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SGV Clark Partner In-Charge and Head Atty. Margaux A. Advincula (MAA), Assurance Senior Director Leo Canlas, and Tax Senior Associate Atty. Fatima Kate Garo paid a courtesy call on Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino and Subic Bay Freeport Chamber of Commerce (SBFCC) Executive Director Donna Tamayo on 25 January 2023. Assurance Senior Director Leo Canlas, SGV Clark Partner In-Charge and Head Atty. Margaux A. Advincula (MAA), SBMA Chairman and Administrator Mr. Rolen C. Paulino, Tax Senior Associate Atty. Fatima Kate Garo, and SBMA Account Officer Virgilio G. Valdez Atty. Margaux, SBMA Chair Paulino, and Atty. Fatima during the meeting Leo, SBFCC Director Marites Endaya, Atty. Margaux, SBFCC Executive Director Tamayo, and Atty. Fatima The SGV Clark team paid a visit to SBMA Chairman Paulino at the Subic Bay Metropolitan Authority. They were accompanied by SBMA Account Officer Virgilio G. Valdez. The team also visited SBFCC and met with Executive Director Tamayo and Director Marites Endaya. The courtesy calls were in line with the preparation and planning for the various collaborative activities of SGV Clark, SBMA and SBFCC including the forthcoming launch of the Doing Business in Subic publication. 

SGV Global Compliance and Reporting (GCR) Partner Hentje Leo L. Leaño (LLL) was recognized as one of Far Eastern University’s (FEU’s) Outstanding Alumni during the 2023 Green and Gold Awards held on 23 February as part of the celebrations of the University’s 95th Founding Anniversary at the FEU Manila Main Auditorium.  Outstanding FEU Alumnus Hentje Leo L. Leaño The awardees are accomplished alumni from the government and private sectors who are products of the various degree programs of the University, and alumni who exemplify the core values of FEU – fortitude, excellence, and uprightness. The award is given every five years to chosen alumni for their extraordinary achievements in their respective fields, bringing honor and prestige to FEU and contributing to the advancement of society.  Congratulations, Leo!

SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) and Philippine Institute of Certified Public Accountants (PICPA) Small and Medium-Sized Entities (SMEs) & Small and Medium-Sized Practitioners (SMPs) Development Committee Member and CCaSS Director Crystal Aleli R. Cornell joined the PICPA 2023 SMEs and Practitioners Summit with the theme “Play it Forward: Securing a Sustainable Future through SMEs and SMPs,” on 27 February 2023 via Zoom. The Summit aimed to update the participants from SMEs and SMPs on current regulatory policies and pronouncements affecting their operations, as well as on IT and new business trends that will enhance their operational efficiency. Katrina (top left), Crystal (bottom left), PICPA SME & SMP Development Committee Chair Jacqueline Yu Villar (top right) and PICPA National Committee on Sustainability and ESG Reporting Chair Michael C. Gallego (bottom right) Katrina receives Plaque of Appreciation from PICPA Katrina talked about sustainability and SMEs’ role in achieving the Sustainable Development Goals (SDGs). She discussed how the integration of environmental, social and governance (ESG) factors into business models, decision-making, and capital allocation can transform businesses and enable sustainable development. She mentioned that SMEs are critical to the health, stability, and sustainability of the global economy. She also discussed the benefits of ESG integration to SMEs and how SMEs can approach, measure, and report their SDG contributions. In the open forum, Katrina answered questions related to her discussion while Crystal served as the moderator. The webinar concluded with the presentation of plaques of appreciation to the resource speakers. The webinar is part of the three-day SMEs and Practitioners Summit organized by the PICPA National SMEs & SMPs Development Committee.

SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) was the resource speaker at the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) webinar on sustainability and small and medium-sized enterprises (SMEs) on 22 February 2023 via Zoom. Katrina talks about sustainability and SMEs Katrina discussed the definition of sustainable development, the benefits of Environmental, Social, and Governance (ESG) integration, reasons for why sustainability is not entrenched in SMEs, and how SMEs can start their sustainable transformation journey. Katrina also covered the Sustainable Development Goals (SDGs), the role of Micro, Small and Medium Enterprises (MSMEs) in achieving the SDGs, and how MSMEs contribute to the five SDGs goals, namely No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Reduced Inequalities (SDG 10) and Climate Action (SDG 13).

SGV Clark Partner In-Charge and Head Margaux A. Advincula (MAA), SGV Assurance Partner and DIWATA President Eleanore A. Layug (EAL), and SGV Senior Policy Adviser, Ambassador and DIWATA Chairman Delia Domingo Albert (DDA), together with representatives from the Land Rover Club of the Philippines, the Philippine Mine Safety and Environment Association (PMSEA), and FWD Insurance visited the Solar Lolas Community in Bamban, Tarlac, on 4 March 2023. The visit was in line with the ongoing effort to support and maintain the “Tanging Tanglaw” rural electrification project. 50 participants attended the event. DIWATA members and representatives from the Land Rover Club of the Philippines, PMSEA, and FWD Insurance with the Solar Lolas and their community in Bamban, Tarlac The group during breakfast at the SGV Clark office before heading to Tarlac "Tanging Tanglaw" is a sustainable, collaborative program established in 2015 by DIWATA, the PMSEA, and the Land Rover Club of the Philippines to help members of the IP community learn how to set up, maintain, and fix solar panels so that they can have access to electricity. 

SGV Partners Lucy L. Chan (LLC), Martin C. Guantes (MCG), Belinda T. Beng Hui (BTB), Ma. Emilita L. Villanueva (ELV), Warren R. Bituin (WRB), Czarina R. Miranda (CRM), Noel P. Rabaja (NPR), Editha V. Estacio (EVE), Tesi Lou S. Guanzon (TSG), Josenilo G. Mendoza (JGM), Charisse Rossielin Y. Cruz (CYC), Bryan Chrisnel M. Baes (BMB), Eleanore A. Layug (EAL), and Leslie Anne G. Huang (LGH) joined the UP Virata School of Business 2022 Alumni Homecoming held on 11 February 2023 at the Cesar E.A. Virata School of Business, University of the Philippines (Diliman) (UP VSB). SGV Partners with Dean Maria Regina Lucia M. Lizares SGV Partners posing with their awards and Dean Lizares Lucy, Martin, and Belinda were part of the 1992 (Pearl) honoree class while ELV was part of the 1997 (Silver) honoree class. The Alumni Homecoming honored distinguished alumni as well as the classes of 1962 (Diamond), 1967 (Emerald), 1972 (Golden), 1977 (Sapphire), 1982 (Ruby), 1987 (Coral), 1992 (Pearl), 1997 (Silver) and members of BSBAA Class 2022 who passed the 2022 CPA Licensure Examination. All BSBA, BSBAA, MBA, MS Finance, MS Management, and PhD graduates of Classes 2002, 2007, 2012, and 2017 were also invited. 

The SGV Tax team held the 2nd Business Tax Services (BTS) Forum at the Washington SyCip Development Center on 2 February 2023, with about 100 participants in attendance. The forum focused on the 2023 outlook from a tax perspective. EY Asean and SGV BTS Leader Jules E. Riego (JER), Office of the Presidential Adviser on Investment and Economic Affairs Project Lead Rafael Jose Consing, Jr., Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR), and Tax Senior Director Atty. Cecille Visto Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR) kicked off the event by delivering her opening remarks. For the technical sessions, resource speakers from the National Economic and Development Authority (NEDA), the Board of Investments (BOI), and the Bureau of Internal Revenue (BIR) discussed Philippine economic updates, developments in the implementation of the ease of doing business law, and tax controversy trends.  SGV General Counsel and Tax Partner Atty. Carol A. Racelis (CAR), BIR Legal Service Assistant Commissioner Larry M. Barcelo, SGV Clark Partner-in-Charge and Head Margaux A. Advincula (MAA), Chief of the BIR Law and Legislative Division Atty. Juanito H. Balbastre III, and JER NEDA Director for National Policy and Planning Desiree Narvaez described economic growth despite the pandemic while BOI Executive Director Atty. Bobby Fondevilla of the Investment Assistance Center talked about the government’s programs to attract more investors in the Philippines. BIR Assistant Commissioner for Legal Service Atty. Larry Barcelo discussed pressing tax issues in line with the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Vivian delivers her opening remarks EY Asean Tax Leader Amarjeet Singh and EY Asean International Tax and Transactions Services Leader Chester Wee led the discussions on tax controversy trends in the ASEAN region and provided updates on Base Erosion and Profit Shifting (BEPS) 2.0. The forum was spearheaded by EY Asean and SGV BTS Leader Jules E. Riego (JER) and SGV Clark Partner-in-Charge and Head Margaux A. Advincula (MAA). SGV Quantitative Services Leader and Asean Tax Transformation Leader Cheryl Edeline C. Ong (CCO), SGV General Counsel and Asean Tax Quality Leader Carolina A. Racelis (CAR), and BTS Partner Tesi Lou S. Guanzon (TSG) moderated the sessions. Tax Senior Directors Donna Frances Ylade-Torres, Cecille Visto, and Salvador Rey from the Tax Markets team organized the event, with the support of Tax Senior Directors Michelle Arias, Jaclyn Ordoñez and June Catherine Tañedo; Directors Marian Santos and Kevin Paolo Magtibay; and Associate Directors Frederick Abella, Eden Mae Galas, Phillip Dave Cachapero, and Sheena Marie Morale. The BTS Forum is an annual thought leadership event organized by the BTS group specifically tailored for SGV clients and stakeholders, with well-curated up-to-date topics relevant to the participants. The second part of the BTS Forum, a roundtable meeting with the BIR Officers from Revenue Region 8B, was held on 8 March 2023.

SGV Assurance Partner and PICPA National Sectoral Director for Public Practice John T. Villa (JTV) and SGV Tax Partner and PICPA Metro Manila Region (MMR) Regional Sectoral Representative for Public Practice Maricris U. See (MUS) together with PICPA National Summit on Public Practice Committee member and Tax Senior Director Meynard Sardalla and Tax Associate Director Edsel Francis Lima, organized the first PICPA National Summit on Public Practice. The PICPA National Summit on Public Practice Core Team facilitated the summit from 31 January to 1 February 2023, at the Century Park Hotel, Manila with the theme “Sustaining the Public Practice Profession in the Philippines by Playing it Forward – with Quality.” The summit covered some of the hot topics on quality assurance review (QAR), updates on the BOA accreditation, accounting and other tax topics which are relevant to public practitioners. More than 200 public practitioners from all over the country attended the summit. Meynard, Maricris, John, and Edsel at the summit Philippine Regulatory Board of Accountancy Chair Hon. Noe Quiñanola shared updates and a timeline of the Quality Assurance Review (QAR) program, while Hon. Thelma Ciudadano discussed QAR focus areas. SGV Professional Practice Director and Head of Risk Management Lucy L. Chan (LLC) highlighted the importance of an effective internal control system and risk assessment in conformity with ISA 315 (Revised) - Assessing the Risks of Material Misstatement. SGV GCR Leader Sonia D. Segovia (SDS) was also present during the event and introduced one of the resource speakers. Tax Senior Director Meynard Sardalla was the master of ceremonies for the first day of the summit. Lucy (left) and Roel (right) during their respective technical sessions Maricris moderates panel discussion on e-invoicing On the second day, PRBOA Vice Chair Hon. Atty. Samuel Padilla discussed PRC Resolution No. 53 with updates on the BOA accreditation requirements for CPAs in public practice and the education sector. SGV Accounting Standards Group and International Financial Reporting Standards Leader Roel E. Lucas (REL) facilitated the discussion on the exposure draft on IFRS for SMEs. Other resource speakers covered topics such as the economic forecast for the Philippines, common 2021/2022 SEC findings, tax implications of online transactions, and the e-invoicing system of the BIR. Maricris moderated the discussion on the challenges encountered in the implementation of e-invoicing in the Philippines. 

Forty-five SGV CPAs, including former leaders, alumni, and current SGV Chairman and Managing Partner Wilson P. Tan, are among the country’s 100 Certified Public Accountants (CPAs) who will be conferred the Accountancy Centenary Award of Excellence by the Professional Regulation Commission’s Board of Accountancy (BOA) in celebration of 100 years of the accountancy profession in the Philippines.  The Centenary awardees are Filipino CPAs who have demonstrated unquestionable integrity, contributed immensely to the advancement of the accountancy profession, and participated remarkably in national development. Forty-eight of the awards will be conferred posthumously, while 52 will be given during the conferment ceremonies on 17 March 2023 at the Manila Hotel. SGV recognizes the awardees’ extraordinary accomplishments and commitment to the profession, which have greatly advanced the practice of accountancy in the Philippines.  The former and current SGV awardees are: Founders Washington SyCipAlfredo M. Velayo Chairs and Managing Partners Roberto V. OngpinRizalino S. NavarroGloria Tan ClimacoCarlos R. AlindadaCesar Antonio V. PurisimaDavid L. BalangueCirilo P. NoelJ. Carlitos G. CruzWilson P. Tan Alumni Partners Guillermo N. CaragueEduardo B. De GuiaBaltazar N. EndrigaAurora T. GarciaAntonieta Fortuna IbeJaime C. LayaRoberto G. ManabatMario T. Mananghaya Leonardo J. Matignas, Jr.Benjamin R. PunongbayanEugenio R. ReyesJose T. SioProtacio T. TacandongJoel L. Tan-TorresEduardo M. Villanueva Alumni Pio D. BacongaJaime J. BautistaRosario S. BernaldoMa. Elenita B. CabreraLeonardo D. Cuaresma, Jr.Corazon S. Dela Paz-BernardoLuis C. DiazKim Jacinto-HenaresJeffrey C. Lim Roque A. LimEugene T. MateoDr. Rufo R. MendozaGregorio S. NavarroRaul C. PagdangananJune Cheryl C. RevillaAlicia LL. ReyesNestor V. TanMa. Violeta V. VicenteManuel B. Villar, Jr.   SGV also proudly honors exceptional alumni who served as past members of the BOA and who have been bestowed Recognition Awards by the current BOA for acting as “Guardians of the Profession Through the Years.”  These awardees are:  Alumni Partners  Gerard B. SanvictoresBetty C. Siy-Yap Alumni Eliseo A. AurelladoVioleta J. JosefWinefreda O. MadarangCarmelita G. SalgadoLucila C. Tarriela Congratulations to our outstanding CPAs!

SGV Climate Change and Sustainability Services (CCaSS) Directors Diana Sadili-Chu and Ricardo “Ricky” S. Maulion, Jr. were resource speakers at a PICPA Eastern Metro Manila Chapter (EMMC) webinar on Sustainability and Integrated Reporting: Leading beyond the Numbers on 10 February 2023.Ricky (top left) and Diana (second from top left) with the webinar organizers and participantsDiana talked about creating long-term value through sustainability and the practice of sustainability reporting and assurance. She emphasized that, as responsible organizations, companies need to disclose their commitment to and focus on long-term value creation to their stakeholders, and that sustainability reporting is an effective tool to achieve this objective. Meanwhile, Ricky’s discussion focused on global developments and the regulatory landscape of sustainability reporting and how accountants can lead on sustainability and climate action. He highlighted that globally, organizations and countries are moving toward the same direction in terms of sustainability reporting, which is the mandatory reporting of key metrics. He underscored that the webinar participants, as accountants, play a critical role in sustainability and climate action, particularly on the integration of the accounting and finance function with non-financial reporting processes and controls based on their experience and knowledge of leading practices.