Cognizant of the need to incessantly develop, improve and advance the accounting practice in the country, a group of luminaries of the Philippine Institute of Certified Public Accountants (PICPA) founded the PICPA Foundation, Inc. on December 29, 1981.
The Foundation’s primary purpose is to pursue research and development programs to assess the impact of paradigm shifts in business and technological advances in all areas of the accountancy profession.
Specifically, it is formed to create, establish and provide a private institutional entity and or medium which will initiate, promote, sponsor, assist, pursue support and conduct programs, projects and studies that are geared towards research development and improvement in the various fields of accounting practices and procedures, and other related sciences.
The Foundation is under the management Board of Trustees composed of elected qualified members. The Board then elects its Chairman, Vice-Chairman, Secretary and Treasurer to be its lead officers.
The first Board of Trustees of the Foundation is composed of fifteen (15) individuals, namely: 1) Jaime C. Laya, 2) Washington A. SyCip, 3) Roberto Ongpin, 4) Gregorio S. Licaros, 5) Carlota P. Villanueva, 6) Panfilo G. Domingo, 7) Alice L. Reyes, 8) Jovencio F. Cinco, 9) Renato L. Paras, 10) Romeo Y. Co, 11) Adriano C. Dy, 12) Francisco F. Gonzalez IV, 13) Luis P. Vera, 14) Fortunato B. Cruz, and 15) Corazon S. de la Paz.
The Foundation focuses on the 3 main programs and activities, namely: 1) Research and Development, 2) Professional Development and 3) Scholarship. These are managed by committees led chairs who are appointed from among the qualified members.
PICPA is a key partner of the organization that has been providing assistance to the Foundation.