RMC 105-2017 : Revised Withholding Tax on Compensation (TRAIN Law)

Revenue Memorandum Circular No. 105-2017 issued on December 29, 2017 prescribes the Revised Withholding Tax Table on Compensation pursuant to the amendments to the National Internal Revenue Code of 1997 introduced by Republic Act No. 10963 otherwise known as the “Tax Reform for Acceleration and Inclusion (TRAIN) Law”

Beginning January 01, 2018 until December 31, 2022, every employer making compensation payments to their respective employees shall deduct and withhold from such compensation a tax determined in accordance with the revised Withholding Tax Table:

Here is the copy of the signed memorandum:

John Gokongwei: Love your work. Never stop learning.

John Gokongwei Jr., the JG Summit chairman emeritus has recently received a Lifetime Achievement Award at the University of San Carlos, Cebu City last October 18, 2018.

In his speech he narrates how he started as a young entrepreneur making Php20 per day by working longer and harder than the other. He also then stresses how he still wakes up early and love what he is doing at the age of 92.

Today, I am 92 years old. I still wake up early and I still love to do what I’m doing. I still know everything what is going on in my company.

He also shares his wisdom in succeeding life:

I always tell my children, my grandchildren, and my colleagues: Love your work. Work hard for it. Love your family. Love your country. Never stop learning. And always look back and be grateful to where you came from.



Here is the full text of John Gokongwei’s speech:

It’s always special to be back here in Cebu, my hometown. And it is extra special to be here at my Alma Mater, University of San Carlos. I flew here this morning on the airline I named after this city I love, Cebu Pacific. I went to school here at the University of San Carlos for my primary school and my high school. I was valedictorian in grade school, and I was number one in my class in high school. Because of that, I received free tuition at school. I remember Fr. GRIES who taught us English Literature, and Mr. Quibilan, the principal. I especially remember Fr. Smith, who was the disciplinarian, because one day he caught me running in front of his office, and I had to stand in the corner for one hour. When I was 13 years old, my father died, leaving me to take care of my mother, my four brothers, and my sister. At the time, my youngest brother, James, was only nine months old. I took care of them all. Because the family has always been my priority. It was here in Cebu that I first earned my first few pesos. I used to wake up way before dawn to ride my bicycle to the public market many kilometers away. I set up a little table at the market to sell spools of thread, bars of soap, and candles. I earned about twenty pesos a day by working longer and harder than everybody else. But it didn’t matter since I really loved my work. I loved being an ENTREPRENEUR. And so all through the years, I stayed as an entrepreneur, loving what I did and working hard. And always learning from the school of life. Years later, when I was married to my lovely wife Bia, and had six children of my own, I finally had the means to go back to school. I went to De La Salle University to get my MBA. It took me four years since I was a working student. When I got my diploma it was one of the proudest moments of my life. Then I went to Harvard in 1972 for 14 weeks to take the advance management program. Today, I am 92 years old. I still wake up early and I still love to do what I’m doing. I still know everything what is going on in my company. I still love to learn and am always reading books, and now, online stories in this new digital age. I always tell my children, my grandchildren, and my colleagues: Love your work. Work hard for it. Love your family. Love your country. Never stop learning. And always look back and be grateful to where you came from. Thank you, University of San Carlos, for being a large part of who I am today. Thank you for this lifetime achievement award.


Chapter 1: You Are Bound to Begin a New Journey

Career transition is painful. Be it caused by unfortunate events or your own decision making, especially if you seem to be soaring high prior to the transition. You acknowledge that there’s so much more to learn, but you thought you’re strong enough to adjust to whatever comes your way, as long as you’re patient, hardworking and maintain a positive attitude. Then along the way, there’s turbulence, sudden lost of sight and before you knew it you’ve already lose path - you know longer know where you are heading to.

During this time you will feel discouraged because in spite of your best efforts, you can’t seem to land to where you think you should be or worse you can’t secure a job interview. The hurt and despair of being unemployed or taking a step-back in your career after being part of the “big leagues” of life are far more devastating since we are not just taking into account the loss of income but loss of career, loss of self-respect and loss of identity.

If we allow our despair to be a part of our daily life and let our emotions unchecked, failure in career path will lead to self-pity, self-blame and depression,

Most often, you’ll try to seek refuge through prayer, but during this times, you might caught yourself asking the following in your prayer: “How much more Lord?”, “How much longer must I wait for a breakthrough?”, “If you love me, why are these things happening to me?”.

Then you will start to examine the past and think of all the wrongs you’ve done. You will be tempted to deny that God still cares for you, because somehow your mind will tell you: ‘You’ve blown it.’

Let me tell you two things -

First: If you think you everything is being taken away from you because of the things you’ve done in the past – think of Peter. Peter denied Jesus (Matthew 26:74) and wept bitterly (Mathew 26:75). But that was not the end of Peter’s story. He find his strength in Jesus and the Lord restore him. He was able to got up and fulfill the assigned path as the “fisher of men”.

