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ACPACIJanuaryFiles- June 2013 ACPACI Newsletter 1Official Newsletter of the Association of CPAs in Commerce & IndustryVOLUME 5 ISSUE 1 January - June 20135th CONTROLLERS’ACCOUNTANTS’ SUMMITJuly 16, 2013, Hotel Intercontinental ManilaGuest SpeakersEvolving Roles of CFOsMs. Antonieta F. IbeCommisionerSecurity & Exchange CommisionTechnical Session 1Fund & Cashflow ManagementMr. Gavin C. LeeVP - Academic AffairsCFA PhilippinesTechnical Session 2Enterprise Document ManagementMr. Joey Q. MamarilPresident &CEOSystems & Software Consulting,Inc.Technical Session 3Risk Related to IT EnvironmentMr. Emiliano S. Librea IIIChief Information OfficerPunongbayan & AraulloACPACI Celebrates40th AnniversaryWhen an organization reaches a milestone anniversary, itpresents an opportunity for a truly special celebration. Withthe theme Rising to the Challenge, ACPACI observedits 40th year founding anniversary and 2nd GeneralMembership Meeting last March 21, 2013 at the BahiaLounge, Hotel Intercontinental Manila, Ayala, Makati City.Commemorating this momentous event, the Associationconducted a series of activities. The celebration firstkicked off early in the afternoon, ACPACI held two technicalsessions: Tax Updates and Other BIR Issuances with Ms.Marivic A. Galvan, of the Bureau of Internal RevenueProject Management & Implementation Service, a s t h eresource speaker, followed by Preparation ofCorporate Tax Return, with Atty. Olivier D. Aznar of theMore of this story on page 7President’s MessageTranscending AdversityHow time flies when you are enjoyingwhat you do! It seems like a fewweeks ago when I was inducted asthe 2013 ACPACI President, and yet somany things have already happenedsince that night.I know that being the President wouldbe a lot of hard work but I did not expect an increase in my public exposure.I was invited by the PICPA By laws committee to help come upwith the proposal on what would be a possible change in the structureof our umbrella organization, served as one of the members of the nationalscreening committee for the Search of the Ten Outstanding Studentsof the Philippines ( TOSP ) and was one of the judges for the GBCCIMA Philippines contest which the De la Salle team won, giving them thechance to represent our country for the finals to be held in South Africa.During the first six months of the year, we had our general membershipmeetings and seminars in Tax updates, Standards review and the mostrequested, Financial Analysis and Forecasting. We did not forget tounwind after all the stress of the last busy tax season and savor thetranquility of Terrazas de Punta Fuego with our friends and family. Weshared our blessing with the parents of the schoolchildren of PotreroElementary School by sponsoring the seminar on The Rights of Childrenand Bullying conducted by our friends in ABAKADA.The next semester will be even busier with the Accountancy Week celebration inJuly and the ACPACI Annual National Convention (ANC) in September. OurANC will be held in the beautiful and historic Cebu City, the venue beingits one and only 5 star hotel, Radisson Blu. We invited local speakers to increaseour competency in the accounting profession and to open our minds toother options such as Entrepreneurship. The delegates can look forwardto a night of fun during our fellowship night and experience Cebu’s Spanishinfluence during the” Zarzuela Night”.To fund our scholarship program, we are sponsoring a Repertory play titled“Alice in Wonderland” on August 17 at Greenbelt 1, Makati City. I encourage allour members and friends to get their tickets now and join us in supportinga worthy cause and at the same time enjoy the incomparable Filipinotalents.To all ACPACIans, I am doing my best to rise to the challenge posed onme when I assume leadership of this organization, so please join me and“ Rise up to the Challenge” to help ACPACI achieve greater heights as anorganization.Consuelo O. CadeliñaPresident, ACPACI

