JULY-SEPTEMBER 2015

#PICPAgram
Official Publication of PICPA- Cebu | Sharing success beyond borders.

IN THIS ISSUE:

Take a peek inside the minds of our

PICPA youngsters in pp. 4 as they share
their views on politics, religion, and current
events

Accountancy Week 2015

Forging Excellence through Healthy Competitions
By Jamilah A. Panantaon

CLICK! CLICK! CLICK!

Check out photos of recent PICPA Cebu
activities on our PICBOOK page! pp. 6

PRESIDENT BUSINESS
PICPA Past Presidents Reunited
pp. 3

The Accounting community has always looked

forward to the annual Accountancy Week Celebration
when the frolic gets in the way and the demand of the
accounting studies, profession and everything else is
put aside. With the theme: Sharing success. Beyond
borders., the Cebu Federation JPIAns exemplified
their holistic and well-rounded selves through the
week-long activities. The wide array of undertakings
installed for them held enthusiasm and excitement
through the six-day activity.
Several interschool academic and non-academic
competitions were held, for one, testing the
accounting niche of exemplary students in the PSA
Challenge, BLT Challenge, and of course in the most
anticipated brain showdown in the Accounting Quiz
Bowl, and likewise, challenging their artistic and
creative facets in the scintillating Interschool Dance
Palabas Competiton, Mr. and Ms. CF JPIA, JPIA Got
Talent and etc., and thus stirring up the intensified
heat of friendly competition.

Talent, Ms. CF JPIA and surge to ascendancy in the

competitive, academic, interscholastic 2015
Accounting Quiz Bowl championing both level 1
and level 2.
Moreover, the USJR secured the lead in the events
standard-based challenges such us the individual
PAS/PFRS and PSA Challenge along with their JPIA
Got Talent victory. Likewise, the University of Cebu
shelled brilliance and was awarded the top places
in the individual and group Business Law and
Taxation Challenge. Ultimately, across the weeklong event, the USC contingent shone the brightest
as they were declared the 2015 over-all champion
as they bagged myriad top awards in both the
academic and non-academic competitions.

The event came to a close in the trajectory of

excellence and success whilst allowing the
atmosphere of congeniality to pervade the said
affair. Nonetheless, the Accountancy week had
been a success in its goal of somehow exposing
The games dubbed. Some schools asserted their
future accountants in the real world of accounting.
dominance and emerged triumphant over others.
The expanded horizons and extended frontiers
Relatively, for the main events of the week, the USC coupled with every JPIANs burning fervor and
made their presence known as they clinched the top- persistence holds hope of a bright and prosperous
spot in the most anticipated Dance Palabas, JPIA Got future for the Accountancy Profession.

SAY HELLO TO
OUR NEW
PICPA
PRESIDENT!
pp.2 VISIT US @ OUR NEW OFFICE in unit 1508, 15th Floor, Keppel Center, Cebu Business Park

Ms. Lourdes O. Cambonga

President, PICPA-Cebu Chapter

MEET OUR NEW

PRESIDENT
| PICPA Cebu Chapter
by Jesfil U. Paraz
The thriving professional community of
Certified Public Accountants in Cebu, PICPA-Cebu
Chapter, is delighted to welcome a familiar woman
and contributor to the organization, Ms. Lourdes
O. Cambonga, as its new president for the year
2015-2016. By profession, Ms. Lourdes Cambonga
is a Certified Public Accountant and is currently the
Business and Administration Manager and
Corporate Affairs, and Administration Manager of
Trinity Management Ventures, Incorporated and
CP Kelco Philippines Incorporated respectively.
Likewise, she is presently a Consulate Officer in the
Office Management and Administration for the
Royal Danish Consulate Cebu. Her experience in
the industry is unparalleledan active participant
to countless seminars and conventions locally and
internationally, she is also adept in the fields of
Human Resources, Finance and Administration.
Under her leadership, we are sure that the
organization shall remain a forefront and highlycapable, competitive and relevant amidst the everchanging environment. With her controlling the
rudder, we are assured that the community of
Certified Public Accountants, be it in the academe,
government, or in the private and public sector,
shall be inspired and driven to be in a pursuit of
the continuing professional excellence with shared
successes extending beyond borders.

