2020

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.

EY-Parthenon and SGV conduct PRA webinar  EY-Parthenon and SGV partnered with the Philippine Retailers Association (PRA) for the conduct of a webinar titled “Navigating Retail Businesses beyond the COVID-19 Pandemic” on 11 May. The virtual session discussed how COVID-19 is accelerating disruption in the retail industry in ASEAN; how retail markets will shift after the pandemic; and the main growth drivers and leading operational strategies that businesses can implement to address immediate and long-term issues. PRA President Rosemarie B. Ong welcomed over 200 participants to the session, including members of the PRA and executives from the local retail industry.     Olivier Gergele, Ashutosh Deshmukh and BTB presenting at the PRA webinar   EY-Parthenon Partner Olivier Gergele provided a comprehensive overview of the global and local economic impact of COVID-19 on retail, such as the growth of online businesses, the emergence of new business models like dark kitchens, and the projected ASEAN economic outlook, among others.   EY-Parthenon Associate Partner Ashutosh Deshmukh discussed five areas that retailers can consider in navigating the impact of the pandemic: building an online business, driving supply chain resilience, expanding product offerings, taking advantage of lower valuations to achieve strategic acquisition, and driving agility and empowering organizations for fast local decision-making.    SGV Assurance Partner Belinda T. Beng Hui (BTB) discussed the EY resilience framework. Emphasizing the importance of scenario planning and implementation planning, she presented possible economic scenarios and industry forecasts that companies can study when developing their future operating strategies. She explained approaches that organizations can adopt such as identifying and addressing specific areas for improvement, and benchmarking current practices against the industry’s leading practices.     Speakers at the PRA webinar with moderator Rolly Pagaspas  The event’s local organizing team included BTB, SGV Strategy and Transaction Services Partner Ramon D. Dizon and Strategy and Transaction Services Partner Marie Stephanie Tan-Hamed.  

LJM speaks at IIAP Inspire Series    SGV Chief Risk Officer, EY ASEAN Regional Risk Management Leader and Consulting Partner Leonardo J. Matignas Jr. (LJM) was a guest at the #AskAnInternalAuditor: Inspire Series of the Institute of Internal Auditors Philippines (IIAP) on 13 May. The series is part of the IIAP’s celebration of International Internal Audit Awareness Month and aims to provide a channel where members can ask IA-related questions to gain more insights about the profession.   Having been a professional for 38 years, LJM inspired viewers with anecdotes of his experiences in various industries. He also shared tips on how to improve and develop internal audit skills and stay relevant. Emphasizing the values of passion and continuous learning, he encouraged viewers to seek opportunities to effectively hone their skills and competencies.    LJM during the #AskAnInternalAuditor: Inspire Series   LJM advised IAs to develop strong and flexible relationships with their auditees. He proposed, “When developing recommendations, adopt an approach where you can share the glory with the auditees, like conducting facilitated sessions. This way, the auditees will own the process and take accountability for the process.”    He explained that IAs should maximize remote auditing to ensure that management controls are still working during the pandemic. As professionals who examine all facets of an organization, IAs can also support a company’s business continuity management (BCM) in making sure that the appropriate protocols and action plans are carried out smoothly and in a well-coordinated manner.   LJM ended the session by advising aspiring IAs to “Be patient in gaining experience. Being an internal auditor takes time. Do not run away from the profession prematurely, even if you do not feel comfortable, because you might be running away from the profession that is really suited for you.” 

FSO Senior Director receives 2019 Elijah Watt Sells Award     FSO Senior Director Leslie Anne Huang  Financial Services Organization (FSO) Senior Director Leslie Anne Huang received the 2019 Elijah Watt Sells Award from the American Institute of CPAs (AICPA). Leslie was one of the 137 recipients of the award who obtained a cumulative average score above 95.50 across all sections of the Uniform CPA Examination, passed all four sections on her first attempt, and completed the test in 2019.   The AICPA is the world’s largest member association representing the accounting profession. The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam. Sells was one of the first CPAs in the U.S. and played a key role in advancing professional education within the profession.  Congratulations, Leslie!  

