2020

Clark conducts tax webinar with SBFCC  SGV Clark, together with the Subic Bay Freeport Chamber of Commerce (SBFCC), organized a webinar on the Tax Reform II Bill: Corporate Recovery and Tax Incentives for Enterprises (CREATE) on 7 September. SBFCC Executive Director Donna May Tamayo welcomed over 150 representatives from SBFCC member companies to the webinar.   LLL and MAA presenting at the webinar  Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) discussed the salient provisions of the CREATE bill, its proposed adjustments in corporate tax and rationalization of fiscal incentives. Emphasizing the bill’s salient provisions and possible impact on Subic Bay Metropolitan Authority (SBMA) locators, they shared insights on how businesses can prepare for and maximize the incentives of the proposed tax reforms.   The webinar concluded with an open forum led by LLL and MAA with SBFCC President Danny Piano and SBMA Chairman & Administrator Atty. Wilma Eisma. Assurance Partner Peps Zabat also participated in the webinar and Tax Director Maria Michaela Ledesma moderated the session. 

JMC joins AGIA Forum on Crisis Management  SGV Business Consulting Partner and EY ASEAN Consulting Quality Leader Joseph Ian M. Canlas (JMC) was one of the speakers during the 6th Forum for Heads of Internal Audit Service/Office in the Public Sector held by the Association of Government Internal Auditors (AGIA) last 28 August. With the theme Protocols in Crisis Management: An Internal Control Challenge, the session provided an overview of the pandemic’s impact on various organizations in the government and public sector. Over 80 internal auditors and executives from different government agencies attended the forum.  JMC led a session on remote auditing where he discussed internal auditing during the new normal. He explained the impact of COVID-19 on the private and public sectors and the emerging risks. He spoke on the initiatives of internal auditors aimed at managing the challenges caused by the pandemic. He emphasized the importance of assessing the feasibility of remote auditing and discussed critical issues that need to be addressed before its implementation, such as confidentiality, security and data protection. He encouraged participants to consider factors such as the readiness of their organization, the availability of resources, and adequate technology and equipment. He also shared practices that leaders can implement in their organizations to successfully manage and mitigate the pandemic’s impact on their internal audit activities.   

SGV inks MOA with Davao City Government  SGV signed a Memorandum of Agreement (MOA) with the Davao City Government last 2 September. Under the MOA, the Firm will assist the Davao City Government in the preparation, design and content of the Doing Business in Davao publication.  SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) signed the MOA with Chief Financial Officer and Assurance Partner Cathy E. Lopez (CEL) who served as a witness to the ceremony. Davao City Mayor Sara Duterte is expected to sign the MOA within the month as well.   WPT and CEL during the MOA signing  Doing Business in Davao is an investment guide that features relevant information for setting up a business in the city. It presents an economic overview of Davao, including local investment policies and incentives, taxation rules and other essential information on the city’s assets and strategic positioning for the reference of potential investors. The publication’s target release is in October 2020

WPT joins PICPA-ACPAPP summit  SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was one of the panelists at the Joint Sectoral Summit for Public Practice on 21 August. The Philippine Institute of Certified Public Accountants (PICPA) and Association of Certified Public Accountants in Public Practice (ACPAPP) hosted the summit, which brought together over 450 participants.   WPT presenting at the Joint Sectoral Summit  WPT was part of a panel discussion titled Auditing the Auditors where he presented suggestions on improving audit quality in the Philippines. His recommendations included suggestions on categorizing quality review findings and supporting small- and medium-sized practitioners in building their capacity to improve audit quality and comply with regulatory requirements. Emphasizing that audit quality is part of a large and intricate system where all members play an essential role, he also explained the importance of a properly functioning corporate governance system. He also encouraged the use of technology-based methods in conducting audit-related work to increase productivity. 

CCO leads tax discussion  SGV Tax Partner Cheryl C. Ong (CCO) led a webinar titled Business Talk: CREATE-ing Opportunities on 28 August. SGV Tax Leader Fame Delos Santos welcomed over 400 participants from different sectors to the webinar.  CCO discussed the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, and the proposed adjustments in corporate income tax and fiscal incentives. She also provided insights on the next steps participants can consider to maximize the incentives under the CREATE bill. The webinar concluded with an open forum led by CCO who was assisted by Tax Partner Thyrza F. Marbas (TFM).  CCO and TFM with the Tax organizing Team   The webinar’s organizing team included Tax Managers Karen Mae Calam and Aiza Giltendez, and Senior Associates Wennonah Marie Garces and Kyle Almero. 

Cebu teams with JCCI-CI  SGV Cebu’s Tax Team held a webinar on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill and the BIR requirements on related party transactions for members of the Japanese Chamber of Commerce and Industry of Cebu Inc. (JCCI-CI) last 26 August. Conducted mostly in Japanese, the webinar was led by Japan Business Services and Tax Associate Directors Hiroshi Nakagawa and Yohko Tsuge with SGV Cebu Partner-in-Charge and Tax Partner Cheryl C. Ong (CCO).  Speakers at the JCCI-CI webinar with JCCI-CI President Hirohisa Kinoshita  Hiro discussed the salient features of the CREATE bill, particularly the proposed adjustments in corporate tax and rationalization of fiscal incentives. He also explained the new BIR requirement for the submission of an Information Return on Related Party Transactions form (BIR Form No. 1709) and the salient features of Revenue Memorandum Circular No. 76-2020. The webinar culminated with an open forum led by CCO and Yohko.  Japanese executives and tax professionals from member companies of JCCI-CI attended the webinar. The event’s organizing team included Tax Managers Melissa To, Aiza Giltendez and Krizfer Jane Gella. 