2 ACPACI Newsletter January - June 2013ACPACI Sets 2013 Agenda atStrategic Planning SessionEach year, the incoming Board of Directors, Committee Chairsand Members of the Association of Certified Public Accountants inCommerce and Industry (ACPACI) convene for a strategic planningsession. The officers gathered to discuss their plans for the yearahead last January 5, 2013 at the Cuicos’ rest house in Silang,Cavite.President –elect, Ms. Connie O. Cadelina presided the meetingand talked about the chosen ACPACI theme for 2013 --Rising tothe Challenge. Executive Director, Ms. Winnie G. Cuico formallyintroduced the 2013 set of ACPACI Officers. Each committeewas given 10-15 minutes to present their goals and action plansfor the incoming year.The Social Involvement and Scholarship Committee calendar ofactivities was discussed by Ms. Lolita P. Tang, Committee Chair,together with Ms. Edna L. Constantino, Liaison Director. Theypresented their future activities, with the corresponding budget,which include medical and dental mission, livelihood programs– flower arrangements and jewelry making; Substance Abuseand Prevention Education (SAPE), Prisons Awareness Week.During the presentation, it was clarified that Social Involvementand Scholarships committees have been merged.Ms. Liza S. Glodoviza, Annual Convention Committee Chairperson,explained her committee’s programs for the Annual NationalConvention slated on September 19 to 22, 2013, with the proposedvenue at the Radisson Blu Hotel in Cebu City. She also presentedthe proposed seminars and activities for the Convention. TheANC will carry the “Rising to the Challenge” theme and LosPeninsulares, Insulares Y Ilustrados as the Fellowship Nightstheme in view of Cebu’s Spanish heritage. The group also proposeda side trip to Bohol as one of the ANC highlights.The Professional Development Committee as presented by itsDirector, Mr. Edward Roguel, discussed the committee’s projectedseminars for the General Membership Meetings with topicsranging from tax updates, financial forecasting/analysis, IFRSupdates, etc. The list of seminars submitted by the Committeewas approved subject to revisions, as the list of resource speakerswas yet to be finalized.Mr. Lawrence M. de Leon, Executive Vice-President and Directorfor Membership Development presented next, and he cited theCommittee’s objectives: improvement of membership retention;attracting and recruitment of new members; and coordinationwith other committees in coming up with relevant trainings andseminars. He disclosed his plan to divide his committee into twogroups: one group to focus on membership retention and theother, on recruitment.In the afternoon, the session kicked off with the presentationof Ms. Nanette N. Tabuac, Director for Publication and Website.Ms. Tabuac said that their committee would update the websitecontent starting with the Directors and Committee Chairs pagein view of the new set of ACPACI Officers for 2013; they wouldalso cover all the GMMs, ANC and other relevant events for theorganization, the ongoing strategic planning session included.The P&W Committee would issue two newsletters for each year:the January to June and the July to December issue, and incidentally,the Committee would release the July to December 2012 issuein time for the Induction of Officers on January 18, 2013. Also,the committee planned to feature more articles regarding theAssociation’s social responsibility activities and would add anew section on the website entitled: ACPACI’s SOS (Scholar onSpotlight) which features success story of a chosen scholar on aquarterly basis. The group approved the idea. It was also agreedthat ACPACI would contribute articles to PICPA’s Journal and Ms.Tabuac and Ms. Cadelina would coordinate with PICPA.The last to report was the Ways & Means and Special ProjectsCommittee compose of Mr. Bien R. Constantino, W&M’s CommitteeChairperson; Mr. Aphat C. Martinez and Ms. Cynthia A. Campos,Liaison Directors. Mr. Constantino talked about the tickets to begiven to each of the Directors for “Alice in Wonderland” musicalin cooperation with the Repertory Philippines. The proceeds ofthat event shall be used for the fund-raising of ACPACI’sInduction of 2013 Officersand 1st GMMContinued on page 8About 100 Accountancy VIPS, luminaries, members and guestsgathered at the Hotel Intercontinental Manila in Ayala, Makation January 18th. The draw: the induction of the 2013 Officersof the Association of Certified Public Accountants in Commerceand Industry (ACPACI) with Senator Manny Villar as the Guest

