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The core committee members of the 1st GCR Tax Compliance Congress paid courtesy calls on the resource speakers from the Bureau of Internal Revenue (BIR) and the Bureau of Local Government Finance (BLGF) on 8 and 9 February 2023. GCR Leader Sonia D. Segovia (SDS) led the SGV Team with GCR Partner Maricris U. See (MUS) and Senior Directors Meynard L. Sardalla and Earvin Darren L. Lee. SGV GCR team presents certificate and token of appreciation to BLGF OIC Executive Director Pamela P. Quizon The GCR Team together with International Tax and Transaction Services (ITTS) Leader Fidela I. Reyes (FIR) visited the BIR National Office and met with Assistant Commissioners Jannette R. Cruz and Marietta U. Lorenzo on 8 February. The following day, the GCR team met with BLGF OIC Executive Director Pamela P. Quizon at the BLGF Office in the Bangko Sentral ng Pilipinas (BSP) offices in Manila.  SGV GCR team presents certificate and token of appreciation to BIR Assistant Commissioner Marietta U. Lorenzo During the courtesy visits, the GCR team and the resource speakers discussed areas of possible collaboration between SGV and the respective government agencies. The GCR team presented certificates and tokens of appreciation to the resource speakers for their invaluable support during the 1st GCR Tax Compliance Congress.  SGV GCR team presents certificate and token of appreciation to BIR Assistant Commissioner Jannette R. Cruz The courtesy visits to the BIR and BLGF were in keeping with SGV’s vision of a sustainable Philippine tax ecosystem where regulators are business partners in achieving inclusive and resilient economic growth.

The Global Compliance and Reporting (GCR) team held its 1st SGV GCR Tax Compliance Congress on 2 February 2023. The virtual event was anchored on the theme “Adapting to the Changing Tax Compliance Environment” and was attended by over 800 participants from SGV and other external organizations. Event poster SGV GCR Leader Sonia D. Segovia (SDS) formally opened the Congress while SGV Tax Leader Atty. Fabian K. Delos Santos (FKS) delivered a message to the attendees. EY Asean Tax Leader Amarjeet Singh, EY Asean GCR Leader Julian Wong, and SGV Vice Chair and Deputy Managing Partner Ma. Vivian C. Ruiz (VCR) also graced the event and delivered messages on the significant role of tax compliance in the ever-changing taxation landscape in the Philippines and in the region. SGV GCR team presents e-certificate and token to BIR Assistant Commissioner Hon. Marietta U. Lorenzo For the technical sessions, GCR Partners Josenilo G. Mendoza (JGM) and Aaron C. Escartin (ACE) discussed key insights on year-end tax compliance and reportorial requirements, and the differences between current and deferred income tax with the aim of bridging the gap between accounting and tax rules, respectively. GCR Partners Maricris U. See (MUS), Joanna T. Dela Chica (JTC), Don Don T. Mojica (DTM), Hentje Leo L. Leano (LLL) and Michael A. Madlangbayan (MAM) served as moderators during the technical sessions. There were also resource speakers from the Bureau of Local Government Finance (BLGF) and Bureau of Internal Revenue (BIR) at the Tax Compliance Congress. BLGF OIC Executive Director Hon. Ma. Pamela P. Quizon discussed local tax updates and real property valuation reform. BIR Assistant Commissioner Hon. Marietta U. Lorenzo provided an outline of the plans and programs of the Bureau for 2023 and beyond, while BIR Assistant Commissioner Hon. Jannette R. Cruz gave updates on BIR’s E-invoicing project. GCR Senior Directors Meynard L. Sardalla and Marivic M. Rebulanan hosted the morning and afternoon sessions. Maricris was the lead partner for the GCR Tax Compliance Congress, with Sonia as the overall partner-in charge. Among the core organizing committee members of the event were Michael, Don Don, Senior Directors Earvin Darren L. Lee, Christiene Lawrence R. Matic, Meynard L. Sardalla, and Associate Director Nicolo Paolo C. Senatin.  The GCR Tax Compliance Congress is aligned with the SGV Tax team’s vision toward a sustainable Philippine tax ecosystem where the taxpayers are educated on tax rules and willing to comply, and where government agencies are the taxpayers’ business partners.