PICPA Cebu
Officers
in action >>
2

O
F
F
I
C
E
R
S

&
D
I
R
E
C
T
O
R
S

FISCAL
YEAR
2015
2016

Marissa M. Baldecir
VP Professional
Development & Research

Edgar R. Detoya
President Elect (F.Y. 2016- 2017)

Rocel B. Becera
Assistant Treasurer

Maria Dolores P. Tampus

Commerce and Industry

Domingo Dennis
Mendoza, Jr.
VP- Membership
Development

Gerald Sugar
B. Sagarino
VP- Administration

Katherine Mae
S. Migrio
Secretary

Edlenne Fatima
D. Alvez
Assistant Secretary

Ma. Asuncion A. Benlot

Treasurer

Wendell D. Ganhinhin
P.R.O.

Jonas B. Abellar
Auditor

SECTORIAL DIRECTORS

Concepcion R. Racaza
Education

Cedric Val R. Naranjo

Government

Venencio
Oyangoren, Jr.
Public Practice

Newly inducted PICPA

Cebu officers
during their Courtesy
Call last July 13, 2015

SHANGHAI ROLES:
PICPA PRESIDENTS NIGHT
by Jesfil U. Paraz
The Philippine Institute of
Certified Public Accountants
(PICPA) Cebu Chapter held its
Past Presidents Night with
Induction Ceremonies for the
organizations committees, and
PICPA foundations officers and
Board of Trustees altogether at
the New White Gold House last
August 07, in a Shanghai
Nights-inspired event.

government in the goal to

financial and economic growth
and nation building. She also
led the induction of the officers
and Board of trustees for the
PICPA Cebu Foundation.
On one hand, for the induction
of PICPA Cebu committee
chairpersons, the former PICPA
National President, Tita Caluya
took them to oath.

The programme was opened

One of the highlights for the
by the President-Elect of the
PICPA Cebu Chapter, Dr. Edgar nights event was the Past
Detoya in his welcome remarks. Presidents night where former
PICPA Cebu presidents were
honored and given due
The Vice Governor of the
recognition for their
Province of Cebu, Hon. Agnes
contribution to the organization
Magpale graced the night as
and to the profession as a
the events keynote speaker
whole. The occasion was made
delivering an inspiring and
more special by the presence of
grateful speech on the
collaboration of the accounting 1965 president Rosario Charing
Alfaro.
professionals with the

A tribute to the Past

Presidents was presented
where everyone present took a
stroll down memory lane with a
slideshow of photographs of
PICPA presidents through the
years. The night ended with a
message from Past President
Noe Quinanola, Regional
Director for PICPA National.

Past PICPA chieftains rode to a trip down memory lane as they

reminisce the nostalgic times of the yore during the
President's Night Gala. The event was graced by the 1965
PICPA president (center).

7 Cebu graduates
PICPA CEBU
INDUCTS NEW
CPAS
by Charlene E. de Castro

secured top spots in the

May 2015 CPA Licensure
Examination: Shaun Go (in
photo) 2nd place, Jacelle
Dy 3rd, Jamaica Marjadas
4th, Odessa Allera,
Rieland Cuevas, John
Lester Lastimosa, Bridget
Diaz 10th.

Newly inducted CPAs enthusiastically struck a pose with Mr. Concordio

Quisaot during their Oathtaking and Induction Ceremonies held at the
Sinulog Grand Ballroom of the Cebu City Sports Club.

