Welcome to the Official Website of Redor, Emerson & Co.

With the dawning of globalization, REC, as a small auditing and management consulting firm which caters to the needs of small and medium size enterprises, cooperatives and NGOs, had embarked on a massive campaign internally and externally to meet the demands and requirements of regulators and users of our reports and audited financial statements.

In this regard, we shall be featuring from time to time, articles related to this role of ours as well as concerns and relevant issues affecting CPAs in public practice.

Contact Us

Office Address:
2/f Philippine Cooperative Center
90 Balete Drive Extension
New Manila, Quezon City
Philippines, 1112

Telephone number:
(632) 7226005

Fax number:
(632) 4114063

E-mail address:

October 2014

Digest of RMO 34-2014: On Clarifications of Certain Provisions of RMO No. 20-2013

See the Features Page for the clarifications of certain provisions of RMO No. 20-2013.

October 2014

ASEAN Integration and the Mutual Recognition Arrangement on Accountancy Services

See the Features Page for the highlights of the ASEAN Integration and the related Mutual Recognition Arrangement on Accountancy Services.

September 2014

Value Added Tax (VAT) Issues on Grants Contracts with the European Union

Most non-governmental organizations (NGOs) in the Philippines are registered with the Philippine tax authorities as non-VAT entities, which means, their revenues are VAT-exempt. In this legal framework, the VAT in the expenses they paid or incurred form part of their legitimate expenses already, being the end-user or beneficiary of such expenses. Moreover, VAT on expenses of non-VAT registered taxpayers are generally not refundable by Philippine tax authorities.

There were cases where funding agencies are not reimbursing or funding VAT paid or incurred on the expenses of their non-VAT registered partner NGOs in the Philippines, as stipulated in their project agreements. Philippine law on contracts, which is very clear on these matters, states that in cases where any provision of an agreement is contrary to the laws of the country concerned, the latter shall take precedence over said contract.

April 2011

A Project or Segment Financial Statement is not a substitute for General Purpose Financial Statements

General purpose financial statements are financial statements that reflect the financial position and operations of an organization as a whole for a certain reporting period. These financial statements, which consist of a balance sheet, statement of operations, changes in capital/fund balances and cash flows and related notes thereto, are the ones being required by the BIR, SEC and other government regulatory agencies as well as other stakeholders of the organization.

A project or segment financial statements are those that reflect only the financial position and operations of a project, program or segment of an organization for a certain reporting period. These financial statements, which usually consist of statement of operations and changes in capital/fund balances, are the ones being required by the concerned donors and other stakeholders of the project.

Only general purpose financial statements should be submitted for purposes of applying for accreditation with LGUs and funding with the European Commission and other donor agencies.

October 2009

SMEs and Public Accountability

See the Features page on how International Financial Reporting Standards (IFRS) define Small and Medium-sized Entities (SMEs) and Public Accountability.

July 2008

The New Income Tax Exemptions for Individual Taxpayers and their Dependents

See the Features Page for the highlights of R.A. 9504.

June 2008

The Retirement Pay Law (R.A 7641) Revisited

See the Features page for information on establishments covered and exempt from this law.

August 2007

REC celebrates 25th Anniversary

Redor, Emerson & Co. (formerly Redor Gonzales Doliente & Co. or RGD) is calling on all its former colleagues to participate and be counted in celebrating its silver anniversary on September 7, 2007, 6:00 pm at the Alex's Grille, 29 Matalino St., Diliman, Quezon City. For confirmation of attendance and other particulars, please call Ms. Ning Salvador at telephone no. 722-6005 or email Mr. Sonny Redor at redor@i-manila.com.ph.

July 2007

Need to Dispose of your PLDT Shares of Stock?

See the Features page for more information on how to dispose of your PLDT shares of stock. The aforementioned article also includes the supporting documents needed aside from the step-by-step procedures.

December 2006


Emerson Redor, the firm's founding partner, was recently elected to the Board of the Association of CPAs in Public Practice (ACPAPP). He will serve a two-year term commencing January 2007.

May 2006

Additional Requirements for Non-stock, non-profit Corporations and NGOs engaged in Microfinance Operations

Non-stock, non-profit corporations including NGOs should amend their Articles of Incorporation and state in the purpose clause that they shall conduct microfinance operations pursuant to R.A. 8425, otherwise known as the Social Reform and Poverty Alleviation Act. They shall likewise include this information in their General Information Sheets (GIS) being submitted to the SEC.

April 2006

How to Apply for BIR Accreditation as Individual Tax Agent/Practitioner

See the Features page for more information in applying for a BIR accreditation as an individual tax agent or practitioner. The aforementioned article also includes the supporting documents needed aside from the step-by-step procedures.

November 2004

Proposed Accounting and Financial Reporting Standards for NGOs

A proposed Financial Accounting Standards (FAS) for NGOs conforming with international accounting standards is now in the works using as framework the draft of the proposed FAS for NGOs which was initially undertaken by the Accountants for NGO Concerns (ANC). This is being spearheaded by the Task Force NGOs FAS. The task force was jointly organized in August, 2004 by the Philippine Council for NGOs Certification (PCNC) and the ANC.

September, 2004

Implementing Rules and Regulations of R.A. 9298 otherwise known as the Philippine Accountancy Act of 2004

Section 4-b of the implementing rules provides that any position in any business or company in the private sector which requires supervising the recording of financial transactions, preparation of financial statements, coordinating with the external auditors for the audit of such financial statements and other related functions shall be occupied only by a duly registered CPA; provided, that the business or company where the above position exists has a paid-up capital of at least five million pesos and/or an annual revenue of at least ten million pesos; provided further, that this provision shall apply only to persons to be employed after the effectivity of this Rules and Regulations; provided finally, that this provision shall not result to deprivation of the employment of incumbents to the position.