FINEX upholds corporate governance

CEBU, Philippines - Aside from the challenges they face in ensuring their businesses’ bottom-line at the height of the global financial crisis, members of the Financial Executives of the Philippines are also deeply challenged with ensuring good corporate governance and responsible financial management in their ranks.

FINEX is an association of financial executives, chief operating officers, chief financial officers, single proprietors, businessmen and entrepreneurs as well as members of the academe.

In an interview with Lydia N. Orial, FINEX chairperson of the local government committee, she said that their association has been holding strong stance in making sure that they impart to their members the concept of good corporate governance and responsible financial management.

“They have to learn how to say no to corruption even if it could mean that they will have a hard time getting their permits or getting an account or even if they can incur an over pricing of their production cost,” said Orial.

She added that a lot of their members experience and face different variation of the same problems of corruption and some who do not give in usually get subjected to harassments in the form of uncalled for tax assessments which are unrealistic and among others.

“Usually if a company wants peace some will just pay and find an easier way out but for FINEX, we urge our members to fight and work against corruption,” said Orial.

She cited an experience with her company, LGU Guarantee Corporation, wherein they were subjected to a tax assessment worth millions of pesos, which turned out to only cost around P30, 000 after they hired a tax assessment consultant to prove their case.

“Tax cases usually take a while to solve. In our particular experience, we did not hesitate to pay P300, 000 to hire the tax assessment consultant so that we can fight the unjust assessment that we got. As a FINEX member we practice transparency and not abetting corruption in any form,” said Orial

She added that FINEX also deeply encourage their members to pay their dues and taxes appropriately and not have two separate books for their accounts and taxes.

And to further encourage their members to adhere to the vision of their association, FINEX will tackle important issues at these times of global economic turmoil during their upcoming conference to be held here in Cebu this coming October 2, 2009 at the Parklane Hotel.

The one day event will carry the theme: “Transcending Global Challenges,” which will have technical sessions on different essential topics that concerns the association’s members as well as other practitioners, said Orial.

During the event, Department of Finance (DOF) secretary Margarito Teves is expected to tackle the topic on “Philippine Agenda to Survive the Global Crisis;” while Vincent S. Perez, founder and CEO of Alterenergy Partners and Erramon Aboitiz of the Aboitiz Power Corp. will tackle “Renewable Energy: Engine of National Development and Progress;” while Department of Tourism (DOT) secretary Joseph Ace Durano will tackle “Strengthening the Tourism Industry in a Global Economy.”

Cebuano prime movers and entrepreneurs are also expected to discuss on “The Competitiveness of an Entrepreneur in a Global Perspective” which will include: internationally acclaimed furniture designer Kenneth Cobonpue of the Interior Crafts of the Island; Gil Carungay, the managing director of Avatar Accessories Inc.; entrepreneur Jay Aldeguer of Island Souvenirs, Inc. and Bunny Pages of Pages Holdings, Inc.