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Pinoy accountants hired by almost all firms in UAE because of expertise –group
DUBAI, United Arab Emirates – There are approximately 25,000 Filipino accountants in the UAE and almost all companies – from the multinationals to the local ones – have one in their finance team.
This was according to Lyndon Magsino, founder and chairman of the Dubai chapter of the Philippine Institute of Certified Public Accountants (PICPA), who told GMA News Online that the business community here has a preference toward Filipino accountants and CPAs owing to their trustworthiness and expertise in the field.
“Filipino accountants, you will see them in every company in Dubai. They are, I would say, the hands and the brains of successful companies in the UAE,” Magsino, former advisor to central banks, global banks and regional banks in the Middle East, said.
This, he added, is how significant a role Filipino accountants play in keeping the companies’ financial house — and, in a larger scale, the UAE economy’s – in order.
“We help the economy and the entire country through our expertise in financial reporting, investment banking, taxation and risk management. So, the role is very crucial in terms of the growth of the companies as well as that of the economy in a particular country, especially in the UAE,” said Magsino, who obtained his Executive MBA at Hult International Business School in Boston, graduating magna cum laude.
Magsino, who also completed a one-year Executive Leadership Program at Harvard Business School, said business owners in the UAE have been looking to Filipino accountants because “they know the value that we can contribute to the business not only in finance, but also in operations, administration, in growing the business and in looking at the market as well.”
Magsino, currently group chief audit executive at multi-billion financial institution and investment bank in the UAE, said the business community in UAE are aware that Filipino accountants have been “trained heavily back home in the Philippines.”
“Filipino accountants and CPAs go through a very difficult process. Our board exam is one of the toughest in the world,” said Magsino, who also is author of a popular investment book, “The PISO Master.”
At approximately 50,000, Filipino CPAs and accountants, comprise the bulk of professional Filipinos in the Middle East.
The PICPA – Middle East held its convention at Shangri-La Hotel in Dubai on Nov. 9 and 10 and was graced by Ambassador Alfonso Ver, who commended the accountants for their roles. The event, attended by PICPA representatives across the region, was also graced by Consul General Marford Angeles of the Philippine Consulate General (PCG) in Dubai and the Northern Emirates as well as Labor Attaché John Rio Bautista, head of the Migrant Workers Office (MWO) at PCG.
The convention focused on the impact of Filipino accountants across the globe.
Hosted by PICPA Dubai, the event was attended by hundreds of CPAs, auditors and other finance professionals. Three top officials from PICPA head office in Manila were also at the event. They were Atty. Roland Pondoc, PICPA National President and Commissioner of the Commission on Audit; Gerry Sanvictores, executive vice president and Dr. Jill Santos, head of international affairs. —KBK, GMA Integrated News