4 ACPACI Newsletter January - June 2013ACPACI’s Annual Family OutingPunta Fuego - A Summer SojournIt takes some effort getting to Club Punta Fuego in Nasugbu, Batangas, about fourto five hour drive from Makati or Quezon City, factoring in the traffic in C5 and inTagaytay City. When you actually get to the Club’s premises, going to thebeach is a tricky descending trip on its twisting and winding narrow road, and youhave to be adept in driving your vehicle the zigzag way. But once you arrive, you’lltell yourself that it’s well worth the long travel.Last April 28, ACPACI members, their family and friends did just that. They spenta summer respite at Club Punta Fuego to enjoy the beach and the pool, to bask inthe warmth of the lemony sun, and to embrace the concept of la dolce vita. Ah,summer.At the Club, you’ll get a glimpse of the social scene: a lively throng of well-to-do Manilanweekenders, company expats and foreigners, mostly Koreans. The Club PuntaFuego wristband they use to tag the guests confirms the aura of exclusivity of theresort.ACPACIans and friends gathered to swim at the beach, some went banana boatingand the others went jet skiing; some took a dip in the swimming pool and theothers enjoyed a whirlpool bath at the Club’s jacuzzi. At the center of the poolwas a blue-dotted mushroom fountain that appealed to the kids and wasreminiscent of those cute mushroom dwellings in The Smurfs. The edge ofthe jacuzzi was bordered with identical stone tortoises spouting water downwardsinto the tub. Those who didn’t swim strolled along the beach and the solaceseekers simply savored the unbeatable view of the sea under the well-shadedtent that the staff had provided for the ACPACIAN vacationers.Under the same tent, ACPACIANs and friends dined al fresco. Unpretentious Filipinofare was on the menu – the classics including pinakbet, nilagang talong withDLSU Manila wins 2013 PhilippineGlobal Business ChallengeAfter three years of waiting, the Team Power Up of Dela Salle UniversityManila was proclaimed unanimously as the Philippine champion ofthe CIMA Global Business Challenge (GBC) held last June 21, 2013 atthe Century Park Hotel Manila. Likewise, DLSU also won the Best VideoPresentation and Raphael Luis C. Camposagrado also from DLSU, wonas the Best Presentor. Completing the four-member Power Up Teamare Mark Andrew L. Chiu, Troy James R. Palanca and Ira Gayll C.Zamudio. Indeed it is a well-deserved win for team mentor, ProfessorFlorenz C. Tugas, as this elusive title is finally theirs. Team Power Up willrepresent the country in the Asia Pacific CIMA Global BusinessChallenge in Johannesburg South Africa this August 2013.Coming in as 1st runner-up is Bluechips Scions of the University ofthe Philippines Visayas and 2nd runner-up, Synexcel Consulting ofDela Salle Lipa. 61 Teams from 37 universities and colleges submittedtheir solutions to the business case about the Toy Industry. This year,seven (7) teams were shortlisted by CIMA Malaysia in the preliminarybagoong and such mainstays as rellenong bangus and kare kare. They savedroom for the house made iced tea – a perfect salve for the summer heat, and fordessert, they had brazo de mercedes paired with freshly brewed coffee, whosedelicious aroma was wafting from the percolator generously set up by the resort’sstaff.Mid-afternoon, the group ventured into island-hopping. The trip took about 20-30 minutes via an outrigger boat. The locals called the place Twin Islands butwhen you finally get to see the islands, they were like two enormous craggy rocksthat jut up from the sea and moonlighting as “islands”. They had no vegetation,just striated layers of brown, grey and black. They looked like the earth-boundmeteorite which Bruce Willis and his team nuked in the film Armageddon. Therewere smooth, pebble-like rocks the size of a platter (the others even bigger) inevery direction, and the closest thing to a flat piece of shoreline was a small moundof sand as wide as two rectangular tables underneath a miniature cove. But theseislands provided a secluded beach trail, and the calm water mirrored the color ofthe cloudless sky. The place was ideal for swimming, snorkeling or simply wadingin the chest-deep water. This was the highlight of the day.Looking out, the ACPACIANs relished the panoramic vistas of the Mediterraneanthemedvillas and houses, fringed with trees, and spilling down the rim of thecliffs; the cerulean sea; and the tumbling hills. They hung like a perfectly framedpaintings in an art museum, as though everything was an exhibit. The views weresomething you could feast on and gourmandize without restraint until you’re soreplete that you had to say your silent prayer of thanks because you were lucky,lucky, lucky to be there.When they finally reached the resort, it was almost sunset and the sky hadpinkened. It was time to leave, and it would take another four to five hours goingback home but it was easy to forget all that because the trip to Club Punta Fuegowas a truly rewarding sojourn.screening. These are the teams from De La Salle Lipa, De La SalleUniversity Manila, Malayan Colleges Laguna, MSU-Iligan Institute ofTechnology, Notre Dame of Dadiangas University, Polytechnic Universityof the Philippines and University of the Philippines Visayas.On its 4th year in the Philippines, the Chartered Institute of ManagementAccountants (CIMA) in cooperation with Barclays lauded the Philippine

