pilot to the chief executive officer (CEO), and a primary driver of overall corporate strategy.

Recognizing these unheralded executives, the Financial Executives Institute of the Philippines (FINEX), in a permanent partnership with multinational Dutch bank and financial services firm ING Group, established the ING-FINEX CFO of the Year Award in 2007, the longest-running and only dedicated search for outstanding CFOs in the Philippines.

The 19th edition of the ceremony, held last Nov. 19, at the Fairmont Hotel in Makati City, proudly honored Ayala Corp. Chief Financial Officer Alberto M. de Larrazabal as the 19th ING-FINEX CFO of the Year, an exemplary finance leader embodying the four faces of the modern CFO: the Steward, Operator, Strategist, and Catalyst.

Alberto De Larrazabal, CFO, Ayala Corp.

Having held senior finance roles at Globe Telecom, San Miguel Corp., and JP Morgan Hong Kong, Mr. de Larrazabal also serves as the president of AREIT, Inc., assuming the post in August this year. Fittingly, Ayala Corp.’s finance head since 2021 is set to step down from his CFO position on Jan. 1 next year, with the prestigious recognition crowning his tenure at the company.

“Today, as I am here in the twilight of my own career, I find myself standing in front of you all as a recipient of the same award,” he said. “I am deeply honored to be accorded this recognition, especially in the light of the distinguished roster of finance professionals who have received this award before me.”

In a clever twist of fate, Mr. de Larrazabal shared that he had been the one to nominate the award’s very first recipient, former Globe Telecom CEO Delfin “Chito” Gonzales, who was named ING-FINEX CFO of The Year in 2007.

Past awardees include Jose T. Sio of SM Investments Corp., Jeffrey C. Lim of SM Prime Holdings, Inc., Jaime E. Ysmael of Ayala Land, Inc., Jose Teodoro K. Limcaoco of Ayala Corp., Sherisa P. Nuesa of Manila Water Co., Inc., Mylene A. Kasiban of Robinsons Retail Holdings, Inc., Anabelle Lim-Chua of PLDT, Inc., and Maria Corazon G. Dizon of ACEN Corp.; with last year’s winner being Richard CW Shin of Jollibee Foods Corp.

L-R: Edmund Alan Qua Hiansen, CFO, PHINMA Corp.; Augusto Bengzon, Chairman, FINEX Foundation; Fernando Zobel de Ayala, Non-Executive Director, Ayala Corp; Atty. Francis Lim, Chairman, Securities and Exchange Commission; Alberto De Larrazabal, CFO, Ayala Corp.; Cezar Consing, President, Ayala Corp.; Jun Palanca, Managing Director-Country Manager, ING Bank NV; and Ma. Mignon Ramos, Managing Director and Principal Consultant, Roadmaps + Beyond Inc.

“And that is the privilege of working with really great institutions that have afforded us the opportunities to hone our craft over periods marked with significant change and challenges. On a side note, I also observed that I am the eighth CFO from the Ayala Group that has received this award,” Mr. de Larrazabal noted.

The criteria for selecting the CFO of the Year, drawn from Deloitte’s global framework, remain firmly anchored in the Ateneo Graduate School of Business-FINEX CFO Study, which has guided the program since 2014.

The formula gives equal weight to the CFO’s performance in four key roles. As a steward, the CFO preserves the assets of the company by minimizing risk and getting the books right. As an operator, the CFO runs a tight finance operation that is efficient and effective. As a strategist, the CFO helps to shape overall strategy and direction in the company. As a catalyst, the CFO drives change in financial approach and mindset, so the entire organization performs better.

Liaison Director for the CFO of the Year Award Committee and 2019 ING-FINEX CFO of the Year Augusto D. Bengzon

In his speech during the event, Liaison Director for the CFO of the Year Award Committee and 2019 ING-FINEX CFO of the Year Augusto D. Bengzon recalled that the inaugural ceremony was held at the Manila Peninsula Hotel on Nov. 29, 2007, the same day former senator Antonio F. Trillanes IV occupied parts of the building in a failed coup attempt.

“Today, here we are, gripped in another political crisis, but perhaps we can say, and with the events of Nov. 29, 2007, for perspective, we as a country today are in a better place, although we still have much work to do,” he said.

ING Bank NV Managing Director-Country Manager Jun Palanca, also gave a speech focused on recognizing the essential role of the CFO in forging resilience and future-proofing corporations amidst global economic headwinds and technological change.

ING Bank NV Managing Director-Country Manager Jun Palanca

“It has been 19 years of honoring financial leaders who have not only mastered the numbers, but have redefined what true leadership means in a rapidly changing world. From the very beginning in 2007, this award has stood for more than just recognition. It has been a platform to showcase vision, resilience, and the ability to lead with impact,” he explained.

Mr. Palanca added that this enduring purpose directly aligns with the fundamental shift in executive leadership, emphasizing that today’s CFOs are now measured not just by adherence to standards but by their active ability to drive change, strategic vision, and resilience in a volatile corporate landscape.

“Today’s CFOs are more than just financial stewards. They embody the four pillars of a modern CFO. That being a steward, an operator, a strategist, and a catalyst. They are both catalysts for growth, sustainability, and progress. And this year’s search has focused on those trailblazing leaders who embody these qualities,” he concluded.

Also part of the program is the welcoming of the newly inducted members of the institute during the FINEX 11th General Membership Meeting. The new members include Jose “Joey” P. de Venecia III, CEO of Atreides Ventures; Alvin Lacambacal, president and general manager of Anvic Construction; Bernadette “Berni” S. Recto, president and CEO of AFC SME Finance; Jose Ma. “Jojo” L. Quiaoit, treasurer and director of Ubitechnology; and Ma. Theresa “Tessa” Villanueva, VP-Deputy CFO and Comptroller of First Gen Corp. and First Balfour, Inc.

To date, FINEX has nearly 800 members across all industries in the Philippines.

Similarly, FINEX and the Urban Land Institute (ULI) Philippines officially signed a Memorandum of Understanding (MoU) on the same day, aiming to advance sustainable and inclusive economic growth through joint initiatives in capital markets, urban development dialogues, policy discussions, research, and capacity-building programs.

ULI is the oldest and largest network of cross-disciplinary real estate and land use experts in the world.

Together, FINEX and ULI Philippines hope to foster deeper knowledge exchange, stronger networks, and impactful partnerships for the country’s finance and real estate sectors.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.