VOLUME 5 | ISSUE NO. 2 #PICPAGRAM

Official Publication of PICPA Chapter

Editor's Note: When Salt Matters BY KIM M. ARANAS This issue: A lone salt is useless but with others, it sparks flavor. PICPA Cebu #PICPACebuCARES alone is useless but with its active members, it becomes relevant to the industry & the community. True to its 5-point thrust of PAGE 02 CARES--Collaboration, Advocacy, Responsive Representation, Education, and Sustainability, PICPA Cebu achieved significant CPA Oathtaking: Welcoming milestones in the 2nd quarter of the fiscal year--from organizing New Members to its fold basketball tournament to gift giving, radio broadcasts, and tax PAGE 05 management clinicquing. Likewise, PICPA Cebu continuously provides the much needed professional updating through relevant CFJPIA Week: Triunfar 2019 seminars to its members and the conduct of the General PAGE 06 Membership Meeting (GMM) to keep its members abreast on industry and organizational updates. In this issue, the PICPA Convention: Reaping Publications Team presents to you these milestones for the 2nd the Fruits of our Labor quarter. For PICPA Cebu owe all these achievements to you! PAGE 08

Play & Party: PICPA Cebu Basketball Tourney & Coachella Xmas Party PAGE 09

Down the lane: 2nd Quarter Seminars & BOD Meetings PAGE 10

Organizational Updates PAGE 13

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 01 # P I C P A C e b u C A R E S

# P I C P A C o l l a b o r a t i o n s & A d v o c a c i e s

P I C P A C E B U G I V E S B A C K

b y N i c j i m O l i v e r | P & A G r a n t T h o r n t o n

P I C P A T I M E W I T H G I F T G I V I N G : T A X M A N A G E M E N T U S C K N N O L A N G O I S L A N D C L I N I Q U I N G

In partnership with the USC Spearheaded by the CSR PICPA Cebu together with Kapamilya Negosyo Na Committee, the team the Cebu Chamber of (KNN), PICPA Cebu Chapter headed to Olango Island for Commerce & Industry (CCCI) hosted radio broadcasts PICPA Cebu's annual gift successfully facilitated the from October to December giving treat to kids & senior first run of its tax aimed to guide budding citizens last December 21, management cliniquing..... MSMEs...... cont'd on page 3 2019.....cont'd on page 3 cont'd on page 4

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 02 P I C P A T I M E W I T H U S C K N N

c o n t ' d f r o m p a g e 2

The Chapter's collaboration with USC KNN through the PICPA Time at DYAB 1512 tackled wide ranging topics ranging from Inventory Costing (Oct. 26), Business Registration (Nov. 30), and Basics in Bokkeeping (Dec. 28), among others.

PP Fidel Abalos took on the role as the mainstay host with the active support and participation of PP Tita Caluya, Dirs. Ching Rasalan Racaza, Grace Socorro Larcena, Chris Biore, Jude Cruz, and the CSR Comm. headed by Ms. Jollybee Del Rosario.

G I F T G I V I N G : O L A N G O I S L A N D

c o n t ' d f r o m p a g e 2

As part of the Chapter's annual gift giving tradition, the team, headed by ED Sugar Sagarino and the CSR Committee, went to Olango Island for the distribution of the gifts raised through the collective efforts of the BODs, Secretariat and the generous hearts of various PICPA members.

Through your donations, the Chapter was able to distribute goods and gifts to deserving senior citizens and the kids of Olango. From the beneficiaries and the Chapter officers, thank you very much donors, organizers, and volunteers!

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 03 T A X M A N A G E M E N T C L I N I Q U I N G

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Pursuant to a MOA inked by the CCCI & PICPA, the tax management cliniquing was successfully held at the CCCI Bldng. from September to November 2019. This activity is aimed to provide professional guidance to the participants as they hurdle the complexities involved in our dynamic tax rules.

The program commenced with the inspirational talks from esteemeed entreprenuers and practitioners--Mr. Bunny Pages, Mr. Nonoy Espeleta (CCCI President), and PP Wendell Ganhinhin (CCCI Trustee). Tax management sessions were conducted on various dates which are being conducted by P&A Grant Thornton, PWC Isla Lipana and SGV, After the learning sessions, the activity culminated with consultations to various consultants from PICPA-Cebu including Mr. Rhyz Buac, PP Tita Caluya, PP Elmer Minerva, PP Atty. Rhenier Mora, and representatives from RT & Co., & P&A Grant Thornton, among others. To all the PICPA Lecturers & Consultants, THANK YOU VERY MUCH!