SGV Tax Senior Manager Atty. Karen Calam-Ibañez was a speaker at the 2023 European Honorary Consuls' Meeting organized by the European Chamber of Commerce of the Philippines (ECCP) Visayas Chapters on 30 January 2023 at Citadines Cebu City. 30 honorary consuls, key government officials, and representatives from different foreign embassies and business associations attended the meeting. Atty. Karen talks about relevant business and regulatory matters Atty. Karen discussed the business and regulatory landscape in the Philippines from a legal perspective. Other speakers discussed topics covering recent political and economic developments in the Philippines and in ASEAN, as well as the policies and advocacies of the business community between Europe and the Philippines. In addition, the Honorary Consuls for Visayas gave an update to the Heads of Missions on the present business environment and how the Philippines compares to its ASEAN counterparts. Atty. Karen (fourth from left) with the other speakers Other speakers were Senior Economist at ING Bank Philippines Nicholas Antonio Mapa, ECCP Board Member Jochen Bitzer, Minister Counsellor and Head of the Economic and Trade Sector Delegation of the European Union to the Philippines Philipp Dupuis, Honorary Consul for Visayas and Mindanao, Consular Office of Switzerland Mathias Bergundthal, Honorary Consul of the British Consulate in Cebu City Tamsin Monahan Booth, and ECCP Executive Director Florian Gottein. They talked about the 2023 Philippine Economic Outlook, Business Outlook & ECCP 2023, the EU-Philippines Trade and Investment Strategies & Recent Political Developments, updates on the European Free Trade Association (EFTA)-Philippines Free Trade Agreement (FTA) and economic partnership, updates on the UK-Philippine economic ties, and the EU-ASEAN Business Sentiment - Business Outlook for 2023, respectively. Honorary Consuls Mark Frondoso from the Czech Republic, Alexander Hey from Sweden, Enrison Benedicto from Belgium, and Vice Consul Joan Young-Tiu from Norway were also present.

SGV Assurance Senior Managers Alvin Regaspi Lagrimas and Leomar G. Velez and Assurance Senior Associate Lois Dane R. Fernandez received individual awards in the Inclusiveness & Teaming category at the 1st Asia-Pacific Financial Services Organization (FSO) Assurance Recognition Program on 16 January 2023. The members of the SGV Global Bank Audit Team, namely Assurance Senior Managers Von Zierwin M. Villanueva and Angelica Joyce D. Tan and Assurance Associate Nestor Pabalinas Tulang received the team award for the Innovation category at the same event. Inclusiveness & Teaming category individual award winners Alvin, Leomar, and Lois Innovation category team award winners Von, Joyce, and Nestor of the SGV Global Bank Audit Team Alvin, Leomar, and Lois received the Inclusiveness & Teaming category award for leading and positively impacting their teams’ experiences and the working environment with inclusive and teaming behaviors. Meanwhile, the SGV Global Bank Audit Team composed of Von, Joyce, and Nestor received the Innovation category award for transforming and innovating the way the Firm delivers services to its global bank audit clients. Know more about their stories and how their contributions have made an impact with both their clients and within SGV here.  Congratulations to our winners!

SGV Climate Change and Sustainability Services (CCaSS) Director Ricardo “Ricky” S. Maulion, Jr. was one of the panelists at the “Panel Discussion for the Research Project: Are city climate plans adequate for mitigating weather extremes? An investigation of Southeast Asian cities” organized by the Disaster Risk Management Unit of the Philippine School of Business Administration - Manila, the University of the Philippines School of Urban and Regional Planning (UP SURP), and the Planning and Development Research Foundation, Inc. (PLANADES) on 25 January 2023 at the Cariño Hall, UP School of Urban and Regional Planning, Diliman, Quezon City. Ricky talks about mitigating climate change Ricky talked about the importance of accurate, verifiable, and comparable data to track the country’s progress against its Nationally Determined Contributions (NDCs). He said that as the main driver of economic growth and transformation, the private sector plays a critical role in achieving the government’s objectives. To support this statement, he discussed the Securities and Exchange Commission’s Memorandum Circular No. 4, Series of 2019 or the Sustainability Reporting Guidelines for Publicly Listed Companies, as well as Circulars 1085 (Sustainable Finance Framework) and 1128 (Environmental and Social Risk Management Framework) released by the Bangko Sentral ng Pilipinas (BSP). Ricky receives a token of appreciation as panelist Ricky also briefly touched on SGV’s own Sustainable Actions for Value Creation and Enablement (SAVE) Council and the recently formed Philippine Sustainability Reporting Committee (PSRC) chaired by SGV Financial Accounting Advisory Services (FAAS) and CCaSS Partner Benjamin N. Villacorte (BNV). Ricky poses with his co-panelists and guests for a group photo after the panel discussion The panel discussion aimed to draw the panelists’ insights on climate change variations, their impact, and whether city climate plans are adequate for mitigating extreme weather events. The discussion also served as a venue to communicate policy practice gaps and discuss their extent with the objective of identifying barriers to and drivers of more effective urban climate change policies. The panel discussion was conducted by a consortium of academic institutions comprising Curtin University (Australia), Murdoch University (Australia), the Asian Institute of Technology (Thailand), the Philippine School of Business Administration (Philippines), the National Research and Innovation Agency (Indonesia), and the University of Technology Malaysia. 

