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PICPA GENERAL SANTOSPHILIIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NEWSLETTER VOL. 1 NO. 1 FY 2017-2018 CITYCHAPTERInduction Ceremonies:Former PICPA Nat’l Pres. inducts FY ‘17-’18 officers;BOA Vice Chair Dr. Baysa leads oath taking of new CPAsPICPA National President FY 2016-2017, All attending CPAs then stood up and raisedMr. Ramonito D. Pernato, inducted the new their right hands to pledge their alliance to par-council officers of PICPA General Santos integrity as Ms. Rose Evelyn B. Lumbos, the entsCity Chapter during the General Member- Vice-President for Professional Develop- of theship Meeting on July 15, 2017. The Vice ment led the Integrity Initiative Pledge. Dr. newlyChairman of the Board of Accountancy, Dr. Baysa shared her personal experience and induct-Gloria T. Baysa also led the oath taking of journey towards becoming a CPA and a ed CPAs32 new CPAs from Region 12. BOA Vice-Chairman. A video presentation as she entitled “I am CPA” is then played reiterat- acknowl-The attendees of the General Membership ing the commitment of the profession to- edged theirMeeting was welcomed by PICPA-Gensan wards integrity and excellence. Another in- efforts andChapter’s President-elect, Ms. Anabella K. duction ceremony was led by Mr. Pernato contribution to their success.Noel. for the new PICPA members of the Gensan The gathering wrapped up with the closingMs. Chona M. Ejercito, Chapter President Chapter. remarks of the Chapter’s Vice President forfor FY 2016-2017 presented the annual re- “Today, we are not just CPA – Certified Membership, Ms. Rita Zenaida M. Garsuta.port for the previous fiscal year, and deliv- Public Accountants but ever since, we areered her valedictory speech as she turned the your CPA- Certified Proud Anak, becausegavel to the current fiscal year Chapter Pres- we have you as our parents.” These wordsident, Ms. Jennifer C. Porsuelo. ended Katherine D. Pama’s tribute to theAT A GLANCEThe 72nd Annual National Convention (ANC) The 46th Charter Anniversary is a living proof of the lon- PICPA athletes shoot andsmash in the Sports Festival lastwas by no means lackluster which spanned gevity of PICPA Gensan last Aug.12 at the East Asia Royale July 19-21. It was a week of athleticism and sportsman-across a three-day event (Nov. 23-25) at the Hotel where eras of fashion was flaunted, inspired with ship as members from various sectors had a goodtime inPhilippine International Convention Center in the looks of1960s,70s,80s,90s downtothe 21stCentury. the basketballandbadmintontournaments.Pasay City, Metro Manila. (Fliptopage 4tolearnmore!) (Check out page 3formore details!)

2 FY 2017-2018 Council Officers PHILIPPINEGINSTeInTUerTaElOSF CEaRTnItFoIEs DCPUhBaLpItCeAr CCOUNTANTSThe Board Anabella K. Noel Rita Zenaida M. Garsuta Rose Evelyn B. Lumbos Angelica Elaine S. Apostol PRESIDENT-ELECT VP-MEMBERSHIP SECRETARY VP-PROFESSIONAL DEVELOPMENTJennifer C. Porsuelo PRESIDENT Janus B. Peralta Noemea L. Garcia Evelyn V. Hipolito Chona M. Ejercito TREASURER AUDITOR PUBLIC RELATIONS OFFICER IMMEDIATE PAST PRESIDENT Sectoral Directors PICPA NATIONAL THEME Phoebe P. Montefalcon Vann Dexter T. Rebusa Flabert B. Villasencio Gonzalo D. Ruales, Jr. PUBLIC PRACTICE COMMERCE AND INDUSTRY GOVERNMENT EDUCATIONAs CPAs, we are calledupon to be exemplars, not Committee Chairpersonsonly of ethical behaviorand professional compe- Emma N. Cequiña Maria Catherine A. Maquilang Denise Meryl H. Javellana Jon Leo J. Licayantence, but also of inclu- SOCIAL INVOLVEMENT JOURNAL ANDPUBLICATION COMMUNITY DEVELOPMENT ACCOUNTANCY WEEKsive, intelligent and pro-active service for our Jayvee T. Llenes Jeseryl S. Formoso John Rey J. Dumaupcountry, our companiesand our community. As SPORTS AND FELLOWSHIP CPD COUNCIL FACULTY/STUDENT AFFAIRSCPAs, let us hold fast toour oath to serve the pub-lic to the best of our abil-ity. As beacons of un-shakable integrity, inno-vative thinking and a deepand continuing passionfor learning. Through ourtireless collective effortsto advance the standard,technical expertise andknowledge-based oppor-tunity to leverage on ourstrengths in order to pro-mote positive, responsi-ble and sustainable socio-economic transformation.PICPA, we are called uponto SHINE. ContributorsCLAIRE MAE D ARGUTA | JOHN REY J DUMAUP | JAYVEE T LLENES | JESERYL S FORMOSO | KIRSTEN MARIE EXIM MELISSA M MONTEBON | LAILANI L SALIC | RONALD MOISES H SALIBIO