Duplicators Inc. for its generous and continuous support to the GBC.As pointed out by Mr. Venkkat Ramanan, Head, CIMA South East Asia,Chair Atty. Samuel F. Villacampa is the force behind the Philippine GBC.The CIMA GBC is also an annual event of PICPA and ACPACI in theircontinuing thrust to empower and develop young business leadersamong graduating Accountancy students.This year’s panel of judges is composed of Prof. Dr. Rozainun Haji AbdulAziz, FCMA, CGMA, Dean of the Faculty of Accountancy, UniversitiTehnologi MARA Malaysia as the Chief Judge; Mr. Abhaya Gupta,Director and Head of Technology, Barclays Corporate New Market andIndia Delivery Center; Mr. Venkkat Ramanan, ACMA, CGMA, Head,Workshops on InvestmentOutlook, English Communicationand Transfer Pricing3rd GMMMay 16, 2013The Association of Certified Public Accountants in Commerceand Industry (ACPACI) held workshops on Investment Outlook,English Communication and Transfer Pricing last May 16, 2013 atthe Hotel Intercontinental Manila in Makati City.Mr. Hans M. Sicat, President of the Philippine Stock Exchange,gave a lecture on the Philippine economic outlook during theluncheon meeting. According to him, the Philippines remainedto have a stable monetary environment and there was arenewed business confidence, hence foreign funds continued to flowin. Additionally, we scored credit rating upgrade from Moody’s,Standard and Poor’s and Fitch and our GDP grew by 6.6% in2012. With these, the country has been elevated as a keyinvestment destination and has chalked up a list of accoladeslike “world’s hottest markets”-- CNN Money; “top 20 emergingmarkets for investors” – Bloomberg Markets Magazines; and “thediamond of the region” – Royal Bank of Scotland.He also added that the PSE outperformed other selectAsian indices like Vietnam, Indonesia and Thailand in terms ofgrowth in 2012 and this 2013. Other PSE’s milestones includeits increased liquidity, and as of May 15, 2013, the total marketcapitalization increased by 19.9% from P10.9 Billion in 2012 toP13.1 Billion in 2013. It could also be attributed to theimplementation of the whole day trading up to 3:30 p.m. Priorto this, the trading hours lasted only up to 1:00 pm. Also, PSEregistered an all time high when its index closed at 7,392 pointsalso on May 15.The first technical session that ensued was a light subject, butnonetheless very important to ACPACIans, How’s Your English:The GAAPs of Good English Usage. The speaker was Mr. FredDamian, Improve-Your-English coach and retired HR andCommunication Executive of Punongbayan and Araullo. Mr. Damiangave ACPACI members pointers on how to electrify an audiencethrough persuasive presentation. He urged the attentive crowdto enjoy the “pleasures of the English language” and to “listento your writing”. He said that you wield power when you havethe “ability to organize and express ideas in writing and speaking,”and he opined that bad writing is not only bad manners, bad writingis bad business.He encouraged the attendees to learn from the insightsof management guru, Peter Drucker, by reading his article Howto be an Employee, an ideal but undelivered college commencementaddress, written for Fortune Magazine years ago. Mr. DamianJanuary - June 2013ACPACI NewsletterCIMA South East Asia; Ms. Rebecca Sarmenta, Partner, Risk AdvisoryServices SGV & Co; Mr. Leonardo D. Cuaresma, Chief OperationsOfficer, Punongbayan and Araullo and Ms. Consuelo O. Cadeliña, VicePresident Controller, SM Retail Inc and current ACPACI President.Ms. Mary May Eulogio, mentor of the 2012 GBC Champion from DelaSalle Dasmarinas, rendered an inspirational message for the participantsand their supporters while Atty. Betty Salvador, 2010 ACPACIPresident, delivered the opening remarks. At the awarding ceremonies,words of wisdom and