2020

TFM leads NordCham Tax webinar    Tax Partner Thyrza F. Marbas (TFM) conducted a tax webinar for the Nordic Chamber of Commerce Philippines (NordCham) titled “Let’s Talk about CREATE” on 2 June. The webinar aimed to orient participants on the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).     TFM presenting at the NordCham tax webinar  TFM discussed the bill’s recent developments in Congress and provided an overview of the corporate income tax rates and average duration of incentives among ASEAN countries. She also explained the bill’s significant provisions in comparison with the existing provisions and the Senate and House versions of the Corporate Income Tax and Incentives Rationalization Act (CITIRA).     Mr. Svenningsen and participants at the NordCham tax webinar with TFM and other members of the SGV Tax Team  NordCham Executive Director Jesper Svenningsen moderated the webinar and welcomed participants who included executives and representatives from the private and public sectors. The event’s organizing team included SGV Tax Leader Fame delos Santos and Tax Senior Director Gecel Codera-Ong. 

FAAS holds COVID-19 Accounting Considerations webinars  SGV, through its Financial Accounting Advisory Services (FAAS) team, conducted a series of webinars on COVID-19 accounting considerations on 22 May and 5 June. FAAS and Climate Change and Sustainability Services Partner Benjamin Villacorte hosted and moderated all sessions.     Speakers at the first session of the FAAS COVID-19 webinar  During the first session, Country Managing Partner Wilson Tan provided an overview of the pandemic’s effect on the country, such as supply chain disruption and high volatility in financial markets. Assurance Partner Peter Ventura discussed lease payments, proposed amendments to PFRS 16 and other lease modifications. FAAS Senior Director TJ Raagas explained the pandemic’s effects on financial instruments such as debt modifications, loan covenants and expected credit losses, among others. Assurance Partner Meynard Bonoen spoke on the impairment of assets. EY ASEAN FAAS Leader Aris “Bok” C. Malantic (ACM) discussed the challenges that enterprises face due to the pandemic and the steps that they can take to mitigate these risks. Speakers concluded the session with a panel discussion with SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR). During the discussion, VCR explained how companies can respond to the pandemic’s challenges across various areas now, next and beyond. She discussed business continuity and crisis planning, new business models, and the adoption of technologies and new ways of doing things as businesses transition to the new normal.  Speakers at the second session of the FAAS COVID-19 webinar  VCR began the webinar’s second session with an overview of the community quarantine measures implemented in the country and their effects on accounting considerations. Assurance Partner Dhonabee Señeres discussed financial presentations and financial statement disclosure considerations. Assurance Partner Ysmael Acosta explained the different types of employee benefits and their financial reporting considerations. FAAS Senior Director Anna Maria Rubi Diaz spoke on considerations in revenue recognition. ACM discussed the financial reporting challenges that entities face and the measures that they can implement to protect their organizations. The session concluded with a panel discussion.   The webinars helped equip participants to address the issues that the pandemic has created now, plan for what’s next, and think about their organization’s position in a world beyond the COVID-19 crisis. Over 2,200 financial and accounting executives participated in both webinars. The event’s organizing team included FAAS Senior Directors Anna Maria Rubi Diaz and Alexander Bughaw. 

FSO conducts Insurance webinar     The SGV Financial Services Organization (FSO) Insurance sector held a webinar titled “Impact of COVID-19 on Insurance Companies” on 3 June. The session provided valuable insights on the financial effects of the pandemic on the insurance industry. Financial Services Organization Consulting (FSO Consulting) and Government and Public Sector Partner Christian Lauron moderated the session. Participants included finance, risk, and actuarial professionals from various insurance companies.      Speakers at the FSO Insurance webinar  Strategy and Transactions Services Partner Marie Stephanie Tan-Hamed provided an overview of the local economic impact of the pandemic and discussed its effects on the financial services industry. FSO Senior Manager Redgienald Radam discussed the accounting considerations for financial instruments, including the classification, reclassification and impairment of financial assets under PAS 39 given the recent sharp decline in financial markets and the stressed economic environment, and the tainting rule applicable to held-to-maturity financial assets. He also explained the PFRS 9 requirements on business model assessment and the expected credit losses to consider in assessing the pandemic’s impact on insurers that adopted the standard prior to the pandemic. FSO Consulting Senior Manager Catherine Laigo discussed the impact of COVID-19 on financial and regulatory reporting, including the business area focus for insurance companies.  The webinar is the first among a series of webinars on the insurance industry conducted by the SGV FSO team. Those interested may contact Catherine R. Laigo at Catherine.R.Laigo@ph.ey.com or Mary Catherine M. Biliran at Mary.Catherine.M.Biliran@ph.ey.com.  

