How to Choose an Accounting Firm in the Philippines

August 6, 2026 Posted by ASEAN Briefing Written by Ayman Falak Medina Reading Time: 2 minutes

Foreign-owned businesses operating in the Philippines are subject to a range of accounting, tax, payroll, and corporate compliance requirements. While many accounting firms provide routine compliance services, their experience supporting international businesses can differ significantly.

Understand how your Philippine business structure affects accounting requirements

Foreign investors may establish a presence in the Philippines through several business structures, each carrying different accounting and compliance obligations. A domestic corporation, for example, operates as a separate legal entity and is responsible for maintaining its own accounting records, preparing financial statements, and complying with ongoing reporting obligations under the Revised Corporation Code of the Philippines. Branch offices remain extensions of their foreign parent companies, while representative offices are generally limited to non-income-generating activities and operate under a different regulatory framework.

Assess their experience with Philippine tax, financial reporting, and compliance requirements

Businesses operating in the Philippines must comply with a range of accounting and tax obligations administered by multiple government agencies. These include corporate income tax, generally imposed at 25 percent (or 20 percent for qualified domestic corporations), the 12 percent value-added tax (VAT), withholding taxes, bookkeeping requirements prescribed by the Bureau of Internal Revenue (BIR), annual reporting obligations to the Securities and Exchange Commission (SEC), and the preparation of financial statements in accordance with Philippine Financial Reporting Standards (PFRS). Depending on the size and nature of the business, statutory audits and additional regulatory reporting may also apply.

Speak with Dezan Shira & Associates about your accounting requirements in the Philippines

The Bureau of Internal Revenue has also expanded the use of digital tax administration through initiatives introduced under the Ease of Paying Taxes (EOPT) Act, including wider electronic filing and the phased implementation of electronic invoicing. These developments have required many businesses to update accounting systems, invoicing processes, and record-keeping practices to comply with evolving BIR reporting requirements.

Understand how Philippine corporate compliance requirements are connected

Businesses operating in the Philippines are subject to compliance obligations administered by multiple authorities, including the Securities and Exchange Commission (SEC), the BIR, the Social Security System (SSS), PhilHealth, the Home Development Mutual Fund (Pag-IBIG Fund), and local government units responsible for business permit renewals. Although administered separately, these obligations frequently rely on the same accounting and payroll information.

Consider whether the firm can support businesses receiving Philippine investment incentives

The Philippines offers investment incentives through programs administered by agencies such as the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA). Depending on the applicable incentive regime, qualified businesses may benefit from incentives such as Income Tax Holidays, enhanced deductions under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and other fiscal and non-fiscal incentives, subject to applicable eligibility requirements and ongoing compliance obligations.

Understand whether the firm can support cross-border operations

Many foreign investors establish Philippine operations as part of broader regional business activities.

Contact Dezan Shira & Associates for accounting and compliance support in the Philippines

Philippine subsidiaries frequently operate alongside overseas parent companies, regional headquarters, or affiliated entities elsewhere in Asia, requiring consolidated financial reporting, intercompany accounting, transfer pricing documentation, foreign currency reporting, and coordination with finance teams across multiple jurisdictions.

Contact Dezan Shira & Associates for accounting support in the Philippines

Dezan Shira & Associates assists foreign investors with accounting, tax, payroll, company secretarial, and corporate advisory services in the Philippines. Contact our professionals to discuss your accounting and compliance requirements and how we can support your business in the Philippines.

About Us

ASEAN Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Jakarta, Indonesia; Singapore; Hanoi, Ho Chi Minh City, and Da Nang in Vietnam; and Kuala Lumpur in Malaysia. Dezan Shira & Associates also maintains offices or has alliance partners assisting foreign investors in China, Hong Kong SAR, Mongolia, Dubai (UAE), Japan, South Korea, Nepal, The Philippines, Sri Lanka, Thailand, Italy, Germany, Bangladesh, Australia, United States, and United Kingdom and Ireland.

For a complimentary subscription to ASEAN Briefing’s content products, please click here. For support with establishing a business in ASEAN or for assistance in analyzing and entering markets, please contact the firm at asean@dezshira.com or visit our website at www.dezshira.com.