A Journey Through the Accounting History of the Philippines

Accounting plays a crucial role in the development and growth of any country's economy. The Philippines, with its rich history and vibrant culture, has a fascinating accounting history that has shaped its financial landscape over the years. In this blog post, we will take you on a journey through the historical facts and milestones that have contributed to the evolution of accounting in the Philippines.

White Page & Co. (1922): The Forebear of Isla Lipana & Co.

One of the earliest accounting firms in the Philippines was White Page & Co., established in 1922. It laid the foundation for what would later become Isla Lipana & Co., one of the leading professional services firms in the country today. This firm paved the way for the growth and development of the accounting profession in the Philippines.

The First Local Firm to Have Global Alliance (1958)

In 1958, Isla Lipana & Co. became the first local accounting firm in the Philippines to establish a global alliance. This milestone allowed the firm to expand its reach internationally and provide its clients with a broader range of services. It was a significant step forward in the globalization of the Philippine accounting industry.

Management Advisory and Tax Services Arrive (1962)

In 1962, Isla Lipana & Co. introduced management advisory and tax services to its portfolio. This expansion enabled the firm to offer comprehensive financial solutions to its clients, including strategic consulting and tax planning. The addition of these services further solidified Isla Lipana & Co.'s position as a leading accounting firm in the Philippines.

An All-Filipino Name: Joaquin Cunanan & Co. (1964)

In 1964, Isla Lipana & Co. changed its name to Joaquin Cunanan & Co., becoming an all-Filipino accounting firm. This move symbolized the firm's commitment to promoting local talent and expertise in the accounting industry. Joaquin Cunanan & Co. continued to thrive and grow, establishing itself as a trusted name in the Philippine accounting landscape.

Becoming a Member Firm of PW International (1973)

In 1973, Joaquin Cunanan & Co. became a member firm of PW International, now known as PricewaterhouseCoopers (PwC). This partnership brought global resources and expertise to the firm, allowing it to offer world-class services to its clients. The affiliation with PwC further elevated the standing of Joaquin Cunanan & Co. in the Philippine accounting industry.

PwC PH Opens in the Queen City of the South (1975)

In 1975, PwC Philippines opened its office in Cebu City, also known as the Queen City of the South. This expansion allowed the firm to better serve its clients in the Visayas region and contribute to the economic growth of the area. PwC Philippines' presence in Cebu City marked a significant milestone in its mission to provide top-notch accounting services across the country.

Cora, Corazón, CSP-B (1981)

In 1981, Cora, Corazón, CSP-B joined the PwC network, adding another dimension to the firm's capabilities. The addition of CSP-B brought expertise in the field of information technology, further enhancing PwC's ability to deliver innovative solutions to its clients. The collaboration between PwC and CSP-B paved the way for advancements in technology-driven accounting services in the Philippines.

PW, C&L Global Merger (1998)

In 1998, PwC Philippines witnessed a significant milestone with the global merger of Price Waterhouse (PW) and Coopers & Lybrand (C&L). This merger resulted in the formation of PricewaterhouseCoopers, one of the largest professional services networks in the world. The merger brought together the best practices and expertise of both firms, strengthening PwC's position as a leader in the Philippine accounting industry.

Name Change to "Isla Lipana & Co." (2005)

In 2005, Joaquin Cunanan & Co. changed its name to Isla Lipana & Co., aligning itself with the global PwC brand. The name change symbolized the firm's commitment to providing world-class accounting and professional services while retaining its roots in the Philippines. Isla Lipana & Co. continued to grow and evolve, solidifying its position as a trusted partner in the Philippine business community.

Crossing Borders: PwC in Brunei (2016), PwC in BPO (2015)

In recent years, PwC Philippines has expanded its presence beyond the country's borders. In 2016, the firm established its office in Brunei, further strengthening its footprint in Southeast Asia. In 2015, PwC Philippines ventured into the business process outsourcing (BPO) industry, leveraging its expertise to provide specialized accounting services to BPO companies. These expansions reflect PwC's commitment to staying at the forefront of the accounting profession in the Philippines and adapting to the changing needs of its clients.

As we reflect on the historical facts and milestones that have shaped the accounting history of the Philippines, it is evident that Isla Lipana & Co./PwC Philippines has played a vital role in the development of the profession. From its humble beginnings as White Page & Co. to its current status as a leading accounting firm, Isla Lipana & Co./PwC Philippines has continuously adapted to the ever-changing business landscape, providing exceptional services and contributing to the growth of the Philippine economy.

Accounting history in the Philippines is a testament to the resilience, innovation, and commitment of the professionals who have dedicated themselves to the advancement of the profession. As the country continues to evolve, the accounting industry will undoubtedly play a crucial role in shaping its future.