congratulatory messages were rendered by Ms.Cadelina and Mr. Aphat Martinez, ACPACI Director, in behalf of Atty.Josefe Sorrera-Ty, PICPA National President.ended his presentation with a funny poetry by Peter Meinke entitledAn Erotic Poem and a short quiz on the proper usage of thepesky prepositions, which the attendees enjoyed answering.The last technical session was about Transfer Pricing with Ms.Lina P. Figueroa, Principal, Tax Advisory & Compliance ofPunongbayan & Araullo, as the resource speaker. Shediscussed the complexity of transfer pricing and its impact inintercompany-domestic transactions as well as cross-bordertransactions; the audience was apprised with the differentimplementing BIR regulations, new transfer pricingguidelines/issuances, transfer pricing methods, and actualcases related to the topic, among others.Each workshop ended with an open forum after the lecture andthe awarding of token of appreciation c/o Ms. Rebecca R. Arago,2012 ACPACI President. Ms. Gie Guillermo, Director for Meetings,was the session chair during the luncheon meeting, while Mr. EdwardRoguel, Director for Professional Development, emceed the twotechnical sessions.5

6 ACPACI Newsletter January - June 2013Alice in WonderlandSupercalifragilistic!The Association of Certified Public Accountants (ACPACI) invites you to watch Repertory Philippines’ Alicein Wonderland on August 17, 2013 at Onstage Greenbelt One, Ayala, Makati City.Tumble down the rabbit hole with Alice and meet the fantastical and extraordinary characters of thewhimsical world of Wonderland. Audiences of all ages and sizes will be captivatedby Alice’s supercalifragilistic adventure of a lifetime as she embarks to find her true destiny.Proceeds from the tickets sales of Alice in Wonderland are going to the scholarship fund ofACPACI. The Association gives out scholarship to deserving Accountancy students of thePolytechnic University of the Philippines. Please read the featured story of a former scholar, Mr.Fritz Kein Ortiz, in ACPACI’s SOS (Scholar on Spotlight): The Good Son.ACPACI’sSOS (Scholaron Spotlight)The Good SonBy all appearances, Fritz KeinOrtiz is the most normal guyon the planet. He’s superfriendly,superpolite and superhelpfulin an upstandingBoy Scout sort of way – thekind of a guy any young chapwould be proud to be his buddy, and a l s o t h e k i n d a ny yo u n gwoman would be thrilled to take home and meet her parents. HisCoco Martin like countenance tells you that he doesn’t have a meanbone in his body. It’s like he has been providentially decreed toget a double helping of “kindness chromosomes” in his geneticmakeup. One look at him and you’ll know that he is a good personinside and out.You see him every time ACPACI holds its General Membership Meetings:assisting the resource speakers in setting up their powerpoint presentation materials, welcoming the members and guests,etc. He is ACPACI’s go to guy, quietly working behind the scenes, butthere’s more to Fritz than meets the eye.A serendipitous detourBefore joining ACPACI, Fritz was studying to be a priest on a scholarship(through a benefactor) in a seminary in Carmona, Cavite. He’s the second tothe eldest to a brood of four. His parents were working for a lawyer;his father was the chauffeur and his mother was the secretary. Whentheir boss decided to run for a public office and be based in Iba, Zambalesfor good, Fritz’s parents were given a choice: come with him inZambales or lose their jobs. His parents chose to stay with their children,and gave up their jobs. This happened in 2007, and Fritz was in3rd year. With two jobless parents and siblings still in school, Fritz madethe biggest decision he has made in his life: in May 2007, he left theseminary to help his parents. He let go of his dream of becoming apriest. Fate, as it turned out, had another plan for him.Fritz applied to different call centers but nobody hired him- he was anundergraduate. Fortunately, he landed a job in the Registrar of a privateschool in Taguig; he was receiving minimum wages. His stint lasted foronly four months, and in September, 2007, he found himself applyingfor an office/ admin position at SM. He was turned down because ofhis lack of qualification. He asked his seminary benefactor to help himfind work at SM, any work would do. Out of desperation, Fritz appliedas a bagger. His benefactor, a friend of Ms. Winnie Cuico, ACPACI ExecutiveDirector, emailed her and the latter was so