After a nearly half-a-year search, Dutch financial giant ING Bank and the Financial Executives Institute of the Philippines (FINEX) bestowed the coveted title “11th ING FINEX CFO of the Year” to Jose Teodoro K. Limcaoco, chief finance officer (CFO), Finance Group Head, Chief Risk Officer and Chief Sustainability Officer of Ayala Corporation (AC).
As CFO, Mr. Limcaoco safeguards over P900 billion worth of assets of the country’s oldest, as well as one of the largest, conglomerates that has diverse interests in real estate, financial services, telecommunications, water infrastructure, electronics manufacturing, power generation, transport, automotive, healthcare, and education.
Prior to joining AC as managing director in 1998, Mr. Limcaoco held various posts within the Ayala Group, including being president of BPI Family Savings Bank, the investment banking arm BPI Capital Corporation, and online shopping site myAyala.com. He also served as president of the Chamber of Thrift Banks from 2013 to 2015.
In his acceptance speech, Mr. Limcaoco said: “The role of a CFO is constantly changing, for finance is the lifeblood and tangible measure of corporate success. As corporations and businesses evolve to be more responsible to all their stakeholders, so too will the responsibility of a CFO evolve to address and ensure the long-term sustainability of his or her business. This is the challenge we all face and must prepare our successors to address.”
He also advised aspiring CFOs to focus on character building than honing their technical skills. “The reality is this: The success of good governance is not because of rules but because of character. We need to spend more time with our potential successors and with our young professionals to let them realize that character is more important than technical skills,” he added.
For his part, Hans B. Sicat, country manager of ING Bank, N.V., Manila Branch which has been sponsoring the search with FINEX since 2007, said: “We need CFOs who go beyond their traditional role as number cruncher, who are not afraid of market volatility and take a long-term view of their organization and the economy. We need CFOs who demonstrate ethical leadership and business integrity. We need CFOs who care enough about the next generation. And we are glad we have found these admirable traits in our 11th CFO of the Year awardee.”
For winning the title, Mr. Limcaoco received a glass trophy made by renowned glass sculptor Ramon Orlina. The award ceremony held last November 20 at the New World Hotel was attended by AC chairman and CEO Jaime Augusto Zobel de Ayala, president and chief operating officer Fernando Zobel de Ayala, and the heads of the Ayala subsidiaries.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., who was guest of honor, paid tribute to the CFOs’ evolving roles and the need for agility, particularly in these more volatile, global and interconnected world. “As CFOs and industries thrive in the changing business environment, the BSP faces the same challenges. Hence, we have implemented strategic policy reforms to protect the financial system and provide a conducive and more agile macroeconomic environment,” he said.
Mr. Limcaoco now joins the league of past CFO awardees: Delfin Gonzalez Jr., who was CFO of Globe Telecom when he became the first-ever CFO of the Year awardee, and now Chairman and President of AC Infrastructure Holdings Corp., a subsidiary of conglomerate Ayala Corporation; Sherisa Nuesa, who was CFO of Manila Water Corporation when she won in 2018 and is now President and Director of ALFM Mutual Funds, the country’s biggest mutual funds group; Jose Sio, who was CFO of SM Investments Corporation when he won in 2019 and now chairman of the company; Jaime Ysmael, who won as CFO of Ayala Land, Inc. in 2011 and is now president and CEO of property developer Ortigas & Co.; Jeffrey Lim, who was CFO of SM Prime Holdings, Inc. when he was recognized in 2012 and now president of the company; and Felipe Yalong, who was CFO when he won in 2013 and is now concurrently Executive Vice President of GMA Network, Inc.
Comprising this year’s panel of judges were Edmundo Soriano, executive vice-president of BDO Unibank, who served as chairman; Atty. Teresita Herbosa, chairperson of the Securities and Exchange Commission; Rodolfo Ang, dean of the Ateneo Graduate School of Business; Ramon Monzon, president and CEO of the Philippine Stock Exchange; and Consuelo D. Garcia, former country manager and managing director of ING Bank Manila Branch.
The annual search is open to companies operating in the Philippines and registered under Philippine laws. The nomination period usually starts in June and end in August, leading up to the award ceremony in November. For more inquiries, go to the Search website, www.ingfinexcfooftheyear.com, or call the FINEX Secretariat at: (632) 811-4189 and 811-4052.