Second: God knows what you are going through. He knew everything that will take place even before we are conceived. He knew all the painful season that we need to bear for us to be ready for the biggest blessings of our lives. He sometime allow despair to come our way for us to grow closer to Him. He disarm us and let us feel weak or helpless, so he could help us. He let our plans fail, so he could make things happen according to His will.

Jeremiah 29:11 For I know the plans I have for you, plans to prosper you and not harm you, plans to give you hope and future.

The fact that you are still breathing means God is not done with you yet. A major set-back or hitting rock bottom does not mean your journey is over, in fact it may have just began!

Trust his plans. Restore your confidence with the Lord and remember that He is always faithful to us.

Tips on How to Ace Your Job Interviews

Whether you are a fresh graduate or an experienced one, the following tips will surely help you land that dream job you are applying for:

1. Know all the contents of your resume

Knowing every details of your resume tells three important things about you: one is you are serious of building your career profile, second is you know your self well and confident about it, lastly and more importantly – it implicitly says that everything in there are true and correct.

2. Study the history, profile and industry of the Company that you are applying for

Having memorized (but not necessary!) the date of incorporation and the products and/or services of the company that you are applying for is one thing, but “knowing” the company is another.

Sure you may research the history and company profile, which is very good. But understanding the mission, vision and values of the company will help you make an impression that you are serious about joining them. It will help you a lot in answering the question: “Why do you want to join us?” (Pro tip: tell them how your career plan aligns with them)

Knowing the industry of the company is very important, it will surely help you in figuring out how you will be able to contribute to the company especially if you are a finance or marketing professional. After all it is one of the most job interview questions that you might encounter: “How do you think you would contribute to the company?” (Pro tip : know the latest issues and trend in the industry and tell them how you might help them in solving issues or developing concepts)

3. Try to anticipate the questions

In today’s age, it is very easy to research about the most widely used job interview question and the “ideal” answer. But aligning your answer to your own strengths and experiences will help you go a long way during the interview. By this, you can make sure that you have an answer when the interviewer says, “Please expound” or “Can you give me an example”

Take note that even though you have some rehearsed answer do not memorize it! Try your best to deliver it in a most natural way you can and memorizing won’t help you achieve it.

4. Dress appropriately

Showing up appropriately dressed shows that you put effort and take seriously your interview. A traditional business attire never fails – in general. But researching the company dress code and customizing your outfit for the job that you are applying for is a plus! For example, you might add some colors if you’re applying for a creative related job. Over accessorizing though, is never encouraged.

5. Bring extra printed copies of your resume

Even though you already deposited your resume in their portal or submitted a soft copy via email, bringing a copy is always a must! Never assume that they will print a copy for you. And bringing extra copies is professionalism. This will save you from worrying about what to do if the interview becomes a panel type or if they already endorse you to the next interviewer.

Having a spare one for yourself will help you make sure that you and the interviewer are referring to the same page. And sure, you know everything in your resume but there are things that you might want to skip memorizing (like the every exact dates of seminars you attended) so you could pay attention to more important things, and having a handy copy of your resume will be a great help so you don’t have to worry if those things will be asked or not.

6. Be punctual

Being punctual does not mean that you will arrive in the place of interview 3 to 5 minutes before the schedule. You want to be there at least 15 to 30 minutes before.

This will help you freshen up, in case you took a long travel, and set yourself for the interview. Arriving ahead of time also buys you extra time in case you need to fill-up forms and write essays before the interview. And talking about these things, I would say, please bring your own black pen. And no, I did not make a separate item for this tip, because this is obvious.

7. Be confident and friendly

Even if you are nervous make sure to greet politely, shake hands and smile appropriately to the interviewer.

During the interview, sit-up straight and make an eye contact. This will build up a confident image of you. Try your best not to make any unnecessary gestures and smile occasionally at appropriate moments, but showing that you are serious in answering the questions.

8. Do not project that you know more than you actually know when answering the questions

If you are asked a question about a certain subject that you lack knowledge or expertise, say so. What you can do is discuss you knowledge or experience so far, point out how your past experiences can be related to it and that you are very much willing to learn.

Never lie or overstate in an interview it will cause you trouble if the interviewer make a follow-up question or ask you to demonstrate. It may cause you bad record and lose your future opportunities.

9. Ask Questions

Always bear in mind that a job interview is a two-way conversation. Always grab the opportunity when the interviewer asks you “Do you have any question”.

Ask about the details of the job and their expectation from you in case you will be hired. This will give them an impression that you are serious in doing your job.

Ask about the company’s employee development program or the reason why the position is vacant (in a very polite manner). This will give them an impression that your career is important to you and you know your worth as a professional. Plus, it will help you in decision making if the position is offered to you.

10. Bonus Tip: Ask for water!

Most often, you will be asked if you want water, and most interviewee would say “Oh, no thanks! I’m okay”. Why? Because you are there as an applicant, you want to please them and you do not want to be a bother.