Ms. Lourdes O. Cambonga was also present to open the

event, along with . Dr. Edgar Detoya, CPA, who presented
the new CPAs for induction, while Regional Director of
PICPA-Eastern Visayas Region, Mr. Elmer P. Minerva, CPA
More than just a test, the CPA Board Examination is also a assisted Atty. Roselyn M. Soria in the distribution of
rite of passage for the profession. To welcome its newest certificates and PRC IDs.
members, The Philippine Institute of Certified Public
The evenings highlights included Mr. John Lester J.
Accountants (PICPA) - Cebu Chapter held their CPA
Lastimosa, CPA, remarkable story of how he placed top 9 in
Oathtaking Ceremony at the Sinulog Grand Ballroom of the
last May 2015's CPA board exam, imparted by no other
Cebu City Sports Club last July 9, a long-gown event that
than Mr. Lastimosa himself, and the tribute to the parents
was attended by notable persons in the profession
of the new CPAs for their role in raising such hardworking
including Board of Accountancy(BOA) member, Hon.
and persistent individuals.
Concordio S. Quisaot, CPA, who led the induction
ceremony. Hon. Quisaot took the place of BOA Chairman
Former PICPA President, Tita A. Caluya, concluded the
Joel Tan-Torres, not being in the pinkest of his health to
evening with no less pleasure by sharing light-hearted
attend the programme, and delivered Mr. Tan-Torres
laughters with the attendees through her witty closing
packet of advice for the new CPAs.
remarks with a side of practical advice.

2,132 out of 5,959

examinees passed the
CPA Licensure Examination
administered by the
Board of Accountancy last
May 2015

Juniors
Corner
The Young Minds Perspectives
by Jamilah A. Panantaon

We may be crossing different paths today but

as accounting professionals, we have all been
there. We have all been through or probably
might have shared the same experience
within the corners of the four-walled
institution where we all thrived in order to
get where we are right now. We remember
how we were molded and how we were
uniquely fashioned for greatness. However,
we may wonder how the accounting students,
our future colleagues from this generation
are all doing.
The youth of today are practically dauntless.
That does not excuse the current accountancy
students whom we know are all wrapped up
with their books right now in pursuit of their
accounting dream. Even way years before, we
already know how accountancy students are
perceived as book-worms. But amidst this
stereotype, we might still wonder how the
young minds of today actually think. We
wonder how sophisticated or cultured
enough the generation of today is to wrap
their heads amongst the most controversial
issues. We want to know how the young
minds work. We want to know how they
think, how they perceive the world and how
they navigate their lives as early as college.
Despite the busy school life, are these
students still keeping an eye on what is
happening beyond the school? Or are they all
just about books and passing all the exams
and creating uneventful moments packaged
in the most mundane wrappings?
We went ahead and tackled about the most
random things you could ever imagine to
three accountancy student leaders. Our
respondents Earl N. Minerva (RF7 JPIA
President,2014-2015) Francoise Dale C. Fua
(RF JPIA President, 2015-2016) and Bret
Alfonso J. Balbuena (USC JPIA President
2015-2016) shared their opinions on issues
at the local, national and worldwide level and
on politics, and religion.

CURRENT EVENTS
Q: Whats your stand on same-sex
marriage and how would you explain it to
the kids when asked?
Francoise: Im a very liberal-minded person. For
me, marriage should not only be exclusive to the
opposite sexes because I understand where the
LGBT community is coming from. I understand
that they are fighting for marriage not on its
religious context but rather on the right and the
benefit that it gives to the married couple. And I
think this is where the disagreement comes from
because those who are as per se, dislike the same
sex marriage thing, I fully understand them
because what they are rooting on is on their
religious beliefs, but when it comes to this LGBT
people, what they are rooting on is the legal
context of the same sex marriage. So its really
very hard to reconcile two paradigms. I think it is
very hard because in the first place we live in a
society wherein there is a social stigma to
something that is not coherent with the social
norms. I think it really is a hard thing to explain
that to a young child, but I believe the safest
paradigm would be to let your kid, as early as that
age, to realize that no matter who you areblack
or white, gay or straight, at the end of the day, we
share the same human right, that we have this
intrinsic worth of life that no matter how
different we are, we have the same value as a
person, we have the same rights just like anybody
else.
Earl: Im fine with it in a way because it gives both
the parties what the other spouse can give. But
honestly I dont know how I would explain it to the
kids. Kids are very innocent. If I explain it to them,
they might be misguided on how the world works.
Its a very sensitive issue that needs a lot of
understanding. I dont want to impose on them my
own beliefs. I would want them to form their own
beliefs or understanding in life.
Bret: Im pro-same-sex marriage. You dont think of
parents as men and women, you think of parents
because they care for you. Being a parent is
showing unconditional love. Its about time to get
rid of the norm that this is man for a woman,
woman for a man. Its human being for another
human being all sharing that same love. To a simple
child, I would tell them about human love, what
love is, in the most basic sense. Like if you do
something bad, Id reprimand you because I want
you to grow. Im here for you, Ill care for you and
then bring it to the context of being a parent. What
makes it the parent is not the gender they have, but
its that love, the love that person has shown unto
you.

