The Development Center for Finance @ 30

“Live as if you were to die tomorrow. Learn as if you were to live forever.”

—Mahatma Gandhi

ON December 10, 2022, the Development Center for Finance (DCF) celebrated its 30th anniversary at the North Alumni Court, Cesar E. A. Virata School of Business, University of the Philippines, Diliman, Quezon City.

DCF was established as a joint undertaking between the Financial Executives Institute of the Philippines (FINEX) and the Virata School of Business (VSB) of the University of the Philippines (UP) on December 10, 1992. It was set up to meet the expectation of US AID Project Report dated September 18, 1992, whereby FINEX, being the recipient of a US AID grant for Capital Markets Development Project was to set up a self-sustaining private sector center for capital market education, training, research, and policy development. The Center was to be affiliated with a distinguished institution for higher learning.

Over the 30-year period, DCF has offered 136 public seminars, 93 in-house seminars and has trained a total of about 8,616 participants.

One significant program the Center has done is the agreement with the Philippine Stock Exchange (PSE) that started in 2010 for the PSE-DCF Certified Securities Specialist Course. This intensive training program is in recognition of the importance of an effective investor education program in order to develop the Philippine capital market, uphold the integrity of the stock exchange, and educate the general public about the fundamental principles of savings and investments. It runs for some 127 hours representing 13 modules. A mock examination is given at the end of the course.

The Center has published books

Philippine Corporate Finance

Volume 1, 2nd Edition

Edited by: Professor Emeritus Roy C. Ybañez, Professor Alberto R. Ilano (2009)

Volume 2

Edited by: Professor Emeritus Roy C. Ybañez, Professor Alberto R. Ilano (1998)

Management Accounting and Control: Readings and Cases, 2nd edition

Edited by: Dr. Arthur S. Cayanan, Professor Emeritus Rafael A. Rodriguez, Professor Emeritus Erlinda S. Echanis (2022)

Investment Management and the Philippine Stock Market

Edited by: Professor Alberto R. Ilano, Mr. Roberto S. Mariano, Professor Emeritus Roy C. Ybañez (2003)

Cases in Corporate Governance (jointly with UP Business Research Foundation)

Edited by: Professor Emeritus Erlinda S. Echanis, Professor Emeritus Rafael A. Rodriguez, Dr. Arthur S. Cayanan (2020)

Readings in Corporate Governance (jointly with UP Business Research Foundation)

Edited by: Professor Emeritus Emerlinda R. Roman, Professor Emeritus Roy C. Ybañez, Dr. Ben Paul B. Gutierrez, (2020)

Several advocacy researches have been undertaken by DCF through the members of the VSB faculty. Among them are:

Financial condition and reporting practices of Philippine Deposit Insurance Corporation by Dr. Dani Rose Salazar and Professor Seung Woog Kwag

Financial condition and reporting practices of the Philippine Health Insurance Company by Dr. Dani Rose Salazar

A study of the performance and financial reporting practices of the Light Rail Transit Authority by Professor Jerelleen Rodriguez

Pricing in Regulated Industries:

The price of water: Areas of controversy by Dr. Daniel Borja and Dr. Lorna Paredes

Rate setting in the regulated sectors of the electric power industry in the Philippines by Dr. Helen Valderrama and Dr. Mia Rey

Pricing in regulated industries: The telecommunications sector by Dr. Arthur Cayanan and Dr. Ivy Suan

Public fora were conducted to discuss highlights of the advocacy researches.

For its 30th anniversary celebration, DCF offered three complimentary public webinars in 2022:

1.  The Basics of Investing, given by Dr. Arthur S. Cayanan

2. Basic Business Finance, given by Ms. Carmen V.F. Seriña

3.  Simple Business Guide with Basic Accounting in the Digital Era, given by Ms. Normita Lansang-Villaruz

In the last three decades, the Center has sustained itself with a number of programs and initiatives supported by a sound financial position. More programs and initiatives may be expected as it continues its developmental journey. It is a good showcase of a successful joint undertaking between a distinguished institution of higher learning and a professional group.

Dr. Conchita L. Manabat is the President of the Development Center for Finance. A past President of FINEX and past Chair of the International Association of Financial Executives Institutes, she serves as the Chair of the IAFEI Advisory Council. She is a member of the Consultative Advisory Groups of the International Auditing & Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants.


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