Tax holds briefings on ECQ-related BIR Issuances    The SGV Tax Team held a series of online briefings in May on relevant government tax issuances and policies during the enhanced community quarantine (ECQ). The webinars discussed the extended tax filing deadlines and other regulations released by the Bureau of Internal Revenue (BIR).       LLL presenting at the GPCCI webinar and JGM presenting at the PICPA webinar     LLL speaks at GPCCI webinar  On 11 May, Global Compliance and Reporting Partner Hentje Leo L. Leaño (LLL) spoke at a webinar titled “Emerge Prepared after the ECQ: Be Abreast with the ECQ-related BIR Issuances and the Extended Tax Deadlines” organized by the German-Philippine Chamber of Commerce and Industry (GPCCI). GPCCI Executive Director Dr. Martin Henkelmann hosted the briefing and facilitated the open forum.   LLL discussed BIR issuances on donations, documentary stamp tax on qualified loans, authority-to-print, qualified imported goods, acceptance of tax payments, extensions of the due dates for filing and payment of tax returns, and tax document submissions and payments to local government units.  JGM leads PICPA webinar  Tax Partner Josenilo G. Mendoza (JGM) led a tax briefing hosted by the Philippine Institute of Certified Public Accountants (PICPA) on 12 May. JGM discussed the receipting and invoicing requirements of the BIR and the extension of tax statutory deadlines. He also explained the tax incentives and rules on donations made during the ECQ and the tax exemption provision of RA 11469.   FKS and JGM during the open forum at the NordCham webinar  FKS and JGM conduct NordCham tax webinar  SGV Tax Services Head Fame K. delos Santos (FKS) and JGM conducted a webinar on the interim rules on donations, extended tax deadlines and significant BIR issuances for the Nordic Chamber of Commerce of the Philippines (NordCham) on 13 May. NordCham Executive Director Jesper Svenningsen moderated the webinar and participants included executives of NordCham member companies.  SGV Clark holds tax webinar  On 14 May, SGV Clark held a tax webinar on ECQ-related BIR issuances and the extended tax deadlines, led by SGV Global Compliance and Reporting (GCR) Partner Hentje Leo L. Leaño (LLL). SGV Clark Assurance Partner Jose Pepito E. Zabat (JEZ) welcomed over 120 participants from companies in Northern and Central Luzon. In addition to discussing BIR issuances on donations and other tax-related updates, LLL also covered tax-related issuances of the Clark Development Corporation (CDC), the Philippine Economic Zone Authority (PEZA) and the Subic Bay Metropolitan Authority (SBMA). JGM and Tax Partner Margaux A. Advincula (MAA) were also present during the webinar and addressed questions during the open forum. GCR Associate Director Michael Ray Lapasaran acted as master of ceremonies.         JEZ, LLL and MAA presenting at the SGV Clark webinar 

SGV conducts webinar for FICCI  SGV conducted a webinar on enterprise resilience for the Federation of Indian Chambers of Commerce & Industry (FICCI) on 21 April. The session aimed to provide supply chain, finance, customer experience and tax updates and insights on the effects of the COVID-19 pandemic.   COVID-19 Enterprise Resiliency Framework  SGV Consulting Principal Philip B. Casanova (PBC) provided an overview of the EY resilience framework which identifies nine domains businesses can address to build a structured and comprehensive approach to crisis management and business resilience. The framework focuses on the following: employee health and wellbeing, talent and workforce, supply chain and global trade, customer and brand, financial and investor, risk, government and public policy, technology and information security, and insurance and legal disputes. PBC emphasized that enterprises should consider these areas when coping with the short- and long-term effects of the pandemic.   Strategy and Transaction Services Partner Marie Stephanie C. Tan-Hamed (MTH) explained that organizations must conduct scenario planning because effective crisis management involves recalibrating decisions and activities, and planning for worsening developments. This also includes stabilizing liquidity and operations, assessing balance sheet strength and optimizing communications with stakeholders. MTH added that businesses must adapt and identify the resources that can assist them through the crisis.   SGV-FICCI webinar   Tax Partner Tesi Lou S. Guanzon (TSG) provided tax updates, particularly BIR issuances related to the enhanced community quarantine. She also explained the latest provisions of Revenue Regulations No. 9-2020 on donations. Consulting Partner Jan Ray G. Manlapaz (RGM) emphasized that organizations should view their supply chains as a complex and dynamic ecosystem rather than take the linear traditional view. He added that organizations need to identify the short-term and long-term impacts and implement action plans to reduce risk and financial impact due to supply chain disruption.   Consulting Partner Marnelli Eileen J. Fullon (MJF) explained that organizations need to anchor their plans and initiatives to the company’s Purpose. She added that organizations must communicate their plans clearly and with empathy. It is essential for businesses to listen to the voice of customers and employees, understand their needs and concerns, and adjust ways of working and processes accordingly. She encouraged participants to reimagine and enhance their digital channels in order to thrive during and after the pandemic. 