BRET ALFONSO J. BALBUENA

USC JPIA PRESIDENT,
2015-2016

PERSONAL BELIEFS
Q: If given the power, would you legalize
abortion for rape victims in the
Philippines?
Earl: No. I believe its the fathers sin. Its
not moral and aligned with my principle.
Everyone has a choice and I believe the
child should also be given the choice to live.
Francoise: No, because at the end of the
day, it would really be unfair to that person
inside the womb. That child never did
something. Its so heartbreaking to know
that just because that child came
unplanned then you deprive that child of
the most basic right of experiencing the
goodness of life. If you are a rape victim, for
sure, you will always condemn the rapist
for what he has done to you. The moment
you commit that abortion, then cant you
ask yourself what makes you different from
the person whom you loathe so much?

Bret: Im a type of person who thinks

outside of the box. Yes, that is life. There
are so many factors that you need to
consider like for example, the life of that
rape victim is still life. Theyre imposing it
to her because of the negative
circumstances that happened to her life.
You just cant take her life away from her.
Its very personal because of the standards,
or the norm or what the culture tells us to
do. Ive always been an advocate for prolife but because of my close encounter with
these people, I am more inclined to
legalizing it. But it should be very strict. It
should be qualified that someone is really a
rape victim. Its a very thin line that is why
Im 51% for it.

Its about time to

get rid of the norm
that this is man for a woman,
woman for a man.
Its human being for another
human being all sharing that
same love.

-Bret

At the end of the day, no matter how

powerful you are, you can never be
above the law.

- Francoise

GOING LOCAL
Q: Do you agree with Mayor Mike Rama
in his plan to remove the concrete
islands in between the national road in
Mabolo to ease traffic?

LETS GET PERSONAL

Q: Who is your personal influence?

Earl: For me, there are other alternatives to

traffic management. It just so happens that
Filipino politicians and government
officials are not very educated on how
traffic management works. And cutting
trees, Im not saying this because of
environmental concern but rather there are
other alternatives that they can do. When
you remove the concrete islands, it will be
prone to jaywalking, accidents, prone to Uturns. Youre not creating the benefit that
youve been wanting. You could only be
creating something even worse than what
has already been done.

FRANCOISE DALE C. FUA

RF JPIA President,
2015-2016
POLITICS
Q: If it is true that Mayor Duterte
promotes killings for criminals, would
you vote for him if he ever runs for the
2016 Presidential elections? Why?
Earl: Duterte alone, I believe he is a good
candidate in the sense that he has done
well in his own city. But the thing is, this is
going to be on a national scale and Im not
sure if it is going to work. Plus, Im afraid he
is going to abuse his power. I dont know
how his mind works. I would say Im not
really pro Duterte, but Im still waiting if he
has still anything to offer in the table.
Francoise: I will always go back to the very
fundamental concept of a leader- that a
good leader is a true follower. Thats why
we have laws, ordinances, regulations. At
the end of the day, no matter how powerful
you are, you can never be above the law.
The moment, if he really does it, why would
I entrust the future of my nation to
someone who does not respect the law of
my nation?
Bret: Yes, but not because he kills people.
What he does, he scares these people, his
system of threatening them. I admire him
for he has the courage to fight off these
drug dealers. This is a question of fact
because morality is very relative. What hes
doing is creating an impact to a hundred
million Filipinos. If he runs, Id vote for him
but not because he kills people but because
he has made the difference compared to
other possible contenders. Look at Davao
now, look at the level of competence they
have.

