Working Capital Management (WCM) is a critical aspect of financial management, ensuring liquidity, operational efficiency, and profitability. In diversified corporations, particularly in emerging economies, WCM practices face unique challenges due to varied industry structures and financial constraints. This study investigates the effectiveness of WCM practices among EEI subsidiaries in the Philippines. A descriptive research design was employed, combining financial statement analysis with survey data from 234 proportionately selected employees across EEI subsidiaries. The study assessed WCM practices in terms of financial planning, cash management, accounts receivable (AR) management, inventory management, and accounts payable (AP) management. Statistical tools such as weighted mean, t-test, and ANOVA were applied to evaluate differences across firm and respondent profiles. Findings revealed that EEI subsidiaries generally implement WCM practices effectively. Financial planning achieved a high effectiveness rating (grand mean = 4.18), while cash management (4.54), AR management (4.31), inventory management (4.34), and AP management (4.43) were rated very effective. Respondents highlighted strong control mechanisms, including safeguarding cash, prompt invoicing, and strict verification of payables. However, financial data indicated inefficiencies in receivable collections and inventory turnover, particularly in subsidiaries with long-term contracts or real estate operations. Significant differences in WCM practices were observed when grouped by capitalization, years in operation, and employee training exposure. The study concludes that EEI subsidiaries demonstrate robust WCM practices, contributing to financial stability and operational efficiency. Nonetheless, improvements in receivable collection and payable management are recommended to optimize liquidity. This research provides empirical evidence on WCM effectiveness in diversified corporations, offering insights for policy refinement and sustainable financial performance.

Keywords: accounts payable management, accounts receivable management, cash management, financial planning, inventory management