But I will tell you what, be a bother! Even if you are not thirsty accept it and have it! There are four reasons why you should accept the water first is it put you at ease, you will be refreshed and more relax, it will also prevent you from having a dry throat or feel hungry when the interview goes very long; second it will make your interviewee at ease, nothing please a good host (specially here in Philippines) than by accepting what he/she is offering; third, it will instantly establish a social interactions between the two of you; and lastly, it gives them an impression that you are confident about yourself and have the courage to ask for what you need but willing to be in an equal position where one is offering assistance and you are willing to receive assistance.

When offered with variations though, like coffee, tea, juice or soda, always ask for water. It is the safest drink, doesn’t irritate your throat, will surely go along with your last meal and doesn’t leave a stain in your teeth.

If the interviewee forgot to offer you, do not ask unless you really need to. It will put them in bad light as a bad host. If you have problem being thirsty most of the time, please bring your bottled water.

Pro Tip: This also applies to company meetings!
So there you go, good luck and I hope you ace you job interviews!

The Glam-O-Rose Girl

HOW TO BECOME A CPA (Certified Public Accountant): What it really takes

The CPA License is not awarded to all. It is a symbol of excellence and professional prestige to some. It is known that for one to have it, you have to take a four to five year college course, review for board exam, submit all the documentary requirements to the professional regulatory and pass the board exam. But what does it really takes for you to become a CPA?

First: You MUST LOVE the Profession
There are two stereotypical reasons why people think you should become a CPA because you are good in Mathematics and because you would easily become rich as soon as you get your CPA license.

If you are a high school student or a high school graduate who happen to be the mathematician of your batch, most often you’ll receive unsolicited career advise to take accountancy. But let me tell you this: accounting is NOT mathematics. Other than addition, subtraction and some seasonal use of your multiplication and division skills, you could totally forget all the complicated formulas you have learned from your Algebra, Geometry or Calculus subject, bring your most heavy duty calculator and you’re good to go!

If you happen to came from a humble family with limited budget for college education and dream to be the breadwinner of the family, provide education for your younger siblings and give them the luxury of life someday then taking accountancy course might be an easy escape since accountancy is one of, if not the cheapest course, all you need are pen, pencil, journal books, ledgers, and calculator. After all, we were all molded to believe that Accounting graduates have the highest paying salary. Sounds like a very good investment, which might be true but only after a decade or two of EXTRA HARD WORK and UNPAID OVERTIME.

To become a CPA, above all you must have the appropriate reason why do you want to become one, and neither being good at mathematics nor big paycheck could qualify as a reason. You MUST LOVE and MUST HAVE THE PASSION. Otherwise, at every stage of your study, review for board exam or even in actual practice, you will constantly look for the exit route.

Second: Be Disciplined

During our freshmen orientation, I remember our college dean once told us “Accountancy is a jealous course, if you want to stay in the program you must prioritize it over love-life and night-life”.

That statement might be exaggerated but looking back, it really is a fair advice and warning at the same time to us. The course requires you to develop analytic skills and critical thinking which would take you tons and tons of time. Those skills were not learned from high school, that is why sometimes even if you used to be an honor student you might still find your self struggling. But don’t worry, accounting is not for the genius ones it is for the disciplined.

You will be needing to read and solve practice problem a lot! I myself, used to have two to three book references both for text book and practice problems, that is four to six books for just one subject. Sounds crazy? Might be. But with proper schedule planning and the discipline to follow the schedule, it is possible. Sure, there will be times that you feel like you’re tired, you may take breaks in between your study hours but not to a point that you are already procrastinating. Sleep and relax during resting hours and study on studying hours. How much time is sufficient? It really is depending on you. Develop a schedule based on your own strength and weaknesses, your leaning curve, your learning style and your current level of understanding. Make a plan and make sure you act on it. Don’t let distractions take you off the track. Remember your goal. Eyes on the prize!

Third: Be Persistent

Accountancy is said to be one of the toughest course (at least here in the Philippines), it is proven by the low ratio of graduates and low passing rate in the past board exams. The solution is such a cliché, anyone could tell you, “if you study hard you will pass the exam”. And we hate it because we also know it. The problem is, in accounting, “studying hard” is such an understatement. It is never easy to push yourself to go further after long toil, from one exam to another, mid-terms to finals, and finally from board review to actual board exam. Feeling exhausted from never ending study is normal. But what can we do? That is the only way. So we continue and we persist.

In one of my favorite book “OutIiers: The Story of Success by Malcolm Gladwell”, it is said that for one person to successfully master something, it requires him/her to devote 10,000 hours. This number might or might not be accurate but speaks the truth that no success is made overnight. You have to keep going. Keep a positive mind and always remember your passion. Nothing should discourage you, not your previous exams, not your previous grades, not even that one accounting problem that you can’t get right, anyway it is okay to make all the mistake on practice problems over and over as long as you get it right on the board exam.

Some reviewees would give up understanding one or two topics and problem solving, show up on board exam and say “I can still do this”, which is a good attitude, inspiring even. But most (if not all) CPAs persevere during their review in every theories to understand and in every problem to analyze and solve. So, what separate CPAs and non passer? It is the attitude of never giving-up. Not in a generic way, but in a very specific way in every minute, in every hour and in every step of the way.

The Glam-O-Rose Girl