Participant's Feedback

In general, the participants have assessed the seminar program to be Very Good. All of them gave good reviews on the competence of the resource speakers. They found the seminar to be very informative which gave them new knowledge and updates on the current tax compliance standards.All participants in all the 10 sessions assessed that their objectives of participating in the seminar were met.

Testimonies

The seminar was very relevant and informative especially for entrepreneurs and staff from the banking sector The speakers are great, very competent! They are knowledgeable on the topics assigned them and have actual work experience. They helped seminar participants to understand about taxation, how to comply with the monthly tax dues and obligations and to be more aware of the importance of properly paying tax dues. They provided participants with latest updates on tax compliance standards and accommodated questions from the participants."

- Compiled by Ms. Elpe Canoog |Head of Business Development & Management Services | CCCI

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 04 CPA Oathtaking: Welcoming new members to the fold b y F e r a n i e J a n e C a g u l a d a | K P M G R G M a n a b a t & C o . To the new CPAs, never stop learning; learn how to cook -- Climbing up a mountain and reaching its summit has its own charm. You feel all optimistic at first, having high hopes that you’ll reach the top in no time. try new recipes of life. The However, you’ll realize in the midst of the ride that it isn’t going to be as easy as you initially thought it would be –that a lot of dangers may be on the pathway will be vague; it way up, and you could potentially lose something or eventually fail. And that’s wouldn’t be the clearest at where you start to make the choice: take the risk and continue or just stop reaching the mountaintop. Is it worth all the effort? The answer is different this point. There will be for everyone. countless roads to choose from.

Cheers to those who persevered, who strived to reach the top. Cheers to them because Still, it’s harder to stay on top despite all the hardships, the sleepless nights, and the depression, they made and do nothing than it is to it through. They’ve reached the summit. Weary as they may be, they plant their flags atop. They showed the world that the metaphorical mountain is not make a new and exciting climb. unconquerable. Continue to seek new Now they are here. endeavors!

The grand evening of the 29th of November, 2019 was especially set to welcome the arrival of the genuinely driven risk-takers at the finish line of the trek. Awaiting at the mountaintop with open hands to welcome the October 2019 Certified Public Accountants Licensure Examination Passers, the Philippine Institute of Certified Public Accountants (PICPA) - Cebu Chapter, together with the Board of Accountancy (BOA) and Professional Regulation Commission (PRC), spearheaded the Oath Taking and Induction Ceremony held at Waterfront Hotel & Casino in Lahug,Cebu City.

Opening the momentous event was Maria Asuncion R. Alfaro-Benlot, CPA, PICPA-Cebu Chapter President, 2019-2020. With strong enthusiasm and welcoming jubilation, she reiterated that the night was all set to rightfully celebrate the fruits reaped by the inductees from their sacrifices and hard work. Dr. Marissa M. Baldecir, CPA, VP for Professional Development, led the recitation of the Integrity Pledge for CPAs. Altogether, with their right hands raised, the new CPAs imposed the listed obligations to themselves without mental reservation or purpose of evasion. Also gracing the event was keynote speaker Hon. Noe G. Quinanola, Chairman of the Board of Accountancy. With his motivational messages and inspiring talks, the new CPAs were all ears with beaming faces that mirror a reflection of excitement despite all the uncertainties that they were about to partake. Following the inspirational words from the keynote speaker was the much awaited Oath Taking and Induction Ceremony. With passion and dignity, each new CPA declared their oath to the Philippine Government and to the Accountancy Profession to uphold the values and responsibilities of a dignified Certified Public Accountant.

Having the CPA title is really a momentous event to be cherished. However, this only denotes a new beginning; a start of a more exciting trek. As the lyrics of the song “The Climb” by Miley Cyrus says, “There’s always gonna be another mountain”; that in every top of a mountain is always the bottom of another. It was both our pride and joy as we celebrated with the oath takers this eventful night. We wish nothing but all the best for our young professionals in their future undertakings.

V OOLCU TMOE B5 ER-DECEMBER | VOLUME 5 | ISSUE NO. 2 I S S UPEA NGO .E 2 05

CF-JPIA WEEK 2019

Triunfar: Stand, Ascend, Defy

TRIUNFAR 2019 By: Alea Mae Macasusi

September 22, 2019, truly marks a special day as the burning hearts of JPIANs all over Cebu gathered for the opening of CF-JPIA Week in University of Visayas Gym.

