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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.
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Audit approach overview
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At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
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Other Related Services
We make it a point to keep our clients abreast of the developments and updates relating to the growing complexities in the accounting world. We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients’ businesses.
We help you identify the opportunities and pitfalls that can significantly affect your...
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Tax compliance
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Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
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Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.
We believe there is an optimal solution to every business challenge.
Using our Firm's breadth and depth of specialized expertise, we work with you to find...
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Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
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Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
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Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
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Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
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Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
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ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...
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Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
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Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
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Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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Behind the Numbers: People of P&A Grant Thornton
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If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....
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Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...
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With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...
Divestment of Equity Investments
16 Sep 2024
Background
As stated in the Manual of Regulations of Banks (MORB), banks may invest in equities of allied or non‐allied undertakings, including corporate affiliations or structures, subject to approval of the BSP. Sections 372 to 378 of the MORB lay out the undertakings allowed by the BSP to which the banks may invest, including the financial and non-financial limitations per activity. Non-compliance to the required registrations to the BSP, breach in the limitations set forth in the MORB, or non-compliance to other applicable laws and regulations, will lead to sanctions to be imposed to the bank and to the directors of the entity who approved the investment. The bank will also be directed to divest the equity investment per Section 379 of the MORB.
The Monetary Board, in its Resolution No. 805 dated July 11, 2024, approved amendments to the MORB on divestment of equity investments which are not allowed under applicable laws, or which do not comply with applicable regulations.
The Amendments
BSP Circular No. 1199 lays out the following amendments to the MORB:
- Sanctions – Equity investments which are not allowed under applicable laws or do not comply with applicable regulations shall be divested. Divestment of equity investments should be performed within the period prescribed below:
- Transactions not allowed under applicable laws - equity investments should be divested immediately without the need of a notice from the BSP.
- Transactions which do not comply with applicable regulations, including those disapproved by the BSP - equity investments shall be divested within a period not exceeding six (6) months from receipt of notice from the BSP.
Divestment may be made for the whole transaction or, in case of divisible transactions, on the portion which does not comply with applicable regulations or not allowed under applicable laws. Subsequent non-compliance of the bank on the timeline prescribed in the MORB shall result to a fine to be determined by the Monetary Board, which in no case should exceed P1.0 million for each investment.
- Compliance with Ceilings on Equity Investments – Shares of stock of another corporation acquired in settlement of loans shall be excluded from total equity investments for purposes of determining compliance with the prescribed ceilings on equity investments under Secs. 373,374,375,376-A and 378: Provided, That confirmation of the Monetary Board shall be required in the following cases within thirty (30) days from the date of acquisition thereof. That said confirmation shall be subject, among others, to the condition that such shares of stock shall be disposed of within a reasonable period not to exceed three (3) years from the date of acquisition thereof.
Please see the attached summary of limitation on equity investments of banks for reference.
- Compliance of Banks – A bank which has been directed to divest specific equity investments shall submit to the appropriate supervising unit of the BSP a divestment plan duly approved by the Board of Directors, together with the Board resolution or Secretary’s certificate approving the same within 15 days from the receipt of notice to divest from the BSP. A progress or status report/s of the said divestment plan, which should be noted by the bank’s board as documented in a Board resolution or Secretary’s certificate, shall also be submitted within 5 days from the end of quarter.
Effectivity
The Circular shall take effect 15 banking days after its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines.
Banks directed to divest equity investment prior to the effectivity of the Circular but have not fully complied with such shall divest said investment within ninety (90) calendar days following the effectivity of the Circular.
Please see attached limitations on the equity investments of banks as lifted from the MORB, as amended, and BSP circular for further details.
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