A few more years, ASEAN countries will open their labor market to Accountants, Architects, and Engineers. This, if previous agreement will be implemented, is bad news for Philippine companies. Competing for the best talents in the market against companies based in Singapore, Malaysia and Thailand will be tough. This early, we have difficulty keeping our CPAs and replacing those who left. I know young and bright Pinoy accountants who opted to leave for US territory or the Middle Eastern countries not only for better package but for the thrill of traveling and opportunity to immigrate.
The demand for accountants, consultants and service providers that will ensure financial records are correctly and accurately maintained has increased. In California, for instance, San Diego Bookkeeping offer these services not only in their area, but even beyond. Similar consultancy groups will emerge in the ASEAN region as integration of economies materialize, the demand for better systems, financial accountability and transparency sound bookeeping will also increase.
When this happen, outsourcing may be a better alternative than direct hiring. But SMEs in the Philippines may be affected.