gracious and set a job interview.Fritz had no clue that a life-altering shift would happen in that meeting.During the interview proper, with Fritz’ boyish charm and dignifiedbearing, Ms. Cuico commented: “Fritz, kahit saang anggulo ko tingnan,hindi ka talaga bagay na maging bagger.” Fritz, no matter whichangle I look, being a bagger doesn’t suit you. She offered him to be theACPACI Secretariat instead.Silver LiningIn October, 2007, Fritz started his job at ACPACI, and after six months,he became a permanent and full time employee of the Association.Through his salary, Fritz, together with his Ate, was able to help hisfamily with the daily expenses; he lived in extreme frugality (withP200 transportation and meal allowance per week) so he could alsosend his kid sister and brother to school. However, Fritz never gaveup his dream of going back to school himself one day.In 2009, Fritz finally caught a break. ACPACI Treasurer and Ways andMeans Director, Mr. Lito Manahan, proposed to the ACPACI Board tohelp Fritz go back to school, and to give him a scholarship that theorganization offers to Accountancy students of PUP, and the Boardunanimously approved it. The scholarship allowed Fritz to receive aP6, 000 stipend every semester. He tried to take up Accountancy, andapplied in schools like PUP Sta. Mesa and Rizal Technological University,but he was just wait- listed and just couldn’t get in. The ACPACI Boardcut some slack, and permitted him to take up a course of his choice.He chose his first love, the same course he was taking while he wasinside the seminary: Philosophy. He took up AB Philosophy at AdamsonUniversity, and in May, 2012, finally, he graduated.Paying it forwardToday, Fritz’ youngest sister is already a graduate and has a steadyjob, and so as his youngest brother. Fritz also helped his Ate, whodecided to return to school, with her matriculation. She graduatedthis school year. To his siblings he would tell that they didn’t haveto pay him back, but to return the favor by passing the good deedto the others so that the “cycle of help” would continue. His fatheris currently the chauffeur of ACPACI Treasurer and Ways and MeansDirector, Ms. Cynthia Campos, and his mother is now a full time homemaker.Apart from being the ACPACI Secretariat, he owns a stall called KoreanBulgogi in Makati Avenue, Makati City and he will be opening verysoon a bistro called Marley’s Bulalo in Osmena St. also in Makati. Asfor ACPACI, he plans to extend more marketing efforts forthe Association by getting more sponsorship and advertisements forits GMMs and other events. For Fritz, what he is today, he owes it toACPACI, its Board of Directors and Chairs, and the members behind it,and he is forever grateful.

Continued from page 1ACPACI Celebrates40th AnniversaryPunongbayan & Araullo Tax Compliance Division as the discussant.The second part of the celebration commenced with a thanks givingmass officiated by Father Jose Lasam, Rector of St. Gaspar Bertoni Seminarytogether with the seminary’s Choir and Servers. At around 6 pm, cocktailswere served as the invited guests, who were wearing ruby red or withtouch of ruby red outfits (in view of ACPACI’s Ruby Anniversary), startedto arrive. They were greeted by the organization’s officers who werelikewise dressed in ruby red. Ms. Winnie Cuico, ACPACI Executive Director,delivered the welcome remarks.Nostalgia Night.The party was a night of nostalgia; at the Bahia’s foyer, there was atable where ACPACI’s memorabilia was prominently displayed:albums containing sepia-toned and colored photographs of its officers,members, past events, and candid shots that truly captured moments ofhappiness and hilarity, newspaper cutouts about the Association, andits 1973 banner/colors.Flanking the stage were pencil portraits of ACPACI’s past presidents from1974 to 2008, artfully framed and with glass casing. These mementoesembodied the organization’s treasures throughout the years and theywere nostalgic charms that evoked good memories.Oh so delicious!Though menus and meals were not the focus of the gathering, theywere certainly key ingredients for making the get-together an unforgettableone. For the special occasion, ACPACI and Hotel Intercon prepareda wide array of taste bud-tempting culinary creations, from tastyappetizers to savory sweets and everything in between.The guests were regaled with soul-warming fare whose flavors werepositively heaven-sent: chicken teriyaki, grilled