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Written by Estrella Torres / Reporter
Thursday, 20 November 2008
THE Philippines could be looking at a surge in backroom services as a silver lining to the global financial crunch, with Britain’s Chartered Institute of Management Accountants (Cima) expecting cost-cutting pressures in developed world companies that would lead them to outsource these services in the next few years.
Cima is, thus, urging the country to increase its pool of finance and accounting experts, with Cima director Rick Sturge in the country to partner with the Philippines Certified Public Accountants to promote management accountancy to Filipino accountants and finance experts.
If the country is ready with the right skills, then the Philippines will benefit from the situation, said Sturge in his speech at the launch of Cima in the Philippines held Tuesday night at the Intercon Hotel in Makati.
He said the financial crisis is driving many global companies to return to the right core values like sensible lending and getting rid of all the bad financial practices, thus requiring a bigger role for more international finance professionals like management accountants.
He added the situation is partly due to chief finance officers not given key roles in the control of finance and cash flows. Chief accountants should be at the forefront to provide sound business management.
The Cima certificate, which is seven notches higher than the Philippines’s CPA title, can be obtained in 18 months and provides higher accreditation. It will also give holders of any nationality equal professional recognition with British nationals in countries like the US, Canada, Australia and Middle
Eastern states, among others.
A Cima-certified management accountant is provided skills in the likely direction of companies with any given performance, risk management, marketing, ethics, corporate governance and leadership factors present or not present in and needed by the firm.
The country needs to increase its talent pool, reduce inflation from attrition and shortfall and stimulate foreign direct investments, said Sturge in his presentation before members of the British Chamber of Commerce in the Philippines (BCCP), as he urged local companies and the government to invest in their people
by giving them the chance to obtain Cima certification.
In an open forum, a BCCP member expressed the thoughts of his fellow members that while the CIMA
program is important because of the appalling quality of most Filipino accountants, foreign companies in the Philippines run the risk, however, of further losing talented finance professionals if they allow them to obtain Cima certification.
As it is, highly skilled accountants and finance professionals are already moving to jobs in rich economies, mostly in the Middle East.
Sturge suggested that foreign companies in the Philippines coordinate with government to be able to give Cima-certified accountants better career opportunities to prevent their being lost to foreign shores.
Cima is composed of finance directors including chief finance officers of top multinational companies in some 161 countries. It has offices in Australia, Botswana, China, Dubai, Hong Kong, India, Ireland, Malaysia, Singapore, Southern Africa, Sri Lanka, Switzerland and Zambia.
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