Speech of Ambassador Antonio L. Cabangon Chua during the oath-taking ceremony of the country’s new certified public accountants at the Philippine International Convention Center in Pasay City on December 9, 2014.
IT is with great pleasure that I congratulate our new certified public accountants (CPAs), who will be taking their oath today. Welcome to the world of accountants, where everybody counts!
When I received the invitation of Chairman Joel L. Tan Torres of the Board of Accountancy of the Professional Regulation Commission (PRC) to speak to you today, I felt so honored that I sent my acceptance the very next day. Let me tell you why: The accounting profession is very close to my heart. The acronym “CPA” is proudly written next to my name in my business cards and in all of my official communications.
I was once like you, young and full of hope. I can’t help but be reminded of the day when I took my oath as a CPA. It was definitely one of the proudest moments of my life. But before that triumphant day, we had to endure the long wait for the results of the board exams. It took months, which made it even more agonizing. It was so agonizing that I even planned to enter the military profession if the result did not come before my scheduled call to active duty, or CAD. I should have taken a different path.
Today, the PRC released the result a few days after the exam. You did not need to go anywhere to see if you made it. You simply had to go online using your laptops, tablets or smartphones. Maybe some of you got the news via Facebook or Twitter. And how many of you posted a photo of your name, highlighted on the list of new CPAs, on Instagram?
While a lot of things have changed, the fact remains that CPAs are still among the most important professionals in the world today. Whether you’ll serve in the public or private sector, you will be performing a great service to your community and country.
I was able to make use of my accounting knowledge when I worked for an auditing firm after I graduated from college. That was before I passed the board exam, and the only time I ever worked as an employee. I did not want to be a white-collar employee all my life. I wanted to go into business. I promised myself that I will earn my first million at age 40. It became my personal goal. So, I’m very happy when I issued and signed my first P1-million check at 35.
My first business with my mother was a sari-sari store. From there, I put up a pawnshop in Paco. It was launched using our own savings and money borrowed from friends. I was the lone clerk, janitor, security guard and accountant wrapped into one. My lone assistant was an appraiser.
From the sari-sari store, I diversified into sari-sari businesses. Today the ALC Group of Companies embraces newspaper and magazine publishing; radio and television broadcasting; banking and finance; life, nonlife and health insurance; and real estate, among others.
There are several core principles that served as my compass in life. I hope I will not sound as if I’m lecturing, as I feel that I am part of you, but, please, listen with an open mind.
First, do not wait for things to happen. Make things happen.
Second, the best fertilizer in any business undertaking is the footprints of the owner.
Third, use time wisely. God gave us all 24 hours a day—no more, no less, whether rich or poor—to live our life and define our future.
Fourth, take care of your people. Reward hard work. Recognize talent. Make your employees grow with your business.
Fifth, pray hard, and pray every day.
Panghuli, ibabahagi ko sa inyo ang aking naging salawikain sa buhay na aking sinusunod, mula noon hanggang ngayon:
“Sa mundo ay walang maipapalit sa sipag at tiyaga.
“Hindi talino; pangkaraniwan lamang ang matalinong nabibigo.
“Hindi kakayahan; halos kasabihan na ang pambihirang kakayahan na ‘di napapakinabangan.
“’Di sapat ang napag-aralan; maraming may mataas na napag-aralan ang naging pabaya.
“Sikap at tiyaga lamang ang batis ng walang-hanggang kapangyarihan.”
I am not an accelerated student. But I took summer classes. Thus, I completed my high-school and college education in only six years. I cross-enrolled in the Guzman Institute of Technology, where I took up an automotive-mechanic course. Kaya, mekaniko rin po ako. I was a young man in a hurry then. Now, they are calling me an old man in a hurry for putting up more businesses to generate more jobs. This is because I do not have the luxury of time.
My young friends, where do you go from here? You may wish to learn from my experience. Go into business. You can start as an employee and do your best to save. From your savings, start a small business, then venture into bigger stakes. Start in your own backyard or on a sidewalk. Firmly resolve to make your first million at age 40. Sinasabi ko palagi: “Saan ba nanggaling ang kalakhan, kundi sa kaliitan?”
Again, my congratulations! Pagpalain nawa kayo ng Panginoon. Now, go out and seek your fortune. Maraming salamat po at mabuhay tayong lahat!