Fiscal and Non-Fiscal Incentives of PEZA Registered Information Technology Enterprise.
March 12, 2019
New Annual Income Tax Return for Individuals now available
March 20, 2019
Are you a Licensed Professional? Here’s what you need to know about the new CPD Law.
Republic Act 10912 also known as Continuing Professional Development of 2016 requires professionals like to earn a certain number of units before they can renew their license. CPD is important for any professional because it gives us access to the latest trends in the profession. It will also help us to deliver world-class service to our clients. The only downside of this law is that, the seminars and trainings are very costly. According to Rappler, the cost of a seminar conducted by an accredited provider could reach up to Three Thousand Pesos (PhP 3,000) for three (3) days, depending on the nature of the profession. This is somehow disheartening for some professionals especially those whose net income was just enough to supply the needs of their families.
Due to numerous complaints from the professionals, Professional Regulatory Commission (PRC) in coordination with several professional groups, issued a new implementing rules and regulation of the CPD law. Signed by Chairman Teofilo Pilando Jr., it immediately took effect last March 1, 2019.
CPD is still mandatory for all professionals but the new IRR provides a decrease in the number of units to be earned for the renewal of the PRC License. From 45 units, it is now down to a maximum of fifteen (15) units for a three-year renewal period. Sounds great, right? Also, the IRR provides for a transition period. The following shall be observed during the transition period:
- a) Professionals working overseas shall not be covered by the CPD requirement.
- b) Newly licensed professionals shall not be covered by CPD requirement for the first renewal cycle after obtaining their license.
- c) The various CPD Councils shall reduce the required CPD credit units to a minimum, which shall not be more than fifteen (15), as provided for under applicable laws.
The new IRR is expected to benefit over 4.5 million professionals registered by PRC as of September 30, 2018.
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