THE local unit of the Paris-based Mazars Group expects a triple-digit annual growth until 2020, as global businesses are keen on expanding their presence in Asia Pacific.
“We’ve been nearing double [digit] growth since we joined Mazars. In the next two years, it will be like a triple [digit] growth for us,” said Jacquie Yu-Villar, managing partner at both Mazars Philippines and its local partner Yu Villar Tadeja & Co., during a media briefing in Makati City on Tuesday.
Mazars is an international, integrated and independent organization that offers audit, accountancy and tax advisory services. By the end of the year, the company will be operating in 88 countries through nearly 1,000 partners.
Mazars Philippines said about half of its current revenue performance is driven by global and regional clients such as the Ingenico Group, FOSECO, Regus, Parexel, Delfingen Industry, Agoda and First Solar.
Majority of the clients are also in the services sector, Ms. Yu-Villar said. She noted that global companies put up support services here due to the cheap labor cost, and skills of employees.
She expects the revenues that Mazars Philippines generates from global firms to increase by half in the next few years.
“We’re opening doors to the global clients of Mazars so most of the businesses that we have here are tax advisory for these foreign clients to have a feel of our tax environment, the business environment before they enter,” Ms. Yu-Villar said.
At the same time, the company is also focusing on getting local clients.
“We’re improving our presence here as well. We also want to cater much on the local entities,” she added.
Rob Hurenkamp, board member of Mazars’ Asia & Pacific Regional Committee, said the Philippines, along with other countries in the region, are “seeing an increasing movement of companies that expand globally.”
With this trend, Mr. Hurenkamp forecasts the firm’s Asia and Pacific business to grow 15% year-on-year in revenues.
In 2017, Asia Pacific accounted for 13.5% of Mazars’ global revenues, while Europe contributed 65.5%.
Mazars is currently present in 16 countries in the region with the ability to service three others, namely New Zealand, Kazakhstan and New Celadonia, via correspondent-partners.
“In general, Asia is a very attractive market for many companies to have a kind of a presence,” Philippe Castagnac, chairman of Mazars, said.
“I think Mazars cannot achieve what it wants to achieve in its global network without key countries. And so, Philippines in Asia is one of the countries that is very significant. And that is why we absolutely needed not only presence but presence of substance in the Philippines,” Mr. Castagnac added. — Janina C. Lim