Francoise: There are a lot of things to

consider the traffic, environmental
concerns. I think it will always boil down to
thinking of solutions that if ever there are
damages, it will be on the paradigm where
the damages will be most mitigated and at
the same time, maximizing the benefits to
all stakeholders concerned. I think theres
such thing as technology as earth-balling
you have to uproot the trees and you get to
transfer it into another area. Thats what
they did to CICC before when they were in a
hurry to finish it in time for the ASEAN
summit. Probably our leaders in Cebu are
considering that solution. And I think thats
the best paradigm because of traffic, and
with traffic, there will always be an
economic loss every second wasted,
there will always be some part in our
economy at a loss.

Earl: My father. He inspires me to do better

despite the pressure. But I believe the
pressure he gives me is a good pressure. It
gives me that gist I need to get the job done
and I dont think I would be me, if it werent
for him. Although hes taking the lead in
everything I do, Im always a few steps
behind watching his back. And someday I
know I would take the lead when the time
is right.
Francoise: My brother. He is now a
graduating accountancy student in USJR.
One of my greatest frustrations personally
in life is not being able to experience the
role of being a kuya. Because Ive always
seen in him a picture of someone who is so
caring, someone who always makes sure
that I am well, and I always have that high
respect for him even if our age gap is only a
year and a half. Thats the very thing Ive
always wished and prayed that hopefully I
can also experience how it feels to be a
kuya. And that was what pushed me to
become a student leader.
Bret: Fr. Ernald Andal. He was my spiritual
mentor ever since highschool. He was still a
brother then and we really journeyed
together until he became a priest. I look up
to him because he has strong moral sense.

EARL N. MINERVA
RF7 JPIA President,
2014-2015

..someday I know I would take the lead

when the time is right.

- Earl

As representations of the new breed of future

accountants, it is safe to assure the continued excellence
that awaits the field of accountancy considering the
ideologies shared and how the conversations went well
above. We know these students do not just live the good
enough life to give up the best for. These students
clearly do not patronize mediocrity. We cant all be
accounting geniuses but they apparently are on their

journey to excellence. It is very comforting and

inspiring to know that the future of the profession
is secured as a new batch of well-rounded leaders
and thinkers is set to join the professional arena.
And what is more comforting is the thought of
welcoming them in the next few years!

Above: PICPA Cebu Chapter

welcomes newly elected officers
at the induction held during the
3rd PICPA Cebu Summit at
Radisson Blu Hotel
on July 17, 2015.

Smiles and thumbs ups for the 3rd PICPA Cebu

Summits success where induction of new officers is
also held at Radisson Blu Hotel on July 17, 2015.
L-R: Ms. Jean Tan, PICPA Cebu Chapter President Lourdes
Cambonga, Dean Estelitta Aguirre, Past President
Rosanna Angela Arcenas, Ms. Marichu Benlot
& Past President Fidel Abalos.

Accountancy Week kicks off with Fun Walk starting from Fuente Circle (shown right),
then celebrates the Holy Mass, get amazed with Dance Palabas, and welcomes Mr and
Ms CFJPIA 2015 Candidates at Cebu Coliseum on July 12, 2015.
Snaps from the
2015 ACCOUNTANCY WEEK
ACCOUNTING QUIZBOWL
held @ the Ayala Activity Center
last July 15, 2015

<<L-R:
Mr. Edman Flores (CPA
Review Director & Chair,
Accountancy Dept., USJR),
Mr. Teo Wilson (Partner,
Reyes Tacandong & Co.), PICPA
Cebu Chapter Lourdes
Cambonga, Ms. Joanne
Guantero (Controller, TIMEX
Philippines, Inc.), Atty. Jerone
Castillo (Cebu City Attorney)
and PICPA Cebu Chapter VP
for Membership Development
Domingo Dennis A.
Mendoza Jr.
during the Induction and
Oathtaking Ceremony
for new CPAs.

PICPA Cebu Foundation Officers pose with shanghai elegance within during
their induction on August 7, 2015.

S
IFRS Seminar Part 1

Professors from various universities in Cebu discuss IFRS

with Metropolitan Cebu Water District (MCWD) Finance
Personnel on August 14, 2015.
Left Photo:
Professor Joram Deogracias, CPA (second from left) of
University of San Carlos
Right Photo:
Prof. Marjure Lourince E. Zanoria, CPA (second from left)
and Prof. Melissa S. Guillemer-Cotoner, CPA (third from
left) from University of San Jose - Recoletos

IFRS Seminar Part 2

Left Photo:
The IFRS Seminar/Workshop part 2 invites Prof.
Wendell K. Ang, CPA (first from right) of University of
San Carlos to share his knowledge to MCWD Finance
Personnel regarding IFRS on August 28, 2015.
Right Photo:
Professor Ritchie Z. Tejana, CPA (third from right)
imparts IFRS insights during the Seminar/Workshop
part 2 on August 28, 2015.

New Submission of Inventory

Lists and Other Reporting
Requirements
by Christine Marie Uy
In line with the BIRs objective to expand and
improve the reporting of reliable accounting
information, it issued Revenue Memorandum
Circular (RMC) No. 57-2015 on September 16, 2015,
requiring all taxpayers with tangible asset-rich
balance sheet with at least 50% of their total assets
in working capital assets, (e.g. accounts receivable
and inventory) to submit, in addition to the annual
inventory list, the schedules/lists prescribed in the
following Annexes of the Revenue Memorandum
Circular (RMC) No. 57-2015:
1. Annex A: For Manufacturing/Merchandising or
Retail Company Inventory of
Merchandise/Raw Materials/Goods in
Process/Finished Goods
2. Annexes B: For Real Estate Company
Inventory of Saleable Units with Corresponding
Cost Per Project
3. Annex B-1: For Real Estate Company
Inventory of Saleable Units Per Project with
the Corresponding Trade Accounts Receivable
Reconciliation
4. Annex C: For Construction Company
Schedule of Outstanding Receivables
(Beginning and Ending) and Realized Gross
Profit Per Project

Taxpayers not belonging to the aforementioned

industries shall adopt from any of the above format
the most applicable for their existing inventory.
The information contained in the schedule/lists
should be reconciled with the amount declared in
the financial statements and annual income
returns.

PUBLICATIONS
COMMITTEE
EDITORIAL CONSULTANT:
Lourdes O. Cambonga

EDITORIAL BOARD
The initial filing is due on or before September 30,
2015 covering ending inventory as of December 31,
2014. Thereafter, the report is due every 30th day
following the close of the taxable year. The
reports shall be submitted in hard and soft copies
to the district office where the taxpayer is
registered. The soft copies shall be saved in a DiskRecordable (DVD-R) and properly labelled and
submitted together with a notarized certification,
duly signed by the authorized representative of the
taxpayer certifying that the data or information
contained in the DVD-R are true and correct, as
shown in Annex D of the RMC.
Failure to file is subject to penalty of P1,000 per
report. Provided, that the aggregate amount to be
imposed for such failures during a calendar year
shall not exceed P25,000. The submission of the
schedules and inventory lists that do not conform
to the prescribed format shall be deemed not
received and shall be considered as grounds for
imposition of penalties.

Wendell Ganhinhin
Editor-in-Chief
Members:

Domingo Dennis Mendoza Jr.

Commerce and Industry

Edgar R. Detoya
Education

Cedric Val R. Naranjo

Government

Venencio Oyangoren Jr.

Public Practice
Staff:

Jamilah A. Panantaon
Deputy Editor

Jesfil U. Paraz
Deputy Writer

However, per Revenue Memorandum Circular No.

61-2015, the September 30 deadline for the
enhanced inventory list has been extended to
October 31.
Please be guided accordingly.
(Source: Punongbayan & Araullo)

Charlene E. de Castro
Graphic/Layout Editor &
Deputy Writer

Graymark J. Alberando
Photojournalist