pink salmon in lemon buttersauce, pork loin with sage stuffing, beef steak Tagalog, assorted fish withhorseradish, shrimp cocktail with mango, chicken pineapple salad, wildmushroom soup, fresh lumpiang ubod, sushi, buttered veggies, Japchae,and salad, salad, salad.For desserts, the visitors were greeted with a plethora of fresh andsliced fruity delights of melons, pineapples, mangoes and watermelons.The chocolate mousse cake wearing an edible corsage- beribbonedwith cheese strips and embellished with slices of kiwi and strawberrywas visually tantalizing and delectable any way you slice it. The glazedfruit tartlettes, though bite-size, were oh so deliciously filling. Thecreamy bread and butter pudding, which tasted like a perfect marriage ofegg pie and leche flan, was a fabulous treat, and the gooey, oozy anddrippy Crepe Samurai was simply sensational.As the members and guests gathered around their tables for food,fellowship and fun, there was a video presentation entitled “AC-PACI Through the Years”. Afterwards, they were serenaded by the balladsof Mr. Lito Cereno of Session Road Café in the intermission number. Hisrepertoire included songs of Kenny Rogers – Through the Years; SpandauBallet, James Taylor; Nyoy Volante; etc. He was so good that the audiencehad goose bumps galore.Past PerfectHave you ever wondered how ACPACI started? The how’s, the who’sand the why’s were all answered during the Past Presidents’ Narrationsegment of the celebration. Each of the assigned speakers took a strolldown memory lane of their ACPACI days.January - June 2013ACPACI NewsletterEarly Years of ACPACIMr. Erdulfo Sison, 1980 ACPACI President, gave his recollection of howACPACI started. He remembered being recruited by his client, Mr. AlfredoParungao, in 1976. When Mr. Sison joined ACPACI, there were only29 members. During those days, majority of the members of PICPAwere mostly from ACPAP (The Association of CPAs in Public Practice andGACPA (The Government Association of CPAs). The CPAs in Commerceand Industry, being a minority in PICPA, decided to form a separategroup that was (and still is) fun, friendly and that could focus more onthe interests of the CPAs in Commerce and Industry, thus ACPACI (Associationof CPAs in Commerce and Industry) came into existence. Mr. Sisonbecame the sixth President of ACPACI.ACPACI in the 80’SMs. Preciosa Castillo, 1989 ACPACI President and the representative speakerfor the 1980s, described how the Association was during that decade.1980 started off literally with a bang -- the assassination of John Lennonand an attempt on the life of the Pope in 1981. For the Philippines, itwas a tumultuous times as well, the assassination of Ninoy Aquino in1986 that led to the first EDSA revolution, and the eventual ouster ofPresident Marcos. Changes in the accounting profession were seen inthis era. With the enactment of Corporation Code of the Philippinesin 1980, new regulations were passed like, corporations with paidup capital of P 50,000 and above were required to submit financialstatements that were duly certified by an independent CPA, amongothers.In 1981, the fairy tale wedding of Princess Diana and Prince Charlesmade headlines across the world; the Accounting Standards Council wascreated to establish accounting principles that would become theGenerally Accepted Accounting Principles (GAAP) of the Philippines. Itis noteworthy that in this decade, ACPACI has had its first female president,Ms.Winefreda Madarang, followed by two more lady Presidents, Ms. VioletaJosef (incoming PICPA 2013 President) and Ms. Castillo herself.ACPACI in the 90’S and through the New MillenniumMs. Arceli Sison, the ACPACI President in the new millennium (2000),vividly recalled the Annual National Convention in Baguio Country Club,where they invited Senator Manny Villar. They waited long hours forhim and his delegation; ACPACI couldn’t start the event withouthim, but when he arrived, he was already rushing to go to his nextitinerary that he didn’t even go to the stage.Funnily, in her speech, Ms. Sison talked about the PICPA Accountancy WeekCelebration in 2000; she thought that the event was in Megamall and shewaited and waited only to find out that the venue was in Edsa Shangrila.PICPA couldn’t start the celebration because Ms. Sison was part of theopening ceremony. She also recounted that the Search for OutstandingAccounting Students during her term was plagued with series ofunfortunate events: it was stormy that day, there was black out, the streetswere flooded and they were stranded at the ACCEDE Center of the Asian Instituteof Management, but in the end, all’s well that ends well.7

