Accountants’ role on business growth cited

Local News Official
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CLARK FREEPORT — Clark Development Corporation (CDC) President Agnes Devanadea has underscored the role of accountants in driving business growth.

Devanadera stated this in her keynote address at the Joint 2nd Luzon Geographical Area Office (LGAO) Conference of the Association of Certified Public Accountants in Public Practice (ACPAPP) and the Philippine Institute of Certified Public Accountants (PICPA) held at Hilltop Mimosa on October 11, 2024.

The CDC head at the same time urged the accountants to uphold ethical standards that contribute to sustainable economic development.

Devanadera highlighted the importance of integrity within the profession, noting that the financial health of businesses and economies hinges on sound and ethical accounting practices.

“The discipline of accountants is essential in the business industry because it is logical and organized. The way accountants categorize financial data is intuitive and efficient,” she said.

Devanadera said CDC has seen a rise in cash dividends remitted to the national government.

Remittances increased from P700 million in 2021 to P1.2 billion in 2022, reaching P1.8 billion in 2023, she added.

Devanadera also discussed the economic impact of the Freeport, which hosts 1,155 locators and employs approximately 140,000 workers.

She projected that CDC's revenue for 2024 will reach P5.2 billion.

She urged accounting professionals to explore opportunities within the Freeport.

Devanadera noted the growing demand for their services in the region's expanding business landscape.

"The 1,155 locators are your potential clients. It's lucrative here, and demand for your services is rising. For those of you who are practitioners, it’s going to be very lucrative because we continue to grow our revenue for 2023,” she added.

The CDC president cited the increasing need for accountants, particularly with the expansion of the business process outsourcing (BPO) industry in the country.

Despite the rise of automation, Devanadera stressed that the expertise of accountants remains critical for ensuring transparency, accountability, and fiscal responsibility.

“The demand for accountants continues to grow as we progress. However, automation cannot completely replace your role. That is something definite,” she said.

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