Before the activities officially started, a mass was held to bless the whole week CF-JPIA event. After which, JPIANs filled the UV gymnasium with their loudest cheers as the Master of the Ceremony officially opened the program. The emcee then introduced all the participating Universities and Colleges which include: University of San Jose-Recoletos (USJ-R), (USC), University of Visayas (UV), Cebu Roosevelt Memorial Colleges (CRMC), Cebu Institute of Technology University (CIT-U), Lapu-Lapu and (UC-LM), University of Cebu - Main Campus (UC-M), University of Cebu - Banilad (UC-B), University of Southern Philippines Foundation (USPF), South Western University PHINMA (SWU PHINMA), Saint Theresa's College (STC), AMA Computer Learning Center (ACLC), Lyceum of Cebu (LOC), and Benedicto College (BC).

After the introduction, the President of CF-JPIA, Mr. JB Boquilon, delivered a short opening message followed by the announcement of guidelines and criteria for the competitions scheduled for the morning, which are the Pop Jazz and Idol of CF-JPIA. Also, Ms. Sugar Sagarino, CF-JPIA adviser, shared an inspiring speech highlighting the essence of this week-long event.

Before the morning program ended were the presentation of the candidates for Mr. and Ms. CF-JPIA and the Unity Dance presented by the pop jazz participants. The University of San Jose-Recoletos outshone the other 9 competitors and was hailed as the champion. Mr. Paolo Menoza then ended the program with his closing remarks.

"This is a competition and you are representing your respective local chapters, however let's not forget that you belong to one organization and that's CF-JPIA. Whatever the outcome is, win or lose, let's embrace it with the spirit of sportsmanship," said Ms. Sugar Sagarino, during her speech.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 06 CFJPIA Week 2019 Concludes @ USC

By: Ivy Joy Javagat | CFJPIA

The closing ceremony of the CFJPIA Week 2019 was held on September 29 at the Anselmo Bustos Gym of the University of San Carlos - Main Campus.

The highlights of the closing ceremony were the Awarding of the Academic and Non-Academic Competitions, Idol CF-JPIA, and the Mr. & Ms. CF-JPIA.

After the invocation and the singing of the national anthem, the candidates of the Mr. & Ms. CF-JPIA heated the dance floor with their production number. It was followed by the opening remarks of the hosts, Mr. Cefe Nary Magno, CPA, and Ms. Roselyn Deganio, CPA, who also introduced the panel of judges comprising of 12 professionals from the accounting, fashion, entertainment, engineering, and information & technology industries.

The crowd was then serenaded by the six finalists of the Idol CF-JPIA. This was followed by the presentation of the candidates in their theme wear and the awarding of the minor awards such as Mr. & Ms. Photogenic, Mr. & Ms. Congeniality, Mr. & Ms. Social Media, and Mr. & Ms. People's Choice Awards. Intermission numbers from the champions of the Pop Jazz Competition and the Spoken Poetry also graced the event.

For the preliminary Question & Answer (Q&A) portion, all the candidates were given topics in the form of hashtags which they should expound. The Top 5 was then selected and were asked the final Q&A wherein they were given the same question. For the gentlemen, they were asked "What is an accountant's greatest contribution to the society?" while for the ladies, "When can you say that an accountant is truly empowered?"

In the end, the University of San Carlos (USC) emerged victorious as both the Mr. & Ms. CF-JPIA 2019 hailed from the said university.

Both the Academic and Non-Academic Competitions were also dominated by USC. The first and second overall runners-up were University of San Jose - Recoletos and the University of Cebu - Main respectively.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 07 2019 PICPA NATIONAL CONVENTION Reaping the Fruits of our Labor

CONTINUING GOOD PERFORMANCE AWARD FY 2018-2019

During the 74th PICPA Annual National Convention in Laoag City, Ilocos Norte, PICPA-Cebu was once bestowed with the continuing good performance award.

OUTSTANDING LOCAL CHAPTER PRESIDENT FY 2018-2019

Prior to being awarded for its continuing good performance, PICPA National has held PP Wendell Ganhinhin as an Outstanding Local Chapter President.

PICPA CEBU REPRESENT!

