AEC to open prospects to Filipino accountants

CEBU, Philippines -  The ASEAN economic integration could mean Filipino accountants could practice their profession in other nations.

While this is one challenge for the accountancy profession in the Philippines, practicing overseas also implies that they are exposed to international standards.

Ipher Tabañag, president of Philippine Institute of Certified Public Accountants Cebu Chapter, believes Filipino CPAs are competitive because of their ability to speak English.

He said they are more advanced in training and knowledge with the implementation of International Financial Reporting Standards.

Government regulator Securities and Exchange Commission adopted in 2005 the IFRS which directs that work quality of CPAs and their making of financial reports should be based on global standards.

“We just need to continue our strategies in the way we train our accountants,” Tabañag told The FREEMAN at the sidelines of the 69th PICPA national convention in Cebu last week.

He said CPAs in government, industry, education and private practice are surrounded with various challenges, one of which is the free flow of skilled labor among ASEAN countries.

Assessing the quality of the accountancy profession, he noted, is critical in meeting international standards.

Even now, several Filipino CPAs are choosing to work abroad because of the high salary, he said.

“You know, I always believe in the so-called natural law of supply and demand. If many CPAs are leaving the country, the demand for CPAs in the local will increase. And if there’s an increase in demand, salaries will eventually increase also,” the official explained.

The hiring rates of these workers, he said, could range from P20,000 to P25,000.

He noted the transport of CPAs would not result to brain drain as the country produces thousands of them every year, according to the Philippine Regulation Commission.

In addition, the implementation of K to 12 education system is also expected to affect the profession because no new graduates will enter the industry for two years in the future.

“In the education sector, we are really facing the challenge of the K to 12. Students will have additional two years for senior high,” he added.

Finance Secretary Cesar Purisima, who spoke during the convention, emphasized the importance of accountants in the country’s economic development.

Purisima said the development of the nation can only move fast if the said profession grows and achieves its great potential.

“That’s why it is important that PICPA and the CPAs of this country work closely with the government,” he said, particularly citing the implementation of tax mandates.  (FREEMAN)