FINEX forum tackles global crisis survival

CEBU, Philippines - Surviving the global financial crisis was the main topic yesterday in the 41st celebration and annual national conference of the Financial Executives Institute of the Philippines at Cebu Parklane International Hotel.

With their theme, “Transcending Global Challenges,” speakers from different sectors discussed points on what their respective sector has gone through in the past year due to the crisis and the plans in order to cope with the economic struggle.

Vincent Perez, the founder and CEO of Alternergy Partners tackled on the renewable energy as an engine for national development and progress.

Perez said that there are a lot of provinces in the country that are potential producers and exporters of renewable energy.

He said that renewable energy is not widely used yet in the country, which only accounts to 13 percent of the energy used by consumers. This is even misleading according to Perez because 10.6 percent of this number is firewood consumed by power developing nations and only 2.2 percent are plainly the renewable energy.

Perez said that at present, almost 60 percent of the country’s energy supply comes from indigenous energy sources which include coal.

But Perez said that the country is very capable of producing a bigger supply of renewable energy.

In fact, Perez said that actual negotiations are being made for the export of geothermal energy to other countries.

He also said that there is a lot of potential for the wind energy in the country that produces wind power as well as the huge hydropower capability.

“The Philippine Agenda to survive the global crisis” was discussed by Department of Finance Secretary Margarito Teves who said that while the economic situation of the country is better that the rest of the countries in Asia , the recovery from the financial crisis is still fragile.

“We should act decisively to implement the recovery over the coming years,” added Teves who said that the fiscal consolidation should be put in to place in order to help boost a better recovery.

Teves said that together with other agencies in the government like the Department of Budget and Management and the National Economic Development Authority foresee a 3 to 5 percent inflation rate next year and a 46 to 49 exchange rate.

“We are more determined to work harder to handle the challenges that we are facing right now due to the crisis.”

FINEX 2009 president Roberto Borromeo said that this year’s theme for the convention is very timely with the status of the economy and despite the economic turbulence, the Filipinos has proven that it could struggle out of the crisis.

Other speakers for the conference were Department of Tourism Secretary Ace Durano who shared on the strengthening the tourism industry and expert entrepreneurs in their own field of endeavor- world-renowned furniture designer and CEO of Interios Crafts of the Islands Kenneth Cobonpue, Bunny Pages ,CEO of Pages Holdings and Avatar Accessories Managing Editor Gil Carungay.

FINEX is a leading source for financial knowledge and expertise in the finance industry composed of professionals, entrepreneurs, public servants and members of the academe “whose knowledge and skills are key factors in the formulation of policies and decisions in the financial management of their respective organizations.” —AJ de la Torre