FSO Consulting holds Cluster Quiz Night  SGV’s Financial Services Organization Consulting (FSO Consulting) Team recently conducted its first- ever online quiz night. The activity aimed to bring the team closer together virtually and strengthen the team members’ relationship during the quarantine through fun games.    The team was divided into six groups and answered general-knowledge trivia questions. The quiz consisted of three rounds with questions about a wide range of categories such as pop culture, mathematics and analogy. The game used a right-minus-wrong point system.      Members of the FSO Consulting Team during the cluster quiz night   The quiz night’s organizing team included FSO Consulting Associates Patricia Bernadas, Abegail Verdadero, Ronnie Anasco, Rafael III Estrellas, and Senior Associates Jacqueline Lim, Larisa Jane Salaysay, and Sophia Manelle Uy. FSO Consulting Partners Christian Lauron and Francis Lumbres also attended the quiz night.    The two-hour activity concluded with members of the top three teams receiving cash prizes. Consolation prizes were also given to the other teams because, as quipped, “Sa FSO Consulting, lahat panalo!” Members of the FSO Consulting Team can look forward to more fun and exciting virtual activities soon.    

SGV JBS joins ASEAN tax briefing  SGV’s Japan Business Services (JBS) team participated in an EY ASEAN tax webinar titled “Navigating COVID-19: Now. Next. Beyond.” on 27 May. Conducted in Japanese, the webinar discussed the tax implications of the pandemic in various countries. Over 400 Japanese executives and tax professionals from Japan and from ASEAN member states attended the briefing.   JBS and Tax Associate Director Hiroshi Nakagawa presented the latest Philippine tax, finance and legal changes due to the COVID-19 pandemic, such as ECQ-related BIR issuances on tax exemptions, extended statutory deadlines, and tax audit and controversy measures. Hiro also gave a brief overview of the stimulus packages of various government organizations, including the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth) and the Pag-IBIG Home Development Mutual Fund (HDMF). He also explained the government’s social amelioration program (SAP) and small business wage subsidy, including moratorium on loan payments and rent concessions for MSMEs.    Title slide of the presentation at the SGV JBS webinar  Hiro also explained the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). He emphasized the Act’s corporate tax rate reduction and extension period.

Back to the Office reminders  As we transition to general community quarantine (GCQ) and gradually reopen our offices, SGV has issued the following guidelines to ensure the health and wellbeing of staff during the pandemic.   SGV Health and Location Tracker  All SGV partners and staff are required to report their health status and work location on a daily basis (excluding personal and rest days) via the SGV Health and Work Location Tracker. All are required to accomplish the form at the start of each working day, whether working from home or reporting physically to SGV or a client’s office.   Those who have been approved by their Partners-in-charge (PICs) to report to SGV or a client’s office (including meetings outside the office and meetings with government agencies) should fill out the form upon entering their work location and indicate their temperature reading as captured by the security or health officer at the entrance to the premises. Those who are working from home are not required to indicate their temperature.  Compliance will be monitored and those who fail to accomplish the form will be called for disciplinary action classified under offenses against security, safety and public order. All the information requested in the form will be regarded as private and confidential in compliance with the Data Privacy Act of 2012 and its implementing rules and regulations.  Flexible Time Schedule (FlexTime)  The SGV Talent Team has also implemented the FlexTime schedule which is an arrangement where employees are required to complete the standard work hours (9.5 hours, including 1.5-hour lunch break) in the office but are free to determine their arrival and departure time. This schedule will take effect upon the reopening of our offices and is subject to the approval of one’s manager and Partner-in-charge (PIC). Adopting an intermittent routine to fulfill the 8 working hours in a day is not allowed. As our business hinges on our service to clients, we must be available during the Firm’s core working hours and continue delivering exceptional client service.   The SGV Talent Team would also like to remind all of the Flexible Attire policy aimed to balance professionalism and comfort. Below are the only acceptable office attires for men and women inside the SGV offices:      Everyone is encouraged to remain vigilant and follow the health and safety precautions advised by the World Health Organization and the SGV Talent Team. For more COVID-19 related advisories and updates, please visit the SGV COVID-19 Information Hub. 

