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For the past 17 years, The Filipino Express has provided the Filipino American community the best news, arts and entertainment coverage from around the United States and the Philippines.
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This website includes selected articles from this week's edition of the Filipino Express. Not all the stories published in the printed version appear on this site.
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Reynaldo Padilla (second from right) elected as VP of NAASA
(Photo by Joseph Tieng)
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NEW YORK --- When Filipino American Reynaldo Padilla , 60, was working as an accountant for Ernst & Ernst (former name of Ernst & Young) in the 70’s, he knew it was difficult to get ahead due to what he called hitting the “ rainbow ceiling,” so he worked for other companies and government, and later set up his own company Padilla & Company, LLP.
After 17 years, Padilla’s auditing and accounting firm has grown modestly, serving the city, state governments and big non profit organizations. “I’m working on something that I like and getting paid well for it,” Padilla said. His firm has 15 accountants right now. “My plan is to expand and leave it as a legacy,” said Padilla whose credentials included working as a manager for the office of audit of former mayor Ed Koch.
Last Wednesday, Padilla was elected as executive vice president of national Asian American society of accountants, Inc. (NAASA). Many Asian American accountants have backed up Padilla’s platform which included mentoring, access to job opportunities and the creation of electronic information center for its members.
Set up last year, NAASA is embarking on a mission to encourage the development of accounting professionals while serving as a collective voice for the Asian and Pacific Islander communities in the field of accounting. Many of these Asian Americans are working in top big accounting firms in New York.
In this post-Enron, Worldcom and other accounting-scandal era, there is a need to restore trust in the American financial system and NAASA ‘s birth is timely because it is committed to promote a high standard of professional ethics.
“It’s a great new world. The environment has changed. We need to adapt to that environment we need to address in corporate governance to regain public trust,” said Jeffrey Chin, president of NAASA and partner of Ernst & Young.
The association will also cultivate the growth of professional skills of its members and encourage the development of Asian and Pacific islander leaders in the profession.
“The biggest challenge is adapting to the new changes in rules and regulations. In view of the Sarbanes-Oxley law and the implementation of auditing standards, some accounting firms are subject of an investigation....They are challenging our credibility,” said Lolita Gillberg, director of finance of non profit group Trickle Up program.
Padilla said most smaller companies found it harder to comply with the new Sarbanes-Oxley law due to high cost needed to keep new regulatory laws. “But stricter internal control is needed for checks and balances,” he said.
Ralph Albert Thomas, director of NJ society of certified public accountants said this profession was one of the hottest job now. “We have to continue to provide better service to clients in the world of diverse experiences. “CPAs will truly make a difference in our community and what’s happening in the economy,” said Thomas.
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PACCAL led by Linda Mayo, teamed up with the
consulate to ask Fil-Ams to invest in RP
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Jersey City, NEW JERSEY --- Dubbed as “a warfare to bring down the unacceptable level of poverty in their homeland,” overseas Filipinos are pooling funds to invest in financial institutions in the Philippines to lend it to micro, small and medium enterprises in the country.
In a forum sponsored by the Philippine Consulate and the Pan American Concerned Citizens Action League (PACCAL), Lito Bunag, chief of Systemat-Prodex, invited Filipinos in the U.S. to invest in the Philippines to improve the quality of life of their countrymen through productivity enhancement.
Under the program, overseas Filipinos may choose the option of setting aside some money by installment or lumpsum for as little as $500 or $1000 and place it in a solid and stable financial institution in the Philippines. The investor will list top three small or medium enterprises that they would like to contribute. They will also identify beneficiaries in the Philippines.
These savings, placed at a minimum of five years, will earn money at a good prevailing rate which the overseas Filipinos will get back–principal and earnings–after five years.
Bunag said these pooled funds, together with that of corporate sponsors, will help subsidize or guarantee the program to create jobs among the rural poor.
Systemat-Prodex has an ambitious target of creating one million jobs over three years through its investment program. It aims to double Filipinos’ income from $2 to $4 a day, thereby increasing the Filipinos’ per capita income which is only $712.
With over 30 years of consultancy work for business and government, Systemat-Prodex has created the program for the Change of Heart Foundation to benefit micro, small and medium enterprises in the Philippines.
The group is also linking overseas Filipinos with small to medium companies in the Philippines and providing information technology and communications assistance.
Due to its profitability, the group is targeting growing enterprises related to food production, food processing and food services. These are considered the right, high growth areas for investments in the country.
Linda Mayo, executive director of PACCAL hailed the program for its commitment to help alleviate poverty in the Philippines.
Melita Sta. Maria -Thomeczek, deputy consul general asked Filipinos to support the program and share in uplifting the lives of poor “kababayans.”
“Consequently, we hope to contribute to social stability and well-being such as in the access of the poor to healthcare, education and other basic services to be able to live a decent life,” said Bunag.
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