DMD and Company CPAs 57th Anniversary 2016

My Dear Colleagues in DMD & Co. CPAs, Clients and Friends. I greet all of you with a Happy 57th Anniversary! We founded the Firm in 1959 and was originally professionally known as L. C. Diaz & Company CPAs at that time there were three leading CPA firms in the country. In spite their advantage of an early start, yet a third firm known as the Philippine Investment Management Consultants (PHINMA) has been organized in 1956, wherein I was one of the original consultants.


Mr. Ramon V. del Rosario Sr. its President invited me as consultant on Finance and Managerial Accountancy. I informed him of my own plan to establish an Independent Audit Assurance Firm of CPAS.


He assured me that this was no impediment since L. C. Diaz & Co. was essentially an Auditing Firm.


I assured him that I had a long experience in the auditing profession, having been a senior auditor in the Firm White Page & Co. – later known as J. Cunanan & Co. CPAs who was during the 2nd world war, was a Principal in the US Firm of Price Waterhouse & Co. and I had my masteral degree at Columbia University, New York.


He assured me that precisely my US education would be useful to be one of the original consultants in PHINMA, Emilio Maceda, also with masteral degree at Columbia University, Vicente Paterno a masteral degree at Harvard University and Arturo Tanco from Syracuse University, New York.


I had the courage to keep growing with these Firms in the profession of auditing and consultancy. When I was chosen an Eisenhower Fellow from the Philippines one of its trustees learned of my auditing firm and was offered to be the Philippine correspondent firm of Clark, Battams, Wolf & Company CPAs a US, Canadian and UK group of auditing firm, which I gladly accepted, this started L. C. Diaz & Co. CPAs to represent a global group of firms.


Eventually, Touche Ross one of the Big Eight Firms also offered to L. C. Diaz & Co. CPAs to be a member firm which further widened our global representation, but we had to sever correspondence relations with Clark Battams, the late 90s’ Touche Ross decided to merge with Deloittes, and was called Delloittes & Touche, we opted to remain as member firm since we have expanded to be a national firm with Head Office at Makati City and Branch offices at Cebu, Iloilo and Davao Cities.


We decided to widen our organization and transformed L. C. Diaz & Co. to Diaz Murillo Dalupan & Co. CPAs. There came a time that Delloittes had become the dominant firm, that the dignity of DMD & Co. as a Filipino firm which would place our original agreement with Touche Ross to be at stake. We decided to sever relations in a mutual friendly agreement.


In spite of the severance in relations, some foreign clients decided to remain with us, until the present and have expanded our relationships with indigenous Filipino- owned and foreign-owned companies.


Our earlier decision to sever relation with a foreign group of firms; we found to be timely, since when the largest international auditing firm was liquidated and the largest auditing firm in the Philippines lost its international relationship and had to look for relationships with another group of international firm these did not concern, Diaz Murillo Dalupan & Co..


In the US, there were found to be ethical issues of misconduct, fraudulent acts of executives which resulted in the passing by Congress the American, Competitiveness and Corporate Accountability Act of 2002, more commonly known as the Sarbanes Oxley Act of 2002, which enabled the US SEC to impose stricter ethical standards for client – auditing profession relationships.


Diaz Murillo Dalupan & Co. CPAs eventually became the accredited Auditing Firm that was engaged by the US AID to do the audits of the Millennium Challenge Philippines and the Millennium Challenge Indonesia, the two countries that would be leaders in the growing ASEAN community of nations.


Now on our 57th year in 2016 and also the country has voted for a new group of leaders that would lead the country for the next years 2016 – 2022; we in the private sector shall be in solidarity with our country’s political leaders in its crusade towards economic supremacy and political excellence in governance and hopefully with the highest moral ascendancy and transparency for the common good.


We in Diaz Murillo Dalupan & Co. CPAs have rendered our solidarity as well with the outgoing administration which likewise rendered its best performance. During the term of the outgoing country leadership 2010 – 2016, it has earned the distinction for the Philippines from the supposedly “sick man” of Asia, to now the “darling” of the ASEAN Region:


ASEAN which means the Association of South East Asian Nations which was originally formed by five countries led by the Philippines has grown to become an eleven country economic group.


In the year 2015, the office of ASEAN affairs with its head Secretary Luis Cruz, and has been head of ASEAN affairs office of the Philippines has declared that the formal integration of ASEAN in December was the result of the drafting of the ASEAN charter in 2007, when the Philippines was the Chairman of ASEAN.


The ASEAN leaders will meet this year 2016 to draft the plan for ASEAN for the next 10 years. The Philippines will benefit greatly from this integration since it will excel in the four modes of these plans first is the Business Process outsourcing, with the Philippines leading in this area, the second mode is tourism where the Philippines has been offering excellent services, third is investment inward and outward of the country and fourth when workers go abroad, or accept workers to the Philippines. Filipinos are well equipped both ways.

There will be an ASEAN community network wherein the Philippines can provide exchange programs and academic collaborations.


It is anticipated that for the trade and transportation sector alone one million jobs will be guaranteed in the Philippines.


The incoming Administration will generate huge benefits for the country if it can plan and implement its economic and sociological roadmap in harmony with the ASEAN integration plans.


We at Diaz Murillo Dalupan & Co. CPAs, should anticipate and be proactive in professional services, and be innovative in serving the ASEAN community of nations.


As our slogan goes “Plan in accordance with God’s will for us, Build on the past, create and innovate in the present, with an eye for the great future.” With the help of Almighty God who honors obedience to His Divine will, our country will achieve more successes for the Filipino people, so help us God.


Mabuhay ang ating Professional Firm, Diaz Murillo Dalupan & Co. CPAs!

Mabuhay ang Pilipinas, towards a great nation circa 2030!


Luis C. Diaz

Founder, Chairman Emeritus