SGV Partners lead GPCCI webinar   SGV Consulting Partner Kathrina S. Macaisa (KSM) and Strategy and Transactions Partner Marie Stephanie Tan-Hamed (MTH) conducted a webinar titled Positioning for Recovery through Enterprise Resiliency on 18 August. Hosted by the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI), the webinar discussed how companies can build enterprise resiliency during the pandemic.  The speakers provided an overview of the Philippine economy and discussed possible pandemic recovery scenarios and their social and economic impacts. They explained the stages of a business’s COVID-19 recovery response and presented examples of practical approaches and action steps on how leaders can protect the wellbeing of their customers, support critical operations and restore market confidence.   They also discussed the EY COVID-19 Enterprise Resiliency Framework across three horizons — now, next and beyond. They provided tips on how companies can strengthen their operations and increase their resilience to prepare for what’s next. They also shared how companies can build long-term value by reframing their future and transforming their business to adapt to the business landscape after the pandemic.  The webinar concluded with an interactive open forum. Over 50 GPCCI members attended the webinar. The event’s organizing team included SGV Assurance Leader Martin Guantes and Market Group 3 Leader and Tax Partner Henry Tan. 

Tax holds Transfer Pricing webinar with Mactan locators  SGV’s Tax Team, together with the Mactan Export Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM) and the Association of MEPZ Controllers and Accountants (AMCA), organized a tax webinar on the submission of the Information Return on Related Party Transactions form (BIR Form No. 1709) last 27 August. Over 60 representatives from member-companies of the MEPZCEM and AMCA attended the event.  DMG presenting at the webinar  Tax Partner Deonah Marco-Go (DMG) discussed Revenue Regulations No. 19-2020, its requirements and how taxpayers and stakeholders can comply with the new regulations. The new reportorial requirement is intended to effectively implement Philippine Accounting Standards (PAS) 24, Related Party Disclosures, to ensure that related party transactions are properly disclosed and conducted at arm’s length.   The webinar concluded with remarks from AMCA President Jane Abangan who expressed her appreciation for the Firm’s continued support for the MEPZCEM and AMCA. SGV Tax Partners Cheryl Ong and Saha Bulagsak led the event’s organizing team with Tax Managers Edmond Emperio, Anne Margaret Momongan and Maxine Manuel, and Senior Associates Gensbergh Rago and Lloyd Amaya. 

Tax team hosts PCS webinar  The Private Client Services (PCS) group of SGV Tax hosted a webinar titled Tax Insights: Wealth Planning Considerations for Dual Citizens on 10 July. The roundtable discussion provided insights on succession planning, wealth management, and the process of setting up a trust and its various tax implications. These include the tax impact of being a beneficiary of a trust and the marital property regimes under the Family Code of the Philippines.   Speakers at the PCS webinar  Speakers included EY ASEAN and SGV Business Tax Services Leader Jules Riego; EY US Tax Principal Marianne R. Kayan; EY ASEAN Tax Leader, Asia-Pacific Private Family Enterprise Leader and Private Tax Partner Desmond Teo; Atlas Asia Law (Singapore) Director Benjamin Szeto; and EY ASEAN US Tax Help Desk Senior Manager Michael Xiang. SGV Tax Partner Cheryl Ong moderated the session.   Over 180 participants attended the webinar, including business owners who are dual citizens or have family members who are dual citizens. The event’s organizing team included Tax Partner Thyrza Marbas, Tax Director Anne Margaret Momongan, and Tax Associate Directors Marian Kris Santos and Rosalie Nuñeza.   

Consulting holds CAE roundtable sessions  SGV Consulting held a series of virtual roundtable sessions titled Maintaining Trust through COVID-19 for selected Chief Audit Executives (CAEs) and Internal Audit (IA) heads. During each session, SGV and CAE participants shared insights on topics related to how organizations and their IA departments have responded to the pandemic across three dimensions: Now: Managing the Crisis, Next: Restarting the Business, and Beyond: Building Resilience for the Next Crisis.   SGV Chief Risk Officer, Consulting Markets Leader, and EY ASEAN Regional Risk Management Leader Leonardo J. Matignas Jr. (LJM) and EY ASEAN Risk Competency Leader and SGV Consulting Partner Christiane Say-Mendoza discussed the challenges that organizations are facing due to the pandemic, their responses, and the areas of focus during crisis management. LJM mentioned how some CAEs reached out to him for leading practices and business playbooks to address the situation. The speakers also shared insights on how IA professionals and their organizations are responding to the challenges of working under the new normal, a time when community quarantines are imposed, and operations are disrupted.    Speakers at the CAE roundtable session and the Consulting organizing team  SGV Business Consulting Leader Ryan Chua discussed how organizations are managing their operations with the gradual lifting of community quarantine measures. He also provided insights on the expected challenges and potential new areas of focus that organizations may consider as they restart their businesses and the ongoing and planned initiatives of IA to address emerging risks.   EY ASEAN Consulting Quality Leader and SGV Consulting Partner Ian Canlas discussed building resilience for the next crisis. He talked about the future of IA operations after the COVID-19 disruption, how companies are coping with the new normal and maximizing the use of technology.   The participants were also given the chance to share their own experiences and ask questions throughout the session. Over 30 CAEs from local and international companies participated in the roundtable sessions, including members from the banking, power and utilities, insurance, and manufacturing industries, among others.