SG eyes Filipino accountants via deal with PHL group
ACCOUNTING groups in the Philippines and Singapore have joined hands to train thousands of Filipino accountants to enable them to work in Singapore.
The Institute of Singapore Chartered Accountants (ISCA) and the Philippine Institute of Certified Public Accountants (Picpa) signed a Memorandum of Understanding in the citystate Tuesday.
“This MOU is a collaboration to train aspiring Chartered Accountants and support the professional development of accountants in Philippines through ISCA’S certification programs such as sustainability and for joint topical workshops and seminars,” Fann Kor, ISCA chief executive officer, told Businessmirror.
Kor said the trainings can help eligible Filipino accountants to become a member of ISCA.
ISCA membership require completion of the Singapore CA Qualification program, developed in Singapore and aligned with international standards.
“Once membership pathways are established between both bodies, there will be enhanced recognition for accounting professionals in Philippines and Singapore,” she said.
At present, Filipino accountants can already work and provide accountancy services in Singapore, and vice versa for Singaporeans, if they are registered as ASEAN Chartered Professional Accountants.
However, public accountants require domestic licensing to practice in the other jurisdictions. Thus, the MOU does not cover this.
Nonetheless, the MOU will create opportunities for accountants from both countries to participate in exchanges and business networking, as well as leverage upskilling and professional development opportunities.
ISCA is also taking advantage of Singapore’s foothold in the Philippines, being one of the top sources of foreign direct investments and a major trading of the Philippines.
There are 1,430 accounting firms, 42,000 active accountants and more than 1 million business enterprises in the Philippines.
“It’s an exciting time for the practice of accountancy in the Philippines. This agreement will open more opportunities to Filipino CPAS to practice their profession in international markets, including Singapore and other international territories,” Randy B. Blanza, PICPA national president and lawyer, said.