Grant Thornton announced that Punongbayan & Araullo will continue as the Philippine firm of Grant Thornton, after the cancellation of a proposed merger with the Philippine firm of Deloitte Southeast Asia Ltd., Navarro Amper & Co.
Earlier this year, P&A and NA&Co signed a memorandum of agreement (MOA) to enter into a more binding deal that would combine their operations in the Philippines. The combined entity would have been called Punongbayan Amper & Co and would join Deloitte's global network.
According to news reports, the two parties could not resolve their disagreement on certain important issues, and for this reason, agreed to terminate the MOA.
"We have a strong global strategy and provide the right environment for ambitious, dynamic firms to unlock their potential for growth," says Ed Nusbaum, global CEO of Grant Thornton.
For her part, P&A Chair and CEO Maria Victoria Españo said that the firm's domestic strategy better aligns with the Grant Thornton global strategy.
"With Grant Thornton, we are able to maintain our entrepreneurial spirit and flexibility and, at the same time, work towards common global goals that we have helped to establish,” said Españo.