PICPA Cebu's representatives during the 74th Annual National Convention last November 21-23, 2019, headed by President Marichu Alfaro Benlot.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 08 PICPA CEBU BASKETBALL TOURNEY OPENING

Taking a break from their calculators and workpapers, last October 26, 2019, the PICPA Cebu Basketball Season 2019 was formally opened at the Capital Parish Gymnasium participated by a total of nine (9) teams who are members of the Chapter.

PICPA Cebu's Coachella Xmas Party

Because we are not only all work, members of the Chapter donned their best coachella attire to attend the Annual Christmas Party on December 13, 2019 at the Parklane Int'l Hotel as organized by the Meetings, Fellowship, and Sunshine Committee.

Thank you for the support especially to our officers, past presidents and members who came and to our corporate and individual sponsors for the door prizes.

WOinCslToOw BMEinRu-tDesE •C OEcMt. 2B0E20R | VOLUME 5 | ISSUE NO. 2 PAPaGgeE 2 09 Down the Memory Lane

2 N D Q U A R T E R S E M I N A R S & B O D M E E T I N G S

4TH REGULAR BOD MEETING October 16, 2019

The 4th Regular Board Meeting was held at the City Sports Club.

TAX UPDATES 2019: NON-STOCK, NON-PROFIT INSTITUTIONS, TAX AMNESTY PROCESSES & DOCUMENTATION October 19, 2019

With more than 170 participants, the seminar was successfully facilitated by Ms. Rhodora Icaranom at the Cebu Parklane International Hotel.

MS EXCEL FOR ACCOUNTANTS October 26, 2019

With Mr. Eric Magcale, the seminar was attended by more than 150 participants which was held at the Cebu Parklane International Hotel.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 10 Down the Memory Lane

2 N D Q U A R T E R S E M I N A R S & B O D M E E T I N G S

BASICS IN PAYROLL, TAXATION & UPDATES IN LABOR STANDARDS November 8, 2019

With more than 150participants, the seminar was succesfully conducted at the Cebu Parklane International Hotel with spekers from P&A Grant Thornton--Atty. Kim M. Aranas, Ms. Shenalyn Leria-Borja, and Ms. Mica Dyan T. Borja

5TH REGULAR BOD MEETING November 13, 2019

THE FUTURE OF MONEY November 15, 2019

The speaker of this seminar was Mr. Zaldy D. Aguirre of the PWC Isla Lipana & Co.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 11 Down the Memory Lane

2 N D Q U A R T E R S E M I N A R S & B O D M E E T I N G S

INTEGRITY MANAGEMENT OF GOOD GOVERNANCE IN THE LGU November 26, 2019

Dubbed as PICPA Time with the Cebu City Barangays, a seminar was conducted to put emphasis on good governance among LGUs with Ms. Teresita Nilda Restificar and Grace Socorro Larcena as resource persons.

COMMON ERRORS IN FS PREPARATION December 6, 2019

This seminar under Competence Area A was conducted by Mr. Marco Fernando L. Ng with more than 100 participants.

2ND GMM: THE REVISED SRC 68 & 6TH BOD MEETING December 13, 2019

Mr. Karl Joseph N. Malvas of Reyes Tacandong & Co. conducted the seminar during the 2nd GMM which was followed by the 6th regular BOD meeting.

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 12 ORGANIZATIONAL UPDATES

P P S U G A R S A G A R I N O A P P O I N T E D A S E X E C U T I V E D I R E C T O R

Pursuant the Chapter President's Memorandum dated September 30, 2019, PP Sugar Sagarino was appointed as the new Executive Director effective October 1, 2019. PP Sugar will assume the post of ED Letty Cortes who has tendered her resignation after more then 2 years of exemplary services. Prior to her appointment, PP Sugar was PICPA-Cebu's Training Director.

To Ma'am Letty and new ED Sugar, we wish you all the best!

P A Y M E N T S T H R U U N I O N B A N K

Members can now pay in 3 ways: via Branch through Bills Payment Slips via online thru UnionBank Personal Online Banking UnionBank Business Banking (for those with existing UnionBank accounts).

For further details, you may visit this link: https://picpa- cebu.com/2019/12/17/unionba nk-bills-payment-for-picpa/

OCTOBER-DECEMBER | VOLUME 5 | ISSUE NO. 2 PAGE 13 THE Publications Team!

For queries and concerns, you may send us an email through: PubCom.PICPACebu [email protected]