3 Overall, this year’s sports festival ended up in a high note and gave of CPAs who a chance for graduated from GenSan- the CPAs tos Foundation, Inc. emerged as within the It champions. Chapter to show- was a week of case their sports- athleticism and camaraderie For the badminton games, eight pairs con- manshipthrough sports for the accountancy profes- tended for this year’s mixed doubles bad- and amitysionals in General Santos City as the minton tournament. Three pairs from SGV throughCity’s PICPA Chapter launches the 2017 (team SGV 1, SGV 2 and SGV 3), three sports andPICPA Sports Festival as one of the main pairs from RD Group (team GSMWI 1, wellness. Thesehighlights in the 2017 Accountancy Week team GSMWI 2 and team RD Fishing), a activities prove thaton July 19 - 21, 2017. pair from P.P Montefalcon Accounting in our profession, there are Services (team PPMAS) and a pair from still other things more than the standardsAmong the roster of the sports included in the private sector (team CRAMMMM) and technicalities that we, as CPAs, can bethe sports festival were the basketball and battled out with their badminton rackets in unison.badminton games that were open for all for the prestigious label of becoming thisCertified Public Accountants in the City. year’s badminton champions. Team RDFor the basketball games, three teams Fishing emerged as champion for thecompeted for the right to be called as bas- badminton game.ketball champions. The basketball gamewas participated by three teams namely;Team RD, Team SGV and TeamJipoys. Team Jipoyscomprised

4 PICPA celebrates 46th Charter Anniversary EAST ASIA ROYALE HOTEL, General loudly heard as they relate to the topics dis- Santos City – August 12, 2017. PICPA Gen- cussed by the speaker. Dr. Ignacio finished san Chapter celebrated its 46th Charter Anni- his speech with the saying “It’s not happy versary. This was participated by the offic- people who are thankful; It is thankful peo- ers, past presidents and members from dif- ple who are happy”. ferent sectors. PICPA Gensan Chapter also During the program, the past presidents to- invited the spouses of the late past presi- gether with their partners were given tribute dents to witness the ceremony on behalf of through serenades made by Jayvee Llenes their spouses. The event commenced with a and Andrea Cheung as they sang the most mass headed by Father Fortunato Ferolino popular 1980’s songs. and was formally welcomed by President Elect Ms. Anabella K. Noel. The kiddy side of the not so young and the young was unveiled during the parlor The night was filled with inspiring and fun games. Talents were exposed as they sing to filled messages as Dr. Jovir C. Ignacio, the songs of the decade during the Questune RgC, RP shared his food for the thought Game. Everyone who tuned in with the with the theme “Rewind. Remember. Re- game was wild and competitive. call”. Murmurs from the audience werePICPA Gensan, NFJPIA XII hold Accountancy CongressKCC CONVENTION CENTER, GeneralSantos City – July 14, 2017. PICPA GensanChapter and NFJPIA XII spearheaded a two-part program featuring the first Accountan-cy Congress in General Santos City whichbrought together ABM students, JPIAns andCPAs of the city.Gracing the event was the Board of Ac-countancy Vice Chairman, herself, Dr. Glo-ria J. Tolentino-Baysa who presented theproposed changes in the academic trail ofbecoming a CPA (Part 1).The afternoon session of the congress (Part2) was a platform for the career testimoniesof four seasoned CPAs namely acting CityTreasurer Rodilon C. Lacap (Government),KCC Prime Holdings, Inc. Senior Account-ant Vann Dexter T. Rebusa (Commerce andIndustry), Notre Dame of Marbel UniversityAccountancy Program Head Dr. Weny Pan-ganiban (Education), and SyCip Gorres Ve-layo & Co. Senior Director Jennifer Porsue-lo (Public Practice).Attending the event were students andteachers from Brokenshire College ofSocsargen, Inc., General Santos Academy,GenSantos Foundation College, Inc., HolyTrinity College, Mindanao State University,Notre Dame of Dadiangas University, STICollege, and The Quantum Academy, Inc.This cued the opening the weeklong celebra-tion of the accountancy week in the city.The PICPA Gensan Chapter AccountancyWeek Committee Head was Jon Leo J. Lica-yan.

