Introducing Our Philippines Member Juancho S. Ong & Co., CPAs

Transcription

1 Introducing Our Philippines Member Juancho S. Ong & Co., CPAs Philippines Philippines is a unitary sovereign and archipelagic country in Southeast Asia. Situated in the Western Pacific Ocean. Bounded by the South China Sea on the west, the Philippine Sea on the east and the Celebes Sea on the southwest, the Philippines shares maritime borders with Taiwan to the north, Vietnam to the west, Palau to the east and Malaysia and Indonesia to the south. Our Member About Juancho Juancho S. Ong, the Managing Partner, has over 15 years of professional experience in public and private practice. He carries with him an extensive exposure in the field of general accounting, external and internal auditing of multinational and local companies in the Philippines. He has also handled several tax due diligence audit in relation to merger and acquisition, tax compliance audit, request for tax rulings, amendments of articles of incorporations and bylaws, assistance to clients on tax assessments, expatriate services, and corporate formation, reorganization and dissolution during his stint in one of the Big Four Accounting Firms in the country. He is an accredited external auditor by the Securities and Exchange Commission (SEC), Philippine Board of Accountancy (BOA) and the Bureau of Internal Revenue (BIR). He is a member of Philippine Institute of Certified Public Accountants (PICPA), Association of Certified Public Accountants in Public Practice (ACPAPP), Association of Certified Public Accountant in Education (ACPAE), Tax Management Association of the Philippines (TMAP) and Rotary Club International Makati Legaspi District. 1

2 History Juancho S. Ong & Co., CPAs is a general professional partnership organized and existing under the Philippine laws in It is pioneered and managed by competent certified public accountants (CPAs) under the leadership of Mr. Juancho S. Ong, Managing Partner, who have gained their industry expertise and experiences from different auditing firms within the circle of Big Four in the Philippines. In forming the partnership, we carry with us the competence and professional attitude of bringing to our existing and potential clients the good quality of service at a minimum cost. At present, given the current total manpower of about forty (40) qualified accounting professionals, the firm caters to various local and multinational clients from wide-range of industries for services like auditing, management advisory services, legal and tax consulting. The firm strongly believes in the importance of continuous learnings, work ethics, client satisfaction and corporate social responsibility. 2

3 Lines of Business Quality Service is our priority. Dependability is our commitment. Our promise is to provide our clients with professional service that is at par with the Big Firms and we run the extra mile of delivering more than expected. Dependability is our measure of what quality service is about. Our clients can attest to our commitment to dependability. Audit & Assurance Corporate Accounting Professional Tax Consulting Contact Enterprise Risk Management Business Advisory Makati Office: 2410 Herrera Tower 98 V.A. Rufino corner Valero Streets, Salcedo Village Makati City, Philippines Telefax: +63(2) Direct Line: +63(2) local 103 Mobile No.: Website: Cebu Office: 4F, Unit 401 Ongtiak Building General Maxilom Avenue Cebu City, 6000 Philippines Telephone No.: +63(32)

4 Why Philippines There are many benefits foreign business enterprises invest in the Philippines. The most obvious is that the country has a large pool of skilled and trainable labor that is productive, competitively priced, and fluent in speaking English. Their potentials and capabilities as blue-collar workers, technicians, professionals, and managers are outstanding. This labor, combined with the Philippines strategic location in Southeast Asia, ready transportation access to the Northeast Asian market, preferential access to the lucrative ASEAN market, and generous fiscal concessions granted by the government, makes the Philippines a logical place to locate Asia-Pacific expansion programs and production facilities. At the same time, the Philippines is one of the most populous nations in the East Asia-Pacific region. Strategic Business Location The Philippines is located right in the heart of Asia today the fastest growing region. It is situated within four hours flying time from major capitals of the region. Sited at the crossroads of the eastern and western business, it is a critical entry point to over 500 million people in the ASEAN market and a gateway of international shipping and air lanes suited for European and American businesses. Business Friendly Economy An open economy allows 100% foreign ownership in almost all sectors and supports a Build- Operate-Transfer (BOT) investment scheme that other Asian countries emulate. Government corporations are being privatized and the banking, insurance, shipping telecommunications and power industries have been deregulated. Incentive packages include the corporate income tax, being reduced, with companies in the Special Economic Zones are subject to only 5% overall tax rates. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials. The Philippine government promotes the principles of transparency and free enterprise and believes that economic development is best led by the private sector. The government actively encourages Inbound foreign investment and offering incentives for investment activities that will facilitate the country s development and export capacity. Foreign access to the more critical sectors of the economy, such as banking and finance, insurance, telecommunications, and transportation, is being increasingly liberalized. The Philippines also has an abundance of highly skilled and technologybased manpower, which provides strong support for both processing and high-technology industries. 4

5 Developing Infrastructure for Economic Growth A well-developed communication, transportation, business and economic infrastructure links the three major islands and distinguishes the Philippine economy. Highly accessible by air, water and cyberspace, liberalization of inter-island shipping and domestic aviation further sparked improved facilities and services. The container terminals are suited to handle cargo traffic at the highest levels of efficiency. Hospitable Lifestyle Enjoy the best of sun, sea, sand and style in the tropical setting teeming with the best of western amenities. The Philippines is second home to expatriates who enjoy the company of the warmest people in the region, the country s openness to varied cultures and a decidedly global outlook. Expats enjoy accessible and affordable luxuries business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts, and recreation centers. The country is currently undergoing formation of its fundamental politic and economy to a democratic, federal and peaceful national state. It is implementing to strengthen trade and investment in high-potential industries with strong global demand (e.g. rice, textiles and tourism). Myanmar is one of the least developed countries that is enjoying tariff arrangements to facilitate the access of the country to major international markets. Unlimited Business Opportunities As Asian economies integrate within the vast framework of the ASEAN Free Trade Agreement (AFTA), the Philippines is the natural and most strategic location for firms that want access to the large ASEAN market and its vast trade opportunities. The Philippines has enhanced and primed up various areas for investors and offers a dynamic consumer market accustomed to an array of product choices created by a competitive domestic economy. Foreign Investment Incentives Foreign investment can access to wide incentives that significantly contribute to national industrialization and socio-economic development, and in export-oriented activities. Whereby, for enterprises that are located at special zones may be entitled to a special rate of tax on their gross income (sales less direct costs) in lieu of all other national and local taxes. Labor Cost The Philippines has a ready and steady supply of highly skilled and trainable labor, including professional, technical, managerial, and skilled workers. Locals are known to be productive and fluent in English. Labor costs are in the reasonable range for Southeast Asia. Though many Filipinos have sought overseas employment, the country still has a surplus of manpower. 5