Ethics: Enduring or Evolving?


The Philippines has experienced the “blackest black swan” ever. It was unforeseen,unprecedented and disruptive,starting from the Taal Volcano eruption in January 2020, Covid 19 pandemic, climate change impact of typhoons and extreme heat, inflation, higher interest rate, to the fast movement of the peso exchange rate a centavo shy at P60  = S1 .

Shell CFO Rey Abilo says these difficult times tests the core and mantle of every organization and shows thereal character of a person or organization. That’s why we at FINEX are excited to launch the 2ndFINEXEthics book next month with the title- Ethics: Enduring or Evolving?  Enduring is time tested and long lasting while evolving means changing issues and practices but with the principles remaining the same.

The book starts with Part 1 on Industry captains and how they established highly sustainable companies through enduring values, driving resilience and success, despite challenges. We learn from the life of Ambassador Benny Tantoco and the legacy he passed on to his family from the eyes of his grandson Donnie Tantoco. Years back, together with TitoYuchengco, we worked as financial advisers to the Tantoco family and admired their family values. Danielle del Rosario writes about her dad, former Finance Secretary and Phinma Chair Ramon del Rosario andhis principles; Philip Yalong on his boss GMA Chairman Felipe “Henry”Gozon, and Wilson Tan on the statesman and icon WashingtonSycip,among others.

In the intimate dinner of the FINEX board with Gov Felipe Medalla, among the topics discussed to grow the economy, is foreign investment.  How bestto attract foreign investments? He said one way is to clone Lilia de Lima, the successful PEZA head for many years.Dealing with foreign investors canonly mean fast, a sense of urgency, efficient, service that is fair and objective. In the book, Ms. Liliashares her principles that guided her during her years with PEZA.

On financial inclusion we have articles from no less than BSP Governor Medalla, FINEX chair of financial inclusion committee Gay Santos, and Pia Roman Tayag,Director, UN Special Advocate for Inclusive Finance for Development.

On IT and digitalization, we have articles from Founding Chairman Fintech Alliance LitoVillanueva, IT BPM President Jack Madrid and PruLife Chair Ida Tiongson.

With the new normal and work from home issues facing the workforce, we have Lin Mukhi former PMAP president.On more time-tested issues, we have Cynthia Subijanowho writes about the Filipinos “Palabra de Honor.” I wrote about “the art and ethics of saying no.”I find some  are not able to say no outright; some even sayyes, and then  not deliver, making the situation worse.The best thing is really to say No if you can’t do it and explain why not. Other contributors are former SEC Chair Tess Herbosa, top notch tax lawyer Atty Benedicta Du Baladad, Biz Women  President Rosemarie Rafael, Marketing guru Josiah Go among many others.

Special thanks to all our writer contributors, to FINEX President Mike Guarin, FINEX Ethics Chair Wilma Miranda,ably supported by her vice chairs Rey Lugtu of Hungry Workhorse and  Rey Abilo who  also acted as the editors together with Asian Center for Legal Excellence Albert Gamboa. Administrative support provided by Mike Vinluan, Alex Canon and Jay Santiago of the FINEX Secretariat.

Is ethics enduring or evolving? The FINEX2nd Ethics book with its compilation of stories, anecdotes, lessons and perspectives will hopefully clarify and strengthen the value of ethics in business and in our lives. The FINEX Ethics Committee also hope the book will serve as a prism that we can appreciate the spectrum of ethical issues that confront us today.

Ms. Tarriela is former Chairman of Philippine National Bank. She was formerly Undersecretary of Finance and the first Filipina Vice President of Citibank N.A. She is a trustee of FINEX and liaison officer for the Ethics and Financial Inclusion Committee. She is also an environmentalist and a passionate gardener.