5 2017 Accountancy Week CelebrationPARTICIPATING SCHOOLS AND UNIVERSITIES | Systems Technology Institute (STI) General Santos | General Santos Academy (GSA) of Polomolok Notre Dame of Dadiangas University (NDDU) | Brokenshire College Socksargen, Inc. (BCSI) | Villamor College of Business and Arts Mindanao State University (MSU) | GenSantos Foundation Inc. (GFI) | Holy Trinity College (HTC) | PICPA officers and members FEATURED EVENTS | exhibit design contest, quiz bowl competition, sports fest, singing contest, dance showdown JPIAns groove and growlExhibit Contest features ‘SHINE’ inspired displays VERANZA MALL ALFRESCO, General Santos City – July 21, 2017, Friday. “OurVERANZA MALL ATRIUM, General San- Eight (8) competing schools gave their own theme should have been, Rain or SHINE”,tos City – July 17, 2017, Monday. While spin on the theme SHINE: Service, Honesty, Accountancy Week Committee Head Joncalculators and books are the primary tools Innovation, and Nation-Building through Leo J. Licayan throws a pun in his closingof learning of BSA students, their dexterity Education and made use of various media remarks during the Awarding Ceremonies.with craft implements fall no short in inter- for a week-long display on July 17 until July With the theme ‘SHINE’ bannering thepreting the Filipino accountancy paradigm 21, 2017 at the Veranza Mall Atrium. A week, the event sought its silver lining de-through an exhibit. Aside from conveyance representative from each school concisely spite the downpour in the Alfresco opento the general public, this contest also aims presented their exhibit and highlighted ma- space Friday afternoon.to showcase the ability of the JPIAns to il- jor points in their display. The display of The showcase of in-sync swag and in-tunelustrate, through their design palette, the Brokenshire Cthoell1egsteplacSeo. cksargen, Inc. vocal prowess snubbed the monotone rain-significance of the CPA profession in the (BCSI) nabbed fall as participants graced the stage duringsociety. the Pop Dance Competition and Artistic Duo Competition. In the same program, champions for other events held in celebra- tion of the Accountancy Week were hailed and awarded with cash prizes accordingly. Dancers from various schools grooved to bend the stereotype of a BSA student and brought their A-game. MSU prevailed champions in the dance contest after ren- dering a military-inspired performance. Five ladies manned the all-girl group and stomped their way to the top ousting seven opponents for the title. Singers from various delegations harmo- nized two tones through tender soaring notes in a duet number. However, belting out was not a necessary arsenal during the artistic duo singing contest as the pair from MSU leaned towards a more theatrical piece from Wicked, the musical. Amid the rain, the acts and the crowd were not damp- ened by these events but rather the weather only added character to the show.JPIAns butt heads in Contemporary Quiz Bowl FormatKCC CONVENTION CENTER, General the organizers injected spin-ups such as sub- counting and reporting, cost accounting,Santos City – July 21, 2017, Friday. Eight stitutions, sudden eliminations, and time- managerial accounting, financial manage-JPIAns from Mindanao State University outs. The event brought together diversity as ment, regulatory framework for businesssnatched the championship during the Ac- third year, fourth year and fifth year students transactions and income taxation.counting Quiz Showdown in triumph against from the competing schools battle it out tocompetitors coming from universities and showcasecolleges in General Santos City and Saranga- mastery overni Province. the wide cov- erage of top-Orchestrating the showdown was PICPA’s ics; rangingPublic Relations Officer Ms. Evelyn Hipo- from basiclito. Quiz master Hipolito is also review di- accounting,rector of Mindanao CPA Review Center financial ac-(MiCPAR), the same organization that pre- counting andpared the set of questions which are up for reporting,relay. advanced fi-Bending the orthodox set-up of a quiz bowl, nancial ac-

6SSEEMRINAIER STopic: Human Capital: How to make an Impact in the OrganizationDate: July 15, 2017Speaker: Mr. Raymond A. LuclucanTopic: Inventory ManagementDate: July 19, 2017Speakers: Anabella K. Noel and Vann Dexter T. RebusaVenue: Notre Dame of Dadiangas UniversityTopic: Decision Techniques, Problem Solving, and Creative VisualizationDate: July 22, 2017Speaker: Mr. Danny A. Cabulay

7Topic: BOA, BSP and SEC UpdatesDate: September 9, 2017Speaker: Mr. Bernabe C. CaleonTopic: Ethics and Good GovernanceDate: October 20, 2017Speaker: Maria Victoria Q. Caparas, Ph.D.Topic: General Management and Leadership for CPAsDate: October 21, 2017Speaker: Maria Victoria Q. Caparas, Ph.D.

