Accounting technicians can boost Philippine economy – group

DAVAO CITY, Philippines — The role of accounting technicians in growing small and medium enterprises in the Philippines has been emphasized during a convention as the profession faces challenges in recruitment.

At the 79th Philippine Institute of Certified Public Accountants (PICPA) Annual National Convention, the Association of Accounting Technicians (AAT) asserted that the profession is essential.

This conference had over 4,000 PICPA members and international participants to discuss the need for accounting technicians.

They expand the pool of “professionalized” skilled accountants, addressing the skill shortages in both the public and private sectors.

READ: Philippines seen struggling with shortage of accountants

Nowadays, the Philippines lacks accountants due to local talent migrating overseas or taking on freelance work. 

A joint study from the AAT and PICPA shows that 38.5 percent struggled in recruiting talent in the last 12 months. It also states that 34 percent expect this problem will persist and only 13 percent believe there won’t be a recruitment problem moving forward.

The most common challenges in filling vacancies are:

• Qualified talent (67%)
• Low pay (51%)
• Lack of experience (40%)
• Lack of essential skills (34%)

“The challenges the Philippine accounting sector is facing are similar to what other countries are experiencing,” Sarah Beale, CEO at AAT, said during a panel discussion.

“However, the UK’s experience shows that Accounting Technicians can help all businesses and organizations adapt to changing times and workload pressures while maintaining high standards.”

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To further establish the status of Filipino accounting technicians, Beale met with PICPA officials and other Professional Accounting Organizations (PAOs).

On November 23, 2024, the PICPA and AAT signed a memorandum of understanding. 

“We welcome this new agreement with AAT,” Atty. Roland Cafe Pondoc, National President of PICPA said.

“Their knowledge of global standards and creating new pathways into the profession will be essential to PICPA’s ability to support our members and bring through the next generation of accounting professionals for the Philippines.”