SGV leads BCCP webinar on business disruption  SGV Partners held a webinar on addressing business disruption for the British Chamber of Commerce Philippines (BCCP) on 18 May. The webinar discussed enterprise resiliency, economic transmission stimulus, and tax and economic measures. Participants included representatives from member companies of the BCCP and other executives from the business sector.   Consulting Partner and ASEAN Finance Fields of Play Leader Kaye S. Macaisa (KSM) presented recommended areas that enterprises can focus on for more effective COVID-19 crisis management. She shared tips on how enterprises and other businesses can sustain business continuity, build their resilience, and prepare for the future after the pandemic.   KSM, CGL and CCO presenting at the BCCP webinar  Financial Services Consulting and Government and Public Sector Partner Christian G. Lauron (CGL) discussed the bank stimulus transmission framework and its impact on citizens, small businesses and corporations in the Philippines. Tax Partner Cheryl C. Ong (CCO) spoke on tax and economic measures under the Bayanihan to Heal as One Act (Republic Act No. 11469). She explained the measures that the members of the business sector may qualify for and avail themselves of under the Act.    The event’s organizing team included Global Compliance and Reporting (GCR) Partners Aaron C. Escartin (ACE) and Maricris U. See (MUS). ACE was also the moderator of the webinar.   For more information about BCCP webinars and events, please email info@britcham.org.ph.  

Talent holds Wellness webinars  Dr. Niño Jose Mateo  The SGV Talent Team hosted wellness webinars for partners and staff on 13 and 15 May. Led by Dr. Niño Jose Mateo, the webinars aimed to help participants protect their mental health during the pandemic.    The webinar for partners titled "What's wrong with NOT being normal?" focused on personal wellbeing and on the partners’ roles as corporate leaders. Drawing on personal reflections and evidence-based knowledge, Dr. Mateo discussed life lessons to help participants navigate an uncertain future more effectively and with greater compassion.  The webinar for staff titled “The Wellness Playbook: A webinar on the ultimate guide to mental health” began with a discussion on the sources and effects of stress during the enhanced community quarantine (ECQ). Dr. Mateo then presented five principles for mental health care during the pandemic namely: physical health and safety, balance, intentionality, positivity, and meaningful connections. He also emphasized the importance of eating healthy and engaging in fitness activities, among other ways to cope with stress. He also encouraged participants to seek help when they are feeling mentally or emotionally tired.    Title slides of the presentations at the wellness webinars   Dr. Mateo is an associate professor of the Counseling department at the De La Salle University, where he also earned his PhD in Counseling Psychology, with high distinction. He is a certified counseling psychologist and a certified Choice Theory or Reality Therapy practitioner. He is a registered and practicing clinical psychologist and a registered guidance counselor.  

LLL speaks at MACCII webinar  Global Compliance and Reporting Partner Hentje Leo L. Leaño (LLL) led a tax webinar titled “Emerge Prepared after the Quarantine: Be Abreast with the Quarantine-related BIR Issuances and the Extended Tax Deadlines” for the Metro Angeles Chamber of Commerce and Industry, Inc. (MACCII) on 29 May. The webinar covered quarantine-related BIR issuances and extended tax deadlines, relating to donations, documentary stamp tax on qualified loans, authority-to-print, receipting/invoicing guidelines, qualified imported goods, acceptance of tax payments, extensions of the due dates for filing and payment of tax returns, and tax documents submission and payments to local government units. LLL also spoke on tax-related issuances of the Clark Development Corporation (CDC) and the Philippine Economic Zone Authority (PEZA).  MACCII tax webinar invitation  MACCII President Lourdes Connie Tayag welcomed over 50 participants to the webinar. MACCII Director Marco Fernando Ng hosted the session and MACCII Vice President for Economic Affairs Violeta “Bing” Gonzales delivered the closing remarks.   

TFM leads PICPA tax webinar     Tax Partner Thyrza F. Marbas (TFM) led a tax briefing hosted by the Philippine Institute of Certified Public Accountants (PICPA) on 18 May. TFM discussed the latest Philippine Economic Zone Authority (PEZA) and Philippine Board of Investments (BOI) issuances, including relevant court cases.  PICPA tax webinar invitation   She also discussed tax reform packages, particularly the Corporate Income Tax and Incentives Rationalization Act (CITIRA) [HB No. 4157] and the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). She explained their salient provisions and impact on PEZA- and BOI-registered companies.