Chamberlain provides accounting services for foreign-owned companies in the Philippines. We keep the books, close each month, and prepare financial statements in English for your parent company. We also coordinate your year-end audit with an independent CPA. The published monthly retainer ranges from ₱15,000 to ₱60,000, with a fixed quote before work starts.
What the service covers
- Bookkeeping: recording transactions, bank reconciliations, receivables and payables schedules, and the month-end close.
- Monthly reports: an income statement, balance sheet, and cash position for each closed month, in English.
- Year-end close: adjusting entries, closing the books, and the annual financial statements used for the SEC filing and the audit.
- Ledger support for payroll: posting payroll costs and withholding liabilities to the ledger. Payroll processing itself is covered in our payroll services.
- Tax filings: the monthly ledger feeds the BIR returns. Filing is handled under our tax compliance service, which is a separate scope.
Who it is for
- Foreign-owned domestic corporations: Philippine subsidiaries where foreign shareholders own the company.
- Branches of foreign corporations.
- Representative offices.
Section 177 of the Revised Corporation Code applies to every corporation, domestic or foreign, that is doing business in the Philippines. Whether a branch or representative office is doing business, and which reports it owes, depends on its activities and registration. We confirm your set during the consultation.
What Philippine law requires
These are the rules that drive the accounting work. Each row links to the text we checked.
| Requirement | Rule | Source |
|---|---|---|
| Annual audited financial statements | Audited by an independent CPA. If total assets or total liabilities are below PHP 600,000, the statements may be certified under oath by the treasurer or chief financial officer. | Revised Corporation Code, Sec. 177(a) |
| Books audited for BIR purposes | Taxpayers whose gross annual sales, earnings, receipts or output exceed PHP 3,000,000 must have their books audited each year by an independent CPA. The income tax return must include an Account Information Form. | NIRC Sec. 232(A), as amended by RA 10963, Sec. 71 |
| Bookkeeping records | Keep the records the Secretary of Finance has authorized, showing all transactions and results of operations. | NIRC Sec. 232(A), as amended by RA 10963 |
| Language | Keep books in a native language, English, or Spanish. Keeping them in any other language is prohibited. | NIRC Sec. 234 |
| Retention | Keep books and records for five years from the filing deadline, or from the filing date if the return is late. | NIRC Sec. 235, as amended by RA 11976, Sec. 33 |
The annual PHP 3,000,000 test replaced the quarterly PHP 150,000 test in the original NIRC wording. Use the annual test when you check whether a BIR audit applies.
The rules for which books you keep, and how they are registered with the BIR, are covered in our books of accounts guide.
What foreign-owned companies get wrong
- Using the old audit test. Many guides still cite the quarterly PHP 150,000 test. The annual PHP 3,000,000 test applies now.
- Keeping books in another language. Books must be kept in a native language, English, or Spanish. English works for reports to a parent company that reads English.
- Shortening retention. Records must be kept for five years from the filing deadline, so disposal dates need to be set against that rule.
- Treating the audit as the close. The independent CPA examines the books once a year. The monthly close has to happen during the year, or the audit starts from unreconciled records.
How we work with your team
- Setup: we agree on the books you keep, the source documents we need, and the close calendar.
- Monthly close: you send bank statements and source documents. We record, reconcile, and deliver the monthly reports in English for your parent company’s review.
- Year-end: we prepare the trial balance and supporting schedules for the independent CPA. The CPA performs the audit and signs the report. Under NIRC Sec. 232(B), the auditor must be an independent CPA as defined by the Board of Accountancy rules. Chamberlain does not replace that auditor.
- Tax coordination: monthly and year-end figures feed the BIR filings and the annual financial statements. Your tax compliance team and your accounting team work from the same ledger.
Pricing
Chamberlain uses fixed fees, not hourly billing. The pricing page shows the published monthly retainer range of ₱15,000 to ₱60,000 per month. That tier bundles bookkeeping and BIR filings with payroll, corporate secretarial work, and the annual compliance calendar. The exact fee depends on entity type, capital, and complexity. We give a fixed quote after the consultation. Government fees and paid-in capital are separate.
Next step
Book a consultation to confirm your entity type, sales level, and audit path, and to get a fixed quote. Contact us to start that conversation.
Frequently asked questions
Do foreign-owned Philippine companies need audited financial statements?
Yes, for the annual SEC filing. Section 177 of the Revised Corporation Code requires annual financial statements audited by an independent certified public accountant. If total assets or total liabilities are below PHP 600,000, the statements may instead be certified under oath by the treasurer or chief financial officer.
What audit test applies for BIR purposes?
Under Section 232(A) of the NIRC, as amended by RA 10963, a corporation or other taxpayer whose gross annual sales, earnings, receipts or output exceed PHP 3,000,000 must have its books audited each year by an independent CPA. The income tax return must then include an Account Information Form. Older guides cite a PHP 150,000 quarterly test. That wording was replaced.
Can our books be kept in English?
Yes. Section 234 of the NIRC requires books to be kept in a native language, English, or Spanish. Keeping them in any other language is prohibited.
How long do we have to keep our books and accounting records?
Under Section 235 of the NIRC, as amended by RA 11976, books and records must be kept for five years. The period runs from the filing deadline for the return, or from the filing date if the return is late, for the taxable year of the last entry.
How is accounting service priced?
Chamberlain uses fixed fees. The published monthly retainer ranges from PHP 15,000 to PHP 60,000 per month and bundles bookkeeping and BIR filings with payroll, corporate secretarial work, and the compliance calendar. The exact fee depends on entity type, capital, and complexity. Government fees and paid-in capital are separate.