Wanted: Super CFOs

MANILA, Philippines - In this age of recessions and global financial crisis; of giant investment banks collapsing; of billionaire chief executives landing in jail or committing suicide, demand for better and more efficient chief financial officers (CFOs) has reverberated louder in the corporate world.

Indeed, ING Bank country manager for the Philippines Consuelo Garcia said that in these turbulent times, companies need ‘Super CFOs.’

“The global crisis has actually raised the bar for getting Super CFOs. In addition to crunching the numbers, companies now need a CFO who actually reacts fast given the turbulent times. They need a CFO who can spot good value and actually develops it,” she said.

The crucial role of CFOs in the Philippines could not be overemphasized, said Garcia during a recent forum jointly organized by ING Bank, the Financial Executives Institute of the Philippines and the Economic Journalists Association of the Philippines.

Garcia said CFOs in the Philippines need to be critical in seizing opportunities from foreign funds.

Overall, Garcia said the Philippines’ macroeconomic fundamentals remain sound and stable.

A Super CFO himself, Jollibee Foods Corp. CFO Ysmael Baysa said CFOs need to shield the organization’s finances and lead it to safer directions.

“We have a great responsibility to our organization to explain what’s happening and to assure them that we are shielded regardless of where, for example, the currency exchange rates go,” Baysa said.

As such, CFOs need a great deal of survival instincts.

Recognizing the important role of CFOs, ING and FINEX have been doing since 2006 the ING FINEX CFO of the Year Award.

The search takes about seven months and usually ends in September. Now on its fifth year, the search has honor “heroes beyond the boardroom.”

Winners have been recognized for their strong leadership and stewardship and have helped steer their organizations toward financial stability.

CFOs from any private local and multinational firms as well as government-owned and controlled corporates and government financial institutions may be nominated.

Past winners are Globe Telecom’s Delfin Gonzalez (2007), Manila Water’s Sherisa Nuesa (2008), SM Investments Corp.’s Jose Sio (2009) and Jollibee’s Baysa (2010).