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10 historical facts

100 days to 100 years

White Page & Co. (1922): The forebear of Isla Lipana & Co.

100 days to 100 years

On 22 June 1922, Scottish accountants Charles P. White and Percival S. Page established one of the earliest accounting firms in the Philippines: White, Page & Co.

The forebear of today's Isla Lipana & Co. (formerly Joaquin Cunanan & Co.), White, Page & Co., along with other accounting firms, banks and insurance companies, flourished in the financial district of Old Manila.

Before White Page & Co., the Philippines had Don Vicente Fabella. He was the first Filipino to obtain a Certificate in Public Accountancy from the United States in 1915, making him the first Filipino Certified Public Accountant. He then opened his own accounting firm, Vicente Fabella and Company in 1916. In 1920, his office was the basis of ACT 3105, or the CPA Law of the Philippines.

 

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The first local firm to have global alliance (1958)

99 days  to 100 years

Shortly before World War II, White, Page & Co. established correspondent relations with the large U.S.-based firm Price Waterhouse, with the former auditing the latter's clients in the Philippines.

After White Page & Co. resumed operations in 1946, it changed its name to Stewart, Dacanay & Co. To the partnership of A.D. Stewart and Julio B. Dacanay, Joaquin Cunanan was added and the firm's name became Stewart, Dacanay, Cunanan & Co. two years later, in 1948.

The company became the first local accounting firm to have international affiliation when it was designated as the official Price Waterhouse correspondent in the Philippines in 1958. This allowed the firm to adopt global quality standards.

 

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Management Advisory and Tax Services arrive (1962)

98 days  to 100 years

In 1962, the firm inaugurated its Management Advisory Services. This prompted the firm’s practice on client advisory and assistance on management strategy.

Tax Services likewise started its practice, guiding companies in addressing tax issues using above board methods.

(Today, Management Advisory Services has evolved into Consulting [offering strategy consulting, digital transformation and risk consulting services] and Deals & Corporate Finance.)



 

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An all-Filipino name: Joaquin Cunanan & Co. (1964)

97 days  to 100 years

The company name was changed to Joaquin Cunanan & Co. upon the retirement of Messrs. A.D. Stewart and Julio B. Dacanay in 1964.

Joaquin Cunanan, called "Jack" by his colleagues and friends, led the way in developing a culture of excellence and professionalism among our people.

Jack shaped Joaquin Cunanan & Co. to be a brand associated with quality and integrity.

 

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Becoming a member firm of PW International (1973)

96 days  to 100 years

In 1970, Jose “Joe” C. Florento took over the company's reins from Jack Cunanan, making him its second Filipino senior partner. Under his leadership, the firm became a member of Price Waterhouse International in 1973.

Earlier, the firm was designated the official Price Waterhouse correspondent in the Philippines in 1958.

Price Waterhouse International — which mandated high accounting and auditing standards for all Price Waterhouse offices around the world — was established in late 1945, as World War II ended.

 

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PwC PH opens in the Queen City of the South (1975)

95 days  to 100 years

The firm expanded to provincial operations during the country’s economic boom in the 1970s.

We opened our Cebu City office in 1975, offering the entire range of assurance, tax and management services.

This year, our Cebu City office celebrates its 47th anniversary.

 

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Cora, Corazón, CSP-B (1981)

94 days  to 100 years

Corazon de la Paz-Bernardo served as the firm's chairman and senior partner from 1981 to 2001.

When Cora started her chairmanship in 1981, she broke the glass ceiling as the first woman partner of Price Waterhouse anywhere in the world. Proving her mettle, de la Paz was elected to a three-year term as member of the board of the Price Waterhouse World Firm.

She led the firm for two decades — spanning four Philippine presidents, marked by major political transitions and unprecedented national events.

 

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PW, C&L global merger (1998)

93 days  to 100 years

Formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, PwC has a history in client services that dates back to the nineteenth century. Both accounting firms originated in London during the mid-1800s.

The two firms’ cultures, while starkly different, proved to be complementary: PW, the highly technical, and C&L, the entrepreneurial.

In 2010, “PricewaterhouseCoopers” was rebranded to “PwC.” Brand consultants Wolff Olins designed the logo in collaboration with PwC employees and clients. From initial research to launch, the whole rebranding process took two years and a few million dollars.

 

 

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Name change to “Isla Lipana & Co.” (2005)

92 days  to 100 years

In 2005, the firm changed its name from “Joaquin Cunanan & Co.” to “Isla Lipana & Co.,” which was derived from the surnames of the firm’s two most senior partners that time: chairman and senior partner Jerry S. Isla, and vice chair and tax managing partner Tammy H. Lipana.

Jerry said then: “This is indeed a new chapter as we celebrate our 83 years of service. Despite the new name, we continue to be guided by the same legacy of values and stringent standards inculcated in us by our former senior partner, Joaquin Cunanan, whose name we carried for over four decades.”

Tammy Lipana assumed the chairmanship in April 2006.

 

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Crossing borders: PwC in Brunei (2016), PwC in BPO (2015)

91 days  to 100 years

PwC Philippines, during the second decade of the 21st century, still carried the spirit of an explorer. We ventured into new frontiers, in terms of geography and business model.

2015: We set up PricewaterhouseCoopers Business Services Philippines Co., Ltd. (PwC BSP), a local service delivery center mainly catering to PwC member firms.

2016: We opened our office at Bandar Seri Begawan, Brunei Darussalam, rendering assurance and assurance-related services. Since then, we’ve done our part in helping the Bruneian Government expand their economy beyond oil & gas. And in 2020, Chai Xiang Yuin was admitted as its first Bruneian partner.

 

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