Congratulations to the 2022 FINEX Board with the theme “Inspiring Market Confidence. Empowering Positive Change” led by President Mike Guarin. Other Members of the board are Toti Bengson, Gema Cheng, Omar Cruz, Edith Dy Chiao, Zondy Garcia, Domeng Go, Ned Goseco, Joey Gomez, Francis Lim, Euney Mata-Perez, Terrie Magleo, Wilson Tan, Peter Wallace and yours truly.
Finex guest speaker, Socio-Economic Planning Secretary and National Economic and Development Authority (NEDA) director-general Karl Kendrick Chua, also known as the “NERD with K-Pop looks,” encouraged government and private sector to work together emphasizing no better time than now. NERD stands for” National Economist for Recovery and Development. There are three (3) priorities that Sec. Karl as NEDA DG, a competent no nonsense,humble technocrat, would like to do in the last three months of his term:
- Continue our recovery from the COVID-19 pandemic.A change in our mindset or paradigm shift from a pandemic (which involves a wider spread of the disease often reaching the entire world)mindset to a more endemic (describe a disease that spreads within a particular area, never fully goes away, like the flu) mindset. In order to balance the important needs of the people to protect themselves from COVID and to protect themselves from all other diseases, problems of hunger, joblessness, and the need of income to support also other development objectives.
He mentioned some ten (10) policy changes to bring us to recovery faster which are:
- A change in the way we measure COVID from total cases to prioritizing our vaccination, prioritizing our hospitals for severe and critical cases, and therefore minimizing deaths.
- To continue our vaccination efforts and it is likely that we will need this every year, similar to a flu.
- Toimprove our healthcare capacity to address both COVID and non-COVID(heart disease, cancer, diabetes) concerns.
- To open the economy and increase mobility.Address risk by properly managing them: Close spaces, Close Contacts and Crowds.
- To resume, at the appropriate time, the face-to-face schooling.
- Domestic travel -simplify the requirements such as having a scannablesystem of contact tracing through a single QR code.
- International travel -facilitate by aligningpolicies with the requirements of other countries.
- To pursue digital transformation, have several reforms in place as we are waiting for the public service act to be approved by congress
- To prepare for future pandemics by having a pandemic flexibility bill similar to the National Disaster Risk Reduction (NDRRMC) law wherein we are able to prepare, mobilize, and move resources to address highest concerns.
- Medium term preparation for pandemic resilience, including improving lifestyle, eating healthier foods and addressing recurring concerns should COVID virus become part of our daily existence in the coming years, similar to the flu.
- Increasing productivity.In the next two years, he said the Philippines will likely enter the upper- middle income country status. Innovation is the key! Especially in enhancing human capital development, improving health and education outcomes, improving logistics, improving the way we do things in the factories and in the office, the business process, etc. To sustain our growth and become a high-income country in the next generation, need to increase productivity and this is a big role for the private sector to play.
- Responding to climate change. In NEDA, he thinksabout putting climate change adaptation and mitigation as the cornerstone of our policy framework. And everything we do, he said,in environment, education, agriculture, transportation, energy, and governance would revolve around protecting or enhancing the livability of the people whether it is in planet earth or in the Philippines.
All of us environmentalists are happy to hear this as climate change is staring us in the face which we need to help address before it’s too late.
To the Filipina CEO Circle, KPMG Chairman Sharon Dayoan shared, based on research, interaction and insights with directors and business leaders, the following eight issues to consider in our companies especially as board members in 2022:
- Deepen the board’s engagement in strategy and envisioning the future.
- Embed Environmental, Social Governance (ESG), including climate risk and Diversity,Equity, Inclusion(DEI), into risk and strategy discussions.
- Engage proactively with shareholders, activists, and other stakeholders.
- Prioritize talent, human capital management (HCM), and CEO succession.
- Approach cybersecurity and data privacy holistically as data governance.
- Reassess the company’s crisis prevention and readiness efforts.
- Help the set the tone and closely monitor the culture of organization.
- Think strategically about talent and diversity in the boardroom.
Looking forward to a brighter 2022! #FINEXPhil.
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Ms. Tarriela was the first Chairwoman of the Philippine National Bank. She was the first and only independent director/ chairwoman in the commercial banking industry. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX and an Institute of Corporate Directors fellow.
A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited National Extension Service Provider and a DOT Accredited Agri Tourism Site.
(The views expressed herein do not necessarily reflect the opinion of these institutions.)