Press Release
January 22, 2006

An entrepreneurial mindset is the ticket to wealth production

Senator Manny Villar, President of the Nacionalista Party and Chairman of the Senate Committee on Finance, is the guest-of-honor and speaker during the general assembly of 700-plus members of the Financial Executives Institute of the Philippines or FINEX today (January 23, Wednesday) at 12 noon at the grand ballroom of the Hotel Intercontinental Manila.

Speaking on the theme "Globalization: Creating Wealth in the New Environment", Villar recommends ways on how Filipino companies can "define and implement a constructive response to the challenge of a borderless global environment".

On his speech, Villar also emphasizes on the importance of employment generation especially in the light of the worsening rate of unemployment and underemployment in the country from 3.65 million unemployed in 2001 to 4.14 million last year.

According to Villar, a paradigm shift is required to better address the unemployment problem. "In spite of their good intention, those who propose that more jobs should be created to absorb those without gainful work are resorting to a simplistic approach. Joblessness is not reduced simply by increasing the number of jobs. The problem is not merely numbers. Skills must match the jobs available."

As a proponent of entrepreneurship, Villar prescribes the empowerment of people as "creators of wealth" rather than "recipients of government aid". Villar cites, "Under a people-centered governance, we can within the life of our generation see the emergence of a critical mass of wealth creators. An entrepreneurial mindset is necessary to produce more wealth."

Villar further cites, "There is a multiplier effect to the holistic process of wealth creation. Aside from improving the quality of the supply of workers, it generates additional revenues for government. It improves people's purchasing power. It creates a market demand for locally sourced quality services and it leads to a better business climate."

Villar will also lead the induction of the new set or batch of FINEX officers and directors namely David Balangue, President; Senen Matoto, Executive Vice President; Omar Cruz, Vice President for Internal Affairs; Esther Magleo, Vice President for External Affairs; Abelardo Cortez, Vice President for Capital Markets Development; Jesus Zulueta, Vice President for Good Governance; Ramon Opulencia, Vice President for Professional Development; Gaudencio Hernandez, Treasurer; Norie Bordador, Corporate Secretary & Director; and DirectorsJose Alberto Alba, Valentin Araneta, Victor Dela Dingco, Jr., Eduardo Francisco, Ricardo Lazatin and Cesar Rubio.

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