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Flor G. Tarriela
Flor G. Tarriela
Ms. Tarriela is Chairman of Philippine National Bank. She was formerly Undersecretary of Finance and the First Lady Vice President of Citibank Philippines

Banks and digital disruption

“Banking is at the highest risk of disruption”.  This is what PLDT’s Lito Villanueva (the first and only Filipino included in the Top 100 Asian FinTech Leaders) said at the 4th FINEX SME Forum based on the Millenial Disruption Index (MDI).  The MDI was based on a 3-year US study of over 10,000 millenials (born between 1981 - 2000) of 73 companies in 15 industries, and the MDI results paint a clear picture of which brands are loved, which are meeting consumer needs and poised on the brink of disruption.  The index showed that in 5 years, 70% said the way we access our money or pay our bills will be totally different and 30% believed they won’t need a bank at all.  Half said banks offer the same product, …

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What is the Philippine Competition Act?

Bankers Association of the Philippines (BAP) President Nestor Tan invited the BAP Assembly recently to a dinner to hear about the latest on the Philippine Competition Commission and to view the BDO art collection. Arsenio Balisacan, Chairman of the Philippine Competition Commission, said that the Philippine economy is on a higher growth trajectory, but the need to deepen reforms to sustain growth and make it more inclusive remains a challenge. There is still a need to improve performance in poverty reduction, reduce underemployment and improve the quality of jobs and control rising inequality – a serious threat to sustainability. He says, the Philippine Competition Act, enacted by the Philippine Congress in July 2015 and became effective in August 2015, is the key component of the overall strategy to make economic growth …

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Banking and ASEAN integration

At a recent economic forum, Ahmed Aftab, CEO of Citibank did an excellent presentation of the ASEAN integration.  He said the ASEAN outlook by 2020 is very promising.  ASEAN with GDP of US$2.6 trillion and average growth of 5.9%, is the 7th largest in the world. The Philppines showed 6.9% GDP growth first quarter of 2016. ASEAN’s consumer market is US$1.2 trillion, exceeds India and comparable to Brazil.  ASEAN’s population of 633 million (the Philippines at 103 million, 16% of ASEAN) represents about 8.5% of the world’s population with middle class of 200 million.  It is growing with an increasing middle market and young demographics. In Foreign Direct Investments,  ASEAN is one of the world’s fastest growing investment destinations. In 2014, ASEAN got 11% of total Global FDI inflows of $1.3 trillion, …

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Engagement in the workplace: Millennials

How engaged at work are employees nowadays? The Gallup organization defines engagement as the involvement with and enthusiasm for work. Do you know that per Gallup, globally, only 13% are engaged (employees who are committed to their jobs and are likely to make a positive contribution to their organization) leaving 87% of employees (those who lack motivation, unhappy and unproductive) not engaged at work.  We are actually better off in the Philippines as 31% are engaged and 69% not engaged. Who are the top three that people enjoy being around with? Gallup says they are: 1) friends 2) significant others and 3) relatives And who are the top three people we least like being around? 1) customers 2) co-workers 3) bosses. No wonder engaging people in the workplace is a challenge as – most people just don’t find enjoyment …

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Happy New Year!

How fast time flies! 2015 just ended and its now 2016. The country’s GDP (gross domestic product) expanded 6% in 3rd quarter of 2015, making the Philippines one of the fastest growing economies in Asia, and 5.6% for 1st three quarters of 2015.  Expectation is that GDP will grow by 6% in 2016. Received wonderful books this Christmas such as Dr. Andrew Liuson’s "THE DEBT- FREE LIFESTYLE." He gave 10 principles that can revolutionize our lives. A main guiding principle #1 is that we are ADMINISTRATORS of God’s resources. God is the OWNER of Everything and we are the ADMINISTRATOR. What is the difference or the implication of this? The owner chooses/hires the administrator to control and manage his business and or property. This means the administrator should do the wishes of the …

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