MTH speaks at FINEX webinar  SGV Strategy and Transaction Services Partner Marie Stephanie Tan-Hamed (MTH) and Security Bank Corporation Executive Vice President Eduardo Olbes conducted a webinar titled “The Road to Recovery: COVID-19” for the Financial Executives Institute of the Philippines (FINEX).      FINEX webinar invite  MTH shared tips on how CFOs can navigate the impact of COVID-19 on their organizations. She explained that CFOs should conduct scenario planning and develop an operating scenario model that will facilitate their organization’s recovery strategy, liquidity planning, creditor negotiation and other CFO-focused initiatives. Organizations must also stabilize their liquidity and operations, assess the strength of their balance sheet, and optimize communications to gain stakeholder confidence and support credit and contract renegotiation. She added that businesses can adapt and succeed by leveraging on their resources and the talent of their people.  

RAF named ASEAN Business Consulting Leader   SGV Partner and Advisory Leader Rossana A. Fajardo (RAF) was named the ASEAN Business Consulting Leader for the EY ASEAN NextWave: Consulting Leadership Team. Her new regional leadership role is concurrent with her continuing role as SGV’s Advisory Leader.   Our global Advisory practice will officially change its name to Consulting on 1 July 2020. The service line will be composed of three sub-service lines (SSLs) – Business Consulting, Technology Consulting and People Advisory Services: Workforce Consulting. These SSLs will work together in activating our Purpose by helping businesses transform by putting humans at center, implementing technology at speed and innovate at scale.   RAF is currently a member of the ASEAN Consulting Leadership and SGV’s Leadership Teams. She has assumed multiple leadership roles including Philippine IT Risk Assurance Leader, Philippine Performance Improvement Leader, ASEAN Regional Advisory Quality Leader, and ASEAN Advisory Chief Operating Officer. She was also seconded to the Asia Pacific Advisory Leadership Team in 2018-2019.    RAF is a Certified Public Accountant, a Certified Information Systems Auditor, a Certified Information Security Manager, a Certified Fraud Examiner and is Certified in Risk and Information Systems Control.  Congratulations, RAF! 

SGV issues PH stimulus package reports  SGV has been publishing a series of reports that provide an overview of the administration’s Philippine Stimulus Package in pursuant to Republic Act No. 11469 or the Bayanihan to Heal as One Act.      Cover pages of SGV’s reports on the Philippine Government Stimulus Package  The first report outlines the salient features of the Act and its implementation by various government bodies. It discusses the people, economic, tax and business, and health measures adopted by the government in response to the COVID-19 pandemic.  The second report provides an overview of the country’s current economic condition, including the three-phased program of interventions of the National Economic and Development Authority. It also covers policy responses of various government agencies and updates on the Government’s action plans as reported by President Rodrigo Duterte to Congress on 6 and 13 April.   The third report provides a comprehensive discussion on the Stimulus Transmission Framework. The framework considers the breadth of the Government’s measures and how they can impact the real economy represented by citizens, SMEs and corporates. It also covers some of the newly initiated and updated measures implemented by the Government as detailed in the 4th and 5th Bayanihan Reports from the Office of the President.    SGV will be posting updated reports regularly as new information, policies and government actions are reported. Stay up-to-date on the latest government stimulus measures and download the reports from the SGV LinkedIn page.  

SGV holds COVID-19 webcasts    SGV continues to conduct thought leadership programs amidst the COVID-19 pandemic through webcasts on topics vital to businesses and organizations during the enhanced community quarantine (ECQ). The webcasts cover topics on tax, global trade, employee health, public policy and risk.   SGV conducts briefings on ECQ related BIR Issuances  The SGV Tax Team held a series of briefings in April on relevant government issuances and policies during the ECQ. The webcasts discussed the guidelines released by the Bureau of Internal Revenue, Bureau of Customs, Securities and Exchange Commission, Philippine Economic Zone Authority, Board of Investments, and social welfare agencies like the Social Security System and PhilHealth.   Speakers at the ECQ tax briefing   Country Managing Partner Wilson P. Tan (WPT) and Tax Services Leader Fabian K. delos Santos (FKS) welcomed over 700 participants to the online briefing held on 22 April. Tax Partners and Principals Josenilo G. Mendoza (JGM), Jonald R. Vergara (JRV), Cheryl Edeline C. Ong (CCO), and Aaron C. Escartin (ACE) spearheaded the morning session. Tax Partners and Principals Victor C. de Dios (VCD), Maria Margarita D. Mallari-Acaban (MDM), and Thyrza F. Marbas (TFM) led the afternoon discussion.