Century of accountancy in the PH: Salute to 100 outstanding CPAs

One hundred outstanding practitioners of the accounting profession were honored last week with the Centenary Award of Excellence to celebrate the 100th year since the enactment of the Accountancy Act of 1923 by the Philippine legislature on March 17, 1923. This law provided for the creation of the Board of Accountancy that establishes the qualifications, oversees the conduct of examinations and issues certificates that enable duly qualified individuals to practice as Certified Public Accountants (CPA).

The theme for this milestone observance is: “Celebrating the Past. Transforming the Present. Shaping the Future.”

Spearheading the centennial celebration is the Board of Accountancy of the Professional Regulation Commission (BoA-PRC), supported by the Philippine Institute of Certified Public Accountants (PICPA), the Accredited Integrated Professional Organization (AIPO) of Filipino accountants, and four sectoral organizations in government practice, public practice, education and commerce and industry.

Indeed, the practice of public accountancy affects vital aspects of our national life: government, commerce and industry, and education. The roll of honor is a virtual who’s who in the country’s history.

Vicente Fabella, the first Filipino CPA, was the founder of what is now the Jose Rizal University. Francisco Dalupan founded the University of the East that became prominent in accounting education. Jose Diokno became a senator and a leading human rights advocate. Washington SyCip, Alfredo Velayo, Joaquin Cunanan, Carlos Valdes, Luis Diaz, Benjamin Punongbayan and Jose Araullo were founders of pioneering public practice firms in the country.

Manuel Villar served as speaker of the House of Representatives and Senate President. Those who served in the Cabinet and the executive branch include Alberto Romulo (also a former senator), Jaime Laya, Guillermo Carague, Rizalino Navarro, Emilia

Boncodin, Cesar Purisima, Salvador Enriquez, Corazon dela Paz-Bernardo, Gloria Tan-Climaco and Kim Jacinto-Henares.

Central Bank Governors Gregorio Licaros, Jaime Laya and incumbent Bangko Sentral ng Pilipinas Governor Felipe Medalla were also honored, along with Transportation Secretary (and former Philippine Air Lines President-CEO) Jaime Bautista, and Securities and Exchange Commission Chair Emilio Aquino.

Also among the honorees were captains of industry and business leaders such as Ramon del Rosario, Gregorio Navarro, Conchita Manabat, Benedicta Du-Baladad, and Judith Lopez who headed the Management Association of the Philippines (MAP) and the Financial Executives Institute of the Philippines (FINEX).

The importance of accounting was acknowledged with the establishment of the accountancy and business management (ABM) strand in senior high school when the K-12 program was launched in 2013. This was geared toward enabling senior high school graduates to perform accounting-related work that did not require CPA-level qualifications.

Clearly, current change efforts that would also shape the future of public accounting practice are being driven by the accelerating pace of digital transformation. The concept that accounting is the language of business has been supplanted by the emergence of data analytics that involves extensive use of artificial intelligence (AI).

The awardees received a stylized obelisk made of stainless steel, a symbol of untarnished reputation and unquestionable integrity, “exemplified by their outstanding contributions and unparalleled dedication in advancing the Accountancy profession and remarkable participation in national development.”

We join the citizenry in honoring their excellence and thanking them for doing their share in nation-building.