It sounds like an innocuous, almost routine, event. But it’s a big thing in the tightly knit community of auditors in the Philippines. We’re talking about Wednesday's announcement by Ayala
Ayala Land told the stock exchange that it will be ending its relationship with SGV, which has been in place since 1988, in favor of PwC Isla Lipana & Co., which will now serve as the independent auditor of the firm starting this year.
All eyes in the industry are now on PLDT, another big SGV account, to see whether the telecommunication giant will announce a similar change in auditors, especially after the bombshell revelation late last year that the firm unearthed at least P48 billion worth of “budget overruns” that the auditor had failed to detect over a period of at least four years.—Daxim L.
The Department of Environment and Natural Resources and WawaJVCo recently signed a nonbinding accord for the reforestation of a 1,800-hectare area within the Upper Marikina River Basin Protected Landscape . This integrates water security, watershed protection as well as forest carbon and biodiversity management in the area. Both parties will design, develop and establish afforestation, reforestation and revegetation programs within the UMRBPL.
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