CDC chief cites accountants’ role in business, economic growth

CDC President and CEO Atty. Agnes VST Devanadera (third from right) receives a token of appreciation from the officials of PICPA and ACPAPP during the Joint  2nd LGAO Conference held at the Hilltop Mimosa. Joining her are PICPA Central Luzon officials (from left to right) Regional Sectoral Representative (RSR) for Public Practice and Regional Auditor Gerardo Orosco, Junior Regional Director Ronald Leabres, Senior Regional Director Rowena Reyes, LGAO Chairperson Dexter Ortega, and RSR for Government and Chairperson of the 2nd LGAO Conference Francis Mayled. (CDC Photo)

Clark Development Corporation (CDC) President and CEO Atty. Agnes VST Devanadera emphasized the critical role of accountants in driving business growth, urging them to uphold ethical standards that contribute to sustainable economic development.

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, Atty. 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.

Clark Development Corporation (CDC) President and CEO Atty. Agnes VST Devanadera shares key developments in Clark during the Joint 2nd Luzon Geographical Area Office (LGAO) Conference at Hilltop Mimosa, hosted by the Philippine Institute of Certified Public Accountants (PICPA) and the Association of Certified Public Accountants in Public Practice (ACPAPP). (CDC Photos)

“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.

Since Atty. Devanadera assumed office in 2022, the CDC has seen a rise in cash dividends remitted to the national government. Remittances increased from 700 million pesos in 2021 to 1.2 billion pesos in 2022, reaching 1.8 billion pesos in 2023. This trend indicates ongoing development within the Clark Freeport Zone.

Clark Development Corporation (CDC) President and CEO Atty. Agnes VST Devanadera shares key developments in Clark during the Joint 2nd Luzon Geographical Area Office (LGAO) Conference at Hilltop Mimosa, hosted by the Philippine Institute of Certified Public Accountants (PICPA) and the Association of Certified Public Accountants in Public Practice (ACPAPP). (CDC Photos)

She 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 5.2 billion pesos.

Atty. Devanadera urged accounting professionals to explore opportunities within the Freeport, noting the growing demand for their services in the region’s expanding business landscape.

CDC President and CEO Atty. Agnes VST Devanadera alongside PICPA and ACPAPP officials during the opening ceremony of the Joint 2nd LGAO Conference at Hilltop Mimosa. (CDC Photo)

“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, highlighting the increasing need for accountants, particularly with the expansion of the business process outsourcing (BPO) industry in the country.

Despite the rise of automation, Atty. 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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