2c. The Chief Executive Officer or CEO of Cebu Pacific Air is Mr. Lance Yu Gokongwei.

He is
the son of Mr. John L. Gokongwei, Jr., the third richest entrepreneur in the Philippines. Lance
Gokongwei received a Bachelor of Science in Economics and a Bachelor of Science in Applied
Science from the University of Pennsylvania. Mr. Lance Gokongwei is also the CEO of
DIGITEL. He has been the Chief Operating Officer and President of URC, Universal Robina
(Cayman), Ltd., URC International Co., Ltd., JGSPC and JG Summit Holdings, Inc. or JGSHI.
He is the Vice-Chairman and Deputy Chief Executive Officer of Robinsons Land Corporation
and LMI; Chairman of Robinsons Savings Bank (RSB), President of Digital Information
Technology Services, Inc. (DITSI), Vice Chairman of JGSCMC, and a director of OPMC, UIC
and Singland. He is a trustee, secretary and treasurer of GBFI.
2f.

The total unappropriated retained earnings reflected in the Statement of Changes in

Equity accumulated to Php 9,016,980,244.00. The appropriated retained earnings reflected in the
Statement of Changes in Equity accumulated to Php 3,916,762,000.00. The appropriated
amounts were Php 2.5 billion, Php483.3 million and Php 933.5 million, respectively, from its
unrestricted retained earnings as of December 31, 2013 for purposes of the Groups re-fleeting
program. The appropriated amount was used for settlement of pre delivery payments and aircraft
lease commitments in 2013; the planned re-fleeting program amount to an estimated Php 68.23
billion which will be spent over the next five years.
2i.

Cebu Pacific Air incurred a net income during the year 2013. The net income stated at the

end of the year 2013 which is reflected in the Statement of Changes in Equity is Php 511,
946,229.00 which is smaller compared to the 2012 net income of Php 3,572,014,263.00 maybe
because a lot of airlines nowadays followed the promos like the ones given by Cebu Pacific Air.

2.L

There are many topics from the lessons from ACCTBA2 that are present in the said

annual report. There are lots of things to consider for this research. I think it aims for us to learn
that what our professors teach not only ACCTBA2 but as well as the basic knowledge we learned
from ACCTBA1 is not irrelevant to the corporate world. Some people doesnt like to study
accounting because of its tedious process but considering the business case that was given to us
proves not only that the lessons are very relevant but if we know the terms well, we would be
able to relate to these reports given to us by the corporation. This research basically tells us that
one; we shouldn't take for granted the things that are discussed in our lectures because as shown
in the figures used, it's pretty much what we discuss in class. Two, we are given the "taste" of the
real corporate world since we are able to see the financial statements of our chosen company.
This makes us realize that what we learned from our lectures are used not only in school but as
well as in the corporate world. Third, we should know the ins and outs of the company/
corporation based on the annual report because all the transactions of the corporation should be
in the annual report. Fourth, if you're in the corporation or a shareholder of a corporation you
should know the people who are running it; you should know the Board of Directors or BOD
because you yourself have voted for them to be in that position. Lastly, all the topics discussed in
class are all important and that we should always remember those lessons for us to relate to the
figures if shown to us in the future. We shouldn't disregard and forget the lessons because if we
ate the ones who will be appointed to report to the shareholder's the annual report; we would be
able to deliver the message properly. If we would become shareholders of a corporation we
wouldnt take for granted the things that are written in these reports because we ourselves know
that the process in making these reports are very long and tedious. We would be able to
appreciate the things that the accounting department has done. Another lesson is that we

shouldnt take our lessons for granted and think that we wouldnt be able to use it in the
corporate world because all of the things we learn in school especially the business subjects are
very much relevant and based on the real corporate world.