From Where We Sit

Natural disasters, particularly earthquakes, have become a persistent reality rather than isolated events.

From my early days as an audit junior all the way to becoming an audit partner, the moments I treasure most are when I see how our work gives organisations clarity, strengthens their decisions, or helps them operate with integrity. Whether mundane or dramatic, every time I see that our work makes a tangible impact, that’s when I feel that what I do is truly meaningful. And yet, despite the importance and purpose behind external audit, our work is still too often reduced to stereotypes of routine, pressure, and long hours.

The Philippine banking landscape is undergoing a fundamental shift, driven by the growing role of mergers, consolidations, and acquisitions (MCA). For rural and thrift banks, MCA are no longer viewed as exceptional events undertaken only in times of distress.

It’s a brand-new year, and it’s time to turn the page to a fresh list of New Year resolutions. Just like some people, I too have created my own set of goals. One of my priorities this year is to give back to my Firm, P&A Grant Thornton, by mentoring more staff members in-person. I believe that meeting them face-to-face creates an environment where people feel valued. Additionally, I would also like to remain active in my professional and business organisations, as I see this as an opportunity to make a positive impact not just on my mentees but also on my Firm.

As we stand on the brink of Industry 5.0, a new era where advanced technologies and human ingenuity converge, we must ask ourselves: Are we truly equipped with the right skills to navigate this next industrial revolution? While some may feel prepared, how about our employees who are the backbones of our businesses? Is investing in human capital worth every centavo to adopt Industry 5.0? How can we ensure that the integration of cutting-edge technologies enhances rather than diminishes the role of human workers? These questions are crucial as we explore the transformative potential of Industry 5.0 and the imperative to invest in our people.

As we start out a new year, we look back at a period defined by the acceleration, with the culmination of reforms years in the making, such as the rollout of Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) incentives, the Capital Markets Efficiency Promotion Act (CMEPA), and the operalisation of digital tax compliance through Value-Added Tax (VAT) on digital services and e-invoicing.