Nominations for ING Finex CFO ends Aug. 31

MANILA, Philippines — Any chief finance officer (CFO) who still thinks his main role is to balance the books and file tax returns will soon be out of a job. Rapid and dramatic changes sweeping the business landscape are forcing CFOs to break the mold and play more strategic roles to ensure that their company does not lag behind those who adapt quickly. 

“Nowadays, the role of the CFO goes beyond being a bean counter, a number cruncher, or a compliance manager. He or she is not just a strategic partner of the CEO in the organization, but also plays a critical role in these times of disruption and volatility,” said Hans B. Sicat, country manager of ING Bank, N.V. Manila branch, which sponsors the ING FINEX CFO of the Year Award together with the Financial Executives Institute of the Philippines (FINEX).

The annual search, which is enticing local or foreign-owned and privately held or publicly listed companies operating in the Philippines to nominate their CFO until Aug. 31, usually attracts the so-called “brave hearts” of the local financial community. This is even more so in recent years when the macroeconomic environment has become more volatile, more global, and more interconnected.

Last year’s CFO of the Year awardee, Jose Teodoro K. Limcaoco, CFO of Ayala Corp., said what keeps CFOs up at night is fear of the unknown. “We can talk about the trade war or the developments locally, like what move the BSP is taking and what’s happening in politics, but what keeps you up is what you don’t know, and that’s what you’ve got to be prepared for. You’ve got to be aware of what’s happening, what resources are behind you at all times,” he said in a recent interview on ABS-CBN News Channel’s “Early Edition.”

This is where fluency in digital technology plays an essential part of a CFO’s DNA. To effectively manage the growing burden of regulatory controls, be a proactive advisor to the organization, and ensure a focus on the bottom line, today’s CFO needs a good grasp of technology to derive timely information and insights into the rapidly changing and highly competitive business environment.

ING Bank’s Mr. Sicat said in addition to being tech savvy, “we need CFOs who demonstrate ethical leadership and business integrity. We need CFOs who care enough about the next generation. This is why we take great pains in screening and choosing the next CFO of the Year awardee.”

Now on its 12th year, the annual search has already recognized 11 outstanding CFOs: Delfin Gonzalez Jr., who won when he was CFO of Globe Telecom; Sherisa Nuesa, who bagged the coveted title when she was CFO of Manila Water; Jose Sio, who was CFO of SM Investments Corp. when he won; Ysmael Baysa, CFO of Jollibee Foods Corp.; Jaime Ysmael, who won as CFO of Ayala Land Inc.; Jeffrey Lim, who was CFO of SM Prime Holdings, Inc. when he was recognized; Felipe Yalong, former CFO and now EVP of GMA Network Inc.; Jose Jerome Pascual III, who was finance director and country controller of Shell Philippines Exploration, B.V. when he clinched the award; Luis Juan Oreta, CFO of Manila Water; Danny Yu, CFO of Philex Mining Corp.; and Mr. Limcaoco.

Companies interested to nominate their CFO have only until Aug. 31 to submit their nomination forms and supporting documents. For more inquiries, go to the Search website, www.ingfinexcfooftheyear.com, or call the FINEX Secretariat at: (632) 811-4189 and 811-4052.