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ANNUAL NATIONAL CONVENTION 9PICCNovember 2017 ANNUAL PLANNING CONVENTION EDSA Shangrila May 2017 PICPA General Santos was represented by President-Elect Ms. Anabella K. Noel CHAPTER PRESIDENTS’ CONFERENCE PICPA National Office, Shaw Blvd., Mandaluyong City November 22, 2017 Attended by President Ms. Jennifer C. Porsuelo MOVIE SCREENING KCC Cinema July 7, 2017 Attended by more than 200 viewers



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PFRS UPDATES RegulatoryNew Pronouncements Effective January 1, 2017 Updates* Amendments to PFRS 12, Clarification of the Scope of the Standard* Amendments to PAS 7, Statement of Cash Flows, Disclosure Initiative* Amendments to PAS 12, Income Taxes, Recognition of Deferred Tax Assets for Unrealized LossesDATA PRIVACY ACT OF 2012Who are required to register with National Privacy Commission?1. Personal Information Process or Personal Information Controller employs more than 250 employees2. Data processing is on regular basis3. Data processing included sensitive personal information of at least 1,000 individualsWhat about the Registration and Compliance?* Official Appointment and Registration of Data Privacy Officer/Compliance Officer who will be the direct contact of the National Privacy Commission* Registration of personal data processing systems operating in the country including the personal data processing system of contractors, and their personnel, enteringinto contracts with government agencies* Notification of automated processing operations where the processing becomes the sole basis of making decisions that would significantly affect the data subject.* Annual report of the summary of documented security incidents and personal data breaches.* Compliance with other requirements that may be provided in other issuances of the Commission.Tax Reform for Acceleration and Inclusion (TRAIN) 1997 Tax Code 0.05 2018 Approved Version 2020Excise tax on Petroleum Products 0.05 8.00 2019 10.00Processed gas 0.00 8.00 9.00 10.00Denatured alcohol to be used for motive power 3.00 9.00 5.00Kerosene 4.00 2.50 6.00Diesel fuel oil and on similar fuel oils having more or less 0.00 4.50the same generating power 1.00 3.00 2.00Liquefied petroleum gas 0.00 2.50 6.00 0.00 4.50Bunker fuel oil and on similar fuel oils having more or less 8.00 10.00the same generating power 4.00 9.00 4.00 8.00 4.00 10.00Asphalts 0.56 8.00 9.00 10.00Aviation turbo jet fuel 3.67 9.00Lubricating oils and greases 4.50 7.00 10.00Waxes and petrolatum 3.50 9.00 N/A N/ANaphtha, regular gasoline and other similar products of 4.35 N/Adistillation (added pyrolysis gasoline in the approved ver- 7.00 10.00sion) 2.50 9.00 6.00 4.50Leaded premium gasoline (removed from the approved 5.35version)Unleaded premium gasoline 4.35Added petroleum coke in the approved version N/AAmounts presented are in Philippine peso per liter of volume capacity (except forgreases, waxes and petrolatum which are in Philippine peso per kilogram and petro-leum coke which is in Philippine peso per metric ton).Excise Tax on Automobiles (starting January 1, 2018 onwards)Net Manufacturing/Importation Price Net Manufacturing/Importation Price Up to 600,000Up to 600,000 2% 4% Over 600,000 to 1 millionOver 600,000 to 1.1 million 12,000 + 20% of value in excess of 0.6 million Over 1 million to 4 million 10%Over 1.1 million to 2.1 million 112,000 + 40% in excess of 1.1 million Over 4 million 20%Over 2.1 million 512,000 + 60% in excess of 2.1 million 50%Excise Tax on Sweetened Beverages (effective January 1, 2018) Particulars Rate No provision regarding sweetened beverages Sweetened bever- Php 6.00 ages using purely However, sweet- caloric sweeteners, ened beverages and purely non- using purely coco- caloric sweeteners, nut sap sugar and or a mix of caloric purely steviol and non-caloric glycosides shall sweeteners be exempt. Sweetened beverages using purely high fructose corn syrup or in combination Php 12.00 with any caloric or non-caloric sweeten- er Rate is per liter of volume capacity