8 ACPACI Newsletter January - June 2013If former President Estrada’s removal from office in the middle of histerm brought the country Gloria Arroyo in 2001, ACPACI had the sameversion: in 2003, Ms. Marie De Lemos took over the leadership of the Associationwhen the term of then President, Ms. Aida Apostol, was cutshort due to health reasons. Ms. De Lemos lightheartedly pointed out inher speech that her similarities with President Arroyo extended not only totheir height but also to their tenure. Ms. De Lemos was the Vice Presidentof Ms. Apostol; she automatically became the President after the latterresigned in 2003. She was elected ACPACI President the following year. Shewas ACPACI’s GMA.Ms. De Lemos intimated to the members and guests her fears andambivalence in accepting the ACPACI presidency because she felt thenthat she didn’t have enough clout to lead. Her apprehension subsidedbecause of the support showered to her by the members and officers andACPACI past presidents particularly Mr. Ricky Lim, ACPACI 1984 President.ACPACI NowWhile nostalgic and awed by its colorful roots, today’s ACPACI remains bold inrising to the challenges that it faces, one of which is the challenge tomaintain membership and continuously recruit new ones. And as ananswer to that, new members were sworn in that night by Ms. JanisOur Sponsors:Maghinay, Chairperson, Membership Development Committee and Ms.Connie Cadelina, ACPACI 2013 President. The officers also focus on creating abalanced professional in each of its members. And to demonstrate theirdedication to provide a venue for balanced personal and professionaldevelopment, ACPACI’s top brass, headed by Ms. Connie Cadelina, spreadout the events calendar for the year and the programs that they came upwith during their Strategic Planning Meeting last January.The degree by which ACPACI can successfully ride to the crest of everychallenge that comes its way depends largely on how actively each memberwill support its programs. The key is in the hands of the members, theyought to rise to the challenge.Awesome ShindigOne of the most significant and anticipated events of the organization is theupcoming Annual National Convention slated on September 19-22,2013 in Cebu City. The preview of the Cebu ANC was presentedby ANC Chairperson, Ms. Liza Glodoviza during the awesome shindig.This year’s convention includes a side trip to Bohol. The combination ofCebu-Bohol trip not only entices but also thrills the members to join theyearly activity. This one will surely not make ‘Juan a dull boy’, to re-quoteMs. Cadelina.During the fellowship, Ms. Cecile Carandang, 2013 Director for Fellowship,prepared parlor games for the enjoyment of the members and guestsand also this little ACPACI trivia quiz to test their knowledge of theAssociation. Questions like the founding day of ACPACI, the official colorsof ACPACI, and even the address of ACPACI, among others, were asked.The parlor games and the trivia quiz had the attendees entertained forquite a while!The celebration was hosted by Mr. Lawrence de Leon, Director forMembership and was formally closed by Ms. Ma. Paz Malubay, 2011ACPACI President.Continued from page 2ACPACI Sets 2013 Agendaat Strategic Planning Sessionscholarship program. The subject of Value-Added Tax on seminarfees was touched during the discussion. Mr. Aphat Martinez clarifiedthat membership fees are not subject to VAT, though the seminarfees are. It was reported that PICPA has started the imposition ofVAT on seminar fees.Prior to the presentation of each committee, a brief descriptionof the committee duties and responsibilities was discussed by Mr.Fritz T. Ortiz, the Secretariat-in-Charge. Also present in the planningmeeting were: Ms. Rebecca R. Arago, Ex-officio Director; Ms.Feliciana B. Santos, Secretary and Director on Elections; Ms.Cristina Gajunia, Publication & Website Committee Member; andMs. Janis M. Maghinay, Membership Development Chairperson.ACPACIFilesEditorialBoardFelicidad V. AvilaChairpersonPublication and WebsiteContributors:Winnie G. CuicoCorazon S. ReyFritz Kein T. OrtizPlease visit our website:www.acpaci.com.phNanette N. TabuacLiaison DirectorCristina M. GajuniaEdna L. ConstantinoConsuelo O. CadeliñaACPACI President