How accountants can help fight online financial misinformation
- Cristina Joy Cancela
- Aug 13
- 3 min read
Updated: Aug 14
FINANCIAL misinformation has emerged as a real and growing problem in the Philippines, where more than 70 percent of the population are active on social media.
With the rise of online entrepreneurship, freelance work, and small business ventures, many Filipinos turn to Facebook, TikTok, and YouTube for quick answers to complex tax and accounting questions.
Unfortunately, this often leads to misguided decisions, especially when viewers assume virality equals validity.
Financial misinformation online typically falls into a few common categories:
1) Misleading tax advice
Influencers often tell their audiences things like: “If you earn less than P250,000 a year, you don’t need to register with the BIR.”
While this statement touches on the tax exemption threshold, it fails to mention that business registration, filing obligations, and compliance remain mandatory regardless of taxable income.
2) Overly-simplified legal structures
Some content creators promote a “one-size-fits-all” approach to business registration, encouraging online sellers and freelancers to form corporations or sole proprietorships without fully explaining the implications on tax, reporting, and liability.
3) Investment scams disguised as financial tips
Social media is also a prime platform for Ponzi schemes and “guaranteed return“ offers, often promoted under the guise of investment advice frequently lacking any regulatory compliance.
When misinformation is accepted as fact, the consequences are far-reaching.
Freelancers who believe they are exempt from BIR registration may face unexpected penalties for failure to file.
Online sellers issuing unofficial receipts based on online tutorials risk being penalized for non-compliance.
Small business owners may end up underpaying taxes due to improper classifications of expenses or income, prompted by misleading online guidance.
Ordinary investors lose savings after falling for “too good to be true” schemes promoted through financial influencer content.
The danger lies not in asking questions online, but in accepting unverified answers as truth.
Traditionally, accountants in the Philippines have served as financial advisors, compliance officers, and tax preparers. However, in this new digital era, their roles must expand to include:
1) Digital educators who create accurate, accessible content on social media. By using the same platforms that misinformation thrives on, accountants can counterbalance false narratives with fact-based insights. Examples are Filipino CPAs now create explainer videos on VAT filings, publish guides on BIR registration for freelancers, and hold live Q&A sessions to answer common tax questions.
2) Advisors and fact-checkers who clarify what is correct and what may be misinterpreted.
3) Advocates for financial literacy who will ensure that small business owners and young professionals have access to reliable information.
As licensed professionals, Filipino CPAs are bound by the Code of Ethics of the Board of Accountancy (BOA) and the Philippine Institute of Certified Public Accountants (Picpa). This includes a commitment to professional competence, integrity, and public interest.
Moreover, with the Bureau of Internal Revenue (BIR) now pushing for digital transformation, including e-invoicing, online registration, and electronic filing, Filipinos are increasingly relying on technology to manage their finances. The demand for accurate, real-time guidance from professionals has never been higher.
How can accountants step forward?
1) Join social media conversations, share posts, publish FAQs, and collaborate with content creators to ensure that credible, correct information is being circulated.
2) Simplify without sacrificing accuracy: Accountants must find ways to make technical topics digestible without watering them down.
3) Lead by example: Promote transparency in your own digital communication. Cite sources, refer to BIR regulations, and clearly distinguish between general advice and client-specific recommendations.
What the public can do
The general public must also take responsibility in protecting themselves from misinformation.
Verify sources: Before acting on financial advice seen online, confirm it with a licensed accountant or official BIR publications.
Be cautious with promises such as “tax-free income forever” or “instant approval business registration.”
Help amplify the efforts of Filipino CPAs and financial professionals who share verified, educational content online.
Accountants are no longer confined to ledgers and spreadsheets. In this digital-first world, they are becoming frontline defenders against misinformation, champions of financial literacy, and crucial players in protecting Filipinos from the consequences of bad advice.
In the end, numbers don’t lie but influencers sometimes do. And it’s the accountant’s responsibility to make sure the truth is louder than the trend.
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Cristina Joy D. Cancela, CPA, is a senior partner and head of operations of Paguio, Dumayas & Associates, CPAs (PrimeGlobal Philippines), and chairman of chapter development of the Association of CPAs in Public Practice (Acpapp).
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