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner and Philippine Sustainability Reporting Committee (PSRC) Chairman Benjamin N. Villacorte (BNV) led the 1st regular PSRC meeting on 20 January 2023 at the Washington SyCip Development Center, SGV I Building in Makati City. PSRC members pose for a group photo Benjamin and the PSRC members discussed updates from the International Sustainability Standards Board (ISSB) and Global Reporting Initiative (GRI) and reviewed the PSRC’s operating procedures as well as its members’ proposed activities for the year. The meeting also clarified the role of PSRC as an enabler of opportunities and solutions to advance sustainable development in the country. Benjamin was assisted by CCaSS Managers Ricky S. Maulion and Diana A. Sadili-Chu.  The PSRC is composed of members from accounting firms, regulatory agencies, academic institutions, and business associations. They provide technical assistance to the Philippine Financial and Sustainability Reporting Standards Council (FSRSC) in the adoption and issuance of sustainability reporting guidelines and standards in the Philippines. The election and induction of PSRC members in December 2022 was facilitated by SGV Chairman and Managing Partner and FSRSC Chairman Wilson P. Tan (WPT). The formation of the PSRC was approved by the FSRSC to complement the Securities and Exchange Commission’s (SEC’s) efforts in mainstreaming Economic, Environmental, Social and Governance (EESG) disclosures among publicly listed companies (PLCs). 

SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) and SGV Business Consulting Partner Conrad Allan M. Alviz (CMA) participated in the 9th Annual Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) Corporate Governance Forum: Fortifying Corporate Governance and Sustainability in the Philippines on 25 November 2022 via Zoom. Katrina and Conrad with the other panelists Conrad served as the moderator while Katrina was a panelist for the topic on securing the corporate governance space. Katrina answered questions on the non-financial performance of companies.  “The investing public has become more concerned on the environmental impact of companies throughout their operations, including their supply/value chain. Unfortunately, with the rising clamor for sustainability and sustainable business practices comes the unscrupulous practice of greenwashing. This has triggered the need for third-party assurance for sustainability reporting,” Katrina said.

SGV was among the organizations recognized by the Securities and Exchange Commission (SEC) for supporting the Commission's strategic initiative in pursuit of sustainability and corporate governance. SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) received the award on behalf of the Firm on 29 November 2022 during the 86th SEC Anniversary and Recognition Ceremony held at the SEC Headquarters in Makati City. Katrina receives plaque of recognition on behalf of SGV Plaque of recognition from SEC The plaque of recognition presented to SGV acknowledges the Firm’s invaluable support for the SEC to be the premier investor champion and catalyst of deep, broad, and inclusive capital markets and a more empowered business sector.

SGV was the official tabulator at the Ternocon 3 final competition held at the new Cultural Center of the Philippines (CCP) Black Box Theater or Tanghalang Ignacio Gimenez (TIG) on 28 January 2023.  The SGV tabulating team with the Ternocon 3 judges (from left to right) Ternocon 3 Artistic Director Gino Gonzales, Designers Ivarluski Aseron and Philip Rodriguez, Ormoc City Mayor Lucy Torres-Gomez, Bench/Suyen Corporation Chairman and CEO Ben Chan, and designer Lesley Mobo Market Group (MG) 2 Assurance Partner Belinda T. Beng Hui (BTB) led the SGV team in the independent tabulation of scores cast by the judges. Assurance Senior Director Carmi H. Paigma and Assurance Senior Associates Lara Jamillah G. Noble and Lara Mae S. Evalla were part of the tabulating team. The competition was open to practicing Filipino designers or fashion design students. A total of 12 finalists were selected from over 40 applicants from all over the Philippines. Ternocon aims to encourage the use of the terno/balintawak as a popular form of dress; to inspire and motivate emerging designers to create ternos that are at par with the construction skills of professional designers; to encourage dialogue and scholarly discussion of issues concerning the Philippine dress; and to sustain the growing awareness and interest in the Philippine dress.  Ternocon 3 was inspired by the success of the first two Ternocon events in November 2018 and January 2020. The event was a joint effort of the CCP through its Cultural Exchange Department (CED) and Bench/Suyen Corporation to pursue its mission of preserving and promoting the Philippine dress. 

SGV Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell was one of the resource speakers at the 2nd Philippine Institute of Certified Public Accountants (PICPA) Eastern Metro Manila Province Chapter (EMMC) General Membership Meeting and Webinar held on 13 January 2023.  She talked about the role of accountants in sustainability reporting. Crystal talks about the role of accountants in sustainability reporting  Crystal gave an introduction on sustainability and how it can create long-term value for organizations. She discussed the four pillars of sustainability (i.e., economic, environment, social and governance) and its drivers (i.e., institutional investors, standard-setters, regulators and government, employees, consumers, and society).  She emphasized the importance of the connection between financial and non-financial aspects of the business in long-term value creation.  Crystal discussed the global and local developments around sustainability reporting. She also shared highlights of SGV’s publication titled “Beyond the Bottom Line: Sustainability Reporting in the Philippines” where SGV's CCaSS team reviewed how listed companies have responded to the Securities and Exchange Commission’s (SEC’s) call to publish sustainability reports since 2019.  Crystal concluded her presentation by highlighting how accountants can lead sustainability initiatives. She also encouraged the participants